China Southern Airlines Co. said Monday that it plans to buy 55 Boeing 737 aircraft to meet growing demand and to renew its fleet.
The airline, China's largest carrier by fleet size, said that it could not announce how much it was paying for the planes because of confidentiality requirements.
The order includes an undisclosed mix of 737-700 and 737-800 models.
China Southern said the aircraft will be delivered from May 2011 to October 2013.
NATIONAL NEWS
Sentinel Management Group charged with civil fraud
WASHINGTON - Federal regulators on Monday filed civil fraud charges against Sentinel Management Group Inc., saying it gave investors a false reason for blocking them from cashing out amid the turbulence in financial markets last week.
The Securities and Exchange Commission said its civil complaint filed in federal court in Chicago accuses Sentinel of "fraudulent conduct (that) has placed its clients at risk of serious and irreparable loss."
Sentinel officials had no comment on the SEC action, said Caleb Castillo, an employee answering the phone at the company's headquarters in Northbrook, Ill.
Sentinel filed for Chapter 11 bankruptcy protection Friday, as investors began suing the company, accusing it of selling assets too cheaply and without obtaining the needed approval.
Fannie Mae not issuing long-term benchmark notes
WASHINGTON - Mortgage finance giant Fannie Mae said Monday that it is not issuing long-term benchmark notes for August, the first time that has occurred since May 2006.
The government-sponsored company, which finances or guarantees one of every five home loans in the United States, said it doesn't need such long-term funding at this time.
Gauge of future economic activity rises as expected
NEW YORK - A closely watched gauge of future economic activity edged up in July, reversing the previous month's decline. The recent erratic pattern reflects uncertainty in a U.S. economy roiled by a credit crunch.
The Conference Board said Monday that its index of leading economic indicators rose 0.4 percent in July, as analysts were expecting. The index fell 0.3 percent in June, after rising 0.2 percent in May.
The report is designed to forecast economic activity over the next three to six months.
The index has bounced up and down over the past few months, suggesting that economic growth is likely to continue, but at a slower pace. With the latest report, the cumulative change in the index over the past six months has increased 0.1 percent.
EARNINGS NEWS
Lowe's profit up 9%; retailer still trims earnings outlook
CHARLOTTE, N.C. - Lowe's Cos., the nation's second-largest home improvement chain, cited customer service and efficient operations Monday as reasons for a better-than-expected 9 percent rise in its second-quarter profit.
Still, decreasing sales at stores open at least a year, worsening trends in the housing market and uncertainty over credit quality led the Mooresville, N.C.-based retailer to trim its earnings outlook for the full year.
Lowe's said it earned $1.02 billion, or 67 cents a share, for the three months ended Aug. 3, up from $935 million, or 60 cents a share, a year earlier.
Revenue rose to $14.17 billion from $13.39 billion a year earlier.
Lowe's shares rose $1.63, or 6.1 percent, to close at $28.50.
NEW TOP OFFICERS
Seattle-based Cequint Inc. named Scott Weller president.
SHIPPING NEWS
Vessels due Tuesday at the Port of Seattle, according to the Marine Exchange of Puget Sound, include Hyundai Kingdom from Busan, South Korea, at Terminal 5-North; and Star Geiranger from Vancouver at Terminal 5-North. Due Wednesday: Sun Harvest from Busan at anchor.
This report includes information from P-I staff, The Associated Press and Bloomberg News.
