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Craft Brewers Alliance, the Portland, Ore.-based operator of the Redhook brewery in Woodinville, has acquired Kona Brewing Co. of Hawaii for an undisclosed price.

The Big Island-based brewery will become a wholly owned subsidiary of Craft Brewers Alliance (NASDAQ: HOOK).

Three years ago, Redhook and Widmer Bros. Brewing Co. of Oregon merged in a $50 million deal and corporate headquarters of the new Craft Brewers Alliance company was located in Portland.

Click here to see a release on the Craft Brewers Alliance-Kona deal.

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The California High-Speed Rail Authority will seek up to $1 billion in a new application for federal funding for the state’s high-speed train project.

For this round of funding, the U.S. Department of Transportation has made $2.3 billion in additional funds available for high-speed and intercity rail projects nationwide. The funds would help complete engineering and other work on the project not covered by previous federal stimulus grants.

Last January, California’s high-speed train project won $2.25 billion, the largest share of federal funding set aside for such projects under the American Recovery and Reinvestment Act.

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A private equity group has paid $5.4 million to Union Credit Bank for nearly an acre of land in the heart of Miami’s financial district, the site of a planned 42-story condominium tower.

The June 11 sale pegged the purchase price of the 36,000-square-foot property at $150 a square foot.

Union Credit Bank repossessed the site, at 1100 S. Miami Ave., from development company Brickell Village Partners and principal J. Kevin Reilly. Reilly planned to build Pointe at Brickell Village on the property.

At the time of the foreclosure, the bank was owed $7.6 million in principal, plus $1.2 million in interest, fees, and court costs, according to the final judgment of foreclosure signed by Miami-Dade County Circuit Court Judge Gerald D. Hubbart on Jan. 22.

Peter Zalewski, managing principal of Bal Harbour-based real estate consultancy Condo Vultures, said the deal is a sign that investors are looking beyond condo management and resales as revenue models – another sign of the local market’s recovery.

"Nearly 10 high-rise condo development sites in greater downtown Miami have been sold in the last two years, and several more are for sale," he said. "Private equity groups have been buying up deeply discounted condos in greater downtown Miami with great velocity for the last 18 months. As the oversupply of new condos is whittled down, buyers are increasingly broadening their criteria. Land is starting to become acceptable at the right price once again."

Adam Greenberg, managing director of Miami-based BayBridge Real Estate Group, which handles real estate sales and financing, agrees that the deal is another sign that the market is turning.

“Investors are buying up strategic sites so they can build on the next go around,” he said.

But, Jack McCabe, of McCabe Research & Consulting in Deerfield Beach, said there are variables on the horizon, including Amendment 4, which could create obstacles to future investment.

On the November ballot, Amendment 4 would require the public to vote on large development projects that would need changes to government master plans. He also noted that there is still significant unsold inventory, financing challenges and another wave of foreclosures that will likely tamp down demand for new construction for five to seven more years.

“Miami will come back strong. It’s only a matter of time,” he said. “But, I think some developers are overly optimistic about how fast the turnaround will be.”

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Johnnie Walkers Stores, the longtime Milwaukee men’s clothing store, is closing Saturday, Vice President David Kodner said.

Kodner blamed the closing on the recession but said he didn’t want to go into detail.

The store at 234 W payday advance. Wisconsin Ave. is the company’s last store, and there are no plans to reopen, he said.

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The number of Americans filing for their first week of unemployment insurance fell slightly last week, according to a weekly government report released Thursday.

There were 460,000 initial jobless claims filed in the week ended May 22, down 14,000 from an upwardly revised 474,000 the previous week, according to the Labor Department’s weekly report.

The number of claims was slightly higher than expected. Economists surveyed by Briefing.com forecast new claims to fall to 455,000.

Initial claims have been caught in the mid- to upper-400,000s since November, and economists want to see it move below that bar before calling the start of a recovery.

"It’s a stagnant employment situation, and that’s not a good thing," said Dan Egan, president of the Massachusetts Credit Union League. "We were expecting and hoping we’d see a greater gain in jobs during this time."

Fears of a double-dip recession and the costs tied to hiring new employees still have business owners in a "cautionary mode," said Egan faxless payday advance. Employers need to see consistent improvement in the real estate sector before they really start ramping up their hiring, he said.

The four-week moving average for weekly initial claims was 456,500, up from 454,250 the previous week. The Labor Department tracks the four-week average of the weekly figures, to smooth out the volatility of the measure.

The report also said 4,607,000 people continued to file unemployment claims for their second week or more during the week ended May 15, the most recent data available. That’s down from an upwardly revised 4,656,000 the week before.

Standard unemployment benefits usually last 26 weeks. The continued claims number does not include those who have moved into state or federal extensions, or people whose benefits have expired but may still be without a job.

The national unemployment rate currently stands at 9.9%. 

