Briefcase

Mayor hosting forum at City Hall on challenges facing small businesses

Spokane Mayor Mary Verner will host a “Let’s Talk” conversation focused on small business and its challenges on Thursday from 10:30 a.m. to noon at the City Council chambers in City Hall, 808 W. Spokane Falls Blvd.

Three area small-business owners will talk about their challenges during the recession.

The city also will release results from a recent survey on the impact of economic conditions, work force issues, access to capital and local government’s role.

CityCable 5 will carry the 90-minute session live. It also will be streamed live on www.spokanecity.org, under the “Watch It Live” section for CityCable5.

City spokeswoman Marlene Feist said the mayor held a series of business talks in 2008. With the economy still weak, “we decided to go back to look at where there might be impediments to small business and are there any places where the city can place renewed focus,” she said.

Tom Sowa

SEC attorneys request arrest warrant for former broadcasting company exec

Attorneys for the U.S. Securities and Exchange Commission are seeking an arrest warrant for a former Spokane man who has skipped out on almost $35,000 in court payments.

In 2009, Daryn Fleming settled an SEC suit alleging fraud in connection with statements he made regarding International Broadcasting Corp. He was president of the Spokane-based company, which produced a radio program touting stocks.

He did not admit or deny guilt, but agreed to submit $20,000 in profits, plus interest, to the U.S. District Court in Spokane, and pay a $35,000 civil penalty.

Fleming made an initial $25,000 payment, but none of three subsequent $11,570 installments. In January, Judge Robert Whaley found Fleming in contempt of court.

The SEC asked Whaley to issue an arrest warrant on Nov. 3. He was served electronically at a Canadian e-mail address, reportedly one traced to Nanaimo, B.C.

A hearing on the SEC request is set for Dec. 6.

Bert Caldwell

Nordstrom reports 43 percent increase in third quarter net income

Upscale department store chain Nordstrom Inc. said its third-quarter net income rose 43 percent as its customers continued spending more, topping analyst estimates. The company also raised its earnings outlook.

Nordstrom said Monday that it earned $119 million, or 53 cents per share, for the period that ended Oct. 30. That compares with $83 million, or 38 cents per share, a year earlier.

The company says its revenue rose to $2.18 billion, up from $1.96 billion.

Analysts surveyed by Thomson Reuters on average expected 51 cents per share on revenue of $2.09 billion.

The company now expects to earn $2.60 to $2.65 per share for the year, up from a range of $2.50 to $2.65 per share it forecast in August. Analysts expect predicted $2.64 per share.

Nordstrom shares, which rose 43 cents in regular trading Monday before the company released its results, fell 88 cents, or 2.1 percent, in aftermarket trading to $40.90.

Associated Press

Modest October retail sales get boost from jump in auto purchases

A surge in auto purchases helped lift retail sales in October by the largest amount in seven months. But excluding autos, retail sales rose more modestly.

Overall retail sales rose 1.2 percent in October, the Commerce Department said Monday.

Associated Press