July 20, 2013 in Business

In brief: Pair of scientists honored at conference

From Staff And Wire Reports
 

Two Eastern Washington scientists were among a half-dozen “women to watch in life science” announced at a recent conference in Seattle.

Lisa Shaffer, of Spokane, founded Paw Print Genetics and co-founded Signature Genomic Laboratories. She also held faculty positions at Baylor College of Medicine in Houston and Washington State University.

Katrina Mealey, of Pullman, is a professor at WSU, holds an endowed chair there and is director of the school’s veterinary clinical pharmacology laboratory.

The two were honored at the Life Science Innovation Northwest conference.

Hedge-fund manager faces civil charges

WASHINGTON – The Securities and Exchange Commission leveled its most direct shot against billionaire hedge-fund manager Steven A. Cohen on Friday by filing civil charges that accuse him of failing to prevent insider trading.

The SEC alleges that Cohen, who founded and runs SAC Capital Advisors, failed to prevent two of his portfolio managers from illegally reaping profits and avoiding losses of more than $275 million. Both managers provided information to Cohen in 2008 that suggested they had access to inside information, the SEC said. But rather than raise any red flags, Cohen praised one of the managers and rewarded the other with a $9 million bonus, the SEC said.

Cohen, 57, faces possible fines and could be barred from managing investor funds.

Cohen’s firm, which once managed more than $15 billion in assets, is at the center of one of the biggest insider-trading fraud cases in history. Four employees have already been criminally charged with insider trading – two of whom have pleaded guilty. And an SAC affiliate has agreed to pay $615 million to settle SEC charges of insider trading.

New inspection ahead after latest 787 fire

WASHINGTON – U.S. aviation officials say they want the emergency locator transmitters on all Boeing 787 Dreamliners inspected following a fire this week aboard one of the airliners parked at London’s Heathrow Airport.

The Federal Aviation Administration said late Friday that after reviewing recommendations by British accident investigators, the agency is working with Boeing to develop instructions for airlines on how to conduct the inspections.

The FAA statement said the inspections would ask airlines to examine for proper wire routing, damage or pinching, and to inspect the transmitter’s lithium battery compartment for heat or moisture.

An order making the inspections mandatory for U.S. operators is expected in the coming days. Aviation authorities in other countries are expected to follow suit. There are 68 of the planes in service worldwide.

Downgrade of Nokia likely from Moody’s

HELSINKI – Moody’s Investors Services says Nokia Corp.’s second quarter earnings are credit negative, citing a continued drop in sales.

The ratings agency already has Nokia on review for downgrade, so Friday’s warning suggests a move is more likely. The agency expects any downgrade to be limited to one notch.

It said it is particularly concerned about how quickly Nokia is burning through cash.

Once the world’s largest maker of mobile phones, Nokia has struggled to compete in the smartphone segment.


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