Business briefs: Fannie, Freddie halt evictions for the holidays
Published 7:16 pm Thursday, December 17, 2009
Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures and evictions for about two weeks in a temporary break for borrowers during the holiday season. The suspension, announced Thursday by the government-controlled companies, runs from Saturday through Jan. 3. “No family should have to face the prospect of being evicted during the holiday season,” Michael Williams, Fannie Mae’s chief executive, said in a statement. Earlier Thursday, Citigroup Inc. announced a 30-day suspension of foreclosures and evictions, affecting about 4,000 borrowers. Fannie and Freddie did not estimate how many homeowners would get this grace period.
Nike earnings fall slightly
Nike Inc. may have its mind on Tiger Woods, but the economy is what’s making its earnings and sales fall. The atheletic shoe and apparel maker reported Thursday that its second-quarter profit fell 1 percent to $375.4 million, or 76 cents per share, as sales for its products remained sluggish around the globe. That’s down from $391 million, or 80 cents per share, earned in the same quarter last year. Revenue fell 8 percent to $4.4 billion. Analysts polled by Thomson Reuters expected the company to earn 71 cents per share for the quarter on revenue of $4.4 billion.
Tech spending revives for Oracle
Oracle Corp. said Thursday that its profit jumped 13 percent in the latest quarter and that it expects the European Union will finally approve its $7.4 billion purchase of Sun Microsystems Inc. next month. Oracle and Sun shares both rose in extended trading. Oracle’s results for its fiscal second quarter show that corporations are becoming less reluctant to spend on technology projects. Oracle is the world’s No. 1 maker of database software, which helps companies manage information about everything from payroll to sales figures. Oracle reported after the market closed that its revenue from new software licenses rose 2 percent in the three months ended Nov. 30. That was better than the company’s earlier prediction and comes after four straight quarters of declines. The figure is significant because Oracle makes most of its money from technical support contracts for existing customers.
Hoquiam becomes Chrysler port
Good business news for Grays Harbor County: Chrysler is going to start using the Port of Grays Harbor in Hoquiam as its export site for the Pacific Rim. Port Executive Director Gary Nelson says the agreement with Chrysler Group LLC will mean an additional vessel call per month at the port, as well as the shipment of up to 2,000 autos out of Grays Harbor to destinations such as Japan, Korea, China and Mexico. Nelson says the first vessel call should be Jan. 24 and that the agreement will mean more longshore jobs and more work for Pasha Stevedoring.
From Herald news services
