Feds to buy stake: Seattle's Washington Federal will get a $200 million capital infusion through the Treasury's new program to buy shares...
Feds to buy stake: Seattle’s Washington Federal will get a $200 million capital infusion through the Treasury’s new program to buy shares in regional banks. The thrift will sell senior preferred shares, along with warrants to buy up to $30 million in common stock. CEO Roy Whitehead said it is one of the first regional banks deemed strong enough to be in the voluntary program. The bank, with 148 offices in eight states, recently had its first quarterly loss in more than 20 years, largely due to Freddie Mac and Fannie Mae stock losses.
Persian Gulf feels crisis: Kuwait suspended trading Sunday in shares of major lender Gulf Bank after a customer defaulted on a derivatives contract. In Saudi Arabia, King Abdullah said $2.7 billion would be placed in the Saudi Bank of Credit and Savings so that thousands of customers could obtain loans for family needs, including marriages and home repairs.
Gas prices: The Lundberg survey reported prices at the pump fell 53 cents in the last two weeks, with the average price for regular nationally at $2.78 Friday. Wichita, Kan., at $2.26 a gallon, was the cheapest; Anchorage, at $3.50, the most expensive. The average price in the Seattle-Bellevue-Everett area Sunday was $2.91, according to the AAA Daily Fuel Gauge Report.
Interface: Tableau Software translates the information contained in spreadsheets and databases in a clear, graphical way.
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Q&A: An interview with the low-key CEO of Nokia, whose understated approach has made the company the leading cellphone maker for the past decade. He talks about new rivals and the future of the industry.
Thrifty startups: Dot-coms are cutting staff and expenses to try to survive in a potentially long recession.
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Please help: General Motors has asked the Treasury Department for financial aid to help complete a merger with Cerberus Capital Management’s Chrysler, two people with knowledge of the matter said Sunday. None of the companies would comment. Federal aid may boost cash for the automakers while they await merger savings that analysts have said may take months to realize.
IMF: The International Monetary Fund cleared its chief, Dominique Strauss-Kahn, of any wrongdoing Saturday in his affair with a female subordinate, while faulting him for a “serious error of judgment.” Meanwhile, the IMF said Sunday it had reached a tentative agreement with Ukraine on a $16.5 billion loan to help the country out of its growing financial turmoil.
Compiled from Seattle Times staff, The New York Times, Los Angeles Times, McClatchy Newspapers, The Associated Press and Bloomberg News