Kitsap Business and Economy

The Port of Bremerton has replaced an outmoded website with one that’s new. It can be seen at www.portofbremerton.org.
“Our goal was to make it more user-friendly,” said port spokeswoman Chris Case.
It features links to the port’s new Facebook page and sign-up for its new e-mail notification list. Also, the port will be posting its e-newsletters there with limited paper distribution, to save cost.

Rachel Pritchett, reporter

new e-mails notification list

The cause was lung and brain cancer; he was surrounded by family when he died Wednesday at his North Shore Road home. Post your memories here. Rachel Pritchett

Jack Edwards, marketing director of the Comfort Inn and Suites of Bremerton, says he’s getting barraged with phone calls today from people who’ve booked future events at the hotel. They fear they might have to find another site, since the hotel is facing a foreclosure auction Oct. 1. Here’s my story from today:

http://www.kitsapsun.com/news/2010/sep/22/comfort-inn-in-bremerton-headed-to-foreclosure/

Edwards said he wants to reiterate what was stated in that story, that the hotel is anticipated to remain open.

Rachel Pritchett

Rachel Pritchett

The hotel faces a foreclosure auction Oct. 1 and most likely will revert back to bank ownership.

Edwards said

BREMERTON
The Port of Bremerton has received a $250,000 grant from the U.S. Small Business Administration to increase energy efficiency in its industrial-park buildings.
The grant falls in line with a plan the port has taken on to reduce energy consumption on port properties by 10 percent this year. The port, however, is lagging behind where it expected to be by now, according to a recent presentation by staff to port commissioners.
Cary Bozemancq, the port’s chief executive officer, said, “Many of the port’s buildings are old and in need of energy efficiency improvements.”
The new funds will be used for weatherization and improvements in lighting and mechanical systems in buildings at Olympic View Industrial and Business Parks. The port owns the buildings and leases them to businesses.
“These improvements should lower utility costs for our tenants who can benefit from the savings and hopefully reinvest the savings in the expansion of their businesses,” Bozeman said.
Work under the grant must be done in a year.

Readers,

The U.S. House today passed legislation already passed by the U.S. Senate that would infuse $30 billion into community banks and credit unions so they could lend more easily to small businesses. The president is expected to sign. Here is the link to the story I wrote last week. Rachel Pritchett

http://www.kitsapsun.com/news/2010/sep/19/kitsap-bankers-watching-major-lending-bill-from/

Mike Rodenbucher, shop steward for Teamsters Local 589, says no progress has been made on contract talks between Bremerton Bottling Co. and Coca-Cola company owners.

“Nothing’s changed,” Rodenbucher said. More talks are scheduled for next week, he said. Some 25 employees of the Auto Center Way distribution center went out on strike in late August.

Workers contend the company said replacements would be hired if they didn’t return to work, which they did. The strike lasted a week.

About 500 workers in Western Washington are part of the contract negotiations. Locally, the issues include contributions to retiree health-care coverage and increases in employees’ insurance premiums.

Stay tuned.

Rachel Pritchett, reporter

Dow now at 10,662, down 76 points.

NEW YORK (AP) — Stocks erased early losses Thursday after slightly better news on home sales and leading indicators offset concerns about Europe’s economy and a jump in unemployment claims.
Market indexes inched higher in midday trading after a gauge of future economic activity rose modestly and home sales climbed from 15-year lows in August. Stocks had fallen sharply at the opening after claims for unemployment benefits jumped unexpectedly last week and new signs emerged of a slowdown in Europe.
The Dow Jones industrial average rose 15 points in midday trading after being down as much as 94 shortly after the opening bell. Investors hoping to avoid risk continued to pile into Treasurys, sending interest rates lower.
Thursday’s turnaround “really shows we have healthy sentiment,” said Anthony Chan, chief economist at J.P. Morgan Private Wealth Management. “It shows the market can ignore some bad news if it’s somewhat balanced with encouraging data.”
The National Association of Realtors said sales of previously occupied homes rose 7.6 percent last month after plummeting in July. The rebound was encouraging, but volume remains weak and August was still the second-worst month for sales in more than a decade. Some analysts are hopeful that home sales have bottomed out.
Chan said expectations for the housing market were “so dire” that any signs of growth is considered positive.

See my story soon. Rachel Pritchett

Dow now at 10,716, down 44 points.

NEW YORK (AP) — Traders put their September stock rally on hold and moved into Treasurys and gold Wednesday, a day after the Federal Reserve said it was ready to take more action to boost the economy.
The Dow Jones industrial average fell about 34 points in afternoon trading.
With no new economic data out Wednesday and the Fed’s announcement late Tuesday having a bigger impact on the bond and currency markets, Bob Auer, portfolio manager of the Auer Growth Fund, said it was natural for stocks to pause.
Major indexes have been on a tear this month as economic reports have consistently indicated the economy continues to grow slowly. The affirmation of any growth has been enough to propel stocks higher.
“People are saying, ‘I’ve got some profits, let’s book ‘em,”’ Auer said. Entering Wednesday, the Dow had risen 13 of the past 15 days and climbed 7.5 percent in September.
The Fed didn’t announce specific actions to strengthen the economy, but investors interpreted its statement as a signal that the central bank could step up its bond-purchasing program down the line. The Fed said the economy is still recovering but at a sluggish pace.
Investors had little incentive to move more money into stocks, so they turned their focus to bonds and gold. Treasurys rose again, pushing their yields lower, and gold climbed to another record.
If the Fed starts purchasing bonds, it would have the dual effect of raising demand for Treasurys and hurting the value of the dollar. That’s why bond prices rallied Wednesday and traders swapped out dollars for gold and other currencies.
The Dow fell 33.86, or 0.3 percent, to 10,727.24 in afternoon trading.

Here’s how member of the Bremerton Lodging Tax Advisory Committee recommended grants from a hotel-room tax be apportioned in 2011.

Bremerton Historic Ships Association, $9,000
Bremerton Area Chamber of Commerce, $8,000
Bremerton Symphony Association, $8,000
Port of Bremerton, 0
Admiral Theatre Foundation, $30,000
City of Bremerton, none, but would receive $10,000 should hotel room receipts rise above $80,000 in 2011.
Washington State Science and Engineering Fair, $5,000
Kitsap Peninsula V’isitor and Convention Bureau, $10,000
Kitsap Historical Society and Museum, $10,000

Also, the Kitsap Conference Center gets $155,000 off the top, and the Admiral Theatre Foundation receives $80,000.