Schering-Plough’s 1st-quarter profit surges on lower costs, offsetting decline in salesNEW YORK — Schering-Plough Corp., in the process of being acquired by competitor Merck & Co., said Tuesday drug sales fell in the first quarter but profit tripled because of cost cutting and a charge in last year’s quarter related to an acquisition. Coca-Cola 1st-qtr profit drops 10 percent on charges, write-downs and strong dollarMILWAUKEE — Consumers overseas bought more Coca-Cola products in the first quarter than a year earlier, but the company’s first-quarter profit fell 10 percent because of one-time costs and the dollar’s strength abroad, Coca-Cola Co. said Tuesday. Banks pull Street from slump after Geithner says ‘vast majority’ of banks have enough capitalNEW YORK — Treasury Secretary Timothy Geithner convinced Wall Street to give banks another chance Tuesday. Parent of discount carrier AirTran Airways could post small adjusted 1Q profitATLANTA — AirTran Holdings Inc., parent of discount carrier AirTran Airways, reports first-quarter results on Wednesday. The following is a summary of key developments and analyst opinion related to the period. New York Times Co.’s 1Q loss of $74.5M, worse than expected as ad revenue plunges 27 percentThe New York Times Co. fell into a deeper financial hole during the first quarter as the newspaper publisher’s advertising revenue plunged 27 percent in an industrywide slump that is reshaping the print media. Its shares dived after the results were released Tuesday. LG Electronics reports quarterly loss of $147 million on FX and LG Display lossesSEOUL, South Korea — LG Electronics Inc., a major manufacturer of mobile phones and flat screen televisions, stayed in the red for a second straight quarter, knocked by foreign exchange losses and a poor result from its flat panel affiliate LG Display. Chinese dairy company launches first line of products since tainted milk scandalBEIJING — The Chinese dairy that bought the company at the heart of a tainted milk scandal that sickened hundreds of thousands of children has launched a new line of milk powder products, state media reported Tuesday. China Mobile 1Q profit up 5.2 percent but growth slows amid financial crisis, competitionBEIJING — China Mobile Ltd., the world’s biggest phone company by subscribers, said Monday its first quarter profit rose 5.2 percent but growth slowed due to China’s economic slowdown and stronger competition. GM executives say car maker plans continued expansion in China, despite US financial woesSHANGHAI — Dealing with the crisis at General Motors Corp. kept new CEO Fritz Henderson from traveling to Shanghai’s auto show, but executives say the company intends to continue growing in China regardless of how its financial mess is resolved. China Telecom 1Q profit down 27.4 percent as demand for fixed-line service dropsBEIJING — China Telecom Ltd. said Monday its first quarter profit plunged 27.4 percent as demand for traditional fixed-line telephone services weakened. Most Asian markets inch higher as investors await earnings; China shares gain on Wen commentsHONG KONG — Asian stocks edged higher Monday as the Chinese premier’s positive assessment of the world’s third-largest economy helped soothe nerves ahead of key earnings reports from leading U.S. companies. European markets opened lower. Oil falls below $50 in Asia investors brace for poor US company earningsSINGAPORE — Oil prices fell below $50 a barrel Monday in Asia as investors braced for a slew of U.S. corporate earnings reports this week that could temper optimism about global economic recovery. |
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