Business | page 3


WEDNESDAY, JULY 20, 2016


Washington unemployment rate hovers at 5.8 percent

OLYMPIA – Washington state lost 500 jobs from May to June, but its unemployment rate is hovering at 5.8 percent for the seventh straight month. Numbers released Wednesday by the state Employment Security Department show that while private sector employment increased by roughly 1,000 jobs during that timeframe, government employment dropped by 1,500, for a net loss of 500 jobs.

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AB InBev says it has U.S. approval for SABMiller merger

NEW YORK – Anheuser-Busch InBev, the world’s largest beer maker, announced Wednesday that it has reached an agreement with the Justice Department clearing the way for U.S. approval of its acquisition of SABMiller. AB InBev, the maker of Budweiser and ...

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Panera sues former executive, Papa John’s over trade secrets

ST. LOUIS – The restaurant chain Panera alleges in a lawsuit that a former executive who left to go to work for pizza chain Papa John’s took trade secrets with him. The lawsuit filed Wednesday in U.S. District Court in St. Louis names both former Panera executive Michael Nettles and Louisville, Kentucky-based Papa John’s International.

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Listeria fear prompts hot dog, corn dog recall

WASHINGTON – More than 372,000 pounds of hot dogs and corn dogs made earlier this month are being recalled over concerns of listeria contamination. The U.S. Department of Agriculture said Altus, Oklahoma-based Bar-S Foods is recalling five chicken and pork products that could potentially be contaminated with listeria. The USDA said Bar-S hasn’t received test results, but is recalling the items due to recurring listeria issues at the company.

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KFC, Apple in China hit by South China Sea spat

BEIJING – To the challenges facing KFC and Apple in China, add a surprise backlash from Beijing’s spat with the Philippines over the South China Sea. Nationalists are protesting at KFC outlets and calling for a boycott, spurred by government accusations that Washington encouraged Manila to oppose Beijing’s claims to vast tracts of ocean.

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Nordea bank shuts 68 accounts amid tighter offshore rules

HELSINKI – The Nordic region’s largest bank said Wednesday it will close 68 accounts at its Luxembourg branch as it adopts tougher rules on clients using offshore companies. Nordea Bank has carried out an internal investigation after Swedish broadcaster SVT, one of hundreds of media with access to leaked documents detailing offshore accounts, reported that Nordea’s Luxembourg unit worked with Panamanian firm Mossack Fonseca to help customers set up shell companies.

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Electrolux sees rise in Q2 profits, but drop in sales

HELSINKI – Electrolux, the world’s second-largest maker of household appliances, has reported a 77 percent rise in second-quarter net earnings thanks to strong sales in Europe and North America, but its overall revenue disappointed, dropping over 4 percent. The drop in sales was worse than expected, prompting investors to push the Swedish company’s share price down over 6 percent to 225.00 kronor in Stockholm.

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Pimco lures away head of Man Group to be its new CEO

LONDON – Pimco, one of the world’s biggest bond investors, has nabbed the head of hedge fund giant Man Group to be its next chief executive. The firm based in Newport Beach, California, said in a statement Wednesday that Manny Roman will replace current CEO Douglas Hodge, who will become a managing director. The firm boasts $1.5 trillion in assets under management as of June.

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Morgan Stanley’s earnings fall but still beat forecasts

NEW YORK – Morgan Stanley’s profits fell 14 percent in the second quarter, the bank said Wednesday, reflecting difficulties investment banks have had due to market volatility before and after Britain’s vote last month to leave the European Union. The investment bank reported a second-quarter profit of $1.42 billion before dividends to preferred shareholders, or 75 cents per share, down from $1.67 billion, or 79 cents a share, from the same period a year ago. That was well above the 59 cents per share analysts were looking for, according to FactSet.

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Volkswagen shares soar after buoyant earnings update

FRANKFURT, Germany – Volkswagen shares have soared after the German car giant revealed that its first-half earnings before charges related to its diesel-emissions scandal were “significantly higher” than market expectations. In an unexpected announcement Wednesday, Volkswagen said its operating result before special items for the first six months was 7.5 billion euros ($8.25 billion) despite the economic impact from what it terms “the Diesel issue.”

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Dow Chemical and DuPont say shareholders approved merger

NEW YORK – Shareholders for agriculture and chemicals companies DuPont and Dow Chemical have approved their merger, as well as a subsequent plan that will break up the century-old companies into three parts. The companies were holding meetings where shareholders voted on the deal.

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TUESDAY, JULY 19, 2016

N.Y., Massachusetts, Maryland sue VW over emissions cheating

ALBANY, N.Y. – New York state, Massachusetts and Maryland are suing Volkswagen and its affiliates Audi and Porsche over diesel emissions cheating, alleging that the German automakers defrauded customers and violated state environmental laws by selling diesel vehicles equipped with software allowing them to cheat emissions testing.

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EU slaps record cartel fine of $3.24 billion on truck firms

BRUSSELS – The European Union has slapped its biggest ever cartel fine, worth $3.24 billion and twice the previous record, on several of Europe’s top truck producers for colluding to keep prices artificially high at the expense of consumers. EU Antitrust Commissioner Margrethe Vestager said EU-based MAN, Volvo/Renault, Daimler, Iveco and DAF “colluded on the pricing and on passing on the costs for meeting environmental standards to customers.”

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The Dirt

Here's the dirt

See the latest new construction, business openings and closures and progress on ongoing projects here.


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Saving for the future

sponsored According to two 2015 surveys, 62 percent of Americans do not have enough savings to handle an unexpected emergency, much less any long-term plans.


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