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Milwaukee heavyweight motorcycle manufacturer Harley-Davidson Inc. has named Joanne Bischmann vice president of communications, effective immediately.

A 20-year company veteran, Bischmann reports directly to Harley-Davidson president and CEO Keith Wandell.

“Joanne has a wealth of professional and company knowledge and experience,” Wandell said. “I am extremely pleased that she has accepted this position and we are fortunate to have her bring her strong leadership capabilities to this critical role for the company.”

Bischmann replaced Susan Henderson, who recently resigned for what company management announced as “personal reasons.”

In her new role, Bischmann is responsible for overseeing all aspects of internal and external communications for the company. She will also retain responsibility for the meeting and travel functions.

Bischmann joined Harley-Davidson (NYSE: HOG) in 1990 and has served in a variety of positions, including vice president of marketing and most recently as vice president of licensing and special events.

Bischmann serves on the board of directors of the Betty Brinn Children’s Museum and is the vice president of the board’s development and strategic planning committee.

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Treasurys rallied Thursday as stocks plunged and investors worried about European debt and its effect on the global economy.

What prices are doing: The benchmark 10-year note rose 1-10/32 to 102-13/32, pushing the yield down to 3.22% from 3.36% on Wednesday. Bond prices and yields move in opposite directions.

The 30-year bond added 2-18/32 to 104-25/32 and yielded 4.1%, while the 2-year note edged up 4/32 to 100-18/32 with a 0.72% yield. The 5-year note rose to 102-13/32, yielding 2.99%.

What’s moving the market: Investors flocked to the safety of government-backed bonds on Thursday as stocks dropped more than 10% from the session’s highs.

"We’re seeing a massive flight to quality," said Kim Rupert, fixed income analyst at Action Economics. "Equities are really losing a grip, and Treasurys are the beneficiary."

Markets have been rattled over the past month as investors worry about European debt, despite a $1 trillion rescue package aimed at stabilizing the euro and helping troubled nations such as Greece reduce their debt loads.

On Wednesday, the euro was briefly lifted by Germany’s announcement that it would ban so-called naked short selling of debt securities issued by euro zone countries and 10 large financial firms cash advance companies.

But because investors were still skeptical of the health of European banks, Treasurys rallied following the announcement.

By the end of the day Wednesday, however, bonds pared gains and ended the day slightly lower after the Federal Reserve raised its outlook for economic growth and lowered its unemployment rate forecast.

Economy: Investors were also digesting several disappointing economic reports from the government on Thursday.

The Labor Department reported that weekly jobless claims rose unexpectedly by 25,000 to 471,000 last week, while economists expected a drop to 440,000 claims.

After the start of trading, the Conference Board said its index of leading economic indicators fell 0.1% in April after rising 1.3% in March. Economists surveyed by Briefing.com expected the index to rise 0.2%.

A regional manufacturing survey for May was also released Thursday. The Philadelphia Fed index rose to 21.4 in May from 20.2 in April, beating the estimated rise to 20.7. 

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Stocks recovered from deep losses posted earlier in the session but ended lower Wednesday, as investors welcomed the Fed’s forecast of an improving economy amid lingering fears about the global economy.

The Dow Jones industrial average (INDU) finished 67 points lower, or 0.6%. Earlier, the index dropped 150 points. Industrial stocks led the decline, with shares of Caterpillar (CAT, Fortune 500) and Boeing (BA, Fortune 500) falling more than 2%.

The S&P 500 (SPX) lost 6 points, or 0.5%. The broad index also slid as much as 20 points to hit an intraday low of 1100.66. Investors will keep a close eye on 1,100, a key psychological level. If the index breaks below that level, it could trigger further selling or may wind up bringing money back into the market.

The Nasdaq composite (COMP) slipped 19 points, or 0.8%. Earlier in the session, the tech heavy index fell more than 1%.

Stocks had tumbled Tuesday as investors shrugged off better-than-expected earnings from U.S. retailers and remained focused on European debt problems after the euro hit a four-year low against the dollar.

The euro zone’s fiscal troubles remained in the spotlight for most of Wednesday following Germany’s announcement that it will ban ‘naked’ short selling. But the Fed’s minutes released later in afternoon lifted the central bank’s outlook for the economy, and in turn boosted investor confidence and prompted U.S. stocks to regain some ground.

The earlier pullback also allowed investors who were waiting on the sidelines to get back in the game, said Dave Hinnenkamp, chief executive of KDV Wealth Management.

While fear and uncertainty will continue to drag on markets in the near future, analysts expect a steady turnaround to take hold in the second half of the year as investors shift more attention to the strength in the U.S. economy.

"Even with Europe’s problems impacting the worldwide recovery, the economic strength we’ve seen here has been overshadowed," Hinnenkamp said. "We’ve been getting a bevy of good news in corporate earnings reports and forecasts."

Earlier in the day, declines in the market were exacerbated by Germany’s announcement curbing trading practices.

