SSA Marine's terminal venture in Vietnam OK'd

Pacific Northwest

A joint venture between Seattle's SSA Marine and Saigon Port received the green light from Vietnam's government to build an international container terminal at Cai Mep, outside Ho Chi Minh City.

The $160 million project is expected to be in operation in 2009, said Bob Watters, SSA vice president. It will shift traffic from congested city ports to Ba Ria-Vung Tau Province, south of the city. Ho Chi Minh City's ports handle about as many containers a year as Seattle or Tacoma and are growing about 20 percent a year.

Intel, Motorola among investors

Wireless Internet-service provider Clearwire received $1.1 billion in financing from investors, including Intel and Motorola.

Kirkland-based Clearwire had said in July it had raised $900 million, but it got a $125 million loan in addition to $1 billion-plus from Motorola and Intel, the company said Wednesday in a statement.

Foss will buy Harbor Marine

Foss Maritime said it is buying Harbor Marine Group, a two-person Seattle marine consulting company, to lead its effort to expand its engineering-services business.

Foss said it is paying less than $2 million for Harbor Marine.

David Dumont, president of Harbor Marine, will lead Foss' engineering staff in working for outside clients. Elizabeth Reynolds, vice president at Harbor Marine, will head up engineering projects internal to Foss.

Foss said it will use the Harbor Marine name for outside consulting, trading on the group's reputation for naval architecture and marine engineering.

Spyware suit is dismissed

A class-action lawsuit against Bellevue online media company Zango was dismissed Wednesday.

A Chicago attorney alleged that Zango, formerly 180Solutions, installed spyware on computers and attempted to equate the practice to trespass — a tactic used to go after industrial polluters.

The result "serves to confirm that Zango's desktop advertising software is not spyware in any shape or form and that our innovative business model is entirely legitimate," Ken McGraw, Zango's executive vice president and general counsel, said in a statement.

Zango said the dismissal is not the result of a settlement or subject to appeal.

Pacific Northwest

Shares to be sold for expansion

EvergreenBancorp, the Seattle-based holding company for EvergreenBank, plans to raise up to $10 million for expansion through a stock sale.

Evergreen, part of the Pemco network of companies, said in a filing with the Securities and Exchange Commission that it would sell up to 666,667 shares at $15 apiece.

In its filing, the company said it would sell the shares directly to investors, rather than through an underwriter, saving on commissions and fees. Evergreen said it would net $9.9 million on the sale.

The company, which has five branches in addition to its headquarters on Eastlake Avenue East, said it plans to adds up to four branches over the next five years, either by opening them itself or buying them from other banks.

Evergreen, founded in 1971, has $286 million in assets and earned $709,000 in the first half of this year. Its shares are quoted on the OTC Bulletin Board under the symbol EVGG.

Nation and World

Coffee, tea-brewing system introduced

Coca-Cola introduced a hot coffee- and tea-brewing system in Canada as it seeks to expand sales beyond soda.

Coca-Cola's Far Coast system will use "pods" to brew individual cups of coffee, tea, espresso, lattes and cappuccino for high-end restaurant and hotel customers, the Atlanta-based company said Wednesday in a statement. The company also introduced Chaqwa, a brand of coffees and teas aimed at fast-food restaurants and convenience stores.

Coca-Cola is adding hot coffee and tea to expand restaurant sales beyond soda fountains, and to attract consumers who would otherwise wait in lines at retailers such as Starbucks for espresso-based drinks.

Far Coast will cost about $2 to $4 a cup, and Chaqwa will cost about $1.50 to $2, spokesman Andras Kallos said. Restaurant or hotel employees will brew the 12-ounce or 16-ounce drinks for consumers.

BAE recommends sale of Airbus stake

BAE Systems, the U.K. partner in Airbus, recommended shareholders approve the sale of the company's 20 percent stake in the plane maker for 2.75 billion euros ($3.5 billion) to avoid future risks and expenses.

BAE, based in London, wants to sell the stake to European Aeronautic, Defense & Space, which owns the rest of Airbus, and use part of the proceeds for a share buyback, the company said in a statement Wednesday. BAE's shareholders will vote on the transaction at a special meeting.

2 of 6 civil charges dropped by Spitzer

New York Attorney General Eliot Spitzer has dropped two of six civil charges against former American International Group (AIG) CEO Maurice Greenberg, a top Spitzer attorney confirmed Wednesday.

Greenberg's legal team said that "the most explosive and financially significant claims" had been dropped.

Spitzer said he will still pursue what he considers to be the most serious accusations against Greenberg involving deceptive accounting claims. He will drop charges that became moot after AIG settled a case brought by Spitzer against the company, paid some restitution and adopted accounting reforms.

Campaign planned to promote Macy's

Federated Department Stores, the nation's biggest department-store retailer, on Wednesday unveiled a large promotional campaign to relaunch the Macy's brand nationwide.

The promotions are aimed at building Macy's into a nationwide brand while luring customers of the former May stores that include such longtime retailing names as Foley's, Filene's, Kaufmann's, Robinson-May, Strawbridges and Marshall Field's. The switch to the Macy's nameplate will give Federated more than 800 Macy's stores in 45 states, the District of Columbia, Guam and Puerto Rico.

Federated became the nation's largest department-store retailer when it bought May Department Stores last year. It is converting about 400 to the Macy's nameplate.

U.S. opposes effort to clear Lay's name

U.S. prosecutors sought to block efforts by survivors of Kenneth Lay to cancel his criminal conviction, saying the government should be allowed to maintain its claim to money the Enron founder made illegally.

Lay, found guilty of fraud in May, died in July at the age of 64 before he could exhaust his appeals. His estate asked U.S. District Judge Sim Lake in Houston to throw out his conviction under a legal principle that protects the estates of defendants who die before they have a chance to fully appeal a guilty verdict.

Prosecutors filed a motion Wednesday with Lake opposing the estate's attempt to clear Lay's name. The U.S. said in court papers that it has written to leaders of Congress asking for legislation to undo the rule.

Lay was convicted of organizing the fraud that destroyed Enron, once the world's largest energy trader. Former Enron Chief Executive Officer Jeffrey Skilling, 52, was convicted at that same trial and plans to appeal after his sentencing.

Compiled from Seattle Times staff, The Associated Press and Bloomberg News