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* The cost of funds index for savings institutions in the Federal Home Loan Bank’s 11th District edged lower in May to 1.708% from 1.802% in April. The index is a popular benchmark for adjustable-rate mortgages on the West Coast and tends to lag behind changes in market interest rates by several months.
* Northrop Grumman Corp. won an order from the U.S. Coast Guard to build the first Maritime Security Cutter. The $250-million award is part of the Coast Guard’s $17-billion Deepwater overhaul program awarded to Northrop and Lockheed Martin Corp. in 2002.
* Boeing Co. agreed to sell its commercial-electronics unit to BAE Systems to cut costs and focus more on aircraft assembly. Terms weren’t disclosed.
* Kmart Holding Corp. will sell as many as 54 stores to Sears, Roebuck & Co. for about $621 million as Kmart Chairman Edward Lampert sheds larger outlets to focus on clothes and housewares.
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