Puget Sound Business Journal articles from April 2001

Puget Sound Business Journal archives from April 2001

Paccar sales, earnings fall.(PACCAR Inc.)(Brief Article)
April 27, 2001... Redmond-based truck maker Paccar Inc. said a recessionary market for trucks in North America led to lowered revenue and earnings in its first quarter. But the company and the analysts who cover it expected as much, and Paccar beat analysts'...

FEMA report raises quake threat.(Federal Emergency Management Agency study finds some steel-frame buildings are more at risk to earthquake damage than earlier believed)(Brief Article)
April 27, 2001... Some buildings at greater risk? Many steel-frame buildings in the central Puget Sound area are more susceptible to earthquakes than previously thought, according to a study by the Federal Emergency Management Agency. After years of...

Data centers eye Wenatchee.(Brief Article)
April 27, 2001... Cheap power, Net access touted The high cost of electricity on the West Coast and a newly installed fiber-optic network are giving the Wenatchee Valley new hope for attracting technology companies. Since the beginning of the year...

Tully's best shot.(Tully's Coffee Corp. CEO Jamie Colbourne)(Brief Article)
April 27, 2001... Fast-acting new CEO stresses profits over expansion Just two months after coming aboard, Jamie Colbourne is creating a new strategic blend for Tully's Coffee Corp. Colbourne, the former Coca-Cola Co. and 7-Up Canada executive who...

Tam launches another bank.(Jesse Tam to launch Regal Financial Bank)(Brief Article)
April 27, 2001... Backers like strong track record Jesse Tam has rounded up nine organizers and $500,000 to launch his third new bank -- Regal Financial Bank, slated for an October debut in downtown Seattle. In Tam's view, there's room for another...

FCC OKs sale of VoiceStream.(mergers with Powertel and Deutsche Telekom approved)(Brief Article)
April 27, 2001... The long-awaited $26 billion sale of Bellevue-based Voice Wireless Corp. to Deutsche Telekom AG of Germany has received approval from the U.S. Federal Communications Commission. The commission also approved VoiceStream's merger with Powertel...

PSE pricing plan wins approval.(Puget Sound Energy's time-of-use pricing plan)(Brief Article)
April 27, 2001... The Washington Utilities and Transportation Commission approved Puget Sound Energy's time-of-use pricing plan designed to shift consumer use electricity to low-demand times of the day. The new time-of-day pricing rates will take effect...

Mill Creek golf course sold.(Brief Article)
April 27, 2001... United Development Corp. has sold Mill Creek Country Club to Trajal USA Inc., an American subsidiary of Osaka, Japan-based Trajal Hospitality and Tourism College. Exact terms were not disclosed, but United said the sale price was in line with...

Complex may fetch record price.(Plaza at Yarrow Bay office complex in Kirkland, WA, to be sold)(Brief Article)
April 27, 2001... A prospective buyer has been chosen for the Plaza at Yarrow Bay office complex in Kirkland, setting the stage for what could be a record-setting real estate deal. HAL Real Estate Investments Inc., the owner of the four-building complex,...

Car sales shift into low gear.(sales decline)(Brief Article)
April 27, 2001... Consumers are delaying new-oar purchases or opting for older models When new car sales manager John Dooley looks around the lot at Kirkland Chrysler-Plymouth-Jeep, he sees fewer customers picking. up keys and driving sleek new cars home....

UW business program goes straight to video.(services to minority business enterprises)(Brief Article)
April 27, 2001... For the first time in its six-year history, the University of Washington's Business and-Economic Development program is using video conferencing technology to reach out to businesses east of the Cascades. This quarter, undergraduate...

Portland Nordstrom stays on own side of the street.(Brief Article)
April 27, 2001... After months of negotiations with Portland city officials and a local developer, Nordstrom has suspended discussions to expand across the street from its downtown store, according to the Portland Business Journal, an affiliated newspaper. ...

Don't miss the mayors.(Brief Article)
April 27, 2001... Executives of local technology companies hoping to develop Asian markets might do well to stop by next week's Asia Pacific Cities Summit. The May 6-8 event at the Westin Hotel, the third of its kind, will gather mayors from 85 cities...

