Neah Power Systems of Bothell has raised $500,000 from the sale of a secured promissory note to EPD Investment Co. The money will help Neah further develop its small-size fuel cell prototype into a marketable product that can power military equipment and small electronic devices. The note, due at the start of 2009, is convertible into shares of Neah’s stock at 29 cents each. Neah shares closed Friday at 21 cents a share, down 5 cents.
Big-memory Zune is a Web sellout
The 80-gigabyte Zune media player Microsoft Corp. launched Tuesday has sold out across the Web, to the dismay of online shoppers and the delight of the world’s largest software maker. Amazon.com announced that its preordered devices for Nov. 13 shipping would not be sent for 10 more days, according to a message board. While Web retailers have 4 GB and 8 GB versions of the second- generation Zunes in stock, the 80 GB music player is not available online through Amazon, Best Buy or Circuit City.
Payday lenders must post rates
Many payday lending shops will be required by an industry trade group to put up small posters displaying their fees and interest rates. The trade group, Community Financial Services Association of America, which represents 60 percent of the industry, issued the new policy Thursday, saying consumers have a right to know the costs of payday lending in simple terms. The posters, 18 by 22 inches, will be up by January, displaying annual percentage rates and fees.
Samsung scandal embarrasses Korea
South Koreans take great pride in Samsung, but a spreading bribery scandal has renewed concerns about the company’s perceived power and influence within the Republic of Korea, South Korea’s formal name. In the latest scandal, Kim Yong-chul, a former top Samsung lawyer, went public this month with allegations that Chairman Lee Kun-hee and other officials masterminded a campaign to raise slush funds to pay prosecutors, judges and lawmakers and influence a high-profile court case.
Factory work plunges in October
Industrial production dropped last month by the largest amount in nine months, reflecting a big drop in utility output and continued troubles in autos and housing-related industries. The Federal Reserve said output at the nation’s factories, mines and utilities fell by 0.5 percent last month, a much worse outcome than had been expected. The October decline, the biggest since a similar drop in January, was led by a sharp plunge in output of electricity and natural gas due to warmer-than-normal weather during the month.
From Herald staff and news services