Business in brief: Washington ranks 15th in costs

Doing business in Washington costs about 3 percent more than the national average, placing the state 15th-highest among states based on cost, according to an annual report released Thursday by an economic think tank.

Washington climbed two slots since last year’s ranking, especially with above-average costs for industrial and office rents, according to the Santa Monica, Calif.-based Milken Institute.

Idaho retained its No. 46 ranking, with a cost of doing business about 17 percent less than average.

Sandpoint

Water company asks to hike rates

A Sandpoint water company that serves about 30 houses outside the city has applied for a rate increase and approval to sell the firm to a Nevada owner.

The Algoma Water Company has asked the Idaho Public Utilities Commission to approve a residential customer increase from $17.59 to $30 per month and a commercial increase from $28.15 to $40 per month. The last Algoma district increases were in 2002, according to state records.

Also requested was the sale of the district to Robert Carrier of Las Vegas. Carrier is described as a Nevada resident who has purchased property in Bonner County since 2004.

The commission will announce dates for public workshops and hearings and provide comment deadlines for the general public.

New York

Moody’s warns of more volatility

Moody’s Investors Service warned Thursday that the credit crunch roiling global markets has the potential to cause the collapse of a major hedge fund that could further disrupt markets.

The firm doesn’t have a specific fund in mind. But it believes that as investors try to unload illiquid investments such as collateralized debt obligations, hedge funds that are unable to exit their positions could run into trouble, Chris Mahoney, vice chairman of Moody’s, said during a conference call with investors. Mahoney said the risk of such hedge fund failures will exist for the next three to six months.