Currency: October 2014

Friday, October 31, 2014

Marion Energy's U.S. Unit Files for Chapter 11

The U.S. unit of Australian oil and gas company Marion Energy Ltd. on Friday filed for Chapter 11 bankruptcy protection.

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Branson's Spaceship Crashes, Killing One

A rocket ship that was supposed to take the first space tourists next year—starting with billionaire entrepreneur Richard Branson—exploded during a test flight, killing one pilot.

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Nucor in Talks With Cliffs Over Stake In Canada Mine

Nucor Corp. is in talks to invest in Cliffs Natural Resources Inc.’s Bloom Lake iron ore mine in Canada.

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Nissan Recall Adds to Takata Woes

U.S. car-safety regulators disclosed a new air bag recall for a problem unrelated to an earlier recall affecting 7.8 million older vehicles, raising questions about the breadth of the problem of air bags that can explode with too much force.

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Ford's Next F-150 Sees Strong Interest

Ford Motor said it is encouraged by data it has collected on the initial interest in the updated version of its F-150 pickup truck, which carries costly fuel-economy improvements.

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Nissan Recalling Infiniti Vehicles

Nissan Motor is recalling a small batch of Infiniti luxury vehicles over concerns air bags that could rupture and send metal fragments through the cabin, according to the National Highway Traffic Safety Administration.

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Pirate Bay Co-Founder Sentenced to 3½ Years in Jail

Gottfrid Svartholm Warg has been found guilty alongside a 21-year old Danish accomplice of hacking into systems operated by the Danish arm of Computer Sciences Corp.

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Nursing Homes in $1.65 Billion Deal

Omega Healthcare agreed to buy Aviv REIT in an all-stock deal valued at $1.65 billion, further consolidating the fragmented skilled-nursing facility sector.

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Ferrari to Pay $3.5 Million Fine

Fiat Chrysler’s Ferrari sports-car subsidiary has agreed to pay a $3.5 million civil fine for failing to report three fatalities and make other required safety defect reports to U.S. regulators.

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Freeport Workers Call Off Planned Strike

Workers at the Indonesian unit of Freeport-MacMoRan called off a planned month-long strike in the company’s mine in the eastern province after talks with the company’s management.

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Dollar General Extends Family Dollar Offer

Dollar General said it is extending its $80-a-share tender offer to buy Family Dollar Stores by two months, as the offer remained well undersubscribed.

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Clorox Sales Edge Up 1%

Clorox said its sales edged up 1% in the latest quarter, driven by gains in the household segment and overall higher volume.

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Chevron's Profit Rises

Chevron said its third-quarter profit increased 13% on asset sales and strength in the refining, marketing and chemical segment, despite lower revenue and production.

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Exxon Posts Strong Results

Exxon said its third-quarter earnings edged up 2.5% as higher refining margins and improvements at its refining and marketing segment helped offset lower production.

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AbbVie Boosts Earnings Guidance

AbbVie boosted its earnings guidance for the year and posted higher sales in the company’s first earnings report since its megamerger with Shire fell apart.

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Madison Square Garden Revenue Rises 12%

Madison Square Garden Co. said its revenue increased 12% in the latest quarter, benefiting from strength at its entertainment and sports segments and a gain from the sale of the Fuse network.

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Panasonic Looks for Acquisitions, Tie-Ups

Following several years of heavy losses and restructuring that cost thousands of jobs, the electronics giant now says it is ready to spend more on growth through acquisitions and alliances.

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Altice About to Make Firm Offer for PT Portugal

Telecom company Altice SA is set to make a firm offer to buy PT Portugal from its Brazilian owner, according to people familiar with the matter.

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Apple Pay Moves World Closer to Mobile Payment Acceptance

ApplePay’s recent launch in the U.S. is the latest indication that paying for things with our phones will become more normal, but for most, “normal” remains some way away.

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Newell Rubbermaid Seeks to Sell Units to Focus Portfolio

Newell Rubbermaid said that it will pursue the sale of its Endicia online postage and Calphalon retail outlet stores and kitchen electrics businesses to create a more focused portfolio.

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NTT DoCoMo to Combine Broadband, Mobile Services

Japan’s largest mobile network operator will start selling high-speed broadband and mobile services in a single, discounted package as it responds to fierce competition and a sharp earnings decline.

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Hilton Worldwide: Profit Falls, Outlook Rises

Hilton Worldwide said its third-quarter profit edged down on higher expenses, but the hotel operator raised its outlook for the year on strong revenue and occupancy rates.

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Japan Pension Fund Cuts Debt Holdings

With most pension funds investing a large proportion of their assets in debt, Japan’s government pension fund has turned the other way and slashed its debt holdings and moved further into local and foreign stocks in a bold move into riskier allocations.

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Pimco Pulled Futures-Clearing Business From State Street

Pacific Investment Management Co. in the past month pulled all its futures-clearing business from a unit of State Street Corp. after State Street asked Pimco to reduce some positions.

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Has Samsung Lost Its Grip to China?

The sharp drop in Samsung’s mobile-phone business raises the question: Will Chinese companies soon rule the smartphone market?

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Sanofi Fires CEO as Tensions Boil Over

The French drug maker dismissed Christopher Viehbacher because of his uncommunicative management style, the chairman said.

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The New Science of Food Additives

Americans’ growing appetite for food with bold and exotic tastes is bumping up against another trend—demand for more-natural food—complicating the industry’s R&D efforts and potentially raising costs.

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Japan's SoftBank Takes Hard Look at America Movil Assets

Kellogg Sales Continue to Decline

Kellogg Co. said its sales fell 2.1% in the latest quarter on declines at the cereal maker’s morning foods and snack businesses.

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Sony Posts Hefty Loss

Sony reports a $1.2 billion loss for the quarter after writing down the book value of its struggling smartphone business.

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HTC Sees Brighter Fourth-Quarter

HTC Corp. on Friday predicted sales would at least stay flat in the fourth quarter after three years of decline.

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WPP Sales Lifted by Media Buying

WPP stuck to its full-year sales and profit margin goal even as the advertising giant warned that companies remain cautious with their advertising spending amid concerns over heightened geopolitical tensions.

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AB InBev Hit by Russia, Ukraine

Anheuser-Busch InBev reported that weakness in Russia and Ukraine weighed on sales volumes in the third quarter, even as cost cuts and strong sales elsewhere boosted profit.

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British Airways' Parent Lifts Guidance

British Airways parent, International Consolidated Airlines Group, raised its full-year earnings guidance as a turnaround at its Spanish unit Iberia spurred a 30% rise in operating profit in the third quarter.

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AB InBev Sales Fall

Anheuser-Busch InBev reported that weakness in the U.S., Russia and Ukraine weighed on sales volumes in the third quarter, even as cost cuts and strong sales elsewhere boosted profit.

