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Business Digest
Oregon unemployment rate falls for sixth straight month

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Unemployment fell a tenth of a point in Oregon for December, to 7.2 percent, the sixth straight month of improvement after the jobless rate hit a peak of 8.5 percent in June.

The decline from 7.3 percent in November typically would not be considered significant if it were not part of a longer trend, said state labor economist Art Ayre.

"We're going to be looking at the numbers more closely during the next couple of months to determine if we feel comfortable in saying the recession is truly over," Ayre said.

Nationally, the jobless rate fell two-tenths of a percentage point in December to 5.7 percent.

In Washington state, the unemployment rate fell to 6.8 percent in November from 7.0 percent in October; December jobs data will be released Tuesday.

Port Blakely sets land deals to boost business efficiency

SEATTLE — Port Blakely Tree Farms said it is selling some timberlands and buying others to make its business more efficient.

The closely held company is selling 22,900 acres in Snohomish County, Kitsap County and southern Oregon through an auction in March. The properties are near parks, cities or recreation areas.

Earlier this week, Port Blakely, which is based in Tumwater and also owns land in New Zealand, said it agreed to buy 40,000 acres of forest in eastern Lewis County from the Campbell Group, a Portland-based timberlands manager.

Terms of the transaction weren't disclosed.

Moody's upgrades rating on Nordstrom as sales rise

NEW YORK — Moody's Investors Service yesterday raised its rating outlook on Seattle-based department store chain Nordstrom to "stable" from "negative," citing improved profits and comparable store sales.

Nordstorm, which operates 148 U.S. stores, last week said December sales at stores open at least a year rose 9.1 percent, with gains across all geographic regions and merchandise categories.

Nordstrom stock rose 54 cents to $37.69 yesterday.

Nation / World

Euro heads down for week, reflecting worries over rally

TOKYO — The euro headed for its first losing week in more than two months in Asia after comments from European policy makers suggested that its 20 percent rally against the dollar in the past year may hurt economic growth.

European Central Bank chief Jean-Claude Trichet on Monday cautioned against "brutal swings" in exchange rates, remarks that German Economics and Labor Minister Wolfgang Clement yesterday said "sent the right signal."

The euro's strength should be discussed at a meeting next month of the Group of Seven finance ministers, he said.

"They've turned the tide," said Peter Clay, currency strategist in Sydney at ABN Amro Holding NV.

"The market has overbought the euro, and now it's going to come back down."

Gillette loses round in fight over Schick's new razors

WASHINGTON — Gillette, the world's largest razor maker, lost a court ruling in which it sought to force the new Schick Quattro razors off U.S. market shelves and eliminate a competitor to its best-selling Mach3 product line.

U.S. District Judge Patti Saris in Boston said Schick, a unit of Energizer Holdings, can sell the Quattro until a patent-infringement lawsuit filed by Gillette is decided.

The judge said Gillette isn't likely to succeed in its claim that the four-blade Quattro copies patented technology.

The companies are fighting for dominance in the multibillion market for nondisposable shaving razors for men.

Gillette is trying to protect the three-blade Mach3, the world's best-selling razor line with $2 billion in sales last year.

The ruling came as Gillette rolled out a new high-tech, premium razor yesterday, a souped-up version of the Mach3Turbo featuring 62 patents and a tiny, battery-powered motor that emits pulses that work on the skin to prop up hair so it can be lopped off more easily.

The razor, expected to hit North American shelves in May, will be priced at $14.99.

Texas Instrument separates CEO, chairman positions

LOS ANGELES — Texas Instruments, the top maker of microchips for cellphones, said yesterday that Chief Executive Tom Engibous would step aside from that role but continue as chairman of the board.

The Dallas-based company said Richard Templeton, 45, would become president and CEO on May 1.

Templeton, currently chief operating officer, is a 23-year veteran of the company and had been seen as the clear successor to Engibous, 50.

Texas Instruments becomes the second major tech company to split its CEO and chairman roles in the past week, a division urged by some corporate governance advocates.

On Monday, Oracle said CEO Larry Ellison would relinquish the chairman's title to the company's chief financial officer, Jeff Henley.

Compiled from Seattle Times business staff, The Associated Press and Reuters.

Copyright © 2004 The Seattle Times Company