Moving to Sedgwick Rd.(new name for McCann-Erickson)(Brief Article)
April 27, 2001... It's not news that the Seattle office of advertising firm McCann-Erickson is moving in October from downtown to an area two blocks south of Safeco Field. However, the office's new name is something that the local advertising industry has...

'Tisn't the season.(Brief Article)
April 27, 2001... The Bonneville Power Administration's recent announcement that it will be 3,000 megawatts short of power may start causing some inconveniences around the state. Like every utility in the state, Orcas Power and Light Co. -- which serves...

CORRECTION.(Brief Article)
April 27, 2001... Dain Rauscher Sanjiv Arora was improperly identified in the April 13 Biomedical Pulse column. He is an equity analyst specializing in medical technology at Minneapolis-based Dain Rauscher Wessels.

MW Capital pursues $100M venture fund.(Brief Article)
April 27, 2001... B'vue firm hopes to link Asian, U.S. investors In a shrinking venture funds market, MW Capital Inc. is looking to expand dramatically. The small Bellevue venture firm wants to raise a $100 million global fund by July, but faces a...

AvalonBay quickly building a local presence.(Brief Article)
April 27, 2001... REIT will soon top 4,000 residential units With its current construction projects and the recent purchase of three properties, AvalonBay Communities Inc. has become one of the most active real estate investment trusts in the Puget Sound...

Atlas Venture closes new fund at $950M.(Brief Article)
April 27, 2001... More local tech, telecom investments expected Atlas Venture, a global venture capital firm with an office in Seattle, has closed on a new $950 million fund, making it the first firm with a local presence to come within sight of the...

Tacoma teams with WSU on 'digital divide' project.(Brief Article)
April 27, 2001... Goal is to wire mixed-income housing development The redevelopment of a World War II housing project in Tacoma may become a case study on how to introduce the latest communications technology to low-income urban neighborhoods. ...

New funding speeds LifeSpan's gene-decoding efforts.(Brief Article)
April 27, 2001... One year ago, most scientists believed there were about 100,000 genes in the human genome. Today, that number has been revised down to 30,000 genes. But that still leaves plenty of work for Seattle-based LifeSpan Biosciences Inc. The...

Aluminum workers use Net to spread message.(Brief Article)
April 27, 2001... Aluminum workers around the state, worried they're hearing the death knell of their industry due to high energy prices, are using the Internet to tell people about their fears. The Business Journal has received about 20 e-mail messages...

Kirkland accounting firm joins with BDO Seidman.(Brief Article)
April 27, 2001... The Puget Sound offices of Hersman Serles PS, the Kirkland-based accounting firm, on May 1 will combine with BDO Seidman LLP, the Chicago-based accounting and consulting firm that has an office in downtown Seattle. The combination will...

Premera starts subsidiary to sell individual policies.(Brief Article)
April 27, 2001... In a bid to bolster its declining number of individual policyholders, Premera Blue Cross has started a new health-insurance subsidiary to offer rates competitive with Regence BlueShield. Since re-entering the individual policy market in...

Willamette workers rally against Weyerhaeuser.(Brief Article)
April 27, 2001... Nearly 100 people showed up at a Portland rally last week to support the JustSayNoWey Committee, a group of Willamette Industries Inc. workers objecting to Weyerhaeuser Co.'s hostile takeover plans. Later, after allegedly being...

Labor works to build membership.(Brief Article)
April 27, 2001... Despite overall decline, organizers are energized by professional gains Each week Sara Cooney puts aside her work as a nurse at Eastside Hospital and talks shop -- union shop. Cooney is one of about a dozen volunteer organizers for...

SAM expects crowds for Chinese art exhibit.(Seattle Art Museum)(Brief Article)(Statistical Data Included)
April 27, 2001... The Seattle Art Museum expects an exhibit opening May 10 to be one of it top attendance draws since SAM opened downtown in 1991. The exhibit, "Treasures From a Lost Civilization: Ancient Chinese Art From Sichuan," is the first showing in...

