Business digest: Pro-Boeing ad shows Airbus jet

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Posted: Friday, November 22, 2013 12:00 am

There was one thing wrong in a full-page ad in the Seattle Times urging state lawmakers to pass a transportation package aimed at persuading Boeing to build the new 777X in Washington. The headline Wednesday read “The Future of Washington,” but the photo was of an Airbus jetliner, not a Boeing. The ad was placed by the Seattle Metropolitan Chamber of Commerce. A chamber spokeswoman, Terri Hiroshima, told the Times, “It’s an embarrassing, cringe-worthy error.”

Average U.S. rates on fixed mortgages declined this week after two weeks of increases. Mortgage buyer Freddie Mac says the average rate on the 30-year loan fell to 4.22 percent from to 4.35 percent last week. The average on the 15-year fixed mortgage dipped to 3.27 percent from 3.35 percent.

Cyprus’ biggest private university said Thursday that it will start accepting the digital currency Bitcoin as an alternative way to pay tuition. The University of Nicosia said the move to accept Bitcoin was meant to help foreign students in countries where traditional banking transactions are either difficult or costly to pay for programs such as online degrees. The university’s chief financial officer, Christos Vlachos, said the institution is the first in the world to take Bitcoin payments.

The U.S. government expects to sell its remaining General Motors stock by the end of the year. The Treasury Department said Thursday that it still owns 31.1 million shares of the auto giant. It has recovered $38.4 billion of the $49.5 billion it spent bailing out the company. At Wednesday’s closing price of $37.69, Treasury would get an additional $1.2 billion. That means taxpayers will lose roughly $10 billion on the bailout.

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