Biz bits

S. Carolina's Boeing plant breaks ground

NORTH CHARLESTON, S.C. --- Work has officially started on building Boeing's $750 million aircraft assembly plant in South Carolina -- the largest industrial investment in state history.

Ceremonial shovels full of dirt were scooped Friday at the site near the Charleston International Airport where Boeing will assemble its 787 jetliners.

The company last month chose North Charleston over Everett, Wash., for the assembly plant.

Boeing's commercial airplane division president, Jim Albaugh, says the new plant should still bring more jobs to Washington, too.

The North Charleston plant is expected to create 3,800 jobs within seven years, and construction will mean an additional 2,000.

Boeing received an incentive package from South Carolina of $170 million.

Chase drops arbitration from credit contracts

BOSTON --- JPMorgan Chase & Co. said Friday it is dropping a clause from its card contracts that required disputes with customers to be handled through binding arbitration, a move that could lead to consumers filing class-action and other lawsuits.

A spokesman for the New York-based bank's Chase Card Services unit confirmed the change after a law firm that sued banks over arbitration clauses announced a tentative settlement with JPMorgan Chase.

Chase decided to stop sending credit-card disputes to arbitration in July, spokesman Paul Hartwick said.

Uncertain economic outlook pulls oil down

NEW YORK --- Oil prices fell below $77 a barrel Friday on a stronger dollar and amid concern about the strength of the global economic recovery.

Benchmark crude gave up 74 cents to settle at $76.72 a barrel on the last trading day for the December contract.

Crude prices for January delivery lost 58 cents to settle at $77.47.

Crude prices were dragged down by uncertainty about the economic outlook, including concerns about deflation and a possible double-dip recession.

Oil has seesawed between $76 a barrel and $82 for about a month as the dollar -- whose fall this year has help boost crude prices from $32 in December -- stabilized somewhat during the past few weeks.

Investors often buy commodities such as oil as a hedge against a weaker dollar and inflation.