The News Tribune Business Team will keep you updated on what's happening in the South Sound and beyond. Check here for news about economic development, aerospace, shopping and much more.
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Contributors
Marce Edwards is the business editor. She has been at The News Tribune for seven years and has written about technology and big businesses in the South Sound including Weyerhaeuser and Russell. Before moving to Tacoma, she worked at The Idaho Statesman in Boise. She is a Northwest native who likes to garden and refuses to use an umbrella. She lives in Tacoma with her husband and two kids.
C.R. Roberts is a Tacoma native. Before joining The News Tribune, he worked as a freelance writer and part-time cowhand on a cattle ranch in Northern Idaho. He writes about small business, personal finance and other business issues.
John Gillie writes about the aerospace and airline industries, commercial development and consumer issues. During his 30-year-tenure at The News Tribune he has covered issues as diverse as the Native American fishing rights disputes, crime and the courts, the wood products industry and energy. He lived in Tacoma with his family for 25 years, but now lives in Kent because his wife heads a five-state non-profit foundation headquartered in Ballard, and it only seemed a sensible compromise to make considering their workplaces are 40 miles apart.
Kelly Kearsley has been a business reporter at The News Tribune since 2005. She covers the Port of Tacoma and international trade. Being born and raised in Spokane she’s used to living in cities with inferiority complexes and, in fact, prefers it. Prior to working at The News Tribune, she spent three years as a reporter for The Bulletin in Bend, Oregon and another year working stints for The Associated Press and Seattle Times. She graduated from Pacific Lutheran University. She lives in Tacoma with her husband and miniature schnauzer.
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Starbucks Corp. will sell a second movie - this one produced by National Geographic Films, Bloomberg reported today.
The film, called “Arctic Tale,” follows the coffee chain's sales last year of “Akeelah and the Bee.”
Bloomberg reported that Starbucks will share the profits from “Arctic Tale,” a story about a walrus pup and a polar bear and the impact of global warming, said Ken Lombard, head of Starbucks’ entertainment division.
Starbucks will market the movie at 6,800 stores in the U.S. and Canada and sell DVDs of the film later.
Two of the nation's largest airlines, United and Continental, today raised fares by up to $14 roundtrip.
The airlines said they were upping their fares to compensate for higher fuel prices.
United raised its domestic fares by $2 to $5 each way and Continental raised its fares by $2 to $7 each way.
Those fare increases follow increases last week by Delta Air Lines and other carriers of about $5 each way. Previous attempts to raise farea industry-wide were rescinded when all carriers failed to go along.
Analysts said this round of fare increases may be sticking.
The Associated Press reported this afternoon that a former Schnitzer Steel Industries exec has paid $40,000 to settle bribery allegations.
The Securities and Exchange Commission had charged Si Chan Wooh of Tacoma, the former executive vice president, with violating anti-bribery provisions. The SEC alleged that from 1999 to 2004, Wooh paid more than $200,000 in cash bribes and other gifts to managers of government-owned steel mills in China to induce them to purchase scrap metal from Schnitzer, the AP reported. According to the commission, Schnitzer made $6.2 million in profit from the sales.
Wooh agreed to pay $40,000, including interest and penalties, without admitting or denying the allegations.
Schnitzer paid millions more to settle related charges.
Boeing rival Airbus today won 22 more orders for its A350XWB aircraft, its competitor to Boeing 787 Dreamliner.
The orders came from Brazilian carrier TAM Linhas Aereas. TAM was one of the airlines that originally ordered Airbus' A350, which Airbus abandoned in favor of the A350XWB.
The airline is also ordering four additional Airbus A330-200s.
TAM had ordered 10 of the A350s in 2005. Airbus scrapped the plans for the A350 when some of its best customers criticized it for lagging behind the 787 in technology and efficiency.
Airbus now has 254 orders and commitments for the A350XWB compared with firm orders for Boeing's 787 of 584.
By 8:15 a.m., eight people sat outside the 38th Street AT&T store waiting to pony up at least $499 for iPhones that go on sale at 6 tonight. They came equipped to sit, stand and pace for another 10 hours: Chairs, blankets, laptops, iPods. The iPhone can only be purchased at AT&T stores.
So why spend the day on a strip mall sidewalk to buy a phone?
"I’m known at work as a gadget guy. I’ve been told if I didn’t have one by Monday, don’t bother coming to work," said Jeff Haws, 48, of Gig Harbor, who'd arrived at 7 a.m.
Tiffany Fortune, 30, said she wanted to be sure the store wouldn't run out.
The first thing she plans to do with hers?
"Rub it in my neighbor’s face."
