Wednesday morning headlines

Stocks back up: Investors continue to brush aside the world's troubles. Dow is up about 35 points.

Oil keeps climbing: NY crude is trading at over $108 a barrel. That can't be good for gas prices. (Reuters)

Borders to present plan: The struggling bookstore chain says it has saved a bunch of money since filing for bankruptcy. Roughly 225 stores will be closed by the end of the month. From the WSJ:

As part of the plan, Borders is projecting relatively flat total revenue growth in 2011 and 2012, although it does expect to show significant growth in digital books and online. Comparable store sales are expected to be challenged, in part because of the continued industry-wide growth of e-books. "We see growth in 2013 and beyond," said Mike Edwards, president of Borders Group Inc., in an interview. Mr. Edwards said that it is crucial for Borders to exit Chapter 11 as speedily as possible, in part to save legal fees, and also to rebuild its brand.

Boeing miscalculated on cracks: Many of the older 737 jets were prone to metal fatigue much sooner than the aerospace giant had expected. From the NYT:

[Paul Richter, a senior Boeing engineer,] said Boeing had expected the aluminum skin and the supporting joints on the planes to last through 60,000 cycles of takeoffs and landings before airlines need to be concerned about cracks. But the Southwest jet had nearly 40,000 cycles, according to federal regulators. Boeing's stark admissions underscored how regulators and industry officials were struggling to understand the broader ramifications of the accident.

Dish Network gets Blockbuster: The satellite company will pay $320 million for the bankrupt video chain. Plan is to establish a large retail presence (more than 1,700 locations) where satellite services can be sold. (DealBook)

DWP to chop $440 million: Cuts over the next three years include freezing hires, revoking corporate credit cards and reducing the number of cars utility officials can take home. From the Daily News:

Jack Humphreville, a member of the DWP neighborhood oversight committee and a frequent critic of the utility's management, said he was not sure if enough was being cut from the agency's $4 billion budget. "It doesn't seem to be that much given the size of the budget," Humphreville said. "It seems like they could make more substantial cuts in their operation."

Sofitel scraps helipad plan: The hotel wanted to allow non-emergency flights on its rooftop (mogul Ryan Kavanaugh had been using it for a while last year), but residents put up such a fuss that the idea was dropped. (LAT)

McCourt presents financing plan: The Dodgers owner is asking MLB Commissioner Bud Selig for permission to borrow $200 million from Fox in order to settle his divorce and keep the team. LAT reports that Selig wants McCourt out, but if the request is turned down McCourt might sue.

Work begins on downtown mall overhaul: The former 7th & Fig shopping center will be anchored by a Target store. Makeover will be completed in the fall of 2012. (LAT)

Teens and iPhones: Survey finds that 17 percent own one and 37 percent of those that don't want to. Those numbers are higher than when the survey was done in 2010. (All Things Digital)