Business Briefly
Published 9:00 pm Friday, October 28, 2005
Two Snohomish County banks enjoyed a good day on the stock market Friday as shares of Lynnwood-based City Bank and Everett’s Frontier Financial Bank both gained more than $1 a share. City Bank’s stock closed at $36.12 a share, up $1.28, while Frontier’s stock closed at $30.74 a share, up $1.27. That was an all-time high for Frontier.
Growth strong despite hurricanes
Hurricanes Katrina and Rita haven’t blown the economy off course. Economic growth clocked in at a surprisingly strong 3.8 percent pace in the third quarter, reflecting brisk spending by consumers and businesses despite high energy prices. The latest picture of the country’s economic standing, released by the Commerce Department on Friday, showed a performance even better than the 3.3 percent rate from April through June.
World oil prices hold above $61
Oil prices held above $61 a barrel on Friday amid lingering concerns that U.S. Gulf of Mexico oil facilities recovering from hurricane damage will struggle to meet heating-oil demand as winter approaches. Light, sweet crude for December delivery rose 13 cents to settle at $61.22 a barrel on the New York Mercantile Exchange. In London, December Brent rose 28 cents to settle at $59.42 a barrel on ICE Futures.
Verizon-MCI terms still up in the air
Federal regulators failed to reach agreement Friday on whether to approve SBC Communications’ takeover of AT&T, and Verizon Communications’ purchase of MCI. The Federal Communications Commission met through the day but could not agree on what conditions should be attached to the deals. They’ll meet again on Monday.
Delta to dump discount carrier
Delta Air Lines Inc., which is reorganizing under protection from the federal bankruptcy court, announced plans Friday to discontinue its discount carrier Song and incorporate Song’s fleet into Delta’s regular service. Song will continue to fly as a separate brand until May, Delta officials said.
GM to recall SUVs in northern states
General Motors Corp. said Friday it was recalling about 100,000 sport utility vehicles in 20 northern states because corrosion can affect latches on the back-seat doors, potentially allowing the doors to open while the vehicle is under way. The recall involves the 2002-03 models of the Chevrolet TrailBlazer EXT and GMC Envoy XL, and the 2003 model of the Isuzu Ascender. The recall will begin in January.
From Herald staff and news services