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Thursday, October 30, 2014

Wal-Mart Weighs Matching Web Prices

Wal-Mart is testing a program to match online prices from rivals like Amazon this holiday season, a move that could make the discounter more competitive but cut into profits.

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TransCanada Files for Energy East Pipeline

TransCanada filed a formal application with Canada’s main energy regulator for a C$12 billion pipeline that would ship landlocked western Canadian crude to refineries on the country’s east coast and offshore.

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Apple CEO Cook Is 'Proud to Be Gay'

Apple’s Tim Cook said he is “proud to be gay,” a declaration that puts an openly gay man at the helm of the world’s most valuable company.

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Former Android Leader Leaving Google

Andy Rubin, co-founder and former leader of Google Inc.’s Android mobile business and the current head of its nascent robotics effort, is leaving the Internet company, the company said Thursday.

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U.S. Sanctions Bite Putin's 'Personal Banker'

The Western effort to freeze Kremlin-connected assets has cost what the U.S. Treasury describes as Russian President Putin’s favored bank nearly $21 million, according to a new U.S. corporate disclosure.

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Activist Paints Bleak Picture of DuPont's Paint-Unit Sale

Trian Fund Management is slamming DuPont over the sale of its paint division as buyer Carlyle prepares an IPO.

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Judge Rules Against Financiers Who Sued Paramount Pictures

Paramount Pictures has prevailed in a lawsuit brought against it by a group of unhappy financiers who made a deal with the studio 10 years ago.

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Danone to Buy Stake in Chinese Milk Powder Maker

Danone has agreed to acquire a 25% stake in Chinese milk powder maker Yashili International Holdings Ltd. for $566 million to bolster its presence in China.

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Macau Slump Divides Investors

With Macau set to record its fifth straight month of gambling revenue declines and the stocks suffering a terrible year, investors and analysts are rethinking their views, with some even pointing to Las Vegas as a new profit driver.

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How Autonomy's Mike Lynch Reinvented Himself

H-P has accused Mike Lynch of fraud in connection with its $11 billion purchase of his former company, Autonomy. But in England, Mr. Lynch has reinvented himself, forming a venture-capital firm with $1 billion to spend.

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Judge Clears CSN Houston's Restructuring Plan

A bankruptcy judge on Thursday approved a restructuring plan that will hand control of ComcastSportsNet Houston, a regional sports network, to DirecTV and AT&T Inc.

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Orbital's Rocket Update Points to Propulsion Failure

Two days after the unsuccessful launch of an unmanned Orbital Sciences Corp. rocket that was to carry supplies to the international space station, the company indicated the main-engine system stopped providing thrust about 15 seconds after liftoff

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Bombardier Shelves Plans for Russian Assembly Line

Bombardier’s chief executive said it has set aside plans to open a new assembly line in Russia to build commuter aircraft, amid economic tension between the West and Moscow over Russian military actions in Ukraine.

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Lawyers: RBC Should Pay More in Rural/Metro Case

Plaintiffs' lawyers who successfully sued RBC Capital Markets LLC over a buyout deal are making an unusual fee request and are pointing to alleged lies by bankers in court as support.

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Trade Group Cautious on NLRB's Franchise Approach

The recent decision by a NLRB’ lawyer McDonald’s Corp. could be treated as a “joint employer” of workers at McDonald’s franchisees involved in labor complaints has spurred more complaints, according to the franchising industry’s main trade group.

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Japan's SoftBank Taking a Hard Look at America Movil Assets

SoftBank Corp., the Japanese telecom and technology giant, is taking a hard look at wireless assets that have been put up for sale by America Movil.

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Pilgrim's Pride CEO Predicts Chicken Industry Boom to Continue

The top executive of Pilgrim’s Pride Corp. said Thursday that boom times for the U.S. chicken industry are set to continue next year, as domestic consumers and foreign importers continue to favor poultry over other meats.

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Nintendo Introducing Device to Improve Sleep

With its console game business facing growing challenges, Nintendo said it was adding a new business line, health care, starting with a service next year that tracks users’ sleeping patterns.

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Goldcorp Swings to Loss

Goldcorp Inc. posted a loss in the third quarter, with results dragged lower by a reduction in the value of low-grade gold stockpiles at a Mexican mine.

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New York Times Loss Narrows

New York Times Co. said its third-quarter loss narrowed as the newspaper publisher continued to contend with stagnant print advertising revenue and rising operating costs.

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MGM Resorts Posts Narrower Loss

MGM Resorts International posted weaker-than-expected bottom-line results for the third quarter, hurt by lower revenue at its China operations.

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Kellogg Sales Continue to Decline

KelloggCo. said its sales fell 2.1% in the latest quarter on declines at the cereal maker’s morning foods and snack businesses.

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Avon Swings to Profit

Avon ProductsInc. swung to a profit in the third quarter, with revenue increasing 1% in constant dollars.

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Apple Looks to Sell iPhone in Iran

Apple is in preliminary contact with Iranian distributors about possibly selling the iPhone in the country. Iran has 77 million people, but the market is fraught with obstacles.

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Wal-Mart Weighs Matching Online Prices During Holidays

Wal-Mart is testing a program to match online prices from rivals like Amazon.com this holiday season, a move that could make the discounter more competitive but cut into profits.

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WWE Drops Multimonth Committment for Video Subscription

World Wrestling Entertainment is removing a six-month commitment requirement from its WWE Network video service, a move it hopes will boost subscriptions.

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Bombardier Profit Falls

Bombardier said on Thursday its overall third-quarter profit fell, hurt by one-time items, but results were better than analysts had expected and revenue improved.

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Teva Earnings Jump 23%

Teva Pharmaceutical’s third-quarter earnings rose a better-than-expected 23%, driven by a jump in profitability in its generic medicine segment.

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Former Ting Hsin Executives Indicted

Several former executives of Ting Hsin International and its suppliers were indicted in Taiwan, for allegedly selling cooking oil tainted with animal feed.

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TransCanada Files for Energy East Pipeline

TransCanada Corp. filed a formal application with Canada’s main energy regulator for a C$12 billion pipeline that would ship landlocked western Canadian crude to refineries on the country’s east coast.

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Thomson Reuters Profit Falls 12%

Thomson Reuters Corp. said its third-quarter profit fell 12% as currency fluctuations and an income tax expense masked a slight uptick in revenue.

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Fujifilm Pledges Ebola Drug To Patients

Fujifilm Holdings will prioritize providing its drug Avigan for those suffering from the Ebola disease, but it is difficult to say how that will affect profitability.

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MasterCard Profit Rises 15% on Higher Payment Volumes

MasterCard Inc. said its profit jumped 15% in the most recent period as the credit-card company posted higher revenue and payment volumes.

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BT Strikes Netflix Deal as Profit Falls

BT Group PLC said it struck a partnership deal with Netflix to add the U.S. entertainment streaming platform to its growing television service, even as the British telecom incumbent posted lower quarterly profit and revenue.

