Biz week

Published 3:31 pm Friday, October 2, 2009

No breaks for Boeing

Gov. Chris Gregoire says the state has already done enough for the Boeing Co. to land its planned second production line for the 787. Gregoire said $3 billion in tax incentitives offered in 2003 to lure the new jet to Washington still place the state ahead of South Carolina and other competitors. Boeing recently purchased Vought’s Charleston factory used to make 787 parts and has sought permits that would allow it to expand the facility to establish a production line. Boeing plans to make a decision around the end of the year.

Shared work: Some 300 Snohomish County businesses are participating in a state program that allows them to keep workers for limited hours while the workers also received limited unemployment benefits. The state program allows companies to keep people and their expertise on reduced hours without having to lay them off. The state is hoping more companies will get involved. For information, go to http://tinyurl.com/yam542k

Tighter rein: Coastal Financial Corp. of Everett, the parent company of Coastal Community Bank, has agreed to more supervision by the Federal Reserve System as it works to improve its finances. The state-chartered bank is a member of the federal reserve. In a signed agreement, it said it would come up with a plan to improve its credit management, cut expenses and boost capital. It also said it wouldn’t approve more debt or pay dividends without approval from the Fed.

Unfair advantage?: Northrop Grumman, competing with Boeing for a $35 billion contract to build a military refueling tanker, says its rival has an unfair advantage because the Air Force revealed Northrop pricing information. It wants to see Boeing’s pricing information. The government says no deal.

Mike Benbow, Herald Writer