Puget Sound Energy is asking Washington state utility officials to approve an overall 12.5 percent natural gas rate decrease for its customers. The rate request filed Friday would lower rates for residential customers by 16.4 percent as of June 1. The rate cut would bring gas prices down to about what gas customers were paying in 2005. Puget Sound Energy is Washingtons largest utility with a service area covering 11 counties, including Snohomish. The proposed rate cuts are the utilitys attempt to help its customers during tough times, it said.
Inflight Internet seen as next moneymaker
Major airlines are scrounging for every dollar now that fewer people are flying amid the economic downturn, yet the carriers have been slow to install inflight wireless Internet access across their fleets that could generate millions in fees. Cost, technology and passengers’ willingness to pay for the service are issues some of the carriers are dealing with. Others say it simply takes time to install the necessary equipment to allow travelers to surf the Internet and send e-mail from their laptops and PDAs from the comfort of their seats. Delta Air Lines Inc. and American Airlines, a unit of AMR Corp., have both stated plans to install WiFi onboard 300 or more aircraft,
Penske Automotive considers Saturn bid
Roger Penske said Friday that he know he’s operating in a “short time frame” if he wants to bid for the Saturn brand of General Motors Corp. Penske said his company, Bloomfield Hills, Mich.-based Penske Automotive Group Inc., hasn’t yet made an offer for Saturn. Penske Automotive confirmed Monday it had an interest in Saturn. GM is looking to sell or phase out Saturn by the end of the year as it races to a meet a government-imposed June 1 deadline to restructure or seek bankruptcy protection. Roger Penske acknowledged that a decision on an offer would have to come soon while saying that a number of unspecified details need to be worked out. GM said earlier this week that several parties expressed interest in buying the brand and its group of dealerships.
Buffett’s Berkshire loses $1.5 billion
Warren Buffett’s company reported a $1.5 billion first-quarter loss as it wrote down its ConocoPhillips investment and mostly unrealized derivative losses helped drag Berkshire Hathaway’s results below last year’s roughly $900 million profit. Berkshire Hathaway Inc. said Friday it recorded a loss of $990 per share in this year’s quarter, down from the $607 net income per Class A share reported in the same period a year ago. This was Berkshire’s first quarterly loss since 2001’s third quarter when the company suffered large insurance losses as a result of the Sept. 11 terrorist attacks. Buffett already acknowledged a mistake in last year’s purchase of a large amount of ConocoPhillips stock when oil and gas prices were near their peak.
Westsound Bank of Bremerton, seized, sold
Government regulators have seized Bremerton-based Westsound Bank and sold it to Kitsap Bank of Port Orchard.
The state Department of Financial Institutions says Westsound Bank’s main office and eight branches will open again on Monday, but some online banking services may not be available over the weekend.
Officials point out that most bank deposits are insured by the federal government up to $250,000. State officials say they do not anticipate losses by Westsound Bank depositors. The state announced its seizure of Westsound Bank on Friday evening, citing “severe asset problems, significant losses and inadequate capital.” The Federal Deposit Insurance Corp. was named receiver, and immediately sold Westsound to Kitsap Bank.
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