Negotiators for the Boeing Co. and Machinists union said they were satisfied with the progress of the first day of round-the-clock contract talks on Monday. Lead Boeing negotiator Jerry Calhoun issued a statement saying “discussions seem to be on track,” while union officials described the talks as “moving forward” after subcommittee meetings that stretched into the night. The union seeks improvements in pension, health care and job security. A contract vote is set for Sept. 1.
New Bothell biotech gets $11.1 million
Alder Biopharmaceuticals Inc., a Bothell startup company focused on developing antibody-based drugs, has raised $11.1 million in venture financing. Sevin Rosen Funds led the financing round and was joined by Ventures West, WRF Capital and other private investors. Alder was launched in early 2004.
NW Biotherapeutics losses continue
Northwest Biotherapeutics reported a second quarter loss of $2.6 million, or 14 cents a share, compared to a $1 million loss in the same period last year. The Bothell firm’s revenue was down sharply, from $116,000 to just $8,000, while operating expenses doubled to $1.76 million.
Contract talks at Qwest bog down
Union officials representing nearly 25,000 Qwest Communications employees said contract negotiations were stalled Monday after a weekend of intense negotiations. The bargaining teams suspended talks Sunday, leaving unresolved issues including health care, wages and mandatory overtime.
Lowe’s says profits jump 20 percent
Fueled by the nation’s strong housing market, second-quarter profit for No. 2 home-improvement retailer Lowe’s Cos. jumped 20 percent. Net income grew to $838 million in the period, from $700 million in the same quarter in 2004, the company said Monday. Revenue rose 17 percent to $11.93 billion from $10.17 billion.
Short-term T-bills hit four-year high
Interest rates on short-term Treasury bills rose in Monday’s auction to the highest levels in more than four years. The Treasury Department auctioned $18 billion in three-month bills at a discount rate of 3.470 percent, up from 3.460 percent last week. An additional $16 billion in six-month bills was auctioned at a discount rate of 3.705 percent, up from 3.680 percent last week. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, rose to 3.90 percent last week from 3.84 percent the previous week.
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