Pacific Northwest A developer yesterday announced plans for a midsize retail and apartment complex in West Seattle. Northwest Resource Management Group...
Apartments, retail building plannedA developer yesterday announced plans for a midsize retail and apartment complex in West Seattle.
Northwest Resource Management Group, a Seattle-based firm that has been active in California and Las Vegas, said it was planning 186 apartments on top of one or two stories of retail at the northwest corner of Fauntleroy Way Southwest and Southwest Alaska Street.
The site is occupied by Hancock Fabrics, which has been signed up as a tenant in the new building, the developer said. No other tenants have been named.
Steve Hartley, Northwest’s principal, said the company was hoping to finish negotiations soon with a retail anchor tenant, then begin meetings with city planners and the neighborhood to discuss the project design. Construction is planned for 2006, with the building to be occupied in 2007.
Indonesian airline considers purchaseGaruda Indonesia may buy 24 planes from Boeing as part of its expansion plans, airline President Emirsyah Satar said.
Satar said “the talks for orders of 18 777s and six 737 planes with Boeing are ongoing.” He didn’t give a time frame for the completion of talks. “We may seek a financier so it could be on a leasing arrangement.”
The airline, Indonesia’s biggest, flies to 30 destinations in that country and serves 24 international routes with a fleet of 60 aircraft, mostly Boeing planes, according to its Web site.
Acquisition signals Asian expansionWaggener Edstrom, a Bellevue-based public-relations firm whose clients include Microsoft, T-Mobile USA and the Fred Hutchinson Cancer Research Center, said it is expanding into Asia by acquiring Hong Kong-based Shout Holdings. Financial terms were not disclosed.
Shout, founded in 2001, serves the Asia-Pacific region through subsidiaries in China, Singapore and Hong Kong. With more than 30 employees, Shout has a client list that includes Brocade Communications Systems, Juniper Networks, Microsoft and Lacoste.
Shout will be renamed Shout Waggener Edstrom.
Compiled from Seattle Times business staff and Bloomberg News
2-day recess called in bankruptcy trialA federal bankruptcy judge called a two-day recess yesterday in United Airlines’ bankruptcy court trial, giving the carrier and its machinists union additional time to work out a new contract before he rules on imposing lower pay and benefits unilaterally.
The trial was pushed back as negotiations intensified between United and its machinists union, the sole remaining employee group not to have agreed to a long-term contract after the mechanics union consented to a tentative five-year deal Monday night.
United successfully sought the postponement in testimony until tomorrow, hoping to avert a divisive ruling that could trigger a threatened strike.
Negotiators for United and the International Association of Machinists and Aerospace Workers (IAM) resumed face-to-face talks Monday night after the company reviewed the IAM’s latest contract offer. They remained in contact through the night and were back at the table yesterday, spokesman Joseph Tiberi said.
Quarterly earnings beat expectationsHewlett-Packard (HP) yesterday reported a slight boost in quarterly earnings, inching past Wall Street’s expectations.
For the three months ended April 30, HP reported a profit of $966 million, or 33 cents per share, up 9 percent from $884 million, or 29 cents per share, in the second fiscal quarter of 2004.
Excluding special items, such as $177 million in buyouts and other work-force reduction expenses, HP would have earned $1.07 billion, or 37 cents per share, up 4 percent from $1.03 billion, or 34 cents per share, in the same period a year earlier — 1 cent ahead of expectations of analysts polled by Thomson Financial.
HP shares rose 54 cents to close at $21.55 before the earnings report was released. The stock added another 75 cents in extended trading.
Profits up, but some stores will closeHome Depot reported a more than 13 percent jump in first-quarter profit on solid revenue growth. At the same time, the nation’s largest home-improvement store chain said yesterday it is closing 15 of its design centers, possibly affecting 2,000 employees.
The results beat Wall Street expectations, and Home Depot shares rose.
The company said it earned $1.25 billion, or 57 cents per share, for the three months ending May 1, compared to a profit of $1.1 billion, or 49 cents per share, for the same period a year ago.
Excluding one-time items, Home Depot said it earned $1.31 billion, or 60 cents per share. On that basis, analysts surveyed by Thomson Financial were expecting earnings of 55 cents per share. Revenue in the quarter rose 8 percent to $18.97 billion from $17.55 billion a year ago, but missed analysts’ estimates of $19.26 billion.
Shares of Home Depot rose $1.49, or 4 percent, to close at $38.86.
Hybrid to be built at Kentucky plantToyota rolled out plans yesterday to invest $10 million to build a hybrid version of its popular Camry model at its Kentucky plant, marking the automaker’s first venture to produce a hybrid vehicle in North America.
Production is expected to begin in the second half of 2006, and company officials pegged initial output at up to 48,000 vehicles each year.
Judge complained about case in ’03A judge instructed jurors on the law in Richard Scrushy’s fraud trial yesterday as court documents showed she once complained about being assigned to the case and knew a daughter and ex-wife of the fired HealthSouth chief.
Neither side asked U.S. District Judge Karon Bowdre to step aside following her revelations — made during a closed-door hearing in 2003 — and Bowdre will continue presiding as closing arguments begin today.
Jury deliberations are set for tomorrow following additional instructions from the judge.
Bowdre’s concerns over the high-profile case were revealed Monday when court officials unsealed the transcript of a hearing she held with prosecutors and defense lawyers on Nov. 4, 2003.
Compiled from The Associated Press