Business

Boatworks

Boatworks plan calls for expansion

OLYMPIA - Olympia port commissioners on Monday will consider awarding a contract for expansion of the boatworks yard.

Plans call for an 8,500-square-foot expansion to pave, drain and light new space to add storage and work space at the boatworks. If approved, the work is expected to be completed by the winter, when boaters typically seek dry storage and work on their boats for the following season.

The port has accepted three construction bids, with the lowest at $259,792.80. The lowest bid was higher than an engineer's estimated cost of $185,052.07. Monday's commission meeting starts at 5:30 p.m. in the LOTT boardroom, Market Centre Building, 111 Market Street N.E., second floor in Olympia. For more information, call 360-528-8000.

Economy


ECB adds 61 billion euros to European system

FRANKFURT, Germany - Central banks around the world injected more cash into the international banking system Friday as problems that began with U.S. subprime mortgages rattle the global economy.

The European Central Bank injected a further 61 billion euros ($83.8 billion) Friday morning, while the U.S. Federal Reserve later announced a three-day repurchase agreement to inject liquidity into the market.

The Fed said it would accept $19 billion in mortgage-backed securities after its Fed Funds rate, the rate that banks charge each other for overnight loans, ticked above 6 percent - well above the Fed's target of 5.25 percent.

Wall Street banks probed for volatility by SEC

WASHINGTON - The Securities and Exchange Commission is examining major Wall Street banks to determine their vulnerability to home-loan defaults.

Two people familiar with the accounting inquiry described the examination as a routine part of the SEC's oversight authority and said it involved Goldman Sachs Group Inc., Merrill Lynch & Co. and several rival investment banks. The people declined to be identified by name because the inquiry has not been publicly disclosed.

Global market


China's hits second-highest trade surplus

BEIJING - China's trade surplus soared 67 percent in July from a year ago to its second-highest monthly level on record, according to data reported Friday, amid pressure by U.S. lawmakers to sanction Beijing over trade and currency disputes.

July's surplus totaled $24.4 billion, the Chinese customs agency reported. That beat every previous month except June's all-time high of $26.9 billion.

Analysts had expected the surplus to ease in July after exporters rushed to ship goods in earlier months to beat changes in tax policy meant to narrow China's yawning trade gap.

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