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Archives: June 2011

June
28th

Boeing opens new vertical fin production line in Utah

The Boeing Co. today opened a second production line to produce composite vertical tails for its 787 Dreamliner aircraft.

That new production line in Salt Lake City is the second site where Boeing builds the vertical tails. The other site is Boeing’s Pierce County plant in Frederickson.

The Salt Lake City facility will build vertical fins for the company’s new 787 assembly line in North Charleston, S.C. Boeing is duplicating nearly all of its Puget Sound area facilities elsewhere in the country in order to prevent 787 assembly from being completely halted by a Machinists Union strike in Washington.

The

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June
27th

Boeing to pay 42-cent dividend

Boeing’s board of directors today approved a 42-cent per share quarterly dividend for shareholders.

The dividend will be paid September 2 to stockholders of record Aug. 12.

Chicago-based Boeing has paid a dividend of 42 cents every quarter since the first quarter of 2009, Boeing records show.

June
27th

FAA proposes $1.05 million fine for Boeing

The Federal Aviation Administration is proposing that Boeing be fined $1.05 million because of emergency oxygen systems installation problems on nine Boeing 777 airliners.

The federal regulatory agency contends the installation errors could have caused those oxygen systems to malfunction during a sudden depressurization of the planes’ fuselages.

The emergency oxygen systems provide passengers oxygen to breath through pop-down masks should the aircraft lose its pressurization at high altitude where the air doesn’t provide sufficient oxygen to sustain life.

Boeing said it has corrected the installation problem. Testing, however, showed that the installation issue “was not a safety issue,”

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June
27th

Final score Airbus vs. Boeing in Paris: 586-47

If Boeing ever had doubts about the need to quit dithering about its next move in the single-aisle aircraft game, they were soundly dismissed in the wake of the Paris Air Show.

The final tally of new orders for Airbus and Boeing shows why. Airbus collected 586 orders at last week’s show. Boeing toted up 47. All but 47 of Airbus’s orders were for the re-engined version of its popular A320 single-aisle jet.

That’s the plane that Airbus claims will cut fuel costs by 15 percent over existing single-aisle planes. Boeing is still pondering to follow Airbus’s lead and

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June
27th

Point Ruston project emerging from the deep freeze

Construction on the first major building in a billion-dollar mixed use development on the site of the old Asarco copper smelter will begin anew next month after a three-year-hiatus.

The building, the Copperline, was originally planned as a luxury condominium. Instead it will house 173 apartment units.

The developer of the ambitious Point Ruston project, Mike Cohen, said this week that Bank of America has agreed to provide financing to finish the building on the north end of Tacoma’s Ruston Way waterfront near Point Defiance Park.

Cohen halted construction work on the new building in mid-year 2008 when markets for

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June
27th

New owners at Engine House No. 9 are no strangers to the 6th Avenue restaurant scene

Adding to their stable of Masa and Asado, X Group Restaurants has purchased Engine House No. 9 – otherwise and fondly known as E9 – at 611 N. Pine St. in Tacoma.

“We plan on managing the E9 with the same enthusiasm and drive that we do our existing restaurants,” said new owner John M. Xitco in an e-mail.

Xitco will take over ownership during the week of July 18. He said he plans first to listen both to employees and customers concerning their ideas about the future of the establishment.

He said the management wants to learn “and find

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June
24th

DFI announces new banking director: Richard Riccobono takes over mid-July

The Division of Banks at the state Department of Financial Institutions has a new director.

Richard M. Riccobono will take the position on July 18, the department announced Friday afternoon.

“Rick’s long regulatory resume brings a particular strength that makes him a powerful asset to DFI’s top-notch Division of Banks staff,” DFI Director Scott Jarvis said in a release.

Riccobono began his career in the financial industry in 1985 as a senior tax consultant and spent 20 years in the financial services industry as both banker and regulator, the department said.

He served with the Federal Home Loan Bank of

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June
24th

Drug companies’ settlement yields $1 million for state

The settlement of a consumer protection action brought by 38 states against two drug companies will yield $1 million to the State of Washington, Attorney General Rob McKenna said today.

Washington’s windfall will come from a $40.75 million settlement agreed to by GlaxoSmithKline LLC and SB Pharmco Puerto Rico.

The attorneys general claimed there were defects in the manufacturing of the drugs in a plant in Cidra, Puerto Rico. The Cidra plant has been closed since 2009.

Four drugs were involved in the claim, Kytril, Bactroban, Paxil CR and Avandamet. All of the products involved in the manufacturing problem were

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