July 15, 2013 12:50 PM
Shares of Boeing Co rose as much 3 percent in early trade as an investigation into a fire that broke out on a 787 Dreamliner in London did not blame the plane's batteries. News of the fire had sent Boeing's shares down 4.7 percent July 12th, knocking $3.8 billion off the company's market value. Shares of several Boeing suppliers fell after a fire broke out aboard a Dreamliner 787 aircraft parked at London's Heathrow airport, recalling a series of previous fires that had grounded Boeing's most advanced jet for months. The day before two separate incidents made news for the wrong reasons, Boeing's South Carolina 787 Dreamliner manufacturing plant got a large tax break when the North Charleston City Council voted to slash the current top rate used to calculate annual fees for businesses earning $250 million or more in half. The state's largest private employer, Boeing pays the city 0.1 percent on gross revenue from its local plant. The new rate applies to revenue that exceeds $7.5 billion a year. For revenue between $250 million and $7.5 billion, the rate was cut to 5 percent from 10 percent.