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ConocoPhillips's Earnings Rise

ConocoPhillips said its third-quarter earnings grew 9% on increased oil and gas production, despite a drop in selling prices.

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Mars Inc.: Chocolate Minus Wall Street

A peek inside Mars Inc.’s Topeka factory offers insight into how the secretive, closely held rival to Hershey tries to manage its agglomeration of businesses.

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SodaStream to Close West Bank Factory

SodaStream said it would close a factory in the Israeli-occupied West Bank by mid-2015 as part of a major retrenchment in the wake of disappointing third-quarter results.

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IBM and Twitter Forge Data Partnership

IBM and Twitter announced a far-reaching alliance to apply data from the microblogging service to solve business problems.

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Time Warner Cable Profit Drops

Time Warner Cable Inc., still awaiting regulatory approval for its deal to be bought by larger peer Comcast Corp., said its third-quarter profit fell 6%, missing expectations, as the company lost subscribers.

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Vale Swings to Surprise Loss

Brazilian mining giant Vale surprised investors by coughing up a net loss in the third quarter due a sharp depreciation in the local currency and the lowest iron-ore prices since 2010.

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Cigna Results Exceed Expectations

CignaCorp. again raised its guidance as fee and premium revenue grew along with its customer base.

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Lenovo Completes Motorola Acquisition

Lenovo Group said Thursday it has completed its $2.91 billion acquisition of Motorola Mobility, as the world’s largest personal-computer maker continues its expansion in the global smartphone market.

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Toshiba, Fujitsu, NEC Squeeze Out Profit Gains

Three of Japan’s biggest electronics companies report modest earnings gains for the first half of the financial year, helped by the yen’s weakness and restructuring.

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Chinese Auto Maker SAIC Sees Profit Grow 5%

SAIC, China’s largest auto maker by sales, said its third-quarter net profit rose 5% on solid sales gains at its joint ventures with Volkswagen and GM.

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RadioShack Brings on GM Bailout Veteran to Aid Turnaround

RadioShack said Wednesday it had hired Harry Wilson as chief revitalization officer to advise the company’s board and managers as they work to bring shoppers back into its stores and repair its balance sheet.

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Alcatel-Lucent Narrows Losses

Network-equipment company Alcatel-Lucent narrowed its loss in the third quarter and reduced the amount of cash it burns after managing to wrestle down costs.

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Volkswagen Profit Rises

Volkswagen reported a sharply higher profit and steady sales growth in the three months to the end of September, reaffirming that Europe’s biggest automotive group is on track reach its target of 10 million vehicles sales this year—four years earlier than expected.

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Sony Replaces Mobile Division Head

Sony named Senior Vice President Hiroki Totoki as the new head of its mobile division, the electronics giant’s latest move to prop up its struggling smartphone business.

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Fiat Chrysler Plans Ferrari IPO

Fiat Chrysler plans to spin off its Ferrari sports car business to shareholders in an initial public offering as Chief Executive Sergio Marchionne seeks to unlock the value of the sports-car brand.

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GE Mulls Stake Sale of Korea Finance Ventures

General Electric is in early-stage talks to sell its stakes likely worth more than $1 billion in its South Korean auto-financing and credit-card businesses.

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Novo Nordisk Reports Rise in Profit

Denmark’s Novo Nordisk, the world’s largest maker of insulin, said that it expects high single-digit sales growth and around 10% operating profit growth in 2015, as it reported a rise in third-quarter net profit.

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Eni Profit Drops

Italian oil and gas company Eni said that net profit fell 57% in the third quarter and that low oil prices will remain a concern through the rest of the year.

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Shell Posts Rise in Profit

Royal Dutch Shell reported a rise in third-quarter earnings, with increases in both upstream and downstream, despite falling oil prices.

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Lufthansa Lowers 2015 Outlook

Lufthansa said it wouldn’t meet its already reduced earnings targets for next year because of a weaker global economic outlook, but confirmed its 2014 forecast.

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Bayer Raises Earnings Forecast

German pharmaceutical giant Bayer raised its full-year earnings forecast as it reported a 13% rise in third-quarter net profit, boosted by strong growth in its health-care and crop-science divisions.

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Wednesday, October 29, 2014

Computer Spies Target GE, Siemens Systems

Computer spies targeted control systems made by General Electric and Siemens for water and energy companies since at least 2011, the Department of Homeland Security said Wednesday.

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Downtown Manhattan Lures Creative Firms

Lower Manhattan appears to be New York City’s next tech and creative hub, with data showing the number of employees in the coveted fields increased 71% in the past five years.

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Software Sales, Yen Boost Nintendo

Nintendo said a weak yen and robust sales of popular game titles boosted profit and put it on track to an earnings turnaround this year—a scenario that many industry-watchers said is too optimistic.

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EU Projects Impact of Sanctions on Russia

The European Union estimates its sanctions on Russia will only have a modest impact on the bloc’s economy this year and next but will slice 1.1 percentage points off Russia’s growth rate next year.

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Orbital Weighs Speeding Design Changes

Orbital said it is considering several options—including accelerating design changes to its Antares rocket—to resume transporting NASA cargo to the international space station next year.

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Energy Boom Can Stand Steeper Oil-Price Fall

Oil prices would need to fall at least another $20 a barrel to choke off the U.S. energy boom, industry experts say, though some smaller American producers would face serious problems from a more modest decline.

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Samsung Electronics Third-Quarter Profit Falls

Samsung Electronics posted a sharply lower third-quarter net profit as its mobile business continued to lose ground to low-cost Chinese smartphone makers.

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Grand Canyon Education May Convert to Nonprofit Entity

Grand Canyon Education Inc. said the for-profit education provider will consider converting to a nonprofit entity.

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Hershey Margins Hurt by Higher Costs

Hershey warned that earnings will be lower than expected this year, as the candy maker’s sales in certain U.S. stores and international markets are sluggish and ingredient costs are rising.

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Sanofi Fires CEO, Citing Lack of Trust

The French drug maker dismissed Christopher Viehbacher because of his uncommunicative management style, the chairman said.

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SodaStream to Close West Bank Factory

SodaStream said it would close a factory in the Israeli-occupied West Bank following calls for consumers to boycott the leading seller of home-carbonation machines.

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Private-Equity Firms Prepare Bids for PetSmart

The auction of PetSmart Inc. has drawn the interest of a number of private-equity heavyweights, in what would be the biggest leveraged buyout of the year, said people familiar with the matter.

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IBM and Twitter Forge Data Partnership

International Business Machines Corp. and Twitter Inc. announced a far-reaching alliance to apply data from the microblogging service to solve business problems.

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TomTom Sees Navigation Device Market Stabilizing

Dutch navigation-technology company TomTom NV said the market for stand-alone navigation devices is stabilizing, after struggling with falling demand and prices for its products.

