Business briefs

Woodburn Co. of Everett is to receive the Business of Tomorrow Award at today’s annual University of Washington Minority Business of the Year Awards banquet in Seattle. The award is presented annually to a minority-owned business that has been judged to have significant growth potential. Founded in 1957, the company has been owned since 1989 by Frank and Penny Fukui and specializes in high-quality business and copying equipment.

Shopper spending slows fall growth

The economy grew at a slower pace in the late fall as shoppers watched their pennies heading into the busy holiday season. The Fed Reserve’s new snapshot, released Wednesday, suggested that the strains from a severe housing slump and a painful credit crunch are affecting the behavior of individuals and businesses alike, making them somewhat more cautious. Spending by consumers and businesses is the lifeblood of the country’s economic activity. The big worry for economists is that consumers and businesses will cut back on spending and investing, dealing a blow to economic growth. The odds of a recession have grown this year. Still, Fed officials and many other economists remain hopeful the country will weather the financial storm without falling into recession.

Starbucks plans Ethiopia center

Starbucks Corp. plans to open a farmer support center in Ethiopia’s capital next year to help growers improve the quality of their coffee crops and boost production using sustainable practices. The world’s largest specialty coffee retailer opened a similar center in Costa Rica three years ago and says the one in Addis Ababa will be the first of its kind in Africa. The center’s goals will include getting more farmers to take part in a program that grades them on such things as how well they shade their coffee trees and how much they pay their workers. High grades can win growers higher prices, longer-term contracts and other incentives from Starbucks.

Ford settles rollover lawsuits

Ford Motor Co. on Wednesday agreed to settle class-action lawsuits covering plaintiffs in four states who claimed its Explorer sport utility vehicles were prone to rollovers, the company and an attorney for the plaintiffs said. The settlement applies to about 1 million people in California, Connecticut, Illinois and Texas.

Home sales dropped last month

The National Association of Realtors reported Wednesday that sales of existing homes dropped by 1.2 percent last month to a seasonally adjusted annual rate of 4.97 million units. That represented the slowest sales pace on record going back to 1999 and was 20.7 percent below activity a year ago.

American Airlines plans to sell Eagle

The parent of American Airlines said Wednesday it plans to sell or spin off its American Eagle regional carrier next year. Its shares rose 6.9 percent. Investors have been pressing AMR Corp. to sell the regional airline and other assets.

From Herald staff and news services