Nastech Pharmaceutical Co. of Bothell, which has struggled financially since losing a major drug development partnership last year, lost $16.5 million, or 63 cents a share, in the first quarter. Revenue totaled $1.3 million, down sharply from $5 million in the year-ago period. Nastech recently revealed plans to change its name to MDRNA to reflect its new focus on developing RNA interference technology into marketable treatments.
Ford executives laud investor
Ford Motor Co. welcomed a significant investment by billionaire Kirk Kerkorian and executives told shareholders Thursday that it underscored the strength of turnaround plans for the second largest American car company. Executives said their work to return Ford to profitability by 2009 was taking hold, just more than a week after Kerkorian’s Tracinda Corp. said it had acquired a 4.7 percent stake in the company. “We welcome Tracinda and thank them for their confidence in our plan,” Ford Chairman Bill Ford said during the company’s annual meeting. Kerkorian has held significant ownership stakes in General Motors and Chrysler, where he advocated for changes. His investment company hopes to amass a 5.6 percent stake in Ford.
GM offers money to end axle strike
General Motors Corp. has agreed to kick in up to $200 million to help bring an end to a bitter 10-week strike at parts supplier American Axle and Manufacturing Holdings Inc. The automaker said Thursday in a government filing that the money would go for temporary payments to buffer reduced wages for the workers, as well as employee buyout and early retirement packages. About 3,600 United Auto Workers at five American Axle factories have been on strike since Feb. 26 in a dispute over the company’s quest for lower wages and benefits.
Gas, crude oil set new records
Gasoline and crude oil jumped to new records Thursday, with gas rising 3 cents to an average national price of nearly $3.65 a gallon and oil crossing $124 a barrel for the first time. At the pump, the average price of a gallon of regular gas nationwide rose 2.7 cents to a record $3.645, according to a survey of stations by AAA and the Oil Price Information Service. Diesel prices also rose, adding 0.9 cent to match a record national average of $4.251 a gallon. Gas prices tend to lag oil futures, and with crude rising to a new record near $124 a barrel Wednesday and likely headed higher, it’s widely expected that gas will soon rise as high as $4.
Google seeks deal to help Yahoo
Google Inc.’s top executives on Thursday expressed hope that the Internet search leader will be able to form a potentially lucrative advertising partnership with Yahoo Inc. — a deal that would lower the odds of Microsoft Corp. renewing its attempts to buy Yahoo. “We have been talking to Yahoo and we are very excited to be working with them,” Google co-founder Sergey Brin told reporters before the company’s annual shareholders meeting. “We share a lot of values with them.”
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