SINGAPORE, May 25- Oil futures rose on Wednesday after U.S. industry data suggested a larger-than-expected drawdown in crude inventories last week, although a stronger U.S. dollar curbed gains. U.S. crude futures had climbed 56 cents to $49.18 a barrel as of 0042 GMT after ending the previous session up 54 cents. Brent futures rose 50 cents to $49.11 a barrel, having... » Read More
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.
LISLE, Ill.-- Electronic components and cables maker Molex Inc. said Tuesday that its net income sank 11 percent in its fiscal first quarter because of the weak global economy. Analysts expected Molex to report income of 40 cents per share and $920 million in revenue, according to FactSet.
CLEVELAND-- Manufacturing parts and services provider Applied Industrial Technologies Inc. said on Tuesday that its fiscal first-quarter net income rose almost 12 percent as revenue grew and some expenses fell.
NEW YORK-- In a story Oct. 17 about small business owners who are government contractors, The Associated Press reported erroneously that Amber Peebles, co-owner of a construction company, was wounded during Operation Desert Storm in 1991. Peebles, a Marine at the time, was injured in a service-related accident in the U.S. on May 13, 1991.
PROVIDENCE, R.I.-- An auction of items from former Red Sox pitcher Curt Schilling's failed video game company has begun, with early bidders snatching up swords, lamps and even a wheelchair left behind when 38 Studios collapsed. Rhode Island lured 38 Studios from Massachusetts with a $75 million loan guarantee.
David Strickland, head of the National Highway Traffic Safety Administration, told an automotive gathering that automated vehicles are the next "evolutionary step" in safety technology. He said his agency has held extensive discussions with automakers and Google about what needs to happen before automated cars can be safely introduced to consumers.