Frontier reports profits up 3 percent
Frontier Financial Corp.’s profits grew by 3 percent in the second quarter, the Everett-based banking company reported Monday. Frontier reported net income of $10.5 million for the quarter, up from $10.1 million in the same period last year. On a per-share basis, profits grew to 56 cents from 55 cents. Real estate construction and land development loans were a particular growth area, the bank said.
The U.S. Small Business Administration will provide $5.1 million in grant funds to the nation’s 34 Women’s Business Centers, including one in Everett. The Women’s Business Center program, established by Congress in 1988, provides women entrepreneurs with training, counseling and mentoring services. The centers will be required to match a portion of the five-year federal grant with private contributions.
Microsoft settles suit against Lindows
Microsoft Corp. settled all its trademark infringement suits against Lindows Inc. with a $20 million payment to the Linux operating system upstart, which agreed to change its name to Linspire. Redmond-based Microsoft sued San Diego-based Lindows in 2001, alleging the name infringed on its trademark for the ubiquitous Windows operating system. Lindows makes a computer operating system that competes with Windows but is based on the Linux operating system.
The United States is seeking authorization from the World Trade Organization to impose $143.4 million in trade sanctions against Japan over its restrictions on imports of U.S. apples. Japan said it imposed the restrictions to prevent fire blight, a bacterial disease, from reaching Japan. But a WTO trade panel said the Japanese restrictions were illegal because the disease can not be spread by mature, symptomless apples, which are the only types allowed for export.
Higher dairy prices, heavy marketing spending and the low-carb diet trend contributed to a fourth straight earnings decline for Kraft Foods Inc., which reported a 26 percent drop in second-quarter profits Monday. The nation’s largest food company also reduced its full-year earnings outlook. Kraft’s quarterly earnings were $698 million, or 41 cents per share, down from $949 million, or 55 cents per share, for the second quarter of 2003.
From Herald staff and news services
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