"There’s no question that Europe’s austerity measures will impact global economic activity, but the German ban raises even more questions," said Peter Cardillo, chief market economist at Avalon Partners.

Cardillo said Germany’s inclusion of financial firms in the restrictions has investors on edge that serious problems are developing within those institutions.

The CBOE Volatility index, or the VIX (VIX), the market’s fear gauge, spiked 15.5% to its highest point since May 7, the day after the market’s flash crash. It later recovered to just 3.7% higher.

German trading ban: Late Tuesday, Germany’s financial regulator issued a ban on naked short sales of euro zone debt and the the country’s 10 leading financial firms.

Traditional short sellers borrow a security and buy it back later a lower price, hoping to pocket the difference.

In a "naked" short sale, however, investors sell the investment without ever borrowing the shares or bonds, making it much easier to drive down their value.

Regulator BaFin said the ban will apply until March 31, 2011.

World markets: European shares also took a hit, with Germany’s DAX and France’s CAC finishing 2.9% lower. The FTSE 100 in Britain slipped 2.8%,

The German trading ban also sparked jitters in Asia, where Hong Kong’s Hang Seng sank 1.8% and Japan’s Nikkei finished the session 0.5% lower.

Economy: The Labor Department said its consumer price index slipped 0.1% in April on a monthly basis, but climbed 2.2% compared to a year earlier. Still, that’s the smallest annual increase since January 1966.

The government’s report showed that core CPI, which excludes volatile food and fuel prices, held steady with March’s figures and rose 0.9% on an annual basis.

Economists had expected the CPI and core CPI to edge up 0.1%, according to a consensus forecast from Briefing.com.

A report from the Mortgage Banker Association showed that a record 10.06% of borrowers were behind on the payments during the first quarter of 2010.

Investors also took in minutes from the Federal Reserve’s latest policy meeting. The central bank improved its outlook for economic growth this year and decreased its forecast for the unemployment rate.

Wall Street reform: Senators in favor of the financial reform bill failed to muster enough votes to end debate on the legislation in a crucial test vote on Wednesday afternoon.

Proponents were shy 3 of the 60 votes needed to pass the test, which intended to set up the bill for a final vote by the end of the week.

Companies: Target (TGT, Fortune 500) reported Wednesday that its quarterly profit rose 28% to $671 million from a year ago. The retailer’s earnings per share of 90 cents missed analysts’ expectations of 91 cents per share. Target’s stock ended 0.4% lower.

Dollar and commodities: The dollar fell 1.6% against the euro after the shared currency eased off a four-year low hit Tuesday. But while the euro is clawing back up, Cardillo said it is only enjoying a relief rally and further declines are expected.

The greenback also turned lower against the British pound, sliding 0.6%, and the buck declined 0.7% versus the Japanese yen.

U.S. light crude oil sank to a 7-month low below $68 a barrel earlier Wednesday, before regaining losses to settle 46 cents higher at $68.87.

Gold for June delivery fell $21.50 to settle at $1,193.10 per ounce.

Bonds: Treasury prices ended lower. The 10-year note’s yield rose to 3.37%. Treasury prices and yields move in opposite directions.

Market breadth was negative. On the New York Stock Exchange, losers beat winners by almost four to one on volume of 1.6 billion shares. On the Nasdaq, decliners beat advancers three to one on volume of 2.6 billion shares. 

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Stanley Furniture will cut about 530 jobs from its factories in Virginia as part of a manufacturing restructuring, the company has announced.

The Stanleytown, Va.-based company said the move is necessary to return to profitability. The company lost $19.1 million in the first quarter on sales of $36.5 million. Revenues were down 8.1 percent from the first quarter of 2009.

Stanley will move most of the manufacturing of its traditional products from Virginia to several offshore vendors. Much of the factory space will be converted into a warehouse and distribution center.

The company will continue to manufacture its "Young America" youth and nursery product lines in Robinsville, N.C., though, said CEO Glenn Prillaman, because that market segment demands quicker shipments and more finishes and flexibility. It’s a different story for the furniture that had been made in Virginia.

"The luxury segment of the adult market demands sophisticated finishes, exotic materials and labor-intensive features that domestic manufacturing in our Stanleytown facility can no longer profitably provide,” he said.

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Arch Coal sued the U.S. Environmental Protection Agency on Friday over the planned veto of a permit for the largest mountaintop coal mine in West Virginia.

The EPA doesn’t have the authority to revoke a Clean Water Act permit once it has been issued, Arch alleges in its federal lawsuit filed in Washington, D.C., according to media reports. Arch received a permit for its Spruce No. 1 mine three years ago.

This is the first time in 37 years the EPA has vetoed such a project, prompting praise from environmentalists.

St. Louis-based Arch Coal (NYSE: ACI), headed by Chairman and CEO Steven Leer, is the second-largest U.S. coal producer with revenue of $2.6 billion in 2009.

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