Share this article! And so summary for today February 2nd, 2010… Legislators focus on jobless To kick off this week’s special session, legislators are working to extend jobless benefits to 18,600 Oregonians who have run out of their benefits or will soon. Democratic leaders say the session is focusing on issues that can’t wait … Read more
And so summary for today February 2nd, 2010…
Legislators focus on jobless
To kick off this week’s special session, legislators are working to extend jobless benefits to 18,600 Oregonians who have run out of their benefits or will soon.
Democratic leaders say the session is focusing on issues that can’t wait to be addressed in the January 2011 session.
Because voters approved two controversial tax increases last week, the Legislature won’t have to overhaul the state’s 2009-11 budget. But lawmakers will patch a few holes created by lower than expected lottery and tax receipts. That work will begin in earnest next week, after an updated state revenue forecast Monday.
The only opening day speech came from House Speaker Dave Hunt, D-Gladstone, who noted that “emotions are running high” following January’s campaigns on Measures 66 and 67, which raised business and individual income taxes on high-earners.
Read the full story at OregonLive.com.
Sterling suffers big losses
Like other Northwest banks, Sterling Savings Bank has been hard in recent years. The bank posted a loss of $855 million in 2009, its second consecutive year of nine-digit losses.
The bank is also suing borrowers who still haven’t paid, filing 15 lawsuits since 2008.
…Sterling has been bruised by heavy involvement in lending to residential developers and builders. The bank’s newly issued financials also reveals the surprising extent to which the Portland area and Southwest Washington are significant problem areas for the bank.
Sterling’s nonperforming assets ballooned more than 16 percent in its fourth quarter to finish 2009 at $952 million. That’s more than 8.5 percent of Sterling’s total assets, a huge number and one that raises anew questions about Sterling’s long-term survival.
Read the full story at OregonLive.com.
One hopeful home forecast
Single-family home building will experience an upswing in 2010 according to Ken Simonson, the Associated General Contractors of America’s chief economist.
It will be one of the few construction sectors to pick up this year, while multifamily building will continue to struggle.
Commercial building construction will continue to lag, Simonson said. “It will be a long time before you see an upswing in that.”
Federal stimulus money has kept many heavy and highway contractors working, Simonson said. But that work could dry up when stimulus money runs out, unless lawmakers pass a new highway bill.
Read the full story at the Daily Journal of Commerce.
Bad loans sting Summit Bank
Summit Bank posted a fourth-quarter loss of $372,000 after three quarters of rising earnings.
The Eugene-based bank was hurt by bad loans and having to direct more money into reserves to protect it from possible future losses.
These measures were taken in response to continued weakness in our local economy, particularly in the real estate market,” the bank said.
“We believe we have taken a cautious view of the local and regional real estate and economic environments,” CEO Ann Marie Mehlum said.
Read the full story at The Register-Guard.
Tea biz brewing in Bend
Bend-based Kombucha Mama has grown rapidly in the year since its launch, when it only brewed 12 gallons of fermented tea a week.
The business now brews 200 gallons a week and distributes them to local restaurants and retailers.
The company’s rapid growth has been because of the product, local support and Central Oregonians’ environmental consciousness, according to [co-owner Michelle Plantenberg].
“The tea is more mild, it’s more relatable for more people, and Bend is an amazing community for supporting local business,” she said.
Read the full story at The Bulletin.
