Business briefly: Bothell biotech tests network modulators
Published 10:18 pm Monday, June 23, 2008
Lumera Corp. of Bothell said it has successfully completed testing of its polymer-based electro-optic modulators, which can be used for a variety of telecommunications and computing uses. After the announcement Monday, Lumera’s shares rose 19 cents, or 22 percent, to close at $1.05. Lumera also said its merger with California-based GigOptix LLC is progressing on schedule.
New executive granted stock
MDRNA Inc. has granted stock options for up to 1.26 million shares to J. Michael French, who took over as chief executive officer of the Bothell-based company two weeks ago. MDRNA, formerly known as Nastech Pharmaceutical Co., said the stock options have a term of 10 years. The company’s shares fell 3 percent, or 4 cents, to $1.27 on Monday. French took over the CEO job from Steven Quay, who remains with the company.
Fed expected to maintain rates
Straddling risky economic crosscurrents, the Federal Reserve is expected to stand still this week on interest rates. Fed Chairman Ben Bernanke and his colleagues, who open a two-day meeting Tuesday, are in a tricky spot: they are faced with stuck-in-a-rut economic growth along with inflation threats from rising prices for energy, food and other commodities. Fed officials have made clear that because of concern about inflation, they’re not inclined to cut rates further.
IRS raises mileage rate
The Internal Revenue Service, citing the drain that high gas prices are having on people’s finances, said Monday it is raising the automobile mileage rate that businesses and others can claim. The tax agency said the optional standard rate to calculate deductible operating costs for business vehicles will rise from 50.5 cents a mile to 58.5 cents for the final six months of 2008. That rate also applies to businesses and others entitled to apply for depreciation allowances on their returns.
Price increase planned by GM
General Motors Corp. told dealers Monday it plans to raise prices on 2009 models by an average of 3.5 percent despite a tough market that is forcing the automaker to cut production and discount its 2008 models. The increases will amount to about $1,000 per vehicle.
T-bill rates fall in Monday auction
The Treasury Department auctioned three-month bills at a discount rate of 1.855 percent, down from 2.05 percent last week. Six-month bills were auctioned at a discount rate of 2.255 percent, down from 2.35 percent last week. The bonds are sold at a discount. For a $10,000 bill, the three-month price was $9,953.11 while a six-month bill sold for $9,885.37. That would equal an annualized rate of 1.890 percent for the three-month bills and 2.313 percent for the 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, rose to 2.57 percent last week from 2.51 percent the previous week.
Herald staff, news services
