PepsiCo tweaks discount timing to keep consumers spending, sees price as key for long termMILWAUKEE — Bearing in mind that consumers will remain focused on low prices even when the recession ends, soft drink and snack maker PepsiCo Inc. said Thursday that it’s creating new products at lower prices and plans to continue offering discounts in its Frito-Lay and beverage businesses. Infosys, Biocon to build houses for flood-hit in KarnatakaBANGALORE - India’s IT bellwether Infosys Technologies Ltd and biotechnology major Biocon Ltd pledged to re-build around 6,000 houses at a cost of Rs.60 crore for the flood-affected people of north Karnataka, Chief Minister B.S. Yeddyurappa said Thursday. Weyerhaeuser declares regular quarterly dividend of 5 centsFEDERAL WAY, Wash. — Timber and wood products company Weyerhaeuser Co. on Thursday declared a regular quarterly dividend of 5 cents. Airlines Third-Quarter Earnings ForecastsHere are the consensus forecasts of analysts for third-quarter earnings or loss per share and revenue for the nation’s nine largest airline companies, according to Thomson Reuters as of Thursday morning. Figures from third quarter of 2008 are in parentheses. Major US carriers expected to post 3Q losses, as traffic picks up and bankruptcy fears ebbDALLAS — There isn’t much suspense around the upcoming third-quarter earnings reports from U.S. airlines — most big carriers likely finished in the red — but a recent uptick in travel may indicate a recovery is about to take off. AP Source: GM close to signing deal to sell Hummer brand to Chinese manufacturerDETROIT — General Motors Co. is poised to sign a deal to sell its Hummer brand to a Chinese heavy equipment manufacturer as early as Thursday afternoon, a person briefed on the deal said. Judge considers revoking bail for NY businessman accused of orchestrating $413M Ponzi schemeCENTRAL ISLIP, N.Y. — A federal judge is considering a request by prosecutors to revoke bail for a New York businessman accused of orchestrating a $413 million Ponzi scheme. Judge approves Sun-Times sale, unions expected to approve contract changesWILMINGTON, Del. — A Delaware bankruptcy judge on Thursday approved the sale of the Chicago Sun-Times and other newspapers owned by its parent company to a group led by Chicago businessman Jim Tyree. Chrysler dealers are learning customer service standards, but won’t see new model lineup yetDETROIT — Chrysler Group LLC dealers across the country are being schooled on the company’s customer service expectations this week but won’t get a glimpse of the company’s new model lineup. Cuomo seeks law to curb political influence in NY pension fund investment decisionsALBANY, N.Y. — Attorney General Andrew Cuomo proposed Thursday replacing the elected state comptroller as the sole trustee of New York’s $116 billion public employee pension fund, which serves 1 million members and pays out $7 billion a year. Shares of engineering services company Mistras Group rise on first day of tradingNEW YORK — Mistras Group Inc. stock rose Thursday, its first day of trading, after the engineering services company priced its initial public offering of shares at a price below its initial target. Carter’s shares rise after Sterne Agee upgrades, sees further gains in shares to comeNEW YORK — After rising nearly 38 percent so far this year, Carter’s Inc. shares may gain another 25 percent in the next 12 months, said a Sterne Agee analyst, upgrading the maker of infant and children’s clothes. Malaysian fishermen net large number of fish after quakeKUALA LUMPUR - The fishermen in northern Malaysia have netted an unusually large number of fish from the sea Thursday possibly due to the recent earthquake in Sumatra. Freddie Mac: Rates on 30-year fixed mortgages stay below 5 percent for 2nd-straight weekMcLEAN, Va. — Average rates for 30-year home loans stayed below 5 percent for the second-straight week, kick-starting refinancing activity, Freddie Mac said Thursday. Stocks climb after upbeat retail sales, better jobs data and surprising profit from AlcoaNEW YORK — Stocks resumed their climb as investors got upbeat readings on two of the best gauges of the economy’s health: consumer spending and corporate profits. Climactic Senate Finance committee vote set for Tuesday on 10-year, $829B health care billWASHINGTON — The Senate’s top Democrat on Thursday accused Republicans of a strategy of “distortion, distractions and deception” on health care as he announced a pivotal committee will vote next week on a comprehensive bill. Republicans said the legislation still costs too much and expands the reach of government. Oil above $70 despite massive petroleum surpluses as dollar gets weakerNEW YORK — Energy prices climbed higher Thursday despite massive petroleum surpluses as the dollar got weaker and equities markets rose. Analysts increase 2010 estimates, shares rise after Alcoa posts third-quarter profitHARTFORD, Conn. — Shares of Alcoa Inc. rose Thursday, a day after the aluminum maker surprised Wall Street with a third-quarter profit and an optimistic forecast for worldwide aluminum demand. Rep. Frank: Banks aren’t playing nice, Congress should move up enactment of credit card billWASHINGTON — Rep. Barney Frank, the tough-talking liberal ushering through a major rewrite of rules governing Wall Street, sounded a warning shot on Thursday to big banks: Start playing nice or Congress will make your life even more difficult. Agriculture futures gain on Chicago BOT; Livestock prices mixed on the Merc ExchangeCHICAGO — Agriculture futures rose Thursday on the Chicago Board of Trade. Dollar stays weak after ECB holds rates steady; in US, retailers, jobs data boosts marketsNEW YORK — The dollar remained lower versus the euro after the European Central Bank and Bank of England left interest rates unchanged Thursday. Draft paper on new tax regime by October-endNEW DELHI - The government is likely to release a draft paper on Goods and Service Tax (GST) by October-end to facilitate implementation of the new tax regime by April 1 next year. Steel Authority sales up 14 percentNEW DELHI - State-run Steel Authority of India Ltd (SAIL) Thursday said it registered sales of over 3 million tonnes in the second quarter this fiscal, a growth of 14 percent. European Central Bank, Bank of England leave key interest rates unchanged at record lowsFRANKFURT — The European Central Bank on Thursday left its key interest rate unchanged at a record low of 1 percent and indicated it wouldn’t raise it in the near future — even as bank president Jean-Claude Trichet said the worst of the recession has passed. Treaty will lead to more investment in India: US envoyNEW DELHI - The completion of the bilateral investment treaty by India and the US will lead to increased investment by American companies in infrastructure sectors, US Ambassador Timothy J. Roemer said here Thursday. Satluj Jal Vidyut declares Rs.320 crore as dividendSHIMLA - Hydropower major Satluj Jal Vidyut Nigam that owns and operates the 1,500-MW Nathpa-Jhakri project in Himachal Pradesh has declared a dividend of Rs.320 crore for 2008-09. Bharti Axa General resets its business focus on villagesCHENNAI - Private non-life insurer Bharti Axa General Insurance Company Ltd has decided to focus on personal lines of business, targeting people in rural and semi-urban areas, instead of its earlier plan of pitching for corporate business. LG Electronics launches premium range productsNEW DELHI - Consumer electronics major LG has launched new products in the premium category in the Indian market. Gov’t loan modification plan hits goal of helping 500,000 borrowers nearly 1 month earlyWASHINGTON — The Obama administration said Thursday that its mortgage relief effort has helped 500,000 homeowners, and officials maintain the program is on track despite its disappointing launch. Wholesale inventories drop for 12th straight month in Aug.; sales rise by most since June 2008WASHINGTON — Businesses reduced inventories at the wholesale level for a record 12th consecutive month in August, often evidence that companies are trimming orders to factories, which helped depress economic output during the recession. But in an encouraging sign, sales at the wholesale level jumped by the largest amount in 14 months. |
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