WorldStream adjusts to new cost-conscious era.(WorldStream Communications Inc. business strategy)(Brief Article)(Statistical Data Included)
April 27, 2001... For many local technology companies, reduced corporate spending nationwide has them scrambling to adjust their 2001 projections downward. But at Bellevue-based WorldStream Communications Inc., executives hope a slowdown could help...

Boeing requesting bids from Dallas contractors.(Boeing CO. requests construction bids from Turner Corp., Centex Construction Group and Beck Group)(Brief Article)
April 27, 2001... The Boeing Co.'s real estate team has requested construction bids from several Dallas-based general contractors, sources close to the situation say, spurring speculation that the Dallas Metroplex may be a front-runner for the Seattle...

Surviving dot-coms focus on message and morale.(Seattle, Washington area business strategy)(Brief Article)
April 27, 2001... If last year's dot-com challenge was keeping up with growth, this year's is keeping up morale as startups vanish and remaining companies struggle to survive. Local public companies that have seen their stock values sink below $1 are...

Manufacturers challenge OSHA record-keeping regs.(National Association of Manufacturers sues OSHA over record-keeping regulations)(Brief Article)
April 27, 2001... The National Association of Manufacturers has sued the Department of Labor to block OSHA's new record-keeping regulation. The association contends the rule, scheduled to go into effect Jan. 1, 2002, expands the scope of injuries that...

NUCLEAR REACTION.(feasibility study for nuclear energy production in progress at Energy Northwest)(Brief Article)(Statistical Data Included)
April 27, 2001... As power costs mount, Energy Northwest considers revisiting a legendary failure whose time may eventually come Rudi Bertschi isn't trying to sell nuclear energy and he hardly sounds like an advocate for nuclear power. Still, Bertschi...

Bringing hammer down on bad contractors.(Washington legislature passes bill SSB 5101)(Brief Article)(Statistical Data Included)
April 27, 2001... State legislators, troubled by the amount of consumer complaints about contractors, have passed a bill giving the state Department of Labor and Industries more regulatory clout over the industry. The bill, SSB 5101, would make contractors...

Waterfront site on block.(Port Angeles, Washington)(Brief Article)(Statistical Data Included)
April 27, 2001... The city of Port Angeles in May expects to begin marketing a 3.9-acre block of waterfront property as part of the community's downtown revitalization drive. City officials are working on an agreement that would let them market the...

County may alter process.(King County, Washington land development permit process may change)(Brief Article)
April 27, 2001... Property owners in unincorporated King County could ask county officials to identify environmental restrictions on their property before proceeding with plans to develop the site, according to an ordinance proposed by the King County...

Fiber-optic grants awarded.(rural communities, Washington state)(Brief Article)(Statistical Data Included)
April 27, 2001... The state Community Economic Revitalization Board on April 19 awarded nearly $5 million in grants to five projects that will give rural communities improved access to fiber-optic networks, state and local agencies announced. The money...

Winstar pulls out of CenterPoint Park project.(Winstar Communications Inc.)
April 27, 2001... A company that committed to a big piece of the CenterPoint Corporate Park in Kent is expected to withdraw from the project after seeking bankruptcy protection. Winstar Communications Inc., a broadband services company based in New York,...

Calling in the big guns.(Pacific Gateway Business Park development )(Brief Article)
April 27, 2001... Boeing Realty Corp. has brought in a team of heavy-hitters to market the first phase of its planned Pacific Gateway Business Park development in Kent. Executives with the Boeing subsidiary said they retained CB Richard Ellis to market...

Joint venture for B'vue firm.(Puget Sound Properties Commercial Real Estate Services; Binswanger/CBB)(Brief Article)
April 27, 2001... Puget Sound Properties Commercial Real Estate Services, a 6-year-old company based in Bellevue, has formed a joint venture with Binswanger/CBB, a large real estate company based in Philadelphia The arrangement will give Puget Sound...

