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Postal Service loses $740M during quarter
WASHINGTON >> The Postal Service has trimmed its losses to $740 million over the past three months by consolidating processing facilities, cutting hours for workers and post offices and reducing workers’ compensation costs, the agency said Friday. Still, year-to-date, the Postal Service had losses totaling $3.9 billion, and the agency said that without help from Congress its financial woes will worsen.
The report for the financial quarter ending June 30 comes as Congress considers proposals to fix the agency’s finances. The agency lost $16 billion last year and is trying to restructure its retail, delivery and mail-processing operations.
Lower student loan rates become law
WASHINGTON » President Barack Obama signed into law Friday a measure restoring lower interest rates for student loans. About 11 million students this year are expected to have lower interest rates, saving the average undergraduate $1,500 on interest charges on this year’s loans.
Rates on new subsidized Stafford loans doubled to 6.8 percent July 1 when Congress couldn’t agree on a way to keep them at the previous 3.4 percent rate. Without congressional and presidential action, rates would have stayed at 6.8 percent. Undergraduates this fall will borrow at a 3.9 percent interest rate for subsidized and unsubsidized loans. Graduate students would have access to loans at 5.4 percent, and parents would borrow at 6.4 percent. The rates would be locked in for that year’s loan.
Some Samsung devices hit with import ban
NEW YORK » A federal administrative panel has issued an import ban on some Samsung devices on grounds they violate two of Apple’s patents. The U.S. International Trade Commission issued its ruling late Friday. The ITC cleared Samsung on four other patents in dispute.
Samsung Electronics Co. and Apple Inc. are in a global legal battle over smartphones. Apple argues Samsung’s Android phones copy vital iPhone features. Samsung is fighting back with its own complaints. The legal disputes come as competition in the marketplace intensifies. Samsung has been cutting into Apple’s dominance in phones and is now the leading smartphone manufacturer.
On the Move
The Hawaii Foodbank has announced changes to its board of directors:
>> Gerald Shintaku has been appointed second vice chairman. He is the customer business lead of Kraft Foods Group in Hawaii.
>> James Starshak has been appointed secretary. He is a partner at Carlsmith Ball LLP.
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