NEW DELHI, Feb 28- India will introduce gold deposit accounts to utilize the 20,000 tonnes available within the country and launch a sovereign bond as an alternative to buying the metal, moves that are likely to cut imports into the biggest gold consumer. India ships in 800-1,000 tonnes of gold a year despite massive stocks in the country that is neither traded...» Read More
Johnson& Johnson's third-quarter profit fell 7 percent as litigation and acquisition costs and factory upgrade expenses related to its consumer product recalls offset higher medicine and medical device sales.
NEW YORK-- In picking Michael Corbat to take over as CEO of Citigroup, the board of directors chose a low-profile veteran of the bank _ a sharp contrast to Vikram Pandit, his suddenly departed predecessor. Corbat, 52, has spent his entire career at Citigroup and its affiliated businesses.
There are lots of ways fungus could have gotten inside the Massachusetts compounding pharmacy whose steroid medication has been linked to a lethal outbreak of a rare fungal form of meningitis. Company spokesman Andrew Paven said by email that criminal investigators from the Food and Drug Administration were at the pharmacy in Framingham, Mass., on Tuesday.
LONG BEACH, Calif.-- HCP Inc. is buying 133 senior housing communities for $1.73 billion from a joint venture between Emeritus Corp. and an affiliate of The Blackstone Group L.P.. Emeritus is also buying nine remaining properties from the joint venture for $62 million, which includes $10 million in cash and a $52 million four-year loan from HCP.
Realogy priced 40 million shares at $27 apiece, and the stock soared more than 25 percent in its trading debut on Thursday. Realogy on Tuesday announced the IPO's closing, and said that the $1.2 billion raised was net of underwriters' discounts and commissions, as well as estimated offering expenses.
OMAHA, Neb.-- CSX Corp. reported a 2 percent dip in its third-quarter profit and revenue Tuesday because the railroad delivered fewer carloads of coal and crops, and fuel surcharge revenue declined. The Jacksonville, Fla.- based railroad made $455 million, or 44 cents per share. That's down from $464 million, or 43 cents per share in the same period a year ago.
2011 net income _ $11.1 billion. Citigroup revenue breakdown in 2011:. Citi Holdings, which manages various Citi assets _ $12.9 billion.
NEW YORK-- The new CEO of Citigroup says the departure of Vikram Pandit doesn't mean a change of direction for the bank. Corbat says: "Today's changes do not reflect any desire to alter the strategic direction of Citi, which we believe to be the right one." The chairman of Citi's board, Michael O'Neill, says the decision was Pandit's and there is not "another shoe to drop."
NEW YORK-- Experts say there are many ways funguses could have gotten inside the Massachusetts pharmacy at the center of the nation's deadly outbreak of fungal meningitis.
TALLAHASSEE, Fla.-- Florida Attorney General Pam Bondi is refusing to back down in her feud with the GOP- controlled Legislature when it comes to $300 million intended to help homeowners. She did not ask for spending approval over the state's share of a national $25 billion settlement with five of the nation's largest mortgage lenders.
LOS ANGELES-- News Corp. managed to avoid rowdy protests at its annual shareholders meeting, but that didn't stop stockholders from voicing complaints about the grip founder and CEO Rupert Murdoch and his family have on the company.
HARRISBURG, Pa.-- The ratings agency Standard& Poor's has revised Penn State University's outlook to negative from stable, citing litigation against the school over the Jerry Sandusky child molestation scandal, but affirmed its long-term bond rating.
WASHINGTON-- More than 56 million Americans on Social Security will get raises averaging $19 a month come January, one of the smallest hikes since automatic adjustments for inflation were adopted in 1975, the government announced Tuesday.
Former American Airlines baggage handler Victor Bourne was found guilty last year of charges he used his behind-the-scenes access at New York City's busiest airport to orchestrate the smuggling of more than 330 pounds of cocaine from 2000 to 2009.. District Judge Nicholas Garaufis said at the sentencing in federal court in Brooklyn.
The stock market is closing with its biggest gain in a month following strong earnings from Mattel, Johnson& Johnson and other big companies. Mattel jumped 5 percent after reporting that brisk sales of American Girl dolls and Fisher-Price toys sent the company's profit well above analysts' forecasts.
SAO PAULO-- The Inter American Press Association says violence and authoritarian governments are the main problems independent press outlets face in Latin America. It says that in the past six months 13 journalists have been murdered in Mexico, Honduras, Brazil, and Ecuador "for the simple fact that they were doing their work."
DALLAS-- Federal health officials say a Dallas- based meat distributor is recalling about 8,200 pounds of beef and pork products because they weren't inspected and were improperly labeled.
LOS CABOS, Mexico-- Hurricane Paul weakened to a Category 1 storm as it raced toward landfall Tuesday on a sparsely populated stretch of Mexico's southern Baja peninsula.
PRINCE GEORGE, Va.-- An advanced manufacturing research center in Virginia's Prince George County is getting a new partner. Officials say Hermle Machine Company has joined the Commonwealth Center for Advanced Manufacturing as an industry member.
PROFIT POPS: The Coca-Cola Co. says its profit rose 4 percent in the third quarter, although revenue came in shy of Wall Street expectations. FOREX FALLS FLAT: The company's revenue rose 1 percent for the period as it was hit by unfavorable currency exchange rates.