1031 Exchange an option for individual investors.(Industry Trend or Event)
April 27, 2001... Large real estate developers and investors often attract the most attention when it comes to land swaps -- or 1031 Exchanges. But the option has long been available to individual property investors as well, and is becoming increasingly...

Wine industry's impact tops $2B.(Washington)(Industry Trend or Event)(Brief Article)
April 27, 2001... The state's wine-grape growing and winemaking industry is now the second-largest in the country, according to a newly released, first-ever, economic impact study conducted for the Washington Wine Commission, Washington Association of Wine...

Pioneer Square groups merge for better impact.(Brief Article)
April 27, 2001... Pioneer Square has recently been beset with miseries -- the destruction of the pergola, Mardi Gras riots, earthquake damage. Fortunately, three community and business groups that work to improve Pioneer Square have recently merged into a...

Snohomish County starts community foundation.(Brief Article)
April 27, 2001... Every county in the Puget Sound area except Snohomish has had its own community foundation -- until now. The Snohomish County Community Foundation has been formed, with help from the Seattle Foundation and United Way. The Seattle Foundation...

YMCA of Greater Seattle.(Brief Article)
April 27, 2001... In the current less-rosy economic atmosphere, raising money is a growing challenge. But the YMCA of Greater Seattle recently exceeded its goal in its annual Partners With Youth campaign, raising $2.93 million compared to a goal of $2.86...

United Way of King County.(Brief Article)
April 27, 2001... One of the largest social-service fundraising campaigns in the region has fallen short of its goal. The United Way of King County announced this week that it has raised $93.3 million, short of the $100 million goal, but still a 13.2 percent...

Ruth Velozo.(Northwest Harvest )
April 27, 2001... Ruth Velozo is retiring as executive director of Northwest Harvest after more than 30 years at the organization. Also departing his post is Larry Nicholas, executive director of Northwest Jewish Environmental Project Both groups are...

Vision House.(Brief Article)
April 27, 2001... This week, Vision House in Renton breaks ground on a new multifamily residence for children and single mothers in crisis. The building, which will house up to 12 families, is a partnership between Vision House and HomeAid Master Builders...

Nonprofit Seminar.(Calendar of Events)
April 27, 2001... Have you ever wondered how nonprofits get their news into this column? If you'd like to sharpen your media presentation skills, consider attending a Nonprofit Seminar on May 31. This free, lunchtime event, co-sponsored by Puget Sound Business...

Boeing tries on Texas for size in scouting visit.(Brief Article)
April 27, 2001... Boeing Co. officials visited about a dozen sites in Texas this week as the Seattle company scouted for a new location for its corporate headquarters. The visit was expected to be much more low-key than last week's visit to Chicago. ...

Costco revises estimates.(Brief Article)
April 27, 2001... Issaquah-based Costco Wholesale Corp. revised its earnings outlook downward for the third and fourth quarters ending May 13 and Sept. 2, 2001, respectively. The company said earnings per share for. the third quarter are expected to be in 'the...

Webvan out of Sacramento.(Brief Article)
April 27, 2001... Webvan Group Inc. of Foster City, Calif., is shutting down its Sacramento operations. Webvan bought Bellevue-based HomeGrocer.com Inc. last year, and still operates in the region. Webvan spokesman Bud Grebey said Sacramento deliveries...

Cray lands $1.6M order.(Brief Article)
April 27, 2001... Seattle-based Cray Inc. will upgrade the supercomputers of the Ohio Supercomputer Center on a $1.6 million contract, the center said. The Columbus-based center said the order for processors and memory will upgrade its current Cray...

Boeing in $436M contract.(Brief Article)
April 27, 2001... The Boeing Co. of Seattle said its military airplanes unit has landed a $436 million contract with the government of Canada for the modernization of 80 Canadian Forces CF-18 strike fighters. The upgrade is expected to extend the life of the...

No new ruling on plant.(Brief Article)
April 27, 2001... The Washington Energy Facility Site Evaluation Council will not change its recommendation against allowing a 660-megawatt, natural-gas-fired power plant proposed near Sumas, because rules governing the 12-person council forbid it from making...

