Business

Port to disclose year's financial performance

OLYMPIA - Port commissioners are scheduled to get an update on Olympia's financial performance the first half of this year at their meeting Monday.

Chief financial officer Steve Davis is scheduled to cover actual performance compared to budgeted amounts and project expected financial results for the rest of the year. The report will cover port operations including the marine terminal, Swantown Marina & Boatworks, Olympia Regional Airport and the port's property development division.

A sharp drop in ship visits this year finds the marine terminal struggling. A conservative revenue estimate issued earlier this year projected terminal revenues could drop as low as $620,000 this year, down from a 2004 peak of $3.5 million. A key factor in the downturn has been the port's delay in recruiting a Weyerhaeuser log export facility from Tacoma, a project delayed a year by several lawsuits seeking more environmental impact review.

Monday's meeting starts at 5:30 p.m. in the LOTT boardroom, second floor, Market Centre Building, 111 Market Street N.E. For more information, call 360-528-8000.

Earnings


Overseas operations boost Citigroup revenue

NEW YORK - Citigroup Inc. said Friday its second-quarter profit rose 18 percent on strong overseas operations that led to record revenue for the biggest U.S. bank.

Rival Wachovia Corp. also saw a double-digit jump in quarterly earnings, but both banks saw shares decline as they padded their provisions for loans that go sour - a move many other banks have made as they gird themselves for a shakier credit environment.

The nation's four largest banks - Citigroup, Bank of America Corp., JPMorgan Chase & Co., and Wachovia - all reported rises in second-quarter profits this week. But that wasn't enough to satisfy investors, who fear a credit crunch will give the industry a run for its money.

Courts


Judge fines drug maker for misleading public

ABINGDON, Va. - Purdue Pharma L.P., the maker of OxyContin, and three of its executives were ordered to pay a $634.5 million fine on Friday for misleading the public about the painkiller's risk of addiction.

U.S. District Judge James Jones levied the fine on Purdue, its top lawyer and former president and former chief medical officer after a hearing that lasted about four-and-a-half hours. The hearing included statements by numerous people who said their lives were changed forever by the addiction potential of OxyContin, a trade name for a long-acting form of the painkiller oxycodone.

Designed to be swallowed whole and digested over 12 hours, the pills can produce a heroin-like high if crushed and then swallowed, snorted or injected.

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