FAA evaluating Boeing request for 787 test flights
WASHINGTON Federal regulators say they are evaluating a Boeing request to conduct test flights of its 787 Dreamliners, which were grounded nearly three weeks ago after a battery fire in one plane and smoke in another. The Federal Aviation Administration confirmed the request, but officials declined to elaborate. Boeing officials didn’t immediately reply to a request for comment. Boeing’s request to the FAA was first reported by The Seattle Times. A lithium ion battery in a Japan Airlines 787 caught fire on Jan. 7 while the plane was parked at Logan International Airport in Boston. Nine days later battery problems forced an emergency landing by an All Nippon Airways 787 in Japan.
18 charged in what is being called one of nation’s largest credit card fraud rings
NEWARK, N.J. Eighteen people were charged in what may be one of the nation’s largest credit card fraud rings, a sprawling international scam that duped credit-rating agencies and used thousands of fake identities to steal at least $200 million, federal authorities said Tuesday. The elaborate scheme involved improving fake cardholders’ credit scores, allowing the scammers to borrow more money that they never repaid, investigators said. Paul Fishman, the U.S. attorney in Newark, described an intricate Jersey City-based con that began in 2007, operated in at least 28 states and wired money worldwide. The group used at least 7,000 fake identities to obtain more than 25,000 credit cards, Fishman said. Thirteen defendants were arrested Tuesday on bank fraud. Four were arrested previously; of them, three have pleaded guilty. The investigation is ongoing, Fishman said.
Stock market bounces back following news on surge in home prices
NEW YORK The stock market bounced back Tuesday following a surge in U.S. home prices, signs of recovery in Europe’s economy and strong earnings reports. The Dow Jones industrial average ended the day 99.22 points higher at 13,979.30, erasing a large part of its loss from Monday. The Standard & Poor’s 500 gained 15.59 points to 1,511.29. The Nasdaq composite was up 40.41 points to 3,171.58. On Monday, the Dow dropped 129 points, its worst sell-off of the year so far, as fears about Europe’s finances resurfaced. That drop came after the index gained 149 points Friday, closing above 14,000 for the first time since 2007.
Dell agrees to be bought by group headed by CEO and founder
AUSTIN, Texas Dell Inc. has agreed to be bought by an investment group headed by CEO and founder Michael Dell for a little more than $24 billion, the company said Tuesday. Shareholders in the Round Rock, Texas-based company will receive $13.65 a share if the deal goes through, bringing the total value of the transaction to $24.4 billion, the company said. The deal would be the largest leveraged buyout since the start of the world financial crisis in 2008. Dell Inc. expects the deal to close by July.
The Associated Press and Cox Newspapers contributed.