CombiMatrix Corp. of Mukilteo and Intel Corp. have agreed to work together on several possible projects using CombiMatrix technology, the two companies announced Wednesday. Terms and conditions of the agreement, as well as any specifics about possible projects, were not released. CombiMatrix makes programmable semiconductor chips, known as microarrays, for DNA analysis and other research.
Rite-Aid has entered into an agreement with 20 states, including Washington, to help reduce the sale of tobacco to minors. The company will, among other things, train employees on laws and company policies regarding tobacco sales to minors, check identifications of anyone purchasing tobacco products who appears to be under age 27 and use random compliance checks.
Greenspan still upbeat on economy
Federal Reserve Chairman Alan Greenspan told Congress on Wednesday that the economy has “regained some traction” after a lull in late spring, reinforcing expectations of higher interest rates this fall. Greenspan said the economic pickup follows a “soft patch” caused in large part by soaring energy prices. A Federal Reserve survey said economic activity grew in July and August. The Fed’s San Francisco region, which includes the Northwest, reported solid gains.
Slight rise in late mortgage payments
The percentage of homeowners behind on mortgage payments rose slightly during the April-June quarter, but the increase is considered a temporary blip in a downward trend since mid-2001. The Mortgage Bankers Association reported in its quarterly survey Wednesday that the seasonally adjusted percentage of mortgage payments 30 or more days past due rose in the second quarter to 4.43 percent, up from 4.33 percent in the first quarter.
Consumers take on more debt, Fed says
Consumers stepped up their borrowing in July by the largest amount since the beginning of the year, the Federal Reserve reported Wednesday. Consumer credit increased at a seasonally adjusted annual rate of 6.4 percent in July, or by $10.9 billion, from the previous month. That marked the biggest gain since January, when consumer borrowing surged at a 15.8 percent pace. July’s increase pushed total consumer credit outstanding to a record $2.04 trillion.
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