Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Wednesday, August 13, 2008 Everett port to remodel boat center Business briefly The Port of Everett has agreed to pay an architect $200,000 to remodel a building for use by boat-related businesses, but it delayed deciding whether it will also move in. Work needs to begin on getting the building ready for what's called the Craftsman's District, the three members of the port commission agreed Tuesday. Architect Gary Parkinson will be paid to do the work. Part of the plan includes a two-story office building that would be added to one end of the remodeled structure. Port officials would like the office building to become a new administration center. The commissioners agreed to decide next month whether to do that or to lease the office. Study considers payday loans Banks around the country have issued more than 3,000 small loans as part of a pilot program by the Federal Deposit Insurance Corp. exploring alternatives to payday lending. Banking industry experts are calling it a significant first step to finding a less-predatory way to provide short-term credit. Payday loans require borrowers to sign a post-dated check in return for a cash advance with an interest rate often exceeding 390 percent. Since January, the FDIC has tracked lending programs at 31 banks, with the goal of figuring out how to make the loans profitable enough for more commercial banks to start marketing them. Tween converting Limited Too stores Tween Brands Inc. said Tuesday it's converting nearly 600 Limited Too stores to its lower-priced Justice brand as cost-conscious parents steer their children toward more discounted stores. The move will give the Justice chain about 900 stores -- nearly triple its current size -- when the conversion is completed in the first quarter. After the change, the New Albany, Ohio-based teen clothing chain will no longer operate its Limited Too stores in the U.S., ending the brand's two-decade history as a shopping mall stalwart. In addition to the stores being converted, the company will also close about two dozen locations. Crops strong; prices may drop After months of rising food prices, there may be some relief coming with farmers on track to produce the second largest corn crop and fourth largest soybean crop in history. In its first estimates this year based on field visits and farmer surveys, the U.S. Department of Agriculture sharply raised its estimate Tuesday of corn production and said "nearly ideal" weather has helped Midwestern farmers recover from June's devastating floods. That recovery eventually may lead to lower prices for corn and soybeans, which in turn could provide some relief to meat producers who use the grains for feed. Consumer prices rise 6.3 percent Consumer prices rose 6.3 percent in July over the same month last year, the National Bureau of Statistics reported. That was driven by a 14.4 percent rise in foods costs, though that rate was down from 17.3 percent in June. The overall rate, the lowest in nearly a year, was a decline from June's 7.1 percent. From Herald staff and news services

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