Briefly

Sterling profits climb to $15.3 million

Sterling Financial Corp., the Spokane-based parent company of Sterling Savings Bank, announced Tuesday a third-quarter profit of $15.3 million, or 66 cents a share, up from earnings of $8.6 million, or 52 cents a share, in the like period a year ago. For the year to date, Sterling earned $40.8 million, or $1.77 a share, compared with a profit of $25.9 million, or $1.59 a share, in the first nine months of 2003.

The bank’s assets at the end of the third quarter were $6.73 billion, compared with assets of $4.08 billion at the end of the same period last year.

Sterling said its results continue to be boosted by its acquisition in January of Klamath First Bancorp., as well as internal growth. As an example, the company had record interest income in the third quarter of $50.2 million, compared with interest income of $32.3 million in the third quarter last year; its income from fees and service charges rose 59 percent to $8.1 million for the quarter from $5.1 million a year ago.

Northwest Bancorp. Inc., the Spokane-based parent company of Inland Northwest Bank, also reported third-quarter results Tuesday, announcing a 10 percent increase in its quarterly profit compared with the same period last year.

The company said its net income for the third quarter was $557,000, or 27 cents a share, compared with income of $506,000, or 25 cents a share, a year ago. For the year to date, Northwest Bancorp. posted earnings of $1.4 million, or 69 cents a share, compared with earnings of $1.3 million, or 64 cents a share, in the same period last year.

The company’s total assets were $220 million at the end of the third quarter, up 9 percent from a year ago.

Randall Fewel, president and CEO of Northwest Bancorp., said a highlight for the third quarter was the company’s completion of a full-service branch at 1729 E. Seltice Way in Post Falls. It replaced a smaller branch in the Super 1 Foods store there.

EDS to offer early retirement packages

Plano, Texas Electronic Data Systems Corp. said Tuesday it would offer early retirement incentives to 9,200 U.S. workers, or 17.4 percent of its domestic work force, and expects to take a $150 million charge in the fourth quarter to cover the costs.

EDS calculated the charge by assuming that half the eligible workers will accept the retirement offer.

The company said it expected that client business would require filling fewer than half the openings created by retirements. If that is so, the company said, it could save about $150 million next year and about $250 million a year starting in 2006.

Plano-based EDS is struggling to recover from money-losing contracts and a downturn in technology spending. On Monday, the company delayed filing its third-quarter financial results, citing a disagreement with outside auditors over writing down the value of assets used in a big contract to build an Intranet system for the Navy and Marine Corps.

The early-retirement offer will be made to most U.S. employees who will be at least 50 years old and fully vested in the company retirement plan by the end of the year. EDS employs 53,000 workers in the U.S. and 119,000 worldwide.

Rapper negotiating to head Universal label

Los Angeles Jay-Z is in final negotiations to become president of Universal Music Group’s Island Def Jam label, a person familiar with the negotiations said Tuesday.

Discussions with the superstar rapper, whose real name is Shawn Carter, have been going on for weeks. Barring any last-minute snags, a deal should be finalized within the next 10 days, according to the source, who spoke on condition of anonymity.

Since his first album in 1996, Jay-Z has achieved a string of radio hits, platinum albums and critical respect.

Although many artists eventually become executives, it’s a rare move for one with Jay-Z’s current fame.

As Island Def Jam president, the 33-year-old Brooklyn, N.Y., native would report to Chairman Antonio “L.A.” Reid, who joined the label in February. The label’s last president, Kevin Liles, was ousted in July.

Island Def Jam is expected to sign Jay-Z to a three-year deal, the source said.

Taiwan ready to resume imports of U.S. beef

Washington Pending a final round of inspections, Taiwan has agreed to resume imports of U.S. beef and beef products, which were suspended because of concerns over mad cow disease, the Agriculture Department said Tuesday.

Taiwan’s action came three days after Japan agreed to allow limited imports of American beef, ending a ban on U.S. beef imposed in December 2003 after a case of mad cow disease was discovered in Washington state.

In addition to beef, imports also would resume of other ruminant animals such as sheep, goats, bison and deer, the department said.

Taiwan imported $325 million worth of U.S. beef and beef products in 2003.

Apple introduces larger-capacity iPod

San Jose, Calif. Apple Computer Inc. on Tuesday introduced a new larger-capacity iPod with a color display as well as a first-of-its-kind digital compendium of the rock band U2’s songs.

U2’s lead singer Bono and guitarist The Edge joined Apple chief executive Steve Jobs on stage in a newly renovated 1920s-era theater in San Jose to unveil the new products.

The new iPod Photo has a color screen that can display photos and slide shows accompanied by music. The 60-gigabyte model can hold 25,000 photos, costs $599, and is available now. A 40-gigabyte model costs $499.

The special edition U2 iPod is a 20-gigabyte iPod that’s encased in black with a red click wheel instead of being all white. It will cost $349 and will be available in November.