InterNap cuts more jobs.(Brief Article)
April 27, 2001... Seattle-based InterNap Network Services Corp. will eliminate another 118 jobs as part of its recent cost-cutting moves. The Internet routing services provider said this week that it would follow up its 65-person layoff, which it made March 6,...

New Edge raises $77.5M.(Brief Article)
April 27, 2001... Vancouver, Wash.-based New Edge Networks, a broadband access provider that targets small and midsize cities, has raised $77.5 million in private equity and debt financing. The company has now raised $380.1 million in four rounds of financing...

NeoRx completes deal.(Brief Article)
April 27, 2001... Seattle-based NeoRx Corp. has paid $12 million in cash and debt assumption to buy a pharmaceutical manufacturing facility from International Isotopes Inc. in Denton, Texas. In March, shortly after NeoRx announced it intended to purchased...

Tech still creating jobs.(Brief Article)
April 27, 2001... Though layoffs and dot-com closures command the largest headlines, a new study by a statewide technology industry association indicates that hiring in Washington state outpaced layoffs in the technology sector. WSA, formerly known as the...

Swedish cuts 200 jobs.
April 27, 2001... Reeling from a $26 million operational loss last year, Swedish Health Services of Seattle aims to reduce its medical, drug and labor costs by a total of $35 million during this year and next "We're in the very early stage of developing...

BBB honors hair salon as biz of month.
April 27, 2001... Studio 904, located in Pioneer Square and on Mercer Island, believes in giving back to the community. The salon offers free haircuts for low-income children and provides free haircuts and color for low-income women preparing to re-enter...

Women's investment seminar set for May 2.
April 27, 2001... The investment seminar "Smart Women Finish Rich" will be held from 6 to 7:30 p.m. May 2 at the College Club of Seattle, 505 Madison St. The free seminar will cover seven steps designed to help women achieve financial security. Topics...

AT YOUR SERVICE.
April 27, 2001... Premier Concierge is among one of a growing number of companies nationwide that now provide such services within a corporate setting Thirty minutes after the February earthquake, concierge Alexander Jackson took an urgent call at his desk...

Costly commercial auto insurance is manageable.
April 27, 2001... Do you or your employees use their cars for more than commuting between home and office? To run work-related errands, for example, or squire clients around town? If so, take a quick look at your company's driving patterns and your auto...

Voting should be as convenient as applying for credit.
April 27, 2001... Be assured that we haven't heard the last of the Florida mess. It is still a source of amazement that at a time when we can dispense cash from a hole in the wall and consume our cheese from a spray can, we can't guarantee a citizen's most...

Trade groups sue EPA over lead-reporting regs.
April 27, 2001... Five years ago, Congress passed the Small Business Regulatory Enforcement Fairness Act to make sure that federal agencies consider the impact of their regulations on small businesses. The effectiveness of the law could be tested by a...

WaMu plans new Atlanta branches.
April 27, 2001... Seattle-based Washington Mutual Inc. said it plans to roll out a network of 60 to 80 branches in the Greater Atlanta area in the next several years. Washington Mutual currently has three home loan centers in Atlanta, and the city is...

UTM Systems lands $1.5 million.
April 27, 2001... UTM Systems Corp. closed a $1.5 million private placement of equity funding to develop security systems for e-commerce transactions similar to those used in ATM banking. The initial application for the Seattle company's combination...

Mutual Decision.
April 27, 2001... Banks weigh community, purpose and bottom line as they make the choice between going commercial and remaining a savings and loan Twenty years ago, savings and loan associations and savings banks in Washington were "mutual" organizations,...

Efficiency, volume key as mortgage-loan margins squeeze traditional thrifts.
April 27, 2001... While many thrifts are evolving into community banks, a few are sticking mainly with the traditional business of making residential mortgage loans. The most notable of these is the venerable and ever profitable Washington Federal Savings...

