Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Tuesday, July 15, 2008 Business Briefly: Telemetry problems mar 777 flight A data transmission problem during the first flight of the Boeing Co.'s 777 freighter Monday forced a change in plans. The new plane had been expected to fly for three hours before landing at Seattle's Boeing Field. Instead, it was sent back to Everett's Paine Field, the same airport from which it took off. Boeing spokeswoman Sandy Angers says the FAA requires a test flight to land at the same airport where it took off when there is an instrument transmission problem. Angers said other than the telemetry problem, the test flight went well. She said the plane is doing great and that its crew was never in any danger. The company needs to do further research to find out why the instrument data was not transmitting, she said. Government aids mortgage giants Now that the federal government has thrown a lifeline to mortgage giants Fannie Mae and Freddie Mac, taxpayers could be on the hook for billions more if the crisis of confidence spreads. There were encouraging signs Monday for the rescue plan, but also signs of concern. Washington Mutual Inc.'s shares fell 35 percent, to a paltry $3.23 amid worries about whether it had enough cash to handle the mortgage market downturn. Yahoo board target of investor Icahn Apparently abandoning hopes for a truce with Yahoo Inc., investor Carl Icahn sharpened his focus on replacing the Internet company's board Monday after his attempt to negotiate a deal with Microsoft Corp. was angrily rejected. Icahn filed the final nominating papers for a slate of candidates that will oppose Yahoo's current nine directors in a showdown scheduled for an Aug. 1 shareholder vote. In separate letter to Yahoo shareholders, Icahn accused the incumbent board of just wanting to protecting its jobs. Belgian brewer will buy Budweiser The maker of the King of Beers has agreed to go to work for the Belgian brewer InBev SA. Anheuser-Busch Cos. said Monday it had agreed to a sweetened $52 billion takeover bid, creating the world's largest brewer and heading off what was shaping up as an acrimonious fight for the maker of Budweiser and Bud Light. Inbev brands include Stella Artois, Beck's and Bass. The combined company will be called Anheuser-Busch InBev. InBev said it would be the world's third largest consumer products company after Procter & Gamble and Nestle SA of Switzerland. T-bill rates fall in Monday auction The Treasury Department auctioned three-month bills at a discount rate of 1.61 percent, down from 1.865 percent last week. Six-month bills were auctioned at a discount rate of 1.955 percent, down from 2.06 percent. For a $10,000 bill, the three-month price was $9,959.30, while a six-month bill sold for $9,901.16. That would equal an annualized rate of 1.639 percent for the three-month bills and 2.002 percent for the six-month bills. The Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for changing adjustable-rate mortgages, fell to 2.25 percent last week from 2.35 percent. From Herald staff and news services

1. Emory’s owner fears fire was arson 2. Monroe honking case makes it to state Supreme Court 3. Vatican ponders the souls in space 4. 81 veterans' names, 81 meaningful lives honored in Snohomish 5. Hope dims that Olympics will boost region 6. Student hit in crosswalk to return 7. Smokey Point to celebrate end of roadwork 8. Death on Edmonds waterfront ruled a suicide 9. Help for young moms may continue 10. Semifinal slate sealed on ‘Dancing With Stars’ 2 - Top 10 Stories Most Talked about 3 - Top 10 Stories Most Emailed

• Bazaar Fever • Hawks proud of historic season • Olson always put Edmonds first • Honoring student veterans • ‘Wheedle' author comes to Lynnwood bookshop • Mavs build early lead en route to easy win • Prep football games of the week (state playoffs) • Tears of laughter, tears of grief • Death on Edmonds beach likely a suicide • Boeing will build, flight test and deliver 787s in South Carolina to spe ... • Snohomish County EDC promoting job growth in key industry clusters • $4 million grant to advance brain tumor research has Everett links • Providence medical center construction tops off its 12-story steel frame ... • Tulalip affordable housing project to be financed by KeyBank, Raymond Ja ... • Arlington's Lak of Ink has a growing following for Luke Kooyman's creati ... • Bank of the Northwest formed • Cascade Bank earns $1.6 million