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Business Digest
Seattle Hotel Group announces development

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Seattle Hotel Group includes many of the same high-profile locals who tried to prevent Four Seasons from losing management of the Olympic Hotel to rival Fairmont Hotel & Resorts last year, including venture capitalist Tom Alberg and businessman Bruce McCaw. The group is led by John Oppenhiemer, president of Columbia Hospitality.

The proposed 310,000-square-foot development would combine a 150-room hotel below 50 luxury condominiums. The investment group plans to buy property for the project from Washington Mutual for an undisclosed price.

Forum on economic ties

Leaders from China's top economic think tank will be in Seattle next week for a two-day conference on U.S.-China economic relations.

China's economy, rural development, agricultural trade with the United States and intellectual property protection are key topics to be addressed at the U.S. — China Economic Relations Summit, which starts Tuesday.

Speakers include Lu Zhiqiang, vice president of the Development Research Center of the State Council (China's Cabinet); Whitney MacMillan, chairman emeritus of food conglomerate Cargill; and James Sasser, former U.S. ambassador to China, as well as executives from US Bank, Microsoft and law firm Dorsey & Whitney.

The conference, at the Bell Harbor International Conference Center, is being hosted by the Washington State China Relations Council, the National Committee on United States-China Relations and Dorsey & Whitney. For information or to register, go to www.wscrc.org or call 206-441-4419.

Nation / World

Securities & Exchange Commission considers charges against Citigroup workers

NEW YORK — The Securities and Exchange Commission is considering recommending charges against two former Citigroup employees and a current employee, the financial-services giant said yesterday.
 
The possible charges relate to the creation and operation of an internal transfer-agent unit to serve primarily the Smith Barney family of funds, according to a Citigroup filing with the SEC.

Transfer agents keep shareholder records and issue new share certificates. Their operations, governed by detailed SEC regulations, also include distributing proxies, dividends and annual reports.

The three under investigation by the SEC include Thomas Jones, the former chief executive of Citigroup Global Investment Management. The other two employees were not identified.

Marsh & McLennan reported to be negotiating with New York

ALBANY, N.Y. — Outside directors of Marsh & McLennan have sought to negotiate with New York Attorney General Eliot Spitzer in the insurance bid-rigging case, a source familiar with the overture said yesterday.

The source spoke to The Associated Press on the condition of anonymity and would not elaborate on the discussions.

The Wall Street Journal and the Financial Times of London reported that chairman and CEO Jeffrey Greenberg is expected to resign to clear the way for settlement negotiations.

Compiled from Seattle Times business staff and The Associated Press