In brief: Red Lion Hotels Corp. adds board member
Red Lion Hotels Corp. has expanded its board of directors to eight members, adding consultant Melvin Keating.
Keating has an extensive background in high tech – he sits on the boards of InfoLogix Inc. and Bitstream Inc. – and real estate, Red Lion Senior Vice President Anthony Dombrowik said.
His experience in commercial real estate includes roles in the development of the World Financial Center in New York City, Canary Wharf in London, and nine years as senior vice president for finance and administration of Olympia & York Companies.
Dombrowik said Keating was suggested by Red Lion’s largest shareholder, Columbia Pacific. But in doing its own research, he said, the board was impressed by the depth of Keating’s real estate background, and his contacts within the financial community.
In a statement, Red Lion Chairman Don Barbieri said, “I look forward to working with Mel and know he will add a great new perspective to the strategic oversight of our company and high energy to our ongoing efforts to increase shareholder value.”
Most European banks pass ‘stress test’
LONDON – All but seven of 91 European banks passed the much-anticipated “stress tests” aimed at showing Europe’s banking system is sound enough to weather the continent’s debt crisis – an outcome that officials hoped would forestall further market turmoil.
It had been thought that some banks needed to fail for the exercise to be accepted as credible, and some analysts still argued that the results showed the tests weren’t rigorous enough – the euro was trading flat on the day after the release of the results at just below $1.29.
If financial markets take the view that the tests were not tough enough when European trading resumes Monday, then the exercise could make matters worse – and further expose the EU to charges that it has failed to rise to the debt crisis within its borders.
Second-quarter profits up 13 percent for Ford
Bolstered by strong sales of new car models such as the Fusion and redesigned Taurus, Ford Motor Co. said on Friday that second-quarter profits rose 13 percent to $2.6 billion.
The results – its best in six years – beat Wall Street expectations and marked the automaker’s fifth consecutive profitable quarter.
Sales climbed to $31.3 billion from $27.2 billion a year ago.
Buyers have been attracted to Ford’s lineup of fuel-efficient cars and new high-tech features such as the Sync voice, an in-car communications and entertainment system developed by Ford and Microsoft Corp., analysts said.