The Federal Home Loan Bank (FHLB) of Des Moines reported that its net income for the second quarter rose 107 percent to $47.9 million, compared with $23.1 million for the same period in 2007. The increase was primarily due to an increase in net interest income, which rose to $73 million, compared with $39.2 million a year ago. FHLB Des Moines’ earnings performance also was influenced by favorable borrowing costs available from the Federal Home Loan Bank System during the difficult current market environment, attractive interest spreads on high-quality agency mortgage-backed investments and income from an increase in volume of advances to members. The company also announced a quarterly dividend at an annualized rate of 4 percent, payable on Aug. 15. Visit www.fhlbdm.com for more financial information.

Iowa’s Homeland Security and Emergency Management Division has awarded James Lee Witt Associates (JLWA), the crisis management and preparedness services division of New York-based GlobalOptions Group Inc., a two-year contract to provide disaster management consulting services in the state’s effort to recover from recent tornadoes and floods. JLWA will support Iowa in coordinating and strategic planning for long-term disaster recovery, facilitating the delivery of federal programs and providing technical assistance to Iowa and local governments and qualifying nonprofit organizations affected by the disaster. It also will help organize and advise the Rebuild Iowa Office. JLWA is performing similar services for other governments, including a contract with Louisiana to help it recover from Hurricanes Katrina and Rita, where the firm helped the state get government funding.

Citigroup Inc. downgraded ING Groep NV to “hold” from “buy” under the belief that its ability to continue to outperform the market is limited and the value of its risky assets is increasingly uncertain, MarketWatch reported. Still, Citigroup said ING has a flexible capital structure that can help it absorb adverse shocks.

The U.S. corn crop will be 4.9 percent larger than estimated a month ago as better weather helped Midwest crops recover from June’s flooding, Bloomberg reported. According to a U.S. Department of Agriculture report, production will total 12.288 billion bushels, up from 11.715 billion bushels forecast a month ago. About 87 million acres of corn were planted this year, down from 93.6 million acres last year, but the department expects this year’s yield to be 155 bushels per acre, up from 151.1 bushels last year. It also expects average corn prices starting Sept. 1 to be $5.40 a bushel, down from $6 estimated in July.

The U.S. trade deficit narrowed to $56.8 billion in June from a revised $59.2 billion in May, the Commerce Department said today. Economists had forecast the gap would widen to $62 billion, according to a Bloomberg survey of 71 analysts. A weak American dollar helped boost exports 4 percent to $164.4 billion, led by record sales of food, industrial supplies, capital goods and consumer goods. Imports rose 1.8 percent to $221.2 billion, partially from a record $44.5 billion in purchases of foreign petroleum. Meanwhile the trade gap with China widened to $21.4 billion from $21 billion in May.

Qwest Communications International Inc. Iowa President Max Phillips will add “South Dakota president” to his title when Larry Toll, Qwest’s current South Dakota president, retires on Aug. 31. Phillips will oversee Qwest’s operations in both states. He has been with the company for 30 years.

Brenton Skating Plaza and Bike World will host a ribbon-cutting ceremony tomorrow from 11 to 11:30 a.m. at the skating rink, 520 Robert D. Ray Drive, Des Moines, for its new bike rental program.