Neah Power Systems Inc. of Bothell said its has successfully tested a micro fuel cell that can produce more than 7 watts of power. Neah’s chief executive officer, Paul Abramowitz, said the achievement is key in the company’s goal to deliver its first fuel cell prototype this fall. Shares of Neah, which hopes its fuel cells can power laptops and other portable electronic devices, rose by 4 cents – or 6 percent – Thursday to close at 69 cents.
Airbus, China OK production pact
Airbus and Chinese partners officially signed an agreement Thursday to open a final assembly line in China to produce the European jetmaker’s A320. The plant in the eastern city of Tianjin is expected to deliver its first aircraft in early 2009, Airbus said.
Airbus still backing A380 superjumbo
Airbus is betting that its A380 superjumbo will be vital to Asia as its growing middle class takes to the skies, but archrival Boeing will stick to its focus on smaller planes, executives from the two companies said Thursday. After more than a one-year delay due to production problems, Airbus is scheduled to deliver its first A380, which seats 555, to Singapore Airlines in October. Boeing, however, believes there will be much greater demand for planes like its 787 Dreamliner, which seats 210 to 250 and is scheduled to roll out next month.
Economy growing, but at a slow pace
The economy limped ahead at just a 0.7 percent pace in the first quarter, the slowest in more than four years. Some businesses clamped down on spending, given the uncertainties about the severity of the housing slump. The Commerce Department’s new reading on gross domestic product for the January through March period, released Thursday, was a slight upgrade from the 0.6 percent growth rate estimated a month ago.
Palm Inc. profits sink 43 percent
Palm Inc. reported a 43 percent plunge in fiscal fourth-quarter profit Thursday amid sharply rising costs and blistering competition. But the maker of mobile computing devices also reported record sales of its Palm Treo lineup, and fourth-quarter performance easily beat Wall Street’s tepid expectations. For the three months ended June 1, the company said it earned $15.4 million, or 15 cents per share, on revenue of $401.3 million. In the year-ago period, Palm earned $27.2 million on sales of $403.1 million.
IRS collection plan fends off challenge
An initiative to farm out tax collection to private agencies survived a challenge Thursday from House lawmakers who said the program was improper and should be eliminated. Defenders stripped a procedural move to a bill provision limiting the program to a $1 million budget last year that supporters said would effectively have shut down the program.
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