Other items: Accounting issue will delay report; Online advertiser is offering shares; Settlement reached over trading charges ...
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Indian startup airline SpiceJet yesterday announced an order for 10 Boeing 737 narrowbody jets, with options for 10 more later.
The firm order for 737-800s is worth $630 million at list prices. First delivery is scheduled for 2006.
New Delhi-based SpiceJet, which announced the order at the Aero India 2005 air show in Bangalore, will begin a low-cost, no-frills service in May with three leased 737-800s.
India has emerged as a key battleground in Boeing’s competition with Airbus as new private airlines open up a market once state-controlled.
Accounting issue will delay report
Tully’s Coffee said yesterday it would delay filing its third-quarter report with the Securities and Exchange Commission, while it studies the impact of a recent accounting pronouncement.
On Monday, SEC staff accountants clarified how companies should account for improvements to their leased facilities, Tully’s said. The Seattle company has identified several of its locations that might be covered by the new interpretation.
The report, for the quarter ended Dec. 26, was due yesterday. Tully’s did not specify when it might submit the report. Tully’s added that it was “analyzing the potential effects (of the new interpretation) on its third-quarter and prior period financial statements,” suggesting that it might have to restate earlier results.
Online advertiser is offering shares
Seattle-based Marchex said yesterday it will offer 8 million shares of common stock at $20 a share and 200,000 shares of convertible exchangeable preferred stock. The online-advertising company estimated it would receive $199.4 million from the deal, which it said it would use for general purposes and to buy the assets of Name Development, a Virgin Islands company that owns thousands of Web domains.
Marchex said in November that it would buy the company for $155.2 million in cash and $9 million in stock.
Marchex stock dropped $1.52, or 6.8 percent, to $20.78 yesterday.
Nation / World
Bank of America
Settlement reached over trading charges
Bank of America’s mutual-fund adviser company, brokerage and clearing firm have agreed to pay $675 million to settle state and federal regulators’ charges of improper trading that hurt ordinary shareholders, authorities announced yesterday.
The settlement, agreed to last March and finalized yesterday, is part of an agreement among the three Bank of America companies, the former FleetBank Financial, which Bank of America acquired last year, and the Securities and Exchange Commission (SEC), the office of New York Attorney General Eliot Spitzer, the Federal Reserve and the U.S. Office of the Comptroller of the Currency.
In the settlement, Bank of America agreed to pay a total $515 million and cut fees investors pay by $160 million. That deal was to settle regulators’ charges of improper trading involving Nations Funds — one of the biggest penalties in the industrywide scandal.
Compiled from Seattle Times business staff and The Associated Press