Briefly

Avista seeks gas rate hike in Oregon

Avista Corp. asked Oregon regulators Friday to approve higher natural gas rates for the company’s 86,000 customers in that state.

If approved, rates would rise by about 15 percent, Avista said in a news release. The average residential customer, using 55 therms per month, would see an increase of about $8.52. The proposed increase is a direct pass-through of the higher prices the company is paying for the commodity and does not result in additional profits for Avista, the news release said.

The request comes on the heels of a similar proposal for Idaho customers. The company is likely to file a request to raise rates for Washington natural gas customers within the next couple of weeks, said Avista spokeswoman Catherine Markson. The amount has not been determined, she said.

The news release said higher natural gas prices are expected to continue “at or near current levels through the coming winter.”

Agilent earnings reach $100 million

Agilent Technologies Inc. Thursday reported third-quarter earnings of $100 million, or 20 cents a share, compared with a loss of $1.56 billion, or $3.28 a share, in the third quarter last year.

Revenues during the quarter were $1.89 billion, a 25 percent increase from a year earlier, the Palo Alto-based technology company reported. Agilent employs 350 at its operation in Liberty Lake.

Looking ahead, Agilent said in a press release that it expects sustained momentum in its test and measurement and its life sciences and chemical analysis units, but that it’s experiencing a pause in the semiconductor and semiconductor equipment businesses that may continue through year end.

eBay buys 25 percent of craigslist

San Jose, Calif.

Online auctioneer eBay Inc. said Friday it purchased a 25 percent stake in craigslist, a popular online network of classified ads and forums.

Financial terms of the deal weren’t disclosed. The stake was purchased from a former craigslist employee who first contacted eBay with the proposed sale, craigslist officials said.

The auction giant in turn approached craigslist, which has prided itself on being a profitable, community-driven, privately run business and maintains it is not looking for corporate buyers.

“Craigslist has never sought any outside money, and that’s not going to change,” said Susan MacTavish Best, a spokeswoman for the San Francisco-based network.

EBay, the world’s largest online auctioneer, said it hopes to learn from craigslist more about the classifieds business. The deal is not a response to efforts by other online giants, such as Yahoo Inc. or Google Inc., to better localize their content, said eBay spokesman Hani Durzy.

Target may purchase Hudson’s Bay chain

Minneapolis Target Corp. is considering buying part or all of Canadian retailing giant Hudson’s Bay in a potential $857 million deal that would give the discount retailer its first international stores, according to a published report.

The Toronto Globe and Mail reported Friday that Minneapolis-based Target was in “advanced talks” with Hudson’s Bay Co., which owns the Zellers, The Bay and Home Outfitters chains in Canada. The newspaper did not identify its sources, but said Target was expected to offer as much as $857 million if it bids for the entire company.

The report sent HBC shares up 5 percent on the Toronto Stock Exchange on Friday, while Target shares finished up $1.04 at $42.94 on the New York Stock Exchange.

The Minneapolis-based company operates 1,272 Target and SuperTarget discount stores in 47 states. HBC has 348 Zellers mass merchandise stores, 99 The Bay department stores and 45 Home Outfitters bed, bath and kitchen specialty stores in Canada.

Woodinville firm moving plant to Tennessee

Gallatin, Tenn. National Industrial Concepts Inc. is moving one of its metal stamping plants here this fall and expects 75 new jobs to be created.

The Woodinville, Wash., company said it expects to begin hiring in October and begin production in November. Officials are closing a plant in Lynnwood, Wash., and will relocate up to 75 employees by next year, company Vice President Mike Ryan said.

National Industrial makes metal components for automotive, computer and health care products. Ryan said one of their clients asked them to move production to the Midwest. He declined to name the client.

Plaza Hotel sold to real estate group

New York The Plaza Hotel, a Fifth Avenue landmark known the world over for its palatial elegance but that is struggling financially, will be sold for $675 million to a New York real estate group.

Elad Properties said Friday it expected the deal to close before the end of the year.

Elad will buy the hotel from Plaza Operating Partners Ltd., a partnership between British hotel group Millennium & Copthorne and Saudi Prince Alwaleed bin Talal. It was not clear how the $675 million would be split.

The 19-story Plaza, which sits at the southeast corner of Central Park in Manhattan, was described as the greatest hotel in the world when it opened Oct. 1, 1907.