Monday Evening Business Brief
November 11, 2013, 6:35 PM
- The Dow Jones industrial average rose to another all-time high on Wall Street today. The market edged higher from Friday, when it got a lift from an unexpectedly strong U.S. jobs report for October. The surge in hiring made investors more optimistic that the U.S. economy is getting stronger.
- Washington Gov. Jay Inslee gave final approval today to a package of tax breaks for Boeing Co. in hopes of landing the company's new 777X, signing legislation at Seattle's Museum of Flight at Boeing Field. Now attention is focused on a contract vote later this week by the Machinists union.
- The Walt Disney Co. is shuffling the executive ranks at its interactive division, which last week posted only its second profitable quarter since results began to be broken out in late 2008. Co-president John Pleasants is stepping down, while co-president Jimmy Pitaro is taking over responsibility for the division.
- New BlackBerry chairman and interim chief executive John Chen has a large pay package. In addition to a $1 million base salary and $2 million performance bonus, the Waterloo, Ontario, company will give him 13 million BlackBerry restricted share units, worth $85 million based on the current stock price, that will vest over five years.
- The Vermont Electric Co-operative is hoping to build the state's largest utility-owned solar power project. Officials with the co-op and Gov. Peter Shumlin today announced a project that would be part of a broader project involving cooperatives from more than a dozen states across the country.The co-op has not yet chosen the location for the 5 megawatt solar array, which could cover 20 to 30 acres.
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