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Facebook to Ramp Up Spending

Facebook chief Mark Zuckerberg vowed to continue spending abundantly on new technologies in the coming years, explaining away a quarterly profit that took a hit from megadeals such as WhatsApp.

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Tesco Hit by Fraud Investigation

The U.K.’s Serious Fraud Office has opened a criminal investigation into accounting practices at Tesco, the latest twist in a scandal that has rocked the supermarket giant.

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RadioShack Brings on GM Bailout Veteran to Aid Turnaround

Canada Issues New Rail-Safety Requirements

Canada moved to further bolster the safety of the country’s rail system, stepping up its oversight of oil shipments and issuing an emergency directive on the use of train hand brakes.

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BYD Profit Falls 26% on Increased Competition

Chinese car and battery maker BYD Co. expects its 2014 full-year net profit to fall by up to 22% after reporting a 26% drop in third-quarter profit as increased competition in the market for conventional cars continues to pressure vehicle sales and earnings.

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American Realty Reports Overstated Funds

American Realty Capital Properties said that its chief financial officer and chief accounting officer have resigned and said that financial statements going back to 2013 cannot be relied upon.

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Fiat to Spin Off Ferrari

Fiat Chrysler Automobiles said its board has decided to spin off Ferrari and will float 10% of the luxury car brand.

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Ralph Lauren Lowers Sales View

Ralph Lauren Corp. gave a disappointing sales outlook for the current quarter while also lowering its view for the year, citing unfavorable foreign currency movements. The company’s earnings declined 2%, while revenue increased 4%.

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Phillips 66 Profit Soars

Phillips 66 said its third-quarter earnings more than doubled as its refining business swung to a profit on stronger margins and its chemical segment’s profit continued to grow.

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Google's Newest Search: Cancer Cells

Google’s X research lab is working on magnetic nanoparticles that would seek out and attach themselves to cells, proteins or other molecules, monitoring for signs of cancer and other diseases.

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Ford Recalls Some Older-Model SUVs

Ford Motor issued a regional recall for about 205,000 model-year 2007-2008 Ford Edge and Lincoln MKX sport-utility vehicles in North America for possible corrosion where the fuel tank is mounted to the vehicle.

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Goodyear Reports Lower 3Q Results, Beats Analyst Expectations

Goodyear Tire & Rubber Co. reported lower third-quarter financial results as taxes and foreign currency exchanges trimmed profitability but beat analyst expectations and generated a profit in Latin America despite economic turmoil in that region.

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Apple Pay: Easy to Use, but Hard to Find

Review: Apple Pay beats PayPal and Google, but the best hope for ending wallet bloat needs to reach more stores and restaurants, writes Geoffrey A. Fowler.

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Hess Results Improve On Higher Production, Asset Sales

Hess Corp. posted stronger-than-expected results in its third quarter on higher production and asset sales, though the exploration-and-production company said it was hit by lower crude oil prices.

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Southern Co. Posts 6.4% Revenue Increase

Southern Co. reported a revenue increase of 6.4% in the third quarter, helped by economic recovery in the Southeast, though earnings continue to take a hit from the company’s Kemper County plant project.

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Waste Management Earnings Fall on Restructuring

Waste Management said its third-quarter earnings fell 7% as the trash hauler and recycler works to cut its corporate overhead costs amid tepid pricing.

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ECB Says Banks Ease Loan Standards

Eurozone banks eased loan standards to the private sector in the third quarter, potentially signaling their increased willingness to offer funds to credit-starved firms and households.

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Hyatt Revenue Rises 7.6%

Hyatt Hotels Corp. said its revenue rose 7.6% in the latest quarter, as the hotel operator’s occupancy rates increased.

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IAC/InterActive's Profit Surges

IAC/InterActive said its profit surged in the most recent quarter, while its revenue was bolstered by stronger results from its online dating and e-commerce businesses.

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McGraw Hill Posts $60 Million Charge Related to SEC Matter

McGraw Hill Financial Inc. said it was taking a $60 million accounting adjustment related to ongoing, “active discussions” it is having with federal and state regulators over six commercial real estate deals the firm graded in 2011.

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Hershey Sales Rise 5.8% on U.S. Demand

Hershey said its sales climbed 5.8% in the latest quarter, driven by higher volume and growth in the U.S. Domestic sales rose 4.2% on Halloween seasonal growth, while its international sales soared 18%.

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Garmin Revenue Increases 9.7%

Garmin said revenue in the third quarter increased 9.7%, led by strength at its fitness segment.

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Booz Allen Earnings, Revenue Fall On Slow Government Spending

Booz Allen Hamilton Holding Corp. said its profit fell about 4% as the consulting company continues to struggle with tepid spending from federal government clients.

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Carlyle Sees Profit Climb

Carlyle Group L.P. said its third-quarter profit rose compared with a year ago, though each of its business lines were chilled by markets pulling back from their prime conditions earlier this year.

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Hitachi Profit Rises

Strong sales of trains in the U.K. and elevators and escalators in China lifted earnings at Hitachi Ltd., and the Japanese industrial conglomerate Wednesday upgraded its full-year financial outlook.

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Thales, NATS Win U.K. Military Contract

The British defense ministry signed a $2.42 billion contract with a team of France’s Thales SA and air-traffic management company NATS to modernize and run airspace operations for the military.

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Sanofi Fires CEO

French drug maker Sanofi dismissed Chief Executive Christopher Viehbacher less than 24 hours after the German-Canadian executive played down speculation over his departure.

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American Air Unifies Frequent-Flier Rules to Reflect Merger

American Airlines Group disclosed changes in its frequent-flier program to incorporate customers from US Airways after last year’s merger, one of the biggest steps in integrating the biggest U.S. carrier.

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Air France Profit Hurt by Strike

Air France-KLM’s third-quarter operating profit fell 61% after a 14-day pilots strike cost the airline about €416 million euros in lost sales in the period.

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Total Hurt by Weak Oil Price

Total said the recent slide in oil prices damped its third quarter earnings and could hurt its results for the rest of the year.

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Nintendo Profit Better Than Expected

Nintendo recorded a better-than-expected net profit in the first half of the business year, powered by the weak yen and strong sales of profitable, self-developed game titles.

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SoundCloud Needs to Prove Itself for Partnership With Universal

Universal Music Group Chairman Lucian Grainge said he wants to see more evidence of a sustainable business model before partnering with digital-music startup SoundCloud.

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Statoil Posts Loss After Charges

Norwegian oil major Statoil swung to a third-quarter net loss, mainly because of impairments at a Canadian oil sands project, trading activities and exploration assets.

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BG to Delay Canada LNG Terminal

British oil and gas producer BG Group is pushing back its timeline into the next decade for a proposed liquefied natural-gas export terminal on the Pacific coast, according to the head of the company’s Canadian unit.

