FAST FACTS HAWAII
Dreamliner final assembly starts
SEATTLE » Boeing Co.
, the world's second-largest commercial-plane maker, officially began final assembly of its 787 Dreamliner yesterday, opening a new production line north of Seattle that is scheduled to roll out the first plane in 49 days.
Dreamliner parts including wings and fuselage sections began arriving earlier this month from as far away as Japan and Italy on board a modified 747 freighter for final assembly in Everett, Washington. Chicago-based Boeing plans to introduce the first plane on July 8, a date chosen to match the plane's 787 model number.
With 567 orders from 44 customers, the 787 Dreamliner is Boeing's most successful product launch and has added more than $70 billion to the company's order backlog. Chief Executive Officer James McNerney is spending about $1 billion to keep new plane projects on schedule including adding workers to complete unfinished 787 parts coming to Everett.
Lowe's profit falls 12.1 percent
CHARLOTTE, N.C. » Lowe's Cos.
, the No. 2 U.S. home improvement chain, said yesterday that its first-quarter profit fell 12.1 percent due to a slowing home improvement market amid a continued slump in the housing sector.
The Mooresville, N.C.-based retailer also cut its full-year earnings forecast.
During the first quarter, Lowe's earned $739 million, or 48 cents a share, for the three months ended May 4, down from $841 million, a year earlier. Revenue rose to $12.2 billion from $11.9 billion a year earlier. Analysts had expected net income of 49 cents a share on revenue of $12.4 billion.
Same-store sales, or sales in stores open at least one year, a key measure of industry performance, fell 6.3 percent. The company, which opened 15 stores in the quarter, had had expected a same-store sales decline of 2 percent to 4 percent for the quarter.
Korea to get Universal Studios park
SEOUL » Universal Parks & Resorts
and a local partner have signed an agreement aimed at setting up a Universal Studios theme park in South Korea, the two companies said today.
"The Universal Studios theme park resort planned for Korea can be larger than Universal Studios Hollywood or Universal Studios Japan," Universal and USKOR & Associates Ltd., a South Korean company, said in a news release.
The project aims to create a comprehensive resort like Universal Studios in Orlando, Fla., the statement said.
Besides its locations in Hollywood, Calif.; Osaka, Japan; and Orlando, the company announced plans earlier this month to develop another park in the United Arab Emirates city of Dubai.