Americans Still Upbeat About Economy, Despite Jobs Lost

NEW YORK –Americans' confidence in the economy was resilient in April despite more job cutbacks and falling home prices.

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The Conference Board, a private research group, said Tuesday that its Consumer Confidence Index is at 69.2, down slightly from a revised 69.5 in March. Economists were expecting a reading of 70, according to a FactSet poll. The current level is below February's 71.6, which is the highest the index has been in about a year.

Consumer confidence is widely watched because consumer spending accounts for 70 percent of economic activity, including major items such as health care. The current level is significantly below the reading of 90 that indicates a healthy economy. But the 45-year-old index is well above its all-time low of 25.3, reached in February 2009.

INSIDE TRADES OF

LOCAL INTEREST

Pacific Continental Corp.:

* Hal M. Brown, chief executive officer, purchased 200 shares at $9.13 each and now directly and indirectly holds 109,034.

* Casey Ray Hogan, officer, exercised an option at 646 shares at $9.05 each on April 19. Holdings unavailable.

* Michael A. Reynolds, chief financial officer, exercised an option for 649 shares at $9.05 each on April 19. Holdings unavailable.

* Roger S. Busse, chief operating officer, exercised an option for 2,808 shares at $9.05 each on April 19. Holdings unavailable.

* Mitchell J. Hagstrom, officer, exercised an option for 766 shares at $9.05 each on April 19. Holdings unavailable.

Free forum offers money managing tips

The Oregon Department of Consumer & Business Services will host a free forum tonight called "Spend Smart: Tips to manage and safeguard your money." The hourlong event begins at 6:30 p.m. in the second floor meeting room of the Multnomah County Library, North Portland Branch, 512 N. Killingsworth St.

Officials from state agencies and AARP Oregon will offer "unbiased information and resources on insurance, Medicare, reverse mortgages, the prevention of consumer and Medicare fraud, and identity theft," the department says. The event is part of Money Smart Week. RSVP at 877-926-8300.

Boeing may build wings in Washington

SEATTLE —Boeing workers in Washington hope the company will build carbon-fiber composite wings for a bigger 777 in the state.

Mark Blondin of the International Association of Machinists union says a new wing plant would be a giant win for the state.

The Seattle Times reports a manufacturing plan for the 777X is expected to go to the Boeing board by the end of the year. The plane would likely be assembled at the Everett plant where current 777s are put together. A new wing plant would add hundreds of jobs.

The only sizable composite pieces built in Washington now are the 787 tail fin and the 777 tail, which are made at Boeing's Frederickson plant near Tacoma.

Study: Wineries add billions to economy

YAKIMA –A new study shows the wine industry contributes $8.6 billion to Washington's economy and creates nearly 30,000 jobs.

The state is the No. 2 producer of premium wine behind California, with 739 licensed wineries and 350 vineyards. The number of acres planted in wine grapes has grown to nearly 44,000.

The industry produced 11.2 million cases of wine in 2010. The study released Tuesday shows direct winery revenue topped $1 billion that year and that the industry generated wages of nearly $1.2 billion within the state.

Ford hoping to get back blue oval logo

DETROIT —Ford Motor Co. is closer to getting its blue oval out of hock.

The automaker mortgaged its logo, along with factories and equipment, in 2006 for a $23.5 billion restructuring loan. On Tuesday, it got one of the two investment-grade ratings it needs to get those assets back.

Fitch Ratings raised the automaker's credit from junk status to "BBB minus," the lowest investment-grade rating. The agency said Ford has repaired its balance sheet and improved its vehicles in recent years, putting it "in a solid position" to withstand any slowdowns in the global auto industry. Now, Ford must wait for either Standard & Poor's or Moody's to make a move.

The company says it hasn't placed a value on the logo, which is recognized worldwide. But Interbrand, which tracks brand values, said it's worth $7.5 billion, and ranked Ford 50th out of its top 100 brands.

Mount Baker volcanic heat may be tapped

BELLINGHAM, Wash. –The volcanic heat under Mount Baker could be tapped for electricity.

The Bellingham Herald reports that the Bureau of Land Management wants to lease nearly 6,000 acres on the southeast side of the mountain to power companies for possible development. The Forest Service is taking public comment on the idea.

Google Drive is big digital filing cabinet

SAN JOSE, Calif. —Google is hoping to build the world's largest digital filing cabinet in the latest attempt to deepen people's dependence on its services.

The Internet search leader on Tuesday unveiled Google Drive, a product that stores personal documents, photos, videos and a wide range of other digital content on Google's computers.

By keeping files in massive data centers, users will be able to call up the information on their smartphones, tablet computers, laptops and just about any other Internet-connected device. Content can also be more easily shared among friends, family and co-workers by sending links to the information instead of emailing large attachments.

Google Drive is offering the first five gigabytes of storage for free.

The Associated Press

Wal-Mart creates job following allegations

NEW YORK —Wal-Mart Stores Inc. is creating a new global compliance officer position following reports that the world's largest retailer allegedly covered up results of an internal inquiry proving that its Mexican subsidiary bribed officials there.

The new global leader, who has not been named, will ensure the discounter is in compliance worldwide with the U.S. law that forbids U.S companies from engaging in bribery and other corrupt practices overseas. The new executive will oversee five regional compliance directors.

The moves are the latest Wal-Mart has announced in response to a New York Times article last weekend outlining the Mexico allegations. The news has hammered Wal-Mart's stock price and prompted congressional investigations.

The Associated Press