HELSINKI— Hit by sharp declines in freight rates and the oil price, Danish shipping and oil group A.P. Moller-Maersk says it turned a $2.5 billion loss in the fourth quarter, a big turnaround from the previous year's profit of $189 million in the equivalent period. The company said it reduced the value of some of its oil assets by $2.6 billion in light of the sharp...» Read More
Tennessee currently has triple-A credit ratings from Moody's Investors Service and Fitch and a double-A-plus rating from Standard and Poor's. Department of Finance and Administration Commissioner Mark Emkes said the state could lose about $40 million for education and more in indirect federal spending.
POCKETING BILLIONS: Russian oil company Rosneft said it could make up to $5 billion in savings when it combines its operations with those of its takeover target TNK-BP. TROIKA: Rosneft is buying the 50 percent stake of British oil company BP for $17.1 billion and a 12.84 percent share of Rosneft.
President Barack Obama achieved historic increases in fuel-economy standards that would save drivers money at the pump while raising the cost of new vehicles. Obama failed to persuade a Democratic Congress to pass limits he promised on carbon emissions and shelved a plan to toughen health standards on lung-damaging smog.
Its narrowed outlook for the year indicates that fourth-quarter earnings will beat Wall Street expectations. UPS now predicts earnings of $4.55 to $4.65 per share, compared with its earlier forecast of $4.50 to $4.70. On the earnings conference call, CFO Kurt Kuehn was asked why UPS is confident about the fourth quarter.
ALBANY, N.Y.-- Lap dances are taxable because they don't promote culture in a community the way ballet or other artistic endeavors do, New York's highest court concluded Tuesday in a sharply divided ruling.
From bridges to broadband, America's infrastructure is supposed to be speeding along commerce, delivering us to work and piping energy and water into our homes and businesses.
DAYTONA BEACH, Fla.-- Brown& Brown is raising its quarterly dividend by about 6 percent to 9 cents per share from 8.5 cents. Last week Brown& Brown reported that its third-quarter net income rose 12 percent, boosted by a jump in commissions and fees. Shares of Brown& Brown Inc., which is based in Daytona Beach, Fla., shed 18 cents to $25.16 in afternoon trading.
MADRID-- Spain's economy continued to shrink in the third quarter, contracting by 0.4 percent compared with the previous three months, according to central bank estimates Tuesday that will increase pressure on Prime Minister Mariano Rajoy to seek financial help from Europe. This is the fifth quarter in a row that Spain's economic output has contracted.
NEW YORK-- Shares of American Eagle Outfitters tumbled Tuesday, after the teen retailer's profit prediction for the current quarter disappointed investors. THE SPARK: American Eagle Outfitters said it's on track to meet its previous fiscal third-quarter profit prediction of 37 cents or 38 cents per share.
DuPont reported that it made $10 million, or a penny per share, for the quarter versus $452 million, or 48 cents per share, a year ago. DuPont cited a number of reasons for the weak quarter, including softer demand for a specialty chemical and an unstable solar products market. DuPont shares fell $4.46, or 9 percent, to $45.30 in afternoon trading.
NEW YORK-- Moody's Investors Service raised the senior unsecured ratings of Reynolds American Inc. on Tuesday, on expectations that the tobacco company's profits will continue to improve. Moody's increased the senior unsecured ratings of Reynolds American and subsidiary R.J. Reynolds Tobacco Holdings one notch in investment grade status to "Baa2" from "Baa3."
AUSTIN, Texas-- A fourth Texas high-tech startup that received taxpayer dollars through Gov.
Both President Barack Obama and Republican Mitt Romney benefit from current campaign finance rules. Those groups can raise unlimited cash to help them win the White House this November.
CHICAGO-- United Continental Holdings Inc., the parent of United Airlines, reports third-quarter results on Thursday after a tough spring and summer spent trying to absorb Continental Airlines. When Southwest Airlines reported results last week, it said it needed sales to lure business travelers in September, but that things picked up in October.
LOUISVILLE, Ky.-- Churchill Downs has completed its approximately $141 million acquisition of a Mississippi casino and hotel.
NEW YORK-- U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer. The Energy Department forecasts that U.S. production of crude and other liquid hydrocarbons, which includes biofuels, will average 11.4 million barrels per day next year.
NEW YORK-- Amazon.com is expected to post yet another double-digit revenue increase when it reports its third-quarter results Thursday. WHAT TO WATCH FOR: Amazon's forecast for the current quarter will be important.
ATHENS, Greece-- A junior partner in Greece's governing coalition has refused to lift its opposition to a new package of austerity measures, which bailout creditors have been demanding for months in exchange for more rescue loans.
SERIOUS CHARGE: Europe's top drug regulator is taking action against pharmaceutical giant Roche for allegedly failing to properly report the side effects of 19 drugs being used by U.S. patients. The regulator added there was no evidence that users of Roche's drugs were at risk.
PIPELINE DEAL: Iraq signed a $127.5 million deal with South Korea's KOGAS to build two key gas pipelines in northern Iraq as Baghdad takes steps to develop a modern infrastructure that meets growing energy needs.