In January, Social Security benefits for nearly 50 million Americans are going up 2.3 percent, the smallest increase in four years. It will mean an extra $24 per month in the average check, the government announced Wednesday. The cost-of-living adjustment means that the monthly benefit for the typical retired worker will go from $1,055 currently to $1,079 next year.
Aculight tackles hearing project
Aculight Corp. of Bothell will work to develop a cochÂlear implant that would use optical pulses to provide better hearing. The laser company, jointly with Northwestern University near Chicago, has received a $750,000 grant from the National Institutes of Health for the research. Existing cochlear implants stimulate the auditory nerve with a string of electrodes in the ear that send out electrical pulses. But the devices have limitations. Researchers think implants using optical pulses could stimulate nerve fibers with better accuracy.
Airbus delays military transport
EADS announced Wednesday that slow progress in developing the engine for the Airbus A400M will cause at least a six-month delay in deliveries of the military transport plane. The confirmation of the delay at EADS, the parent of Airbus, comes as the first of the European planemaker’s A380 superjumbos landed in Singapore on Wednesday, more than a year behind schedule.
Mortgage losses lop WaMu’s profit
Washington Mutual Inc.’s third-quarter profit shrank 72 percent as sagging home prices made it harder for borrowers to pay their bills and hurt the value of the bank’s portfolio of mortgage loans. The third-biggest home lender on Wednesday reported quarterly profit of $210 million, or 23 cents per share, compared with profit of $748 million, or 77 cents per share. Analysts polled by Thomson Financial forecast a profit of 27 cents per share.
Skype writedown puts eBay into red
EBay Inc. reported Wednesday a third-quarter net loss of more than $936 million — a rare plunge into the red for the e-commerce juggernaut caused by previously announced charges to its Skype telecommunications division. But San Jose, Calif.-based eBay still easily exceeded Wall Street’s expectations for the quarter that ended Sept. 30, thanks to record revenue of $1.89 billion, up 30 percent from the year-ago quarter. Executives credited record revenue at the PayPal electronic payment division and brisk sales at ticket broker StubHub.com. Early this month, eBay announced it would take a $900 million write-down in the value of Skype, acquired in 2005.
Housing, credit hurt U.S. economy
The economy logged slower growth in the early fall as troubles in the housing and credit markets weighed on companies and individuals alike, the Federal Reserve reported Wednesday. The Fed’s fresh snapshot showed that business activity around the country was more subdued, but the report didn’t suggest that such activity is in danger of collapsing.
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