The state Transportation Department awarded a $114 million contract Tuesday to Todd Shipyards in Seattle to build two more 64-vehicle ferries. Todd is building one 64-vehicle ferry and was the only bidder last week for the next two vessels. The vessel under construction should go into service next summer on the Port Townsend-Keystone run. The time line for the next two vessels is about 20 months each. The state has an option for a fourth ferry that would carry either 64 or 144 vehicles, depending on funds.
Microsoft patches 34 security holes
Microsoft Corp. issued a record number of security patches for its software Tuesday as part of its regular monthly update. The software maker plugged 34 holes and designated most of them “critical,” Microsoft’s most severe rating. Among them are fixes for Windows Vista, Windows XP, Windows 2000 and even Windows 7, which doesn’t go on sale to consumers until Oct. 22 but has been in use by early testers and software developers. The patches target an array of Microsoft software.
Ford wins givebacks in deal with UAW
Ford Motor Co. on Tuesday reached a tentative deal with the United Auto Workers union on contract changes. The deal includes concessions from the union, including a wage freeze for entry-level workers and work rule changes so employees can do more tasks. Details of the pact were to be presented to local union leaders from across the country at a meeting Tuesday. It could be a tough sell. Union leaders have reported a lot of opposition to more concessions because Ford is in better financial shape than its competitors.
Bloomberg plans to buy BusinessWeek
Bloomberg LP is buying BusinessWeek magazine in a deal that brings together a financial news service specializing in rapid-fire updates with a print publication struggling to adapt to the Internet’s information whirlwind. Terms were not disclosed. The sale announced Tuesday would end BusinessWeek’s 80-year run as part of McGraw-Hill Cos., which also owns the Standard &Poor’s credit rating agency. McGraw-Hill put BusinessWeek on the auction block in July, apparently fed up with the losses that have been mounting at the magazine as its advertising revenue plunged.
Business lender CIT Group’s CEO to leave
CIT Group Inc., a major business lender that’s been devastated by the downturn in the credit markets, said Tuesday its chairman and chief executive will resign at the end of the year. CEO Jeffrey Peek is stepping down as the company continues ongoing restructuring efforts to try and avoid bankruptcy. CIT has posted billions in losses as borrowing costs have outpaced the money it generates from lending to customers.
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