U.S. financial markets were closed for Good Friday, so there is no stock data in today’s paper. See Pages C3, C4 and C5 for a summary of the week’s results.
Port expansion comments sought
The Port of Everett is planning several meetings next week on the plans for rebuilding its marine terminals. The port hopes to expand shipping at the terminals and has long-term plans to add cranes and extend shipping berths. Those interested in expressing their opinions on the plans may call Lisa Mandt at 425-388-0617 for meeting times on Wednesday and Thursday.
Nordstrom exec to retire in May
Bruce Nordstrom plans to retire as chairman of Nordstrom Inc. in May, the company disclosed in a filing to the Securities and Exchange Commission this week. Nordstrom, grandson of the upscale clothing retailer’s founder, has been chairman since August 2000, when John Whitacre was let go as chairman and chief executive officer. At 72, Bruce Nordstrom has reached the company’s mandatory retirement age, company spokeswoman Deniz Anders said Friday. In other planned retirements, the company said John Nordstrom, a cousin to Bruce and a company director since 1966, will step down, as will Alfred Osborne Jr., a director since 1987.
Delta and its pilots finally reach deal
Delta Air Lines Inc. and negotiators for its pilots union reached a tentative agreement on Friday on pay and benefit cuts that could avert a strike at the nation’s third largest carrier and ease uncertainty among travelers over the busy Easter weekend. No details of the agreement were released. The deal would be subject to ratification by the airline’s 5,930 pilots. The pilots union threatened to strike if its contract was thrown out. Delta, which has been operating under bankruptcy protection since September, has said in court that a pilot strike would put it out of business.
Production strong in U.S. industries
U.S. industry headed into the spring with a full head of steam. Production at factories, mines and utilities rose by 0.6 percent in March in the latest encouraging sign for the economy. The snapshot of industrial activity, released by the Federal Reserve on Friday, comes on the heels of other positive economic barometers. Consumer spending – a key ingredient of the country’s economic health – is keeping cash registers ringing, and businesses are ramping up hiring, according to recent government reports. The solid increase in industrial production in March came after a 0.5 percent advance in February, and was the largest since December. The showing was better than economists had expected.
Scandal embroils Hyundai executives
Prosecutors said Friday they detained two top executives of Hyundai Motor Co. and a former executive of a state-run bank in an escalating scandal over allegations that the company created a slush fund to buy influence with government officials. Chief financial officer Lee Jung-dae and vice president in charge of procurement Kim Seung-nyun were the first Hyundai Motor executives to be detained in the investigation.
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