BEIJING, Jan 31- China Minsheng Banking Corp said on Saturday that its president Mao Xiaofeng had resigned for personal reasons, hours after several Chinese media outlets reported he was being investigated by China's anti-corruption watchdog. The reports said Mao had been taken away earlier this week by the Central Commission for Discipline Inspection, the...» Read More
MILPITAS, Calif.-- Circuit maker Linear Technology Corp. said Tuesday that its first-quarter net income fell because of weak orders, and it warned that second-quarter revenue would be weaker than in the quarter it just wrapped up. The company said it earned $105.2 million, or 45 cents per share, for the quarter that ended Sept. 30.
Moody's Investors Service on Tuesday confirmed its rating on Spain's government debt but assigned a negative outlook, signaling that a downgrade is still possible in the coming months. Moody's kept Spain's rating at "Baa3", its lowest investment-grade rung.
Intel Corp. forecast a weak holiday season, in part because tablets, which typically don't use Intel chips, are cutting into PC sales. Intel is hoping to get more of its chips into tablets, helped by the release of a tablet-friendly new version of Windows.
MINNEAPOLIS-- Trucking and logistics company C.H. Robinson Worldwide Inc. said on Tuesday that it sold its payment services business for $302.5 million. T-Chek has been a unit of C.H. Robinson since 1984. It has 190 workers, most of them based in Minnesota. C.H. Robinson said the new owners expect to "retain a Minnesota presence.
In a story on Oct. 10, The Associated Press reported that Ameridose LLC had settled a defamation and slander suit against one of its customers, Novation, that had alleged the pharmacy had quality control problems.
BOSTON-- Two members of Congress have asked the U.S. Department of Justice to investigate whether a specialty pharmacy linked to a nationwide meningitis outbreak violated any federal laws or regulations. Criminal investigators from the Food and Drug Administration were at the Framingham company Tuesday, company spokesman Andrew Paven said.
SUNNYVALE, Calif.-- Intuitive Surgical Inc. said Tuesday its net income jumped 50 percent in the third quarter on greater sales of its robotic surgery systems. The company said economic conditions in Europe and changes in prostate cancer treatment reduced da Vinci system use.
NEW YORK-- Pfizer Inc. said Tuesday a clinical trial showed its anti-smoking treatment Chantix was safe and effective in patients with depression. EU regulators and the U.S. Food and Drug Administration both approved Chantix in 2006. Sales approached $900 million in 2007 but have slipped because of concerns about the drug's side effects.
SWITCHING TRACKS: CSX Corp. says its third-quarter profit and revenue both declined 2 percent because the railroad hauled fewer carloads and the mix of goods it carried changed. COAL CRUNCH: CSX hauled 16 percent less coal overall during the quarter as demand for coal from domestic utilities remained weak.
First Solar Inc. and PT. First Solar said that Indonesia has an increasingly urgent need for reliable, cost-effective energy resources and the company believes the market has great potential to make solar power part of that mix. Shares of First Solar jumped $1.84, or more than 8 percent, to close at $24.09.
GREENWICH, Conn.-- United Rentals Inc. said Tuesday that its third-quarter profit rose 12.3 percent as revenue surged amid demand for its industrial and commercial rental equipment. Greenwich, Conn.- based United Rentals, with more than 800 locations in the U.S. and Canada, calls itself the largest equipment rental company in the world.
LOS CABOS, Mexico-- Hurricane Paul was weakening rapidly and was "barely a hurricane" as it raced toward landfall Tuesday on a sparsely populated stretch of Mexico's southern Baja peninsula.
HOUSTON-- Offshore energy services contractor Helix Energy Solutions Group Inc. said Tuesday that it will sell three pipeline installation vessels and related equipment in two separate transactions valued at $252.8 million.
NEW YORK-- Sonic Corp. said Tuesday that its net income rose 18 percent in its fiscal fourth quarter despite a slight drop in revenue, partly because of lower sales at company drive-in restaurants. The Oklahoma City company's results beat Wall Street expectations and its shares rose nearly 3 percent in after-hours trading.
NEW YORK-- Annaly Capital Management Inc. on Tuesday said its board authorized the real estate investment trust to buy back as much as $1.5 billion worth of its outstanding common stock over a 12- month period. Shares of Annaly rose 15 cents, or about 1 percent, to close at $15.72.
SUNNYVALE, Calif.-- Network security provider Fortinet Inc. said Tuesday that its third-quarter net income fell 4 percent as expenses grew. The company said net income for the quarter that ended Sept. 30 was $17.2 million, or 10 cents per share. Fortinet shares rose 5 cents to close at $24.80 before the results were released.
Moody's Investors Service has confirmed Spain's government bond rating and assigned a negative outlook.
In between its founding and its near-death, the company now called Citigroup has played a central role in U.S. financial history. On Tuesday, Corbat was named Citi's new CEO after the abrupt departure of Vikram Pandit, who had led the company through the financial crisis and its aftermath.
ABC, NBC and the CW all debuted new dramas last Wednesday to varied receptions. It finished a strong second behind CBS' long-running "CSI: Crime Scene Investigation" at the 10 p.m. ET slot. Despite that showing, long-slumping NBC can boast about its best showing for an early TV season in a decade.
Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director. The move shocked Wall Street, and Citigroup offered no explanation.