SAN JUAN, Puerto Rico— Puerto Rico's Government Development Bank says indicators that measure the island's economic health have decreased slightly. The bank says overall employment and electricity generation decreased in December compared with a year ago. The U.S. territory has spent eight years in recession and is struggling to reduce a $73 billion public...» Read More
MINNEAPOLIS-- Drought conditions are straining water supplies in the Land of 10,000 Lakes, leading Minnesota officials on Thursday to urge residents to cut back on their water use. "We're encouraging all nonessential uses to really be curtailed and stopped," Department of Natural Resources official Dave Leuthe said during a conference call with reporters. "
Chrysler Group LLC, the maker of Jeeps, sold another 18,000 in Canada. In one complaint, a Subaru driver told NHTSA that on May 2, a Patriot's engine died while it was on Interstate 5 on the West Coast. The Subaru was behind the Patriot when it happened, and the woman driving the SUV did not hit the brakes, according to the complaint. "
NEW YORK-- Poor earnings reports from three companies in the Dow Jones industrial average _ Microsoft, General Electric and McDonalds _ sent indexes down sharply Friday, marking a sour end to an otherwise strong week in the stock market. McDonald's led a broad drop in the Dow, falling 3 percent.
NEW YORK-- Cooper Industries' third-quarter profit rose 18 percent with the electrical component seeing greater demand from industrial and oil and gas markets. The company, which is being acquired by Eaton Corp., earned $188.4 million, or $1.16 per share, up from $160.2 million, or 98 cents per share, in the same quarter last year.
WASHINGTON-- U.S. sales of previously occupied homes fell in September after hitting a two-year high in August, in part because there were fewer homes available for sale. The National Association of Realtors said Friday that sales dipped 1.7 percent to a seasonally adjusted annual rate of 4.75 million.
DALLAS-- Celanese Corp., which makes specialty materials and chemicals, said Friday that it increased its share buyback program by $264 million. Celanese, based in Dallas, has been facing lower pricing in its acetyl intermediates business, a weakened European economy and slower growth in Asia. Shares of Celanese fell 83 cents to $37.38 in morning trading.
NEW YORK-- Agribusiness conglomerate Archer Daniels Midland, seeking to acquire Graincorp, said Friday that it now owns nearly 15 percent of the Australian grain handler. Archer Daniels Midland Co. purchased a 10 percent stake in GrainCorp Ltd. Thursday night, adding to its existing 4.9 percent holding.
WEST PALM BEACH, Fla.-- Internet phone company MagicJack VocalTec Ltd. reported a third-quarter profit on Friday, reversing a small loss a year earlier, thanks to sharply higher revenue and lower expenses. Israel- based MagicJack earned $15.1 million, or 78 cents per share, for the three months ended Sept. 30.
BROUMOV, Czech Republic-- When the managers of a textile factory in northern Czech Republic declared they would focus sales on Africa, their bankers, insurers and suppliers shook their heads in disbelief.
HOUSTON-- KMG Chemicals Inc. said Thursday that its chairman, company founder David Hatcher, will retire in December and be replaced by another member of the company's board. KMG Chemicals shares fell 12 cents to $17.98 in morning trading Friday. They have traded in a 52- week range of $12.69 almost a year ago to $19.72 in early July.
NEW YORK-- Earlier this month, NBA rookie Royce White disclosed that he is afraid to fly and said he expects to travel by bus to play in at least some of the basketball games for his team, the Houston Rockets.
PARIS-- Formula One's inaugural Grand Prix of America slated to be run in New Jersey has been postponed until 2014.. The race is planned for a spectacular course along the Hudson River across from Manhattan through the towns of Weehawken and West New York, N.J..
THE HAGUE, Netherlands-- Dutch bank Rabobank is ending its long sponsorship of professional cycling, saying "the trust in the cycling world has gone" following the publication of the U.S. Anti-Doping Agency's report on Lance Armstrong. The bank said Friday it will halt sponsorship of its men's and women's professional teams at the end of 2012 after 17 years.
TEMPE, Ariz.-- Pac-12 Commissioner Larry Scott says DirecTV officials "have dug in their heels" and he sees no reason for optimism that the satellite provider will add the new Pac-12 networks to their service.
THE NEWS: McDonald's Inc. said Friday that its third-quarter net income fell nearly 4 percent as the stronger dollar hurt international results and the chain faced tough competition in the U.S. Revenue was nearly flat at $7.15 billion.
BUFFALO, N.Y.-- Shares of Cleveland BioLabs plummeted in morning trading Friday, after the biotech company said it would sell $15 million of its stock in a public offering. Cleveland BioLabs said underwriters will have 30 days to purchase up to 1,250,000 additional shares and warrants for 562,500 shares to cover overallotments.
Microsoft and McDonald's are leading a broad decline in the stock market after both companies posted sub-par results for the third quarter. Microsoft's income fell 22 percent as PC sales took a dive and as troubles in Europe took their toll. McDonald's profit fell 4 percent as a strong dollar hurt international results.
TORONTO-- The NHL and the players' association agree on one thing: Thursday was a bad day at the negotiating table. Any optimism that existed following the NHL's offer earlier this week of a 50-50 split of hockey-related revenue was dashed when the union countered with three proposals that were quickly rebuffed.
NEW YORK-- Shares of Riverbed Technology climbed more than 10 percent in premarket trading on Friday as the networking company's third-quarter results topped Wall Street's view. For the fourth quarter, Riverbed Technology foresees adjusted earnings of about 29 cents per share on revenue in a range of $230 million to $236 million.