Local & State
United Technologies to design, build 787-10 external engine housings
The only Boeing airplane that will be built exclusively in North Charleston has landed a supplier. An aerospace division of Connecticut-based United Technologies Corp. said it has been picked to design and manufacture external engine housings for the 787-10, the newest and longest version of the Dreamliner jet.
UTC spokesman Andrew Martin said parts for the engine housings, or nacelles, are made around the globe. The company did not say where those components will be assembled for delivery to the Boeing South Carolina campus. Boeing did not repond to requests for comment Tuesday.
Nation & World
Consumer staples lead stocks higher
U.S. stocks closed slightly higher, led by a rebound in consumer staples stocks. The market had fallen to its lowest level since May a day earlier, when Russia massed troops near its border with Ukraine.
The Dow Jones industrial average rose 14 points, or 0.1 percent, to close at 16,443 Wednesday. The Standard & Poor’s 500 index rose a fraction to end at 1,920. The Nasdaq composite rose two points, or 0.1 percent, to 4,355.
Molson Coors rose 6 percent after the company said its second-quarter profit rose 9 percent. Better pricing offset a global decline in the volume of beer sales. Sprint plunged 19 percent after the company abandoned its pursuit of T-Mobile US.
White House says Russia ban of U.S. agricultural imports will only deepen its isolation
The White House says Russia’s reported move to ban agricultural imports from the U.S. will only deepen Russia’s isolation from the international community. White House spokeswoman Laura Lucas Magnuson says retaliating against Western companies or countries over sanctions the U.S. has imposed will cause further damage to Russia’s economy. She pointed out that Russia’s central bank has said banning imported food would boost inflation and erode Russian citizens’ purchasing power.
Russian state news agency RIA Novosti is quoting a Russian official as saying all agricultural products produced in the U.S. won’t be allowed into Russia. According to USDA’s Foreign Agricultural Service, U.S. exporters shipped $1.3 billion worth of food and agricultural products in 2013. Magnuson says the U.S. is calling on Russia once again to deescalate the conflict in Ukraine.
Bank of America gets OK to proceed with long-awaited dividend increase
Federal regulators have given Bank of America a green light to proceed with a long-awaited dividend increase it had suspended because of a reporting error. The Federal Reserve announced Wednesday that it has accepted the revised capital plan filed in May by the second-largest U.S. bank. Bank of America Corp. disclosed in April that it discovered the error, on the value of securities, in a financial report it submitted to the Fed. The data in the report were used to calculate results of an annual “stress test” of the bank conducted by the Fed this year.
Under the revised plan, Bank of America will increase the dividend from a penny per share to 5 cents per share. The plan dropped a $4 billion stock buyback that the bank had proposed earlier. Bank of America, based in Charlotte, said Wednesday that its board had approved the dividend increase, payable Sept. 26.