Raytheon gets Patriot missile pact from S. Korea

Raytheon Co., the world's largest missile maker, won a contract valued at $241 million to provide Patriot air-defense equipment and support to South Korea. The production and support award adds to a $28.7 million engineering services contract from South Korea, which was revealed March 3, Waltham-based Raytheon said. (Bloomberg)

To help offset rising fuel prices, United Airlines is increasing the fee it charges most passengers for changing itineraries. The fee to change tickets is now $150, up from $100. And, passengers who buy discounted tickets on many routes, including between Boston and Chicago, will have to pay more if their plans don't include a Saturday night stay. United spokeswoman Robin Urbanski did not know how much more the discounted tickets will cost without the Saturday stay, but said it applies to about 65 percent of the airline's markets - namely, the ones where it competes with other legacy airlines. (Nicole C. Wong)

Wal-Mart Stores Inc. shrugged off weak consumer spending to remain atop the 2008 Fortune 500 list, edging Exxon Mobil Corp. for the second straight year in the magazine's annual ranking of the nation's largest publicly traded companies. Fortune compiled its list based on 2007 revenues. Wal-Mart raked in $378.8 billion last year, up 7.9 percent from 2006, and had $12.7 billion in profit, according to the list. Because the list is based on revenue rather than profits, Wal-Mart was able to come in ahead of Exxon Mobil, which was a close second with $372.8 billion but which far outdistanced the retailer in earnings, with $40.6 billion. (AP)

Walt Disney Co., the second-largest US media company, started a film label to make feature-length nature documentaries, a niche developed under founder Walt Disney. Disneynature will be headed by Jean-Francois Camilleri, general manager of Walt Disney Studios Motion Pictures France, the company said. "Earth," narrated by James Earl Jones, will be among the label's first productions, scheduled for release in 2009. Disneynature will make about one movie a year, Disney Studios chairman Dick Cook said. (Bloomberg)

Target Corp., the second-biggest US discount retailer, was sued by members of a group that licenses the patents for the industry standard on digital-television broadcasting. Target, which doesn't license the patents, uses the technology in its Trutech house brand TVs and DVD players, according to MPEG LA LLC, the industry licensing group. MPEG LA said several patent owners sued Target in federal court in New York. The complaint also is against unnamed companies that make the electronics for Target. "Target is reviewing the merits of this lawsuit and will take the appropriate next steps," a spokesman said. (Bloomberg)

Google Inc. ranked as the world's most powerful brand for the second straight year, as the company capitalized on its name to sell advertising globally, according to a study by a consulting firm. Google, owner of the most popular search engine, topped the third annual ranking from Millward Brown, which surveyed more than 1 million consumers about 50,000 brands, the New York-based consulting company said. Two years ago, when Microsoft Corp. topped the list, Google ranked seventh. Google, which got almost all of its $16.6 billion in 2007 revenue from ads, is leveraging its brand to win more sales in China and other fast-growing economies. Expansion in China helped international revenue account for more than half of sales last quarter, Google said. (Bloomberg)

The government plans to release a proposal to raise fuel efficiency standards for new cars and trucks, putting the nation's fleet on track to reach 35 miles per gallon by 2020. Transportation Department Secretary Mary Peters was making the Earth Day announcement in Washington, responding to an energy law pushed by Congress last year and signed by President Bush. Congress sought tougher standards requiring the nation's fleet of new vehicles to increase its efficiency by 10 miles per gallon from its current average of 25, a 40 percent increase. The new law represented the first major changes to the auto mileage rules in three decades. The proposal will set fuel economy standards from 2011 to 2015 and is expected to be finalized before the end of the Bush administration. A Transportation spokesman declined comment on the plan. (AP)