Commercial conversion gives banks more options.
April 27, 2001... The cover of Cascade Financial Corp.'s 2000 annual report features a large picture of a butterfly, above which stands a single word -- "transformation." Cascade's butterfly is symbolic of the transformation that many thrifts -- savings...

Cost management doesn't mean just axing employees.
April 27, 2001... Consultants are in demand to teach companies belt-tightening techniques When CEOs call on Steve Player to help them control costs, they expect him to brandish a hatchet. Instead, he brings binoculars. "The farther you can see...

Washington Mutual captures ethnic market share.
April 27, 2001... Executives at Washington Mutual Inc. want to ensure that as the company grows it speaks to all of its prospective consumers -- in their own language. The Seattle-based financial institution has rapidly expanded its retail banking and...

Wealth management industry sees shift, remains stable.
April 27, 2001... As the wealth has grown in the region, so too has the interest of financial planners. A number of small capital management firms hung out their shingles as high-tech exec's bank accounts grew, and Wall Street giants such as Goldman Sachs...

SBA 7(A) PROGRAM LENDERS.
April 27, 2001... SBA 7(A) PROGRAM LENDERS The largest participants for loans processed through the SBA Seattle District office for SBA fiscal year ended Sept. 30, 2000. Ranked ...

Microsoft's investment patterns change with market.
April 27, 2001... Strategy emerges as companies wait to make acquisitions at bargain basement prices With a whopping $27 billion or so in cash on Microsoft Corp.'s books, the company is the prettiest girl on the block when companies go a'courting cash....

You can dip into IRAs, 401(k)s, but follow the rules.
April 27, 2001... Early withdrawls allowed penalty-free, but they require strict adherence to process Investors who have assets in tax-deferred retirement accounts have more flexibility than they might realize to use those funds, even if they're younger...

EASTSIDE EXECUTIVE SUITES.
April 27, 2001... EASTSIDE EXECUTIVE SUITES Theresa Bryant The largest on the Eastside. Ranked by total rentable square feet. Company Address ...

Maximize investment when the 'next big thing' strikes.(advice)(Brief Article)
April 27, 2001... Although the scientific community was skeptical, the first ever "beam-me-up" test was completely successful. A renowned University of Washington professor developed new technology that could transport, for the first time, physical matter from...

DOD headed for showdown over beret contract.(Department of Defense)(Brief Article)
April 27, 2001... Now that China has released the crew of a U.S. Navy spy plane, the Department of Defense faces hostile fire from Congress over its decision to award Chinese companies a contract to make berets for American soldiers. The House Small...

Online privacy law costly.(Web site operators to pay fines totaling $100,000)(Brief Article)(Statistical Data Included)
April 27, 2001... Three Web site operators agreed to pay a total of $100,000 in fines after the Federal Trade Commission accused them of violating the Children's Online Privacy Protection Act by collecting personally identifying information about kids without...

Fed: Credit card usage rising at small firms.(small business owners use personal credit cards)(Brief Article)(Statistical Data Included)
April 27, 2001... An increasing number of small businesses rely on credit cards, according to a new Federal Reserve Board survey. The Fed found that 45 percent of the 3,561 small business owners it surveyed used personal credit cards for business purposes...

Treasury issues guidance.(Treasury Department's New Markets Tax Credit program)(Brief Article)
April 27, 2001... The Treasury Department has issued guidance on how allocations will be made under the New Markets Tax Credit program, which aims to pump $15 billion in private capital into low-income neighborhoods. The seven-year tax credit will be...

DOT approves airlines' Orbitz travel service.(U.S. Department of Transportation)(Brief Article)
April 27, 2001... The U.S. Department of Transportation cleared Orbitz for takeoff. The nation's five largest airlines are developing the online travel agency, which is scheduled to begin operations in June. Already 25,000 consumers have booked tickets on...

OSHA to trim staff, grants.(Occupational Safety and Health Administration)(Brief Article)(Statistical Data Included)
April 27, 2001... The Occupational Safety and Health Administration plans to eliminate 94 of its 2,386 full-time positions over the next year through attrition. Most of these job cuts will come from the ranks of management and the agency's "reinventing...