Business Briefs
Published 9:00 pm Friday, July 8, 2005
Consumers, showing some caution about piling up new debt, reduced their borrowing in May for the first time in 18 months, the Federal Reserve reported Friday. They reduced their borrowing by $3 billion in May from the previous month, a drop of 1.7 percent. That marked the first decline since November 2003.
Worm creator avoids jail time
The German man who created the Sasser Internet worm, which caused millions of dollars in damage worldwide, won’t be going to jail despite his conviction Friday on charges including computer sabotage. Sven Jaschan, 19, who was fingered with the help of reward money from Microsoft Corp., instead got a 21-month suspended sentence and was ordered to do community service, court officials said.
Steakhouse chain plans IPO
Ruth’s Chris Steak House Inc., the restaurant with the odd name, wants to add a side of stock to its servings of steak. The company, which tempts customers with its signature steaks cooked in 1,800-degree broilers and topped with seasoned butter, plans to sell 9.38 million shares at $15 to $17 each in an initial public offering expected to come to market later this month.
ACLU challenges Yelm muzzling
The Yelm Town Council barred residents from mentioning Wal-Mart at meetings, prompting a challenge by civil libertarians who said a free and accountable govern-ment depends on a citizen’s ability to voice concerns openly. The retailing giant has an application pending to build a superstore, spurring controversy in the small town about 15 miles southeast of Olympia. In a letter to the council, American Civil Liberties Union lawyer Aaron Caplan said his group believes it is unconstitutional to ban any mention of Wal-Mart at council meetings. The term “big-box stores” also is banned, as is “moratorium.” The ban began because council members were fed up with complaints about the proposed superstore and related demands for a moratorium on big-box stores, municipal attorney Brent Dille said.
Spanish airline opts for Airbus
Spain’s largest airline, Iberia Lineas Aereas de Espana SA, has ordered 30 Airbus passenger jets, the European plane maker said Friday. The order includes 10 A318s, 10 A320s, seven A319s and three A321s – all single-aisle jets – worth a total of about $2.1 billion at list prices. The planes, which seat between 107 and 185 passengers in a two-class configuration, will be delivered starting in the second quarter of 2006, Airbus said.
From Herald staff
and news services
