PepsiCo Inc.’s third-quarter net income rose 12 percent on strong sales gains in drinks and Frito-Lay snacks abroad, but shares fell after the company lowered the top end of its guidance because of investments to expand its presence overseas. Shares fell $2.01, or 3 percent, to $65.10 in heavy volume Thursday.
Fed hawks still skeptical about more easing
Two senior Federal Reserve officials raised concerns about further monetary easing on Thursday but only one — one of the Fed’s most consistent policy hawks — expressed firm opposition to a move.
Kansas City Federal Reserve Bank President Thomas Hoenig, who has dissented against the U.S. central bank’s extremely easy money policies at every meeting policy-setting meeting this year, was blunt in stating distaste for further Fed help. Get the full story »
Gold, metals give away some gains
Gold and metals prices sank Thursday, as investors worried that Japan’s central bank might soon take action to weaken the yen. Get the full story »
Alcoa third-quarter profit dips, but stock rises
Alcoa Inc., the largest U.S. aluminum producer, on Thursday reported a lower third-quarter profit, but said global markets were strengthening and its shares rose 3 percent. Get the full story »
Stan Lee, NHL develop new style superhero
Pow! Wap! Goal!
The National Hockey League is teaming up with Stan Lee, the co-creator of Spider-Man, Iron Man, X-Men and other iconic comic book heroes, to create a series of superheroes representing each of the 30 league cities and incorporating hockey elements as a way to market the sport. Get the full story »
Madigan sues Enbridge over Romeoville oil spill
The Illinois attorney general sued Enbridge Inc.’s U.S. affiliate Enbridge Energy Partners Thursday, as the state seeks to have the company pay the costs to clean up an oil pipeline spill last month.
Atty. Gen. Lisa Madigan and James Glasgow, the state’s attorney for Will County, filed an eight-count complaint against the company. Get the full story »
Amazon to compete with Google on Android apps
Amazon.com Inc. plans to open a software-applications store for smartphones running Google Inc.’s Android operating system, putting it in head-to-head competition with Google’s own digital-app store.
According to an Amazon document for developers viewed by The Wall Street Journal, Amazon would take a 30 percent cut of sales, with the developers keeping the rest. The document includes a stipulation that the apps can’t be offered at a lower price elsewhere. Get the full story »
Consumer credit declines again in August
U.S. consumer credit outstanding declined for the seventh straight month in August as credit card debt continued to fall.
The Federal Reserve said Thursday that total outstanding credit, which covers everything from car loans to credit cards, fell by $3.34 billion after dropping $4.09 billion in July. Get the full story »
Pfizer recalls musty-smelling Lipitor
Pfizer Inc. said it recalled 191,000 bottles of its top-selling Lipitor cholesterol fighter after reports of a musty odor coming from some bottles of the medicine made by a third-party supplier.
The world’s largest drugmaker said the recall, which took place in mid-August, involved seven lots of 40-milligram Lipitor, as well as three other lots of the medicine supplied to a Canadian generic drugmaker. Five of the seven recalled lots of the branded medicine were in the U.S., with two from Canada, Pfizer said. Get the full story »
White House presses China on yuan
China needs to take steps on foreign exchange reform and the Obama administration is monitoring Beijing’s progress on this issue, White House spokesman Robert Gibbs said Thursday.
“You have heard the secretary of treasury and the president and others in the administration discuss the need for China to take steps as it relates to its currency,” he told reporters. Get the full story »
Actor Hagman awarded $11.5M from Citi
Larry Hagman, the actor who played the villainous J.R. Ewing in 1980s TV show “Dallas,” became a victim of fraud and misconduct at the hands of Citigroup Inc., a FINRA arbitration panel ruled this week.
The total award includes $10 million in punitive damages that Citi must pay to charities selected by Hagman, $1.1 million in compensatory damages and nearly $440,000 in legal fees. Get the full story »
Tax-table delay to show up in take-home pay
From the Wall Street Journal | Congress’ delay in voting on 2011 income taxes could wind up taking a bigger bite out of worker’s paychecks if the Treasury doesn’t have enough time to figure out the tax-withholding tables.
Fed orders HSBC to shape up risk management
The Federal Reserve said Thursday that it issued an order against HSBC North American Holdings Inc. requiring the bank to improve company-wide risk management, including practices to prevent money laundering.
It said that within 30 days, the bank’s board must submit a plan for strengthening oversight of its compliance risk-management program. The plan must show how risk is being managed within and across business lines, legal entities and jurisdictions in which the bank operates. Get the full story »