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Tuesday, October 28, 2014

More Cities Raise Tobacco Age to 21

A grass roots movement to raise the legal age for buying cigarettes and other tobacco products to 21 years from 18 is gaining traction, shaping up as the next serious challenge to the $100 billion U.S. tobacco industry.

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Ericsson Aims to Wire Developing World

The Swedish networking giant wants to capitalize on the rise of cheap, low-margin smartphones by building mobile networks to serve the billions of people who will buy new phones in the developing world over the next five years.

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Chrysler's Quality Chief Leaves

Fiat Chrysler Automobiles’ quality chief left after the auto maker’s brands landed at the bottom of the heap of in this year’s Consumer Reports new-car reliability study.

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Apple's Surprise Star: the Mac

Apple logged its biggest sales gains with a product heading into middle-age: the Mac. That helped the computer line leapfrog the iPad to become Apple’s second biggest-selling product behind the iPhone.

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U.S. Earnings Reassure Investors but Growth Lags

America’s companies have a message for markets: Don’t panic yet. Though growth remains weak, the largest U.S. companies as a group are reporting better earnings for the third quarter, thanks in part to discreet pockets of strength across the world.

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Cook: More Than 1 Million Cards Activated on Apple Pay in 72 Hours

Apple Inc. Chief Executive Tim Cook said more than one million credit cards were activated on the company’s new Apple Pay service within 72 hours of its debut last week.

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YouTube Mulls Ad-Free Offerings

Google’s YouTube is considering offering paid, advertisement-free subscriptions as it seeks to generate more revenue and profit from the world’s largest online video website.

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Unmanned Rocket Explodes at Liftoff

A private, unmanned rocket carrying cargo to the international space station exploded six seconds after takeoff in eastern Virginia.

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St. Croix Moves to Reopen Oil Refinery

The U.S. Virgin Islands is moving to reopen a big St. Croix oil refinery that closed two years ago and likely would process U.S. crude.

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Planned TransCanada Pipeline Would Allow Gulf Access, CEO Says

A planned TransCanada oil pipeline designed to ship crude across Canada could also be used to access the Gulf Coast, according to the company’s chief executive.

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Discovery Channel's New Chief Is Rich Ross

Discovery Communications tapped veteran executive Rich Ross as the president of Discovery Channel, as the media company tries to strengthen its flagship network.

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New Furor Erupts Over Air Bag Recalls

The largest U.S. auto retailer halted nationwide sales of used cars containing potentially dangerous air bags and urged federal regulators to get control of an “incoherent” response to the industry’s latest safety crisis.

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Chrysler's Quality Chief Leaves

Fiat Chrysler Automobiles said its head of quality in the U.S. left the company after the auto maker’s brands landed yet again at the bottom of the heap of Consumer Reports influential reliability study.

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Apple's Surprise Star: the Mac

Tesla Unveils New Lease Plan

Electric car maker Tesla Motors offered a pair of incentives on its Model S sedan, promising to lower its lease price by 25% and give buyers 90 days to return a vehicle if they are unhappy with it.

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U.K. Nears Lockheed Martin Jet Deal

The U.K. defense ministry said it would soon sign a contract for the first operational Lockheed Martin F-35 Joint Strike Fighter combat jets.

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Pfizer Sales Drop Less Than Expected

Pfizer said its revenue edged lower in the third quarter, hurt by generic competition for several key drugs, while its profit was buoyed by fewer restructuring charges.

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Europe's Airlines Miss Full Benefit of Lower Fuel Costs

Many European airlines are seeing little benefit from the sharp fall in jet-fuel prices since early September, because hedging contracts have them locked in to paying higher prices.

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Cook Happy With Apple Pay

YouTube Considers Paid Subscriptions

BP Third-Quarter Profit Falls

BP posted a big fall in third-quarter profit from a year earlier, giving the first indication of how big oil companies are weathering falling oil prices since June.

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KPN Hurt By German Write-Down

KPN’s net loss widened in the third quarter after it booked a write-down on its stake in German mobile operator Telefónica Deutschland.

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Sanofi's Profit Drops

French drug maker Sanofi reported a slight decline in third-quarter profit, dented by restructuring costs, but confirmed its earnings guidance for 2014.

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Novartis Boosted by Stake Sale

Novartis said a pretax gain from the sale of its stake in a U.S. drug company and continued productivity improvement pushed third-quarter earnings 44% higher.

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Honda Cuts Earnings View

Honda lowered its outlook for net income for the current fiscal year, saying a unit sales decline in China would contribute to the weakness.

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Monday, October 27, 2014

Muscular Dystrophy Drug Suffers Setback

Sarepta Therapeutics said it would be delayed at least six months in seeking approval for its muscular-dystrophy drug after the FDA demanded more information because of concerns over the clinical-trial data.

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Alibaba Eyes Apple Tie-Up For Payments

Alibaba Group, which recently raised $25 billion in the world’s biggest initial public offering, is interested in cooperating with Apple Inc. in financial payments, the Chinese company’s executive chairman said.

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Chiquita Agrees to Sale

Chiquita agreed to a buyout from a Brazilian orange-juice maker and investment firm for $742 million, after the banana company’s shareholders rejected a separate merger.

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Valeant Hints at Higher Allergan Bid

Valeant hinted at the prospect of a higher takeover offer for Botox maker Allergan, which raised its guidance for the year on Monday, as both companies angle for support ahead of key deadlines.

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Newest Workers for Lowe's: Robots

Lowe’s is introducing robotic shopping assistants at an Orchard Supply Hardware store in San Jose, Calif., in late November. Lowe’s says this is the first retail robot of its kind in the U.S.

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Icann, Regulators Clash Over Illegal Internet Drug Sales

FDA, Interpol and dozens of countries want the Internet’s central administrator to help shut down sites suspected of selling drugs without a prescription, but Icann’s powers are limited.

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Hacking Trail Leads to Russia, Experts Say

Computer-security experts say they found what they describe as a sophisticated cyberweapon on a network at a U.S. firm harboring military secrets, and that the spy tool was built during Moscow working hours.

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GM to Make Volt Component in Michigan

General Motors—trying to stir some buzz around the next generation Chevrolet Volt plug-in—said Tuesday it will move production of the vehicle’s electric drive unit to its home state of Michigan from Mexico.

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Arthur Levitt to Advise 2 Bitcoin Firms

Arthur Levitt, the longest-serving chairman of the Securities and Exchange Commission, is joining the advisory boards of two bitcoin-focused companies.

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T-Mobile Adds Subscribers, But Loss Deepens

T-Mobile US gained 1.4 million of the most lucrative wireless customers in the third quarter, but the cost of winning those gains hurt its margins.

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Canon Lifts Profit Outlook

Canon raises its profit outlook for the business year through December, despite the continuing fall in sales of digital cameras.

