In Brief

NEW YORK

American shoppers spend more, offering retailers hope

Americans gave retailers a respectable spring selling season.

Though April shopping fell off from March's blistering pace, the full spring picture shows consumers more willing to buy higher-priced merchandise and pay full price.

Revenue at stores open at least a year rose 0.8 percent in April, compared with a 2.7 percent decline a year ago, according to the International Council of Shopping Centers Index of 30 retailers. That followed a 9 percent gain in March, the largest percentage gain since March 1999.

For March and April combined, the index rose 4.9 percent, well above the average pace of 4.1 percent since January.

WASHINGTON

Commission head thinks he has way to salvage Net plans

The head of the Federal Communications Commission thinks he has come up with a way to salvage his ambitious national broadband plans without running into legal obstacles that have threatened to derail him.

FCC Chairman Julius Genachowski said Thursday that his agency has crafted a compromise in how it regulates high-speed Internet access: It will apply narrow rules to broadband companies. The FCC chairman, a Democrat, said this will ensure the agency has adequate authority to govern broadband providers without being too "heavy-handed."

But his plan likely will hit legal challenges from the big phone and cable companies and already faces significant opposition from Republicans at the FCC and in Congress.

The FCC needs that legal authority for the sweeping national broadband plan that it released in March. Among other things, the plan aims to give more Americans access to affordable high-speed Internet connections. That would be done by revamping the federal program that subsidizes telephone service in poor and rural areas and using it to pay for broadband.

Genachowski also needs this authority for his proposal to adopt "network neutrality" rules prohibiting phone and cable companies from prioritizing or discriminating against Internet traffic traveling over their lines.

McLEAN, Va.

Rates on 30-year mortgages fall to lowest level in six weeks

Rates for 30-year fixed mortgages have fallen to their lowest level in six weeks, Freddie Mac said Thursday.

The average rate for 30-year fixed-rate mortgages was 5 percent this week, down from last week, when it averaged 5.06 percent. A year ago, 30-year fixed rate mortgages averaged 4.84 percent, Freddie Mac said.

The last time rates for 30-year fixed mortgages averaged less than 5 percent was the week of March 25, when they were 4.99 percent.

The average rate on a 15-year fixed-rate mortgage was 4.36 percent, down from last week when it averaged 4.39 percent.

American Pacific reports drop in income for quarter

Chemical manufacturer American Pacific Corp. of Las Vegas on Thursday reported that net income in its second quarter fell 35.3 percent from a year earlier.

In a statement, American Pacific said net income was $1.1 million, or 15 cents per share, for the three months ended March 31, down from net income of $1.7 million, or 23 cents per share, a year earlier.

Revenue rose 5.3 percent, to $59.4 million from $56.4 million, partially because of a 43 percent increase in the Aerospace Equipment segment and a 6 percent increase in the Fine Chemicals segment.

Shares in American Pacific gained 47 cents, or 7.81 percent, to close at $6.49 on the Nasdaq National Market.

WASHINGTON

Spirit boss argues carry-on fees are good deal for passengers

Spirit Airlines CEO Ben Baldanza sought Thursday to convince federal regulators that charging as much as $45 for carry-on bags is a good deal for passengers. He pledged to plainly disclose the fees.

Baldanza said he received a very cordial response from Transportation Secretary Ray LaHood, Federal Aviation Administrator Randy Babbitt and other federal officials when he made his case for the fees at a meeting requested by the airline. The Transportation Department's main concern has been that the fees be fully disclosed to consumers when they purchase their ticket, Baldanza said.

"Mr. Baldanza and I had a productive discussion this morning and I'm pleased that Spirit will make sure the new fee is well-advertised to consumers," LaHood said in a statement. "However, I was also frank that I disagree with Spirit's new policy to charge passengers for having a carry-on."