Business briefs

Operators of the nation’s coal mines will spend up to $128 million to comply with new federal mine safety legislation, with nearly half going to equip and train 260 new rescue teams, according to the Congressional Budget Office. Meanwhile state regulators could be forced to hire experts to oversee training and certification of perhaps 2,000 or more miners who could be named to serve on the teams.

Toronto exchange looks to buy in U.S.

The Toronto Stock Exchange isn’t looking overseas for a major deal to compete with bigger U.S. rivals. Instead, Chief Executive Richard Nesbitt said Friday the TSX hopes to become a North American financial powerhouse by acquiring an American futures exchange. Potential targets including the New York Mercantile Exchange, the Chicago Mercantile Exchange or Intercontinental Exchange Inc.

Flexibility is key, says Fed chief

America’s strong productivity has been bolstered not only by the greater use of computers and other technologies but also by the economy’s flexibility, Federal Reserve Chairman Ben Bernanke said Friday. Those were some of the explanations the Fed chief offered to explain why productivity since 1995 has been growing at a significantly faster rate than it had in the previous two decades, when efficiency gains had been relatively sluggish. “The current productivity revival still has some legs, as the full economic benefits of recent technological changes have not yet been completely realized,” Bernanke said.

Northwest workers OK reduced pay

Baggage handlers and ramp workers at Northwest Airlines Corp. on Friday approved concessions aimed at helping the carrier emerge from bankruptcy protection. The same workers had rejected an earlier set of concessions. The International Association of Machinists and Aerospace Workers, which represents the workers, said the renegotiated deal wasn’t quite as bad as the first one. The IAM approval leaves only flight attendants without a deal on concessions among Northwest’s large unions. But none of the new contracts takes effect until they all do.

Cathay Pacific boosts China stake

Cathay Pacific Airways Ltd. said Friday it will acquire the rest of Hong Kong Dragon Airlines Ltd. and double its stake in Air China to 20 percent in deals aimed at giving Cathay a huge competitive boost in China – the world’s fastest growing aviation market. Cathay said it would pay $1.05 billion for the rest of Hong Kong Dragon Airlines in a deal that would end two years of complex.

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FILE - In this file photo dated Monday, March 11, 2019, rescuers work at the scene of an Ethiopian Airlines plane crash south of Addis Ababa, Ethiopia.  The number of deaths in major air crashes around the globe fell by more than half in 2019 according to a report released Wednesday Jan. 1, 2020, by the aviation consultancy To70, revealing the worst crash for the year was an Ethiopian Airlines Boeing 737 MAX on March 10 that lost 157 lives. (AP Photo/Mulugeta Ayene, FILE)
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Paddywack co-owner Shane Somerville with the 24-hour pet food pantry built by a local Girl Scout troop outside of her store on Tuesday, Dec. 20, 2022 in Mill Creek, Washington. (Olivia Vanni / The Herald)
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Kelly Cameron is the woodworker behind Clinton-based business Turnco Wood Goods. (David Welton)
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Siblings Barbara Reed and Eric Minnig, who, co-own their parent’s old business Ken’s Camera along with their brother Bryan, stand outside the Evergreen Way location Thursday, Dec. 15, 2022, in Everett, Washington. After five decades in business, Ken’s will be closing its last two locations for good at the end of the year. (Ryan Berry / The Herald)
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Store owner Jay Behar, 50, left, and store manager Dan Boston, 60, right, work to help unload a truck of recliners at Behar's Furniture on Monday, Jan. 16, 2023. Behar's Furniture on Broadway in Everett is closing up shop after 60 years in business. The family-owned furniture store opened in 1963, when mid-century model styles were all the rage. Second-generation owner, Jay Behar says it's time to move on. (Annie Barker / The Herald)
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Katy Woods, a Licensed Coach, Branch Manager, and experienced Banker at Coastal Community Bank.
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Nelson Petroleum on Thursday, Dec. 22, 2022 in Everett, Washington. (Olivia Vanni / The Herald)
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Mike Lane and son Dave Lane, right, in front of their family store Everett Vacuum with their popular sign and saying, “everything we sell sucks” on Thursday, April 7, 2022, in Everett, Washington. (Olivia Vanni / The Herald)
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Customers leave J. Matheson Gifts Wednesday, Feb. 16, 2022, in Everett, Washington. (Ryan Berry / The Herald)
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