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Condé Nast President Steps Up

Since late July, when he took direct control of the ad sales group, Bob Sauerberg has sold Fairchild Fashion Media and replaced four publishers.

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Gas at $3 Carries Rewards---and Risks

Gasoline prices have dropped below $3 a gallon at most U.S. gas stations, delivering a welcome lift to American consumers and retailers. But the related oil-price drop has a thorny underside: It is threatening to slow the nation’s energy boom.

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Madison Square Garden to Explore Split

Madison Square Garden said it will explore a split that would separate its entertainment businesses from its media and sports operations, and said it is nominating Nelson Peltz and Scott Sperling to its board.

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Buybacks Can Juice Per-Share Profit

One in four companies in the S&P 500 is expected to have juiced its earnings per share by 4% or more in the most recent quarter by buying up its own stock. But critics say such deals can be self-serving for management.

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Equinix Inc., the Internet's Biggest Landlord

Data-center giant dominates crucial Web function, renting slices of its air-conditioned floors to virtually every company that operates online.

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Philadelphia City Council Opposes Sale of Gas Utility

Philadelphia’s City Council announced its opposition Monday to the proposed $1.86 billion sale of the city’s publicly owned gas utility—the oldest and largest in the U.S.—to a Connecticut company.

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Judge Cuts Damages Takeda, Lilly to Pay in Actos Case

A U.S. judge slashed the amount of damages that drug makers Takeda Pharmaceutical and Eli Lilly must pay in a product-liability case to $38.1 million from the more than $9 billion awarded by a jury.

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Advanced Micro Devices Recruits Dell Veteran Forrest Norrod

Advanced Micro Devices Inc. has recruited Forrest Norrod, a well-known veteran of Dell Inc., to lead one of the chip maker’s two main business groups.

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Israel's Matomy Buys MobFox

Israeli Internet advertising firm Matomy Media Group has agreed to buy Austrian mobile advertising specialist MobFox for $17.6 million.

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Paramount, Movie Investors in Mean Fight

Paramount Pictures is in court defending itself against accusations of fraud lodged by four investors who helped fund a slate of 25 movies, including “Mean Girls,” a decade or so ago.

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U.S. Fights Web-Management Critiques

U.S. officials are battling rising dissent from nations irked by how the Internet is managed.

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AutoZone Investigated in California for Waste Storage, Disposal

California authorities are looking into AutoZone Inc.’s hazardous waste storage and disposal, the auto parts store disclosed in a regulatory filing.

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Women Press FDA to Encourage Sexual Dysfunction Drugs

A series of women told an FDA workshop that they suffer from years of sexual dysfunction and that the agency should encourage companies to produce drugs to treat the condition.

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Cliffs Natural Resources Swings to Loss

Cliffs Natural Resources swung to a loss in the third quarter, dragged down by a $6 billion write-down related largely to its purchase of a Canadian iron ore mine as well as lower iron ore and metallurgical coal prices.

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Universal Health Services Revenue Up 11%

Universal Health Services said its third-quarter revenue rose 11% as the hospital operator continued to benefit from a rebound in admissions.

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Burger King Struggles to Get 'Field Coach' System Right

Burger King has about 145 “field coaches” assigned from headquarters to help the restaurants. Some franchisees praise the system, but others say its quality is uneven, with some coaches too young and inexperienced.

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Holiday Tweet: Help Wanted

Heading into the holiday shopping season, retailers are bombarding customers’ inboxes and Twitter feeds with help-wanted ads, as traditional hiring methods are failing to produce enough job candidates.

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Germany Bets on 'Smart Factories'

German industrial giants, which have long been at the cutting edge of production technology, are taking automation a step further by connecting all machines in their factories’ assembly lines to the Internet.

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Investors Await Clues to Outlook for U.S. Oil Refiners

What do falling oil prices mean for U.S. refining companies? Investors will be listening closely for clues when most of the companies that turn crude into gasoline report third-quarter earnings.

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Twitter Reports Weak User Growth, Outlook

Twitter’s third-quarter revenue more than doubled, and the company continued its streak of adding users, but the pace slowed and the messaging service issued lackluster revenue guidance.

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Higher Drug Sales Buoy Amgen Results

Amgen said its earnings, excluding restructuring charges, increased more than expected in the third quarter, driven by strong growth of key drugs such as cancer therapy Krypolis and osteoporosis treatment Prolia.

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Regal Entertainment to Consider Options Including Sale

Regal Entertainment said that it will consider strategic options, including a potential sale of the company.

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Recalls to Affect Auto Makers' Profit Sharing

Union workers at the nation’s two largest auto makers should be prepared to accept smaller profit-sharing checks for this year as steep recall expenses chew through the companies’ North American operating profits.

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Venezuela Asks For Revision of Exxon Arbitration Award

Venezuela has applied for a revision to the $1.6 billion award that an international arbitration panel earlier this month ordered it to pay Exxon Mobil for oil assets expropriated in 2007.

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BHP to Sell Fayetteville Shale Gas Assets

BHP Billiton has decided to cut its losses on a poorly timed and expensive U.S. shale gas investment by putting its assets in Fayetteville, Ark., up for sale.

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Deutsche Börse Names Carsten Kengeter as CEO Successor

Germany’s Deutsche Börse AG on Monday said Chief Executive Reto Francioni will retire May 31, and Carsten Kengeter will succeed him on June 1.

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Samsung's Primacy Is Tested in China

Samsung is cutting the prices of its handsets in China and is preparing to roll out a cheaper line of smartphones, in an attempt to fend off growing competition from the likes of Xiaomi, Coolpad and Lenovo.

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Apple's Second-Best Seller: Mac

Apple logged its biggest sales gains in the quarter with a product heading into middle-age: the Mac. A 21% jump in unit sales helped Apple’s computer line leapfrog the iPad to become the company’s second biggest-selling product, behind the iPhone.

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Regulators Investigate Chrysler for Delaying Repairs on Truck Recalls

U.S. auto-safety regulators say they are investigating Chrysler Group LLC for delaying repairs on two recalls affecting nearly one million Dodge Ram pickup trucks, after receiving a “large volume” of complaints from consumers that parts weren’t available.

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Tesla Unveils New Lease Plan

Kuwait Asks Chevron to Move Offices Out of Town in Neutral Zone

Kuwait has asked Chevron to move its offices out a town in the neutral zone the nation shares with Saudi Arabia, amid tension between the two countries over the concession granted to the U.S. oil major there.

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Hindustan Unilever Shares Slide Amid Sluggish Sales

Hindustan Unilever Ltd. shares tumbled Monday after India’s largest consumer goods maker said high inflation and slow economic expansion continue to cool consumption in Asia’s third-largest economy.

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Micron Unveils $1 Billion Buyback Program

Micron Technology said that its board had authorized as much as $1 billion in share buybacks. The news sent shares 3.1% higher in recent premarket trading.

