United Furniture Warehouse stores closing
John Volken, chief executive of the chain based in Coquitlam, B.C., said United also is closing its four stores in Utah and might close additional stores in Oregon and Idaho. Volken blamed soft sales for the closures and said United is in talks with an unidentified retailer about leasing its stores.
In the Seattle area, United operates stores in North Seattle, Lynnwood, Everett, Renton, Tacoma, Tukwila and Marysville. All stores are now having liquidation sales.
Kenya Airways to buy Boeing aircraft
WASHINGTON — Kenya Airways is set to receive aid from the U.S. Export-Import Bank and World Bank to help it buy four Boeing aircraft for more than $160 million.
The loans and guarantees will secure the purchase from Boeing, the world's biggest maker of jetliners, amid a general slide in air travel to Kenya after the 2001 terrorist attacks in the United States and November's suicide bombing of a tourist hotel in the coastal resort of Mombasa.
Kent supplier buys boat-parts maker
SEATTLE — American Hose and Fittings, a Kent supplier of heavy industrial equipment, purchased Ballard-based boat-parts maker American Flex.
Bob Brown, former owner of American Flex, wouldn't disclose the purchasing price, but said his company will stay in Ballard and expects no layoffs. The company, which has only four workers, makes exhaust systems and other parts for commercial fishing boats.
American Hose and Fittings distributes hydraulic parts and other components to heavy industrial users.
Technology center awards funding
SEATTLE — The Washington Technology Center said it awarded $668,000 last month to projects pairing six Washington companies with university researchers.
Seattle-based VizXLabs received an award for its work to pair its software with genetic tests for disease.
VizXLabs is working with Dr. Daniel Sabath of the University of Washington's Department of Laboratory Medicine, who is developing biological and software methodology to understand which genes are active in a blood or tissue sample, allowing customized treatments.
Another award went to Seattle-based Survival, which is developing lightweight materials for bulletproof protection. Survival is working with Dr. Brian Flinn of the University of Washington's Department of Materials Science and Engineering.
Nation/World
Regulators reportedly to cite analyst
NEW YORK — Regulators are preparing to take action against former Merrill Lynch star analyst Henry Blodget, a source familiar with the plans said yesterday, who spoke on condition of anonymity.
The National Association of Securities Dealers, along with other regulators, have been investigating Blodget and other analysts accused of intentionally misleading investors by touting stocks to the public that they privately derided, to help their firms win investment-banking business. A $1.4 billion settlement last month of conflict of interest charges against nearly a dozen of the largest Wall Street firms left to the association any possible charges against Blodget.
2002 sales fall for U.S. automakers
DETROIT — The top three U.S. automakers posted a 4 percent drop in sales last year after a robust 2001, but all had strong business last month, thanks to attractive financing deals and other incentives.
No. 1 General Motors said yesterday it sold 4.78 million cars and trucks in 2002, down 1 percent from 2001's 4.8 million. No. 2 Ford was off 10 percent for the year, while Chrysler had a 3 percent decline in total sales.
Compiled from Seattle Times business reporters, Bloomberg News and The Associated Press.