Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Tuesday, January 6, 2009 Use KB Toys card by Sunday -- or lose it Use it or lose it by Sunday if you have a gift card for a KB Toys store. KB Toys has notified the state Attorney General's Office that its stores in Washington will not honor gift cards and merchandise credits after Sunday. The Washington stores include outlet stores in Centralia and North Bend, and a retail store at the Vancouver Mall. Outlook gloomy for construction Construction spending fell less than expected in November as record activity on nonresidential projects helped offset another steep decline in housing. The outlook, however, is for significant weakness as the worst recession in at least a quarter-century takes its toll on construction. The Commerce Department reported Monday that construction spending dropped by 0.6 percent in November, less than half of the 1.3 percent decline economists expected. Economists expect housing, which has been in a slump for two years, will continue to struggle in the months ahead. Prosecutors want investor jailed Prosecutors on Monday said disgraced financier Bernard Madoff violated bail conditions by mailing about $1 million worth of jewelry and other assets to relatives and should be jailed without bail. U.S. District Magistrate Ronald Ellis asked the lawyers to submit written arguments and said he would rule later. Madoff's lawyer described the items as heirlooms that were not significant assets. Borders Group hires new CEO Borders Group Inc., which has struggled along with other booksellers as people buy more books online and from discounters, announced a new chief executive and other top managers Monday as it also reported weak holiday sales. The Ann Arbor, Mich.-based company also warned that its stock is in danger of being delisted from the New York Stock Exchange. The shares have lost nearly all of their value in recent months amid larger-than-expected losses and financing trouble. Borders named Ron Marshall, 54, the founder of private equity firm Wildridge Capital Management, to replace George Jones as chief executive and also serve as president and a director. The company noted that Marshall had been involved in other turnaround projects as chief executive of food distributor and retailer Nash Finch Co. T-bill rates rise in Monday auction The Treasury Department auctioned three-month bills at a discount rate of 0.15 percent, up from 0.05 percent last week. Six-month bills were auctioned at a discount rate of 0.32 percent, up from 0.25 percent. The three-month rate was the highest since these bills averaged 0.355 percent on Nov. 10. The six-month rate was the highest since 0.43 percent on Dec. 1. For a $10,000 bill, the three-month price was $9,996.21 while a six-month bill sold for $9,983.82. That would equal an annualized rate of 0.152 percent for the three-month bills, and 0.325 percent for six-month bills. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for changing adjustable rate mortgages, fell to 0.37 percent last week from 0.4 percent. From Herald news services READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

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