The fall was slight, but it was just the second year-over-year decline since April 2010, when an oil production boom was just beginning to transform Midland. Midland has a population of around 140,000, and an economic decline there alone should not seriously dent the state economy. At the heart of the Permian Basin, one of the biggest oil deposits in the country,...» Read More
NEW YORK, Oct 26- U.S.
THE NEWS: The National Highway Traffic Safety Administration said Friday it is investigating some older-model Ford Taurus and Mercury Sable sedans because of complaints that the throttles can stick. THE CARS: About 310,000 cars from the 2000 through 2003 model years fall under the investigation.
*Arch Coal surges after results. ``The fact that this was a two percent GDP number is still pathetic in the overall scheme of life- we ought to be growing at four percent, not two percent,'' said Phil Orlando, chief equity market strategist, at Federated Investors, in New York.
WAYZATA, Minn.-- Shares of TCF Financial Corp. rose Friday after the regional bank said its third-quarter net income tumbled 71 percent, hurt by hefty charges, but still managed to beat Wall Street predictions. Wayzata, Minn.- based bank posted a profit attributable to common shareholders of $9.3 million, or 6 cents per share, for the three months ended Sept. 30.
LONDON, Oct 26- Gold turned positive along with other commodities and nominally higher risk assets like stocks on Friday after better-than-expected U.S. third-quarter growth data, reversing earlier losses linked to weak corporate earnings.
NEW YORK, Oct 26- A U.S. appeals court said Argentina discriminated against bondholders who refused to take part in massive debt restructurings in 2005 and 2010 by deciding to pay them later than bondholders who agreed to participate.
BRUSSELS, Oct 26- The European Commission is having to rethink its plan to impose duties on ceramic tableware and kitchenware from China after a majority of EU member states voted against their imposition this week.
*Wall St slips on earnings, outlooks; Amazon, Apple rebound. Gloomy earnings and outlook statements from global giants like as Apple and Amazon, South Korea's Samsung and Renault and Ericsson in Europe have corroded hopes of a recovery in the global economy.
FLAT TIRES: Goodyear Tire& Rubber Co. reported its third-quarter net income fell 32 percent to $110 million, or 41 cents per share, while revenue dropped 13 percent to $5.26 billion. THE REASON: The Akron, Ohio- based company said the declines were due largely to falling tire demand in Europe that offset cost cuts and profits from North America.
*BHP's Vanselow, Xstrata's Davis in frame as replacements. LONDON, Oct 26- Anglo American's Chief Executive Cynthia Carroll has quit after more than five years in the job, under pressure from investors over the mining group's lagging share price and continued dependence on strike-hit South Africa.
Meanwhile, workers in Ocean City, Md., filled sandbags, and Maryland Gov. "Delaware is smack dab in the crosshairs based on the current path projections," said Chip Guy, a spokesman for Sussex County, home to southern Delaware's beaches. Forecasters expect the hurricane to turn inland around Delaware, but said it could still hit as far north as New York.
Texas- based oilfield services company Baker Hughes Inc. reported Friday that 1,408 rigs were exploring for oil and 416 were searching for gas. Of the major oil- and gas-producing states, Texas dropped seven rigs and New Mexico fell by 5. Alaska and Oklahoma lost three apiece, and West Virginia was down by two.
PROVIDENCE, R.I.-- A sell-off of items from the former headquarters of Curt Schilling's failed video game company in Providence brought in about $650,000. An initial auction, at a studio in Maryland acquired by 38 Studios, raised $180,000. 38 Studios was lured to Rhode Island from Massachusetts with a $75 million state loan guarantee.
WASHINGTON _ Labor Department releases weekly jobless claims, 8:30 a.m. Eastern; Labor Department releases third-quarter productivity data, 8:30 a.m.; Freddie Mac, the mortgage company, releases weekly mortgage rates, 10 a.m.; Institute for Supply Management releases its manufacturing index for October, 10 a.m.; Commerce Department releases construction spending for September, 10 a.m..
NEW YORK-- The NHL has canceled all its games through the end of November because of the labor dispute between owners and players. The league made the announcement on Friday in a brief statement. It said that a total of 326 regular-season games, more than 26.5 percent of the season, were scheduled for Oct. 11 through Nov. 30.
WASHINGTON, Oct 26- Spain has made progress in reforming its financial sector, but needs to keep up the momentum as more steps need to be taken, the International Monetary Fund said in a statement on Friday.
*Brazil investing heavily to increase energy capacity. BRASILIA, Oct 26- A massive blackout left as many as 53 million Brazilians in the dark late Thursday and early Friday, the latest in a string of energy shortages that have raised questions about whether Brazil's infrastructure is keeping pace with economic growth.
*Euro falls broadly on Greece uncertainty. NEW YORK, Oct 26- The euro fell against the dollar for a fourth straight day on Friday, hitting a two-week low on concerns about political uncertainty in Greece and fears it may miss its austerity targets. ``People are still concerned about Spain asking for a bailout and Greece remains a problem too.
LONDON, Oct 26- Global investors seem happy to feed off central banks' reflation policies but not necessarily their eventual success. In an otherwise punchy, policy-driven year of double-digit western equity gains, October is set to be first month in the red since May for both MSCI's all-country world stock index and U.S. blue chips in the S&P 500.