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Europe's Airlines Miss Full Benefit of Lower Fuel Costs

France's Antitrust Watchdog Approves Numericable's SFR Acquisition

France’s antitrust watchdog Monday approved Numericable Group SA’s acquisition of SFR but imposed a number of conditions on the merger

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IATA Seeks Air Security Revamp

Current passenger security procedures need an overhaul as rapid global air-traffic growth threatens to overwhelm the capacity of screening checkpoints, IATA’s chief executive said.

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CSL to Buy Novartis Influenza-Vaccine Unit for $275 Million

Blood products and vaccine maker CSL Ltd. agreed to buy Novartis AG’s influenza-vaccine business for $275 million, as the Australia-based company continues its global expansion.

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New York Times, Axel Springer Invest in Blendle

New York Times and German publisher Axel Springer have agreed to invest €3 million ($3.8 million) in Blendle, a news startup from the Netherlands that describes itself as the “iTunes for journalism.”

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Morgan Stanley to Advise on Disputed Coal Port

Indian conglomerate Adani Enterprises said it has hired Morgan Stanley to advise it on the sale of a stake in a coal port in Australia that will help finance the port’s expansion, even as the U.S. bank has expressed concerns about the impact of the project on the Great Barrier Reef.

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Sarepta Therapeutics Sees Setback in Eteplirsen Drug Application

Sarepta Therapeutics Inc. said the U.S. Food and Drug Administration is requiring additional data for the new drug application for its Duchenne muscular dystrophy treatment eteplirsen.

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Pfizer Ends Pact to Develop Remoxy

Pfizer Inc. said it notified Pain Therapeutics that it is ending its agreement to develop and commercialize an investigational extended-release version of oxycodone.

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ITunes Sees Drop in Music Sales

Digital music sales at Apple iTunes store have fallen 13% to 14% world-wide since the start of the year, according to people familiar with the matter, underscoring the fragility of the music industry’s nascent recovery.

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Chiquita Agrees to Sale

Seagate Technology Revenue Up 9%

Seagate Technology PLC said revenue in its latest quarter increased 9% as the data-storage company saw better-than-anticipated market demand for its PC and cloud storage products.

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Generics Again Hurt Merck Sales

Merck tightened its outlook for the year as the effect of patent expirations again weighed on its sales for the most recent period.

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Valeant Hints at Higher Allergan Bid

Valeant hinted at the prospect of a higher takeover offer for Botox maker Allergan, which raised its guidance for the year on Monday, as both companies angle for shareholder support ahead of a key deadline.

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Chiquita Ends Banana Deal

Chiquita has terminated its deal with Irish food company Fyffes and said it instead plans to enter negotiations with Cutrale-Safra, the coalition between a Brazilian orange juice maker and an investment firm.

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Shire Raises Guidance After Record Sales Growth

Dublin-based drug maker Shire raised its earnings guidance after record sales growth, only a week after U.S. peer AbbVie pulled out of a $54 billion takeover.

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eDreams Partially Settles Price Dispute

Two of Europe’s leading airlines reached a partial agreement with travel company eDreams Odigeo over how the Spanish firm displays airfares after a dispute triggered a plunge in its stock price.

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Huntsman Posts Higher Earnings

Huntsman posted improved third-quarter earnings, boosted by strong demand for products such as environmentally-friendly textile dyes and aerospace composites.

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Canon Lifts Profit Outlook

Canon raises its profit outlook for the business year through December, despite the continuing fall in sales of digital cameras.

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Ford's Profit Falls 34%

Ford said third-quarter income fell 34% from a year ago to $835 million as lower truck production and higher warranty and recall costs hurt results in its core North American operations and losses in Europe widened.

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UPS Growth Fueled by Increase in Shipments in U.S. and Abroad

United Parcel Service Inc. reported robust third-quarter growth, fueled by an increase in package shipments both in the U.S. and abroad and the strongest increase in domestic business-to-business deliveries in several years, signaling a strengthening U.S. economy.

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Saab Seals $5.44 Billion Jet Deal

Swedish defense group Saab said it has concluded talks with Brazil’s government about development and production of 36 fighter jets for the Brazilian Air Force

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TNT Express Posts Loss

TNT Express fell to a third quarter net loss because of restructuring and legal costs and said trading conditions in Europe remain challenging.

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CGN Power Plans $3 Billion Hong Kong IPO

Three Chinese companies, including China’s biggest nuclear-energy company by installed capacity, are planning to raise around $10 billion before the end of this year.

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Sunday, October 26, 2014

Williams Raises Offer to Merge Master Limited Partnerships

Williams Cos. sweetened the terms of its deal to merge two master limited partnerships it controls—Williams Partners LP and Access Midstream Partners LP—to create one giant natural-gas pipeline system.

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Condé Nast President Steps Up

ECB Says Most of Europe's Banks Are Healthy

European regulators said that all but 13 of the continent’s leading banks have enough capital to weather a financial storm, an attempt to put to rest years of anxiety about the industry’s health.

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ABC Shows Early Strength in Fall Ratings Race

ABC’s viewership so far this season is up 7% from last year, helped by two new shows, the comedy ‘Black-ish’ and drama “How to Get Away With Murder,” putting it in second place in entertainment programming.

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Paramount, Movie Investors in Mean Fight

U.S. Fights Internet-Management Critiques

U.S. officials are battling rising dissent from nations irked by how the Internet is managed.

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Venezuela Cancels Plan to Sell Citgo

Venezuela has scrapped plans to sell U.S. refining unit Citgo, the country’s finance minister said in an interview published Sunday by a local newspaper.

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Tesco Chairman to Step Down

Tesco said Chairman Richard Broadbent would step down as it revealed the accounting practices that led to an overstatement of its profit had occurred in prior periods as well.

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Is Free Data the Next Free Shipping?

Services that offer users data or pay data costs for visiting websites, signing up for free trials or watching movie trailers from smartphones or tablets are gaining traction.

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'Cheap Chic' Gets Cheaper Yet

Primark, the U.K. fast-fashion chain that sells T-shirts for a couple of pounds and doesn’t believe in online retailing, wants to make it big in the U.S. Its big selling point to America will be price.

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Apple's Ex-Retail Chief Readies Service for Web Shoppers

Ron Johnson, who helped build Apple’s successful retail stores before a troubled stint as J.C. Penney CEO, is readying a well-funded startup that aims to help online shoppers find the right products.

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Burger King Struggles to Get 'Field Coach' System Right

Investors Await Clues to Outlook for U.S. Oil Refiners

H-P Seeks Local Buyer for Its Chinese Networking Business Amid Challenges

H-P’s effort to sell a majority stake in its networking business in China to a local buyer is the latest example of tension between the U.S. and China affecting the ability of tech firms from both countries to do business in each others’ markets.

