Boeing delivers 787 Dreamliner to United

Updated: September 24, 2012 - 9:05 PM

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Boeing delivers 787 Dreamliner to United

United Continental Holdings, parent of United Airlines, is proud owner of a long-awaited Boeing 787 Dreamliner. United took ownership Saturday of its first 787 from Boeing Co. and will fly the craft from Boeing's facilities in Seattle to Houston this week, the company said. United is the first North American airline to take delivery of a Dreamliner, which boasts significantly better fuel economy and passenger comforts than older jets. The aircraft is the first of five Dreamliners the airline expects this year from its order for 50. Because of design and manufacturing delays, airlines are taking delivery of the Dreamliner about three years late.

Discover to refund $200M, pay penalty

Discover Bank will refund $200 million to more than 3.5 million credit card customers and pay a $14 million civil penalty after a federal investigation determined the company used deceptive marketing tactics to sell payment protection plans and other add-on services, two regulatory agencies announced Monday. Scripts for Discover's telemarketers "contained misleading language likely to deceive consumers about whether they were actually purchasing a product," the Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau said.

EU may get tougher on market abusers

European Union lawmakers should enact tougher punishments, including jail time, for market abusers by the end of the year in response to the Libor scandal, the bloc's financial-services chief said Monday. A culture of banks rigging interest-rate benchmarks shows the importance of an agreement on tougher market-abuse rules, Michel Barnier told a panel of EU lawmakers in Brussels. EU regulators also are investigating possible breaches in cartel rules from both banks and brokers in the setting of Libor. Confidence in Libor, the benchmark interest rate for more than $500 trillion of securities, was shaken following Barclays's admission in June that it submitted false rates. The revelations provoked renewed calls for tougher oversight of the financial system.

Kellogg looks to grow in China

Kellogg is hoping it can finally turn cereal into a breakfast staple in China. The maker of Frosted Flakes, Pop-Tarts and Eggo waffles says it formed a joint venture to expand distribution of its cereals and snacks in China as early as next year. Kellogg company also plans to use the deal to sell Pringles chips, which it acquired earlier this year to grow its international business. Kellogg notes that China is expected to be the largest food and beverage market within the next five years.

Tyco to pay $27M to settle bribery case

Tyco International Ltd. has agreed to pay nearly $27 million to settle U.S. charges it bribed officials at government-owned companies in more than a dozen countries. The Switzerland-based manufacturing conglomerate will pay $13.7 million and pleaded guilty to a criminal charge, the Justice Department said Monday. As part of the settlement, Tyco won't be prosecuted if it continues to improve its internal controls to prevent bribery. Tyco also agreed to pay about $13.2 million in restitution and interest to resolve civil charges with the Securities and Exchange Commission. Tyco made illegal payments from 2005 to 2009, the authorities said.

2 million GM cars sold in China so far in 2012

General Motors says it has sold 2 million cars in China this year, reaching the milestone for the third straight year. The 2-millionth sale came on Sept. 21, the earliest date that GM has ever hit the number. GM China President Kevin Wale says the increase came despite a slowdown in China's auto sales growth. Growth fell to 3.7 percent in August, down from July's 11 percent and June's 15.8 percent.

FROM WIRE REPORTS