Business briefly: Machinists rally in Everett over talks
Published 10:10 pm Wednesday, August 27, 2008
Thousands of Machinists rallied outside the Boeing Co.’s Everett plant during their lunch hour Wednesday, as negotiations between their union and Boeing continued. Union leaders said they were not impressed by Boeing’s latest offer, which sought to address three of the four issues Machinists said they would strike over. Unless a settlement is reached, a strike could begin Sept. 4.
Edmonds store first for Clover
Starbucks customers who want to taste fresh coffee from the new Clover brewing system can try it at the chain’s store at 21920 Highway 99 in Edmonds. The Edmonds store is one of 10 Starbucks locations in the Puget Sound area where the new system is in the testing phase. The Clover makes one cup at a time and aims to release the hundreds of flavors in the average coffee bean.
Big Lots store to open in Everett
Big Lots opens its new Everett store, 7725 Evergreen Way, at 9 a.m. Friday. The opening includes a ribbon-cutting ceremony and presentation of money to a local charity. Specializing in closeout items from other retailers, Big Lots operates more than 1,300 stores in 47 states.
FiOs service wins key franchise
Verizon’s new FiOS TV service got a boost Wednesday when the Snohomish County Council granted the company a video franchise agreement to serve unincorporated parts of the county. Verizon now has agreements from the county and nine cities, including Everett, Marysville, Edmonds and Lynnwood. The company plans to begin offering FiOS TV over its fiber-optic network in Washington later this year.
Executive shakeup at Fannie Mae
Mortgage finance giant Fannie Mae shook up its executive ranks Wednesday after shares in it and sibling company Freddie Mac rose for a third straight day as investors appeared less certain a government bailout of the two troubled companies is imminent. Fannie Mae, the largest buyer and backer of U.S. home mortgages, said its chief financial officer and two other top executives are leaving the company. Three current executives were promoted to replace them. Fannie Chairman Stephen Ashley said in a statement that board members remain “firmly committed” to Chief Executive Daniel Mudd.
Cost reductions help profit for TiVo
TiVo Inc. posted a quarterly profit for only the third time in its 11-year history Wednesday as the pioneer in digital video recorders boosted margins on hardware and reduced marketing costs in its fiscal second quarter. It was also the first time TiVo had back-to-back quarters of profits. The company reported $2.9 million in net income, or 3 cents per share, compared with a loss of $17.7 million, or 18 cents a share, in the year-ago period. Analysts polled by Thomson Reuters had expected a loss of 2 cents per share in the quarter that ended July 31. However, Tivo shares fell in extended trading.
From Herald staff and news services
