IRAN OIL MINISTER SAYS OPEC UNLIKELY TO CHANGE PRODUCTION CEILING- MEHR NEWS AGENCY.» Read More
The price of oil rose above $92 a barrel Thursday as growing tensions between Turkey and Syria caused worries about the future of Middle East crude supplies. By early afternoon in Europe, benchmark oil for November delivery was up 90 cents to $92.15 a barrel in electronic trading on the New York Mercantile Exchange.
The U.S. government said China has subsidized companies that are flooding the U.S. with low-cost panels. Both U.S. and China- based solar companies gained in afternoon trading. However, another big gainer was Canadian Solar Inc., which has operations in both the U.S. and China. Its shares rose 15 cents, or 5.7 percent, to $2.78.
Dean Foods Co. shares fell Thursday after a UBS analyst downgraded his rating on the company's shares, expressing concern about rising dairy prices. THE BIG PICTURE: Dean Foods is one of the nation's largest dairy processors and milk distributors.
ELLISVILLE, Miss.-- GE Aviation will begin taking applications Nov. 5 for its new Ellisville, Miss., composites factory. The unit of General Electric Co. made the announcement Thursday as Gov. General Electric says it's investing $56 million in the Ellisville plant to meet growing aerospace demand.
MARTINSVILLE, Va.-- Titanium production is under way at RTI International Metals Inc.' s new $135 million plant in Martinsville, Va.. Pittsburgh- based RTI says the plant produced its first certified commercial aerospace titanium product on Thursday.
NEW YORK-- The Financial Industry Regulatory Authority has fined financial services firm Guggenheim Securities LLC $800,000 for failing to supervise two former traders who tried to hide a 2008 trading loss. Guggenheim Securities, Rekeda and Day neither admitted nor denied the charges but consented to FINRA's findings.
The New York attorney general sued JPMorgan Chase over the risky mortgage-backed securities once peddled by Bear Stearns, which JPMorgan now owns. Bank of America and Citi denied wrongdoing but said they were agreeing to settle because they wanted to move on. JPMorgan and Wells Fargo have said they will contest their pending charges.
ZAGREB, Croatia-- Sweden has offered eight Saab Gripen fighters to Croatia to replace its aging fleet of Soviet-made MiG-21 combat aircraft, Croatia's defense ministry said Thursday. NATO- member Croatia has six MiG-21s in its air force.
NEW YORK-- Billionaire investor Carl Icahn is making an unsolicited bid for truck maker Oshkosh Corp. that values the company at almost $3 billion. He says management has taken a passive attitude toward the Wisconsin- based company's future and wants it to be more active. Its shares gained $3.40, or 12.7 percent, to $30.25 in midday trading.
NEW YORK-- Oscar winner Octavia Spencer is looking to make some magic in the book world. The actress best known for "The Help" has a deal with Simon& Schuster Books for Young Readers for a pair of detective novels for middle school students.
SIOUX FALLS, S.D.-- The federal Agriculture Department has slightly lowered its corn production forecast for South Dakota. Officials forecast the crop at just under 503 million bushels, down 1 percent from September and down 23 percent from last year.
NEW YORK-- Higher One's stock declined more than 7 percent Thursday as Piper Jaffray cut its rating and price target for the college payment services company, saying its 2012 and 2013 forecasts are at risk due to challenging enrollment trends.
TOLEDO, Ohio-- The grandson of an Ohio man who founded a hot dog eatery made famous on the TV series "M-A-S-H" was acquitted Thursday of scheming with a company controller to steal nearly $250,000 from the restaurant that sells its hot dog sauce and pickles in food stores nationwide.
Velvet Ice Cream said Thursday that some of the peanut products bought from Sunland Inc. for use in the ice cream flavors could be contaminated. The recalled Velvet products are sold mainly at convenience stores, ice cream parlors and small, independent retailers in Ohio, Indiana, Kentucky, Tennessee, Virginia and West Virginia.
BEIJING-- China's government has criticized steep U.S. tariffs imposed on Chinese-made solar panels as an improper trade barrier and warned they will hurt development of clean energy. The Commerce Ministry on Thursday called on Washington to repeal the tariffs.
NEW YORK-- The McGraw-Hill Companies Inc. said Thursday that its Platts division is buying Swiss analytics firm Kingsman SA for an undisclosed price. Founded in 1990 and based in Lausanne, Switzerland, Kingsman employs analysts, researchers and report writers in several markets, including London, Montreal, New Delhi and Sao Paulo.
NEW YORK-- Safeway Inc. is betting that its investment in a new customer loyalty program will eventually pay off, as the supermarket operator looks to fend off big-box retailers and other competitors that are expanding their grocery aisles.
It was the second-consecutive monthly decline in filings, although there remains a sharp divergence along state lines, according to a report Thursday by foreclosure listing firm RealtyTrac Inc..
NEW YORK-- A banking analyst at Stifel Nicolaus is wondering whether the rally in bank stocks has gone too far. Anthony Davis, who leads the financial institutions team at Stifel Nicolaus, points to a number of factors that could weaken the bank-stock rally in a research note out Thursday.
The parent company of Tully's Coffee has filed for Chapter 11 bankruptcy protection and will close nine stores this Sunday. The Seattle- based coffee chain has long struggled under the shadow of Starbucks Corp.. Tully's opened its first store in 1992. It has shops in Arizona, California, Colorado, Idaho, Montana, Oregon and Washington.