A national rating agency has upgraded Premera Blue Cross’ financial strength from good to excellent. The rating from A.M. Best applies to Mountlake Terrace-based Premera’s operations in Washington and Alaska. A.M. Best credited Premera’s upgraded rating to membership growth and operating improvements. LifeWise Assurance Co., a firm affiliated with Premera, also received an excellent rating.
Jones Soda wins Seahawks contract
Seattle’s Jones Soda, with annual revenue of $39 million in 2006, unseated Coca-Cola Co. as the sole provider of nonalcoholic beverages at Qwest Field, home of the Seattle Seahawks, officials said Wednesday. At Qwest Field, fans will be able to buy Jones Soda as a fountain drink, in cans and in plastic bottles the company is developing for the venue. Chief Executive Officer Peter van Stolk said he’s playing around with ideas – including “grass stain” – for a signature Seahawks flavor.
Coca-Cola spy gets prison term
A federal judge ignored a former Coca-Cola secretary’s plea for mercy Wednesday and sentenced her to eight years in prison for conspiring to steal trade secrets from her employer. U.S. District Judge Owen Forrester told Joya Williams, 42, that he was giving her a longer sentence because “this is the kind of offense that cannot be tolerated in our society.”
Target growth surprises market
The first quarter was a tough one for many retailers, so Target’s 18 percent profit growth took investors by surprise Wednesday. Target managed what Wal-Mart Stores Inc. and jeweler Zale Corp. could not. It beat Wall Street expectations despite poor weather and high gas prices.
Oil prices increase as supplies lag
Oil prices inched higher after a U.S. government report showed gasoline stocks did not rise far enough to dispel supply fears for summer driving. The Energy Information Administration reported that gasoline stocks grew by an average of 1.5 million barrels last week to 196.7 million barrels, nearly doubling analysts’ expectations but still below the season’s average.
Alcan seeks deal to fight takeover
Canadian aluminum maker Alcan Inc. is in talks with Australia’s BHP Billiton Ltd. to try to fend off a hostile $27 billion takeover bid by U.S. rival Alcoa Inc., according to an article published Wednesday in Canada. Alcan has rejected Alcoa’s offer and Chief Executive Dick Evans has said Alcan is having “ongoing discussions with third parties about various other transactions.”
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