Boeing 'shelves' 747X superjumbo plans

Boeing has reportedly shelved designs for its giant 747X and will instead focus on developing smaller jetliners to travel at nearly the speed of sound.

The move would leapfrog Boeing over its European rival Airbus Industrie in commercial aircraft technology. Airbus has been concentrating on its new superjumbo A380, which competes with Boeing's 747 jumbo jets.