The directors of Cascade Financial Corp. of Everett, the parent of Cascade Bank, have continued the quarterly cash dividend of 9 cents per share. The dividend, the same as the previous one, will be paid on Jan. 24 to shareholders of record as of Jan. 10. Carol Nelson, Cascade Financial’s president and chief executive, noted it will be the 22nd consecutive quarterly dividend.
Neah Power sets product line
Bothell-based Neah Power Systems Inc., which is developing micro fuel cells, said its initial product offerings will focus on military applications requiring power sources that can operate without air and in harsh environments. Neah Power’s working micro fuel cell prototype, which was demonstrated in September, runs as a closed-loop system without requiring air as an oxidant, the company said Wednesday.
Post offices are open Monday
Post offices will be open next Monday — Christmas Eve — but many will close early, the Postal Service said Wednesday. Postal officials said that the number of people visiting post offices drops off on Christmas Eve, so the closings will allow workers to spend time with their families. There will be normal delivery on that day, however, and Express Mail will also be delivered on Christmas Day. Revised hours will be posted at each post office.
Airbus factories to stay European
Airbus parent EADS tapped three European companies Wednesday to buy all or part of six factories being shed in a major overhaul aimed at boosting the plane maker’s fortunes. The surprise decision to keep the sites in European hands was a blow to U.S. bidder Spirit AeroSystems Inc., which had been reported to be the favorite for all six sites. Some of the plants will make parts for the midrange A350 XWB, which Airbus is hoping will rival the Boeing Co.’s popular 787 Dreamliner.
No U.S. complaints on China currency
The U.S. declined on Wednesday to cite China for manipulating its currency for unfair trade advantages. That finding came despite pressure in Congress for penalties because of the growing U.S. trade deficit with China. The trade gap is expected to hit an all-time high above $250 billion this year. The Bush administration told Congress the recent “moderate acceleration” in the rise of the value of China’s currency, the yuan, versus the dollar was welcome but “still insufficient.”
Oracle earnings ease worriers
Oracle Corp. fared far better than analysts anticipated in its fiscal second quarter, easing worries that the sagging U.S. economy and slowing corporate spending on technology would drag down the business-software maker. The company said Wednesday that it earned $1.3 billion, or 25 cents per share, for the three months ended Nov. 30. That represented a 35 percent increase compared with last year. If not for stock option expenses and the costs incurred in recent acquisitions, Oracle said it would have earned 31 cents per share — four cents above the average estimate among analysts surveyed by Thomson Financial.
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