IN BRIEF

PITTSBURGH

Boeing reports drop in orders for jets

Boeing Co. on Thursday reported a sharp drop in orders for its passenger and cargo jets in April, as the troubled global economy continued to hurt demand from airlines and cargo services.

Boeing, the world's No. 2 plane maker after France-based Airbus, has grappled with weaker demand in recent months as the recession has forced airlines to cancel or postpone plans to buy new planes. Limited access to credit also has made it more difficult for potential customers to finance new aircraft purchases.

Customers have canceled orders for 59 planes this year, all but two of them for the company's hot-selling but long-delayed 787, a next-generation aircraft built for fuel efficiency with lightweight carbon composite parts.

That's left Boeing with a negative balance of one order for 2009.

Revenue declines for Golden Nuggets

Revenue at the Golden Nugget hotel-casinos in Las Vegas and Laughlin fell 19.8 percent to $56 million during the first quarter, parent company Landry's Restaurants Inc. reported.

Meanwhile, financing cost increases for a new hotel tower at Golden Nugget in Las Vegas helped push the company's interest expenses up 18.3 percent to $24.6 million, Landry's said in a Thursday filing with the U.S. Securities and Exchange Commission.

Landry's, which owns several restaurant chains including Chart House, Rainforest Cafe and Saltgrass Steak House, reported a same-store sales decline of 9 percent in the quarter. Same-store sales are sales at properties open at least a year.

DETROIT

General Motors posts $6 billion quarterly loss

General Motors drew closer to bankruptcy Thursday, acknowledging that its revenue fell by nearly half as car buyers worldwide steered away from showrooms for fear that the auto giant would not be around to honor its warranties.

The company lost $6 billion in the year's first three months. The results were bad enough to bring a warning from Chief Financial Officer Ray Young, who acknowledged the difficulty of climbing out of a steep decline even if the company cuts costs.

GM's quarterly loss amounted to $9.78 per share, compared with a loss of $3.3 billion, or $5.80 per share a year ago.

Revenue tumbled 47 percent because of declining sales worldwide, production cuts and a strengthening U.S. dollar that made income earned in other currencies worth $3.5 billion less to GM.

WASHINGTON

Consumer borrowing declines during March

Consumer borrowing plunged in March at the fastest pace in 18 years as Americans put away their credit cards and hoarded cash amid the worst recession in decades.

The Federal Reserve said Thursday that consumer borrowing dropped 5.2 percent in March, the biggest decline since an 8.1 percent fall in December 1990.

In dollar terms, consumer borrowing plunged by $11.1 billion.

That's the largest dollar amount on records dating to 1943, and more than three times the $3.5 billion drop that economists expected.

HOUSTON

Oil futures prices rise, exceed $56 per barrel

Oil prices continued to rise Thursday and climbed above $58 a barrel for the first time in nearly six months as the U.S. economy showed some signs of recovery.

Still, oil analysts continue to search for fundamental reasons as to why energy prices have risen to current levels.

Benchmark crude for June delivery rose 37 cents a barrel to settle at $56.71 in trading on the New York Mercantile Exchange. Earlier in the session, the contract reached a high of $58.57.

In London, Brent prices rose 32 cents to settle at $56.47 a barrel on the ICE Futures exchange.

Nintendo sees slipping sales for game consoles

Nintendo, the sales powerhouse of the current generation of video game consoles, Thursday projected stagnant or declining sales for its Wii and DS systems.

Nintendo said it expects to sell 26 million Wii consoles and 30 million DS hand-held consoles during its current fiscal year, which started April 1.

The Japanese company sold 26 million Wiis and 31 million DS units last fiscal year, ended March 31.

On the bright side, Nintendo said software sales for those devices were likely to increase, thanks to the growing number of consoles in people's homes. The company projects it will sell 220 million Wii games this year, up from 204 million last year. DS games, however, are expected to drop 9 percent, to 180 million from 197 million.

MOUNTAIN VIEW, Calif.

Google exec takes inquiry in stride

Google Chief Executive Eric Schmidt is taking a government inquiry into his role on Apple Inc.'s board in stride, expressing confidence that the probe won't find any evidence that the ties between the two companies throttle competition in mobile phones and other technology fields.

In a media session held Thursday before Google's shareholders meeting in Mountain View, Schmidt said he hasn't considered stepping down from Apple's board because he doesn't view the maker of the iPhone, iPod and computers as a "primary competitor."

Google attorney Kent Walker confirmed the Mountain View-based company is in talks with the Federal Trade Commission about whether its overlapping board relationships with Apple violates federal antitrust laws.

Google shares fell $6.86, or 1.7 percent, Thursday to close at $396.61 on the Nasdaq National Market

LOUISVILLE, Ky.

Shout out, sell out: Oprah starts KFC frenzy

Memo to KFC: Never underestimate the power of Oprah Winfrey.

Or the lure of a freebie.

A free grilled chicken meal promotion touted by the popular talk show host has caused such a frenzy that a few stores ran out and the Louisville-based chain is asking customers to take a rain check for the deal.

"For the last day and a half, our restaurants have just been absolutely inundated," KFC President Roger Eaton said in an interview Thursday with The Associated Press. "It's just been overwhelming."

Lines snaked outside some KFC restaurants and cars stacked up at drive-through windows as people waited to redeem the coupons available on Oprah.com for 24 hours this week, Eaton said. The coupons also were available until late Wednesday on unthinkfc.com -- a KFC Web site promoting the new grilled chicken.

The rush began when the downloadable coupons were available on Oprah.com for 24 hours beginning Tuesday after Winfrey announced the promotion on her show. Each coupon promised two pieces of grilled chicken, two side orders and a biscuit.

NEW YORK

After weak demand at auction, Treasurys fall

Treasury prices fell Thursday after weak demand at an auction for 30-year bonds unnerved investors.

The benchmark 10-year Treasury note fell 0.97 points and its yield jumped to 3.29 percent from 3.15 percent late Wednesday.

The 30-year bond tumbled 2.78 points and its yield jumped to 4.26 percent from 4.08 percent.