Briefs: Giant banks hope to send message
NEW YORK -- The four largest U.S. banks each borrowed $500 million from the Federal Reserve to help ease a credit crunch threatening to slow economic growth and worsen the housing recession, the banks said Wednesday. Citigroup, Bank of America, JPMorgan Chase & Co. and Wachovia Corp. said they used the Fed's so-called discount window five days after the central bank lowered the interest rate it charges banks and encouraged them to tap the resource. All four banks, which have access to cheaper funds, said they borrowed from the Fed as an incentive for financial institutions that need the money more to do the same. Borrowing money directly from the Fed has historically been seen as a sign of weakness.
United reduces redemption miles
CHICAGO -- UAL Corp.'s United Airlines said Wednesday it is temporarily reducing the amount of Mileage Plus miles needed to redeem travel on some of its shortest flights. For a limited time, certain United Economy Saver awards booked on united.com will be available for 15,000 redeemable miles instead of 25,000. This award is for travel on nonstop, roundtrip flights that are 700 miles or less each way on United, United Express or Ted flights. Tickets must be booked by Dec. 12 for travel between Sept. 1 and Dec. 14.
Boeing eyes billions for future planes
CHICAGO -- Boeing Co., headquartered in Chicago, believes airlines in Russia and the 11 other former Soviet republics in the Commonwealth of Independent States may buy more than 1,000 new passenger planes worth $70 billion over the next 20 years, the U.S. company said Wednesday.
U.S. soybeans tainted, China says
BEIJING -- China, on the defensive over the safety of its products, lashed out Wednesday by claiming U.S. soybean exports contained pesticides, poisonous weeds and dirt and blamed American manufacturer Mattel in part for lead tainting that prompted the recall of millions of toys. The U.S. Department of Agriculture said it had not received any official complaints from China about soybeans.