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Philip Morris Int'l 1Q profit drops 12 percent

April 23, 2009 3:40 am | by The Associated Press | News | Comments

RICHMOND, Va. (AP) — Philip Morris International Inc., which makes Marlboro and other cigarettes for sale overseas, said Thursday that the strong dollar battered its first-quarter profit, which fell 12 percent.The company, with offices in New York and Lausanne, Switzerland, said it earned $1.48...

Hershey 1Q earnings jump 20 percent

April 23, 2009 3:29 am | by The Associated Press | News | Comments

HARRISBURG, Pa. (AP) — Hershey, the nation's second-largest candymaker, reported a 20 percent surge in first quarter profit because of a longer Easter sales season and a recent price increase.The results beat Wall Street expectations.The Hershey Co. said Thursday it earned $75.9 million, or 33...

Raytheon, L-3 Communications 1Q earnings rise

April 23, 2009 3:24 am | by The Associated Press | News | Comments

WASHINGTON (AP) — Raytheon Co.'s quarterly profit rose 14 percent on stronger sales of missiles, radars and defense electronics, spurring the nation's fifth-largest defense contractor to raise its 2009 earnings forecast.The bigger profit is further evidence that business remains relatively brisk...

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Court rules James Hardie misled asbestos victims

April 23, 2009 3:19 am | by TANALEE SMITH - Associated Press Writer - Associated Press | News | Comments

SYDNEY (AP) — Ten former officials of building materials giant James Hardie Industries NV misled asbestos victims into believing the company had set aside enough funds for compensation, an Australian civil court ruled Thursday.Justice Ian Gzell of the New South Wales state Supreme Court said the...

PNC Financial 1Q profit jumps 22 percent

April 23, 2009 3:19 am | by The Associated Press | News | Comments

NEW YORK (AP) — PNC Financial Services Group Inc. on Thursday reported a surprising 22 percent jump in first-quarter profit, boosted by its purchase of National City Corp. and lower funding costs.Shares jumped 7.7 percent in premarket trading, adding $2.92 to $40.98.The Pittsburgh-based bank said...

EU approves new rating agencies rules

April 23, 2009 3:14 am | by The Associated Press | News | Comments

STRASBOURG, France (AP) — The European Union on Thursday approved new rules creating European oversight for credit rating agencies that have taken some of the blame for the financial crisis by rating bad debt as good.The European Parliament voted 569-47 in favor, overcoming the last major stumbling...

Marriott books 1Q loss but tops analyst forecasts

April 23, 2009 3:04 am | by The Associated Press | News | Comments

NEW YORK (AP) — With demand for its hotel rooms and timeshare resorts still deeply depressed, Marriott International Inc. reported a first-quarter loss Thursday, but aggressive cost-cutting boosted its results above Wall Street's expectations.Marriott's shares jumped $2.41, or 12.3 percent, to...

German governor confirms Fiat interest in Opel

April 23, 2009 2:59 am | by The Associated Press | News | Comments

FRANKFURT (AP) — Italian car company Fiat SpA and Canadian car parts maker Magna International Inc. are both interested in a stake of German carmaker Opel, a unit of General Motors Corp., a German official said Thursday.Roland Koch, the governor of the German state of Hesse, said potential...

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Fiat reports $410 million first quarter loss

April 23, 2009 2:54 am | by The Associated Press | News | Comments

MILAN, Italy (AP) — Fiat Group SPA, which is in the final stretch of talks to take a possible minority stake in the U.S. automaker Chrysler, says it made a first-quarter loss of €410 million ($530.83 million) as sales of autos plummeted due to the global economic crisis.The result reported Thursday...

Fiat CEO affirms no cash in Chrysler deal

April 23, 2009 2:48 am | by The Associated Press | News | Comments

MILAN (AP) — Fiat Group CEO Sergio Marchionne on Thursday affirmed the Italian automaker's "unwavering commitment" to its proposed alliance with Chrysler, but was categorical Fiat won't put in cash at this stage.Marchionne told an analyst conference call after the company announced a first quarter...

RadioShack 1Q profit climbs as sales increase

April 23, 2009 2:23 am | by The Associated Press | News | Comments

CHICAGO (AP) — Consumer electronics chain RadioShack Corp. said Thursday that customers buying converter boxes to prepare for the switch to all-digital television signals boosted its first-quarter sales and profit.The Fort Worth, Texas-based company earned $43.1 million, or 34 cents a share, for...

EBay wins approval for South Korean acquisition

April 23, 2009 1:43 am | by The Associated Press | News | Comments

SEOUL, South Korea (AP) — Ebay Inc. has won regulatory approval to acquire online marketplace Gmarket, South Korea's antitrust watchdog said Thursday.The Korea Fair Trade Commission's approval included various conditions for a period of three years such as keeping increases in registration and...

Novartis posts 14 percent drop in Q1 profit

April 23, 2009 1:37 am | by ALEXANDER G. HIGGINS - Associated Press Writer - Associated Press | News | Comments

GENEVA (AP) — Pharmaceuticals maker Novartis AG reported Thursday a 14 percent decline in first-quarter net profit in part due to shifts in currency values as well as the cost of financing its takeover of the Alcon eye care company.Novartis said the profit of $1.98 billion compared with $2.3...

Australia approves Chinese bid for Oz Minerals

April 23, 2009 1:22 am | by The Associated Press | News | Comments

CANBERRA, Australia (AP) — China's Minmetals won Australian government approval Thursday to buy most of miner Oz Minerals' operations in a deal that excludes a mine in a sensitive military area.Minmetals promised to use mostly Australian managers and to expand production at some sites as conditions...

EU court backs Dior on resale dispute

April 23, 2009 1:02 am | by The Associated Press | News | Comments

LUXEMBOURG (AP) — The European Union's highest court ruled Thursday that Dior luxury fashion company can bar the resale of its goods by discount stores.The Court of Justice said Dior can prevent a licensee from passing on goods to discount stores if it "damages the allure and prestigious image...

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