Local & State | Coast
CHARLESTON -- David Jennings' tenure on the Charleston County Aviation Authority came to a halt this week when the County Council refused to recommend him for another term, picking lawyer Andy Savage to take his place. Jennings had been involved with the authority over much of the last two decades and is its current chairman. S.C. Rep. Chip Limehouse, R-Charleston, who also is a member of the authority, said Jennings had a management style that was not inclusive, calling Savage "more qualified, and I like his leadership." Jennings said, "Nobody said anything about my shortcomings."
Nation & World
Mortgage rates fall again
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Mortgage rates fell to the lowest level in decades for the eighth time in nine weeks, a sign that investors are concerned about the weak economy. The average rate for 30-year fixed loans this week was 4.42 percent, down from 4.44 percent last week, mortgage buyer Freddie Mac said Thursday. That’s the lowest since Freddie Mac began tracking rates in 1971. The average rate on 15-year fixed loans dropped to 3.9 percent, down from 3.92 percent last week and the lowest on records dating to 1991.
Intel buying McAfee
Intel Corp. said Thursday it is buying computer-security software maker McAfee Inc. for $7.68 billion as the chip-maker adds to its arsenal of tools to serve an increasing array of Internet-connected devices. The $48-per-share price represents a 60 percent premium over McAfee’s Wednesday close of $29.93. Intel said security is now a fundamental component of online computing, but today’s approach to security isn’t adequate for the growing availability of Internet connections on mobile phones, medical devices and cars.
Index points to slow growth
A private research group says its gauge of future economic activity edged up in July, suggesting growth will be sluggish for the rest of the year. The Conference Board says its index of leading economic indicators rose 0.1 percent last month after dropping 0.3 percent in June. The leading indicators gauge had risen sharply from spring 2009 through March of this year. It has flattened out since then. Businesses are no longer building up their stocks. Consumers are saving at higher rates and spending less.
Boeing plans new plant
Boeing Co. said Thursday it plans to open a manufacturing facility at a long-struggling airport in southwestern Illinois. Chicago-based Boeing says it will lease space at MidAmerica Airport for assembly work, and that the facility will initially employ 75 people. This will be Boeing’s first manufacturing facility in Illinois.
The (Charleston) Post and Courier and The Associated Press contributed.