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US Business

New Car Prices Rising Along With Sales

Fri, 03 Feb 2012 12:19:34 EST

U.S. auto dealers are now selling vehicles at historically high prices in another sign the auto industry's recovery is moving into the fast lane.

Dr. Reddy's Profit Soars 88%

Fri, 03 Feb 2012 11:29:59 EST

Dr. Reddy's Laboratories reported a better-than-expected 88% rise in third quarter consolidated net profit, led primarily by exclusive sales of a generic schizophrenia drug in the U.S. and also the weak Indian rupee.

Tyson Foods Posts Lower Profit

Fri, 03 Feb 2012 13:03:10 EST

Tyson Foods reported a 48% drop in earnings on lower beef and chicken sales volume, though price increases helped boost revenue.

Toyota Expects Record Sales in 2012

Fri, 03 Feb 2012 07:55:25 EST

Toyota said it plans to sell 9.58 million vehicles globally, including those by its subsidiaries—a rise of 21% from last year.

Panasonic Forecasts $10 Billion Loss

Fri, 03 Feb 2012 08:10:55 EST

Panasonic revised its forecast loss for the current fiscal year to more than $10 billion, which would be the second-largest ever for a Japanese manufacturer.

Pemex Seeks to Add Conoco, Shell Subsidiaries to Suit

Fri, 03 Feb 2012 11:19:33 EST

Pemex has filed a motion to add ConocoPhillips and subsidiaries of Shell PLC to a 2010 suit that seeks damages against companies that had allegedly purchased natural-gas condensate that Pemex said was stolen from its operations in northern Mexico.

Restructuring Costs Weigh on Weyerhaeuser

Fri, 03 Feb 2012 11:28:37 EST

Weyerhaeuser's fourth-quarter earnings fell 62% as the company booked restructuring charges and write-downs, while the wood-products segment posted softer sales.

Tepco to Lift Corporate Electricity Rates

Fri, 03 Feb 2012 07:48:53 EST

The president of Tokyo Electric Power Co. indicated that the utility will go ahead with an electricity rate increase for corporate customers in April, emphasizing that the move is necessary to keep the company afloat.

FDA: No Ban on Orange-Juice Imports

Fri, 03 Feb 2012 20:57:42 EST

Orange-juice futures settled lower as traders discounted the prospects for a ban on juice imports into the U.S. It appears they weren't off the mark.

H-P to Put Proxy-Access Proposal to Vote

Fri, 03 Feb 2012 20:46:50 EST

Hewlett-Packard agreed to give its stockholders the chance to approve so-called proxy access through a bylaw vote at its 2013 annual meeting.

Wynn Plays Down Director's Suit

Fri, 03 Feb 2012 00:33:04 EST

Steve Wynn sought to play down a battle with a key shareholder as Wynn Resorts said profit surged in its fourth quarter.

Worn Pipes Shut California Reactors

Fri, 03 Feb 2012 21:48:07 EST

The two reactors at the San Onofre nuclear-power station will stay shut down this weekend while federal safety officials investigate why critical—and relatively new—equipment is showing signs of premature wear.

Caterpillar Closes Plant in Canada After Lockout

Fri, 03 Feb 2012 23:16:58 EST

Caterpillar said it will close a locomotive plant in London, Ontario, following a lockout, eliminating about 450 jobs that mostly paid twice the rate of a U.S. counterpart.

Cost Cuts Boost BT

Fri, 03 Feb 2012 11:31:13 EST

BT Group posted a 41% jump in third-quarter net profit, aided by further cost cutting, lower finance expenses and new contracts, and said it will reach some of its earnings targets a year earlier than expected.

Volvo Sees Profit Jump

Fri, 03 Feb 2012 06:36:10 EST

Swedish truck maker Volvo reported a forecast-beating net profit in the fourth quarter, but felt the sting from the euro-zone's debt woes as European truck orders plunged.

Injunction Interrupts Apple Sales in Germany

Fri, 03 Feb 2012 16:34:12 EST

Some Apple devices were unavailable for sale briefly on Friday in Germany, as part of a patent tussle with Motorola Mobility.

Dealer Group Expects New Vehicle Sales to Hit 13.9 Million

Sat, 04 Feb 2012 14:43:27 EST

U.S. automotive sales should hit 13.9 million new vehicles this year as low interest rates and a mild recession in Europe keep the American economy humming.

Aon's Profit Rises 20%

Fri, 03 Feb 2012 11:28:58 EST

Aon's fourth-quarter profit rose 20% as the insurance brokerage and consulting firm logged solid results in its human-resources business and benefited from restructuring.

Battle Develops for Indonesia Mines

Sun, 05 Feb 2012 13:07:38 EST

Bumi investors sought the removal of Co-Chairman Nat Rothschild, with an eye toward reducing debt and expanding Indonesian coal-mining operations.

Nikon Sinks to Loss on Thai Floods

Fri, 03 Feb 2012 02:04:11 EST

Nikon said it slipped into a net loss in the October-December quarter, as it absorbed the impact of floods on its operations in Thailand.

Micron CEO Dies in Crash

Fri, 03 Feb 2012 20:18:03 EST

Steven R. Appleton, chairman and chief executive of Micron Technology died Friday when the high-performance airplane he was piloting crashed at Boise, Idaho's airport.

Web Streaming Is Viacom's Boon and Bane

Thu, 02 Feb 2012 18:42:35 EST

Web streaming is boosting Viacom's profit—but it may be undercutting it as well.

Airline Teams Endure Hiccups

Sun, 05 Feb 2012 13:09:21 EST

India's Kingfisher Airlines shelved plans to join Oneworld, the second loss to the global marketing alliance in a week. The move capped a tough period for the alliances that have come to dominate the industry.

Upbeat Beam Sees Glass as Half-Full

Fri, 03 Feb 2012 20:36:54 EST

Spirits maker Beam, which posted better-than-expected earnings, expects established brands and new flavors to help it outperform the broader category's growth this year.

Walgreen Same-Store Sales Decline

Fri, 03 Feb 2012 14:22:33 EST

Walgreen's same-store sales slid 4.6% in January as the drugstore chain's prescriptions sales were battered by the loss of major customer Express Scripts.

MTN Probes Bribery Claims

Fri, 03 Feb 2012 20:39:37 EST

Shares of South African mobile-phone operator MTN fell after the company said it is investigating claims by Turkey's largest mobile-phone operator that it engaged in corruption to secure a deal in Iran.

Xiwang Special Steel Plans IPO

Sat, 04 Feb 2012 06:43:29 EST

China's Xiwang Special Steel plans to raise up to $217 million in a Hong Kong initial public offering, a person familiar with the situation said Saturday.

Clorox Posts Strong Sales for Quarter

Fri, 03 Feb 2012 14:38:29 EST

Clorox said fiscal second-quarter sales rose more than expected with help from higher prices, overcoming concerns that tepid demand in North America would crimp sales for household staples.

Man Sentenced in Marriott Hacking

Fri, 03 Feb 2012 14:57:19 EST

A Hungarian man was sentenced to two and a half years in prison Friday for hacking into Marriott International's computer system and threatening to reveal confidential business information if the company didn't give him a job.

Brunello Cucinelli Files for IPO in Milan

Fri, 03 Feb 2012 18:23:10 EST

Brunello Cucinelli, the Italian founder of the premium cashmere clothing line of the same name, said he had filed a request with regulators to list a third of his company's stock in Milan.