Briefcase

Fri., July 29, 2011

Hanford contractors sending layoff notices

RICHLAND – Hanford Nuclear Reservation cleanup contractors began Thursday to notify up to 1,200 workers they will be laid off at the end of September.

Tri-City Herald reports most of $1.3 billion in federal stimulus money for the CH2M Hill Plateau Remediation Co. is expected to be spent before the start of the new fiscal year Oct. 1.

The Worker Adjustment and Retraining Notification Act requires a 60-day notice.

CH2M Hill and three of its subcontractors will be notifying workers through Monday. CH2M Hill will send a letter to the Hanford Atomic Metal Trades Council today with how many union jobs will be cut.

Associated Press

New jobless claims hits 16-week low

WASHINGTON – The number of people seeking unemployment benefits dropped last week to the lowest level since early April, a sign the job market may be healing after a recent slump.

The Labor Department said Thursday that weekly applications fell 24,000 to a seasonally adjusted 398,000 – the first time they’ve fallen below 400,000 in 16 weeks.

The four-week average, a less volatile measure, dropped to 413,750, the lowest since the week of April 23.

Stocks rose after the report was released. But they closed lower for the day after uncertainty in Washington over the debt crisis led to a late-afternoon sell-off.

Associated Press

Oil companies see big quarterly profits

NEW YORK – Big Oil continued to make big money in the second quarter.

Industry giants Exxon Mobil and Royal Dutch Shell on Thursday reported combined net income of more than $18 billion, because of higher prices for oil, gasoline and other fuels. Even BP, still paying for last year’s Gulf oil spill, made more than $5 billion in the quarter.

Exxon, BP and Shell reported lower oil production from fields outside the U.S. in the second quarter. International production dropped in part because maintenance issues and entitlement programs in foreign countries forced them to take less oil as prices rose.

Associated Press

Starbucks profits up 34 percent

PORTLAND – Starbucks Corp. brewed up a hot third quarter, reporting Thursday that its profit rose 34 percent to beat expectations.

The world’s largest coffee retailer said that despite tough economic times, more people are visiting its stores than last year at this time, and they’re spending more. Starbucks raised its full-year forecast based on the strong trends, and its shares rose after hours.

The company earned $279.1 million, or 36 cents per share, for the quarter that ended July 3. That’s up from $207.9 million, or 27 cents per share, earned in the same quarter last year.

Associated Press

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