Seattle, Washington – It seems the “cutting spree” is still ongoing in the United States, judging from Standard & Poor’s recent downgrade of the long-term debt of the Federal Home Loan Bank system, which in turn could affect its ailing branch in Seattle. The Seattle FHLB is in danger of being shut down after a string of dismal performances, the latest of which is its second quarter losses reaching $28.1 million – for a total of $40.3 million this year. The FHLB system provides most of the funds for mortgage loans in the United States and a downgrade could lessen demand for loans – which could exacerbate losses. Along with Chicago, the Seattle branch – already rated as undercapitalized – is also deemed as one of the worst FHLB performers in the US, with fears that lowered stock prices could hurt all members who hold shares in the institution.
The glum scenario, however, does not seem to affect Seattle’s Best Coffee which is showing a strong performance in the sales of its packaged coffee line called “Level System,” also recognized as one of the “best new products” of the year by Progressive Grocer, a leading grocery industry publication. Editors cited its bold packaging that made use of vivid colors and numbers that make it easy for consumers to tell which type of coffee fits their taste.
Seattle’s Best Coffee may have originally been an “afterthought” considering that it was launched as a lower-end alternative to the more pricey Starbucks brand, but it seems to be growing exponentially despite the US-wide shutdown of Border Books, where Seattle’s Best Coffee is also served. In the Philippines, the coffee brand was first introduced in 2000 via the opening of its first store along E. Rodriguez in Quezon City. Not many also know that it was also the first coffee shop to offer Wifi for its customers. One thing is for sure though, this coffee brand is nowhere near the billion-peso tag price the Philippine gaming agency allegedly paid for in the past.
Boeing, Boeing, gone?
Aside from being known as one of the most car-congested cities in the US, Seattle has the distinction of being the original corporate headquarters of Boeing, until the jet manufacturer decided to move to Chicago. Boeing however still has its narrow-body plant in Renton where the 707, 727, 757 and the 737 are assembled – but trouble seems to be brewing after the recent announcement by Boeing executives that they are still figuring out where they will build the new version of the 737.
The possibility that Seattle – specifically Renton – might lose the 737 work has spurred business, political and labor leaders to launch a massive PR and lobbying campaign to persuade Boeing to build the new 737 derivative in Renton. It certainly won’t bode well for Seattle if Boeing decides to put its 737 business elsewhere.
Boeing is also facing a legal battle over its decision to build the 787 Dreamliner in South Carolina, a move widely believed to be in retaliation of the labor strikes at its facilities in Washington state. The first 787 that will enter into service will go the Japanese airline ANA whose passengers will be “the first” to experience the comfort and superiority offered by the aircraft with its touch panel in-flight entertainment screens, larger windows and spacious interiors.
The global demand for airplanes is certainly beneficial for Boeing whose second quarter revenues for commercial airplanes went up by $1.4 billion, 19 percent higher than last year. Boeing manufactures the BBJ or the Boeing Business Jet, which recently celebrated its 15th year with the delivery to Deer Jet Airlines of Beijing. The BBJ is one of the best selling jets, carving its own niche with billionaires and corporate honchos showing preference for the luxury aircraft that can accommodate up to 50 passengers with a configuration that may include a master bedroom, washroom with showers, conference/dining area and a living area. Maybe one day the President of the Philippines will have the luxury of having one.
Spy tidbit
–– The PNP is set to conduct a preliminary bidding – the first under this administration –for the purchase of some 5,000 handguns for its personnel. Everyone knows many of our cops have to purchase their own firearms using their own money so this is certainly a welcome move. The PNP is also batting for the standardization of handguns, meaning just one brand and one type (most likely the 9mm) to make inventory for parts, magazines etc. more efficient, aside from the fact that it will enable cops to share ammunition during critical situations.
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Email: spybits08@yahoo.com