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China CNR Bags Major U.S. Contract

A Chinese railcar maker said it won the local industry’s first major contract in the U.S., with an agreement to supply 284 subway cars for $556.6 million to the state of Massachusetts.

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Banks Push Law Firms on Cybersecurity

Big banks are demanding that their law firms do more to protect sensitive information to ensure that they don’t become back doors for hackers.

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Germany Bets on 'Smart Factories'

Retailers' Tweet: Help Wanted

China Takes on Executive Pay

China plans to slash compensation for top executives at the largest state-owned firms, a move that conflicts with Beijing’s goal of making the companies more market-driven.

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Friday, October 24, 2014

Toyota Confirms Sale of Part of Tesla Stake

Toyota said Friday it has sold some of its stake in Tesla Motors, days after German luxury car maker Daimler disclosed it had divested its Tesla shares for a sizable gain.

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Amazon Stumbles on Spending

Amazon’s soaring ambitions are coming at a steep cost, dragging the e-commerce giant to its largest quarterly loss in 14 years.

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Uncool Microsoft Is Hot Once Again as Sales Defy Expectations

Microsoft’s sales continue to defy expectations by growing at a much faster clip than those of its business-technology peers.

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América Móvil Sees Mobile Towers Spinoff in 2015

Mexican telecommunications company América Móvil expects to complete the spinoff of its mobile towers in Mexico by the beginning of the second quarter of 2015.

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Ford Shifts New Canada Engine Plans to Mexico

Ford Motor won’t invest in putting new, smaller engines in plants in Windsor, Ontario, and instead will put the investment in Mexico, according to the union that represents auto workers in Canada.

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Indonesia Plays Legal Hardball

Indonesian prosecutors are increasingly bringing criminal charges against employees of large companies for allegedly causing losses to the state, a development that is chilling the business community there.

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Trinity to Stop Shipments of Guardrail Systems

Trinity Industries said its Trinity Highway Products unit will stop shipments of its ET-Plus guardrail systems until more crash testing is completed.

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H-P Shops China Networking Unit

H-P is seeking a buyer for its corporate-networking business in China, in a deal that could return the operation to local control, according to people familiar with the situation.

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USPS Wins Approval to Continue Grocery-Delivery Test

The U.S. Postal Service this week won approval for a two-year grocery delivery test, giving letter carriers permission to continue to deliver totes containing food in the San Francisco area.

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FCC Delays Airwaves Auction

The Federal Communications Commission said it is delaying to 2016 a highly anticipated spectrum auction in which TV broadcasters will sell airwaves so they can be used for mobile broadband.

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Fallout Grows From Faulty Air Bags

The spotlight on defective air bags intensified, with one of Germany’s largest auto makers issuing a recall and Honda imposing pay cuts on executives.

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Pepsi to Test Drinks In SodaStream Machines

Pepsi confirmed that it will test some of its drinks in SodaStream International’s home-carbonation machines in the U.S.

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Apple and GT Reach Deal on Winding Down Sapphire-Materials Production

GT Advanced and Apple reached an agreement on winding down production of sapphire materials.

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Italian Court Clears Dolce And Gabbana Of Tax Charges

Italy’s highest court cleared fashion designers Domenico Dolce and Stefano Gabbana of tax evasion charges Friday.

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NHTSA to Brief House Panel on Takata Recall

The National Highway Traffic Safety Administration will brief the U.S. House Energy and Commerce Committee next week on the steps it is taking to oversee Takata Corp.’s air bag issue.

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Truck Maker Volvo Looks to North America for Growth

The company said third-quarter orders in North America had improved by 73% year-over-year.

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Music Sales at Apple iTunes Fall

Digital River Agrees to $831.5 Million Buyout

Digital River said it has agreed to be acquired by an investor group led by Siris Capital Group for $831.5 million in cash.

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LyondellBasell Earnings Rise 6.7%

LyondellBasell Industries said its third-quarter earnings rose 6.7%, led by a 40% increase in operating revenue from the olefins segment in the Americas.

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Activist Investor Takes Agrium Stake

Activist investor ValueAct Capital Management disclosed a 5.7% stake in Canadian fertilizer giant Agrium Inc., which last year beat back a challenge from Jana Partners.

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Chiquita Holders to Vote Friday on Fyffes Deal

Chiquita plans to continue with its scheduled shareholder meeting Friday to vote on its Fyffes deal, despite the recent raised offer from Cutrale-Safra.

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Shire Raises Guidance After Record Sales Growth

Dublin-based drug maker Shire revised its earnings guidance after record sales growth, only a week after U.S. peer AbbVie pulled out of a $54 billion takeover.

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Cabot Oil Earnings Rise 44%

Cabot Oil Gas Corp. said its third-quarter earnings grew 44% on the strength of higher production volume in key segments.

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Colgate-Palmolive Earnings Fall as Foreign Exchange Weighs

Colgate-Palmolive Co. said its third-quarter earnings fell 17%, warning that deteriorating foreign exchange rates are weighing on its results.

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Bristol-Myers Sales, Profit Beat Estimates

Bristol-Myers Squibb Co. reported a smaller-than-expected decline in third-quarter revenue, despite lost sales as the result of the pharmaceutical company’s exit of a diabetes alliance earlier this year.

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Lear Earnings Rise 24%

Lear Corp. said its third-quarter profit rose 24% as the automotive-seating and electric-systems company posted sales growth in most of its geographies, with particularly strong increases in China and North America.

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U.S. Auto Sales Fuel GM Earnings

General Motors reported a 14% drop in its third-quarter profit but beat analyst expectations as strength in North America offset weaker results in other regions of the world.

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Ford's Profit Falls

Ford said third-quarter net income fell to $835 million from $1.27 billion a year ago as lower production, and warranty and recall costs led to lower profits in North America, and losses in Europe hurt results.

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UPS Posts Strong Results

UPS said its revenue rose 5.7% in the latest quarter, helped by higher daily package volumes and strength overseas

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U.K. Growth Slows in Third Quarter

U.K. economic growth slowed in the third quarter, official data showed, in the latest sign the global recovery may be losing steam. The economy expanded 0.7% compared with the second quarter, or at an annualized rate of 2.8%.

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Statoil Pockets New Australian Exploration Permit

Norway’s Statoil has secured an exploration permit in the Northern Carnarvon Basin in the northwest part of Australia, its third asset in the country.

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Pension Firms Attack EU Plans

Europe’s pensions industry has accused its European Union regulator of over-reaching its authority by pursuing plans to develop what pension funds say amounts to a new and onerous capital regime.

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BASF Lowers 2015 Forecast

Germany’s BASF lowered its outlook for 2015 and reported a 4.8% decline in third-quarter profit, hurt by the slowing global economy and weaker demand in Europe.

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Qantas Showing Signs of Recovery

After reporting a record annual loss this year, Australia’s Qantas Airways turned a profit during its fiscal first quarter, its chief executive said.

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