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US Business

Micron Technology Appoints a New CEO

Sun, 05 Feb 2012 22:04:49 EST

Micron Technology announced Mark Durcan had been appointed chief executive replacing Steven Appleton, who was killed Friday when the small plane he was piloting crashed.

Stats on Corn Called Flaky

Sun, 05 Feb 2012 20:08:46 EST

Farmers and analysts are expressing fresh skepticism about Agriculture Department data on the corn market in the wake of the latest figures, which stunned traders and sent prices on another wild ride.

Used-Car Prices Climb

Sun, 05 Feb 2012 21:56:18 EST

The average prices of used cars are on track to rise 1.8% in 2012, with much of that increase expected in the second half of the year. It will mark the third-consecutive year that prices—already running at or near record highs—have risen.

Banks' Offices Shrink

Sun, 05 Feb 2012 21:26:06 EST

Wall Street firms have begun to quietly jettison office space in a sign that repercussions from the recent contraction in the financial-services industry will be felt in the city for several years.

Animator Looks to Break Through

Sun, 05 Feb 2012 22:28:12 EST

Disney and John Lasseter hope to boost the U.S. box-office punch of Studio Ghibli, the Japanese company behind 'Spirited Away' and other award-winning movies, with "The Secret World of Arrietty," based on "The Borrowers."

Adelson Cashes In on Turnaround at Sands

Sun, 05 Feb 2012 20:34:21 EST

A financial turnaround at Las Vegas Sands Corp. is beginning to pay off for chairman and CEO Sheldon Adelson, who during the financial crisis put $1 billion of his own money into the struggling casino operator.

Walgreen Same-Store Sales Decline

Fri, 03 Feb 2012 14:22:33 EST

Walgreen's same-store sales slid 4.6% in January as the drugstore chain's prescriptions sales were battered by the loss of major customer Express Scripts.

Qantas: Profit Must Improve to Retain Rating

Sun, 05 Feb 2012 21:31:59 EST

Qantas Airways said that it risks losing its coveted investment-grade credit rating if it has to continue relying on borrowings to fund its fleet renewal program.

Battle Develops for Indonesia Mines

Sun, 05 Feb 2012 20:34:02 EST

Bumi investors sought the removal of Co-Chairman Nat Rothschild, with an eye toward reducing debt and expanding Indonesian coal-mining operations.

Casino Presses Ahead in Florida

Sun, 05 Feb 2012 21:51:44 EST

Las Vegas Sands and Malaysia's Genting are regrouping after a bill to authorize three casinos in Miami-Dade and Broward Counties stalled last week in the state legislature.

PepsiCo, Coke to Update Investors

Sun, 05 Feb 2012 22:00:34 EST

PepsiCo and Coca-Cola likely will show solid profit growth when they share their 2011 results this week, but this year could be tougher.

Action Film 'Chronicle' Leads Weekend Sales

Sun, 05 Feb 2012 22:30:22 EST

Action film "Chronicle," about three teenagers who gain superpowers, grossed $22 million at the weekend box office, putting it in the top position.

Injunction Interrupts Apple Sales in Germany

Fri, 03 Feb 2012 16:34:12 EST

Some Apple devices were unavailable for sale briefly on Friday in Germany, as part of a patent tussle with Motorola Mobility.

New York Fashion Week Takes Shape

Sun, 05 Feb 2012 21:19:23 EST

New York Fashion Week, which begins Thursday, is looking like one of the busiest and most upbeat the city has seen in recent years.

KT Corp's Net Profit Rises

Sun, 05 Feb 2012 22:11:29 EST

KT Corp. said fourth-quarter net profit rose 13% on year largely due to gains from asset sales, but operating profit fell by nearly 20% on a decline in phone charges.

Toyota Expects Record Sales in 2012

Fri, 03 Feb 2012 07:55:25 EST

Toyota said it plans to sell 9.58 million vehicles globally, including those by its subsidiaries—a rise of 21% from last year.

Dealer Group Expects New Vehicle Sales to Hit 13.9 Million

Sat, 04 Feb 2012 14:43:27 EST

U.S. automotive sales should hit 13.9 million new vehicles this year as low interest rates and a mild recession in Europe keep the American economy humming.

Airline Teams Endure Hiccups

Sun, 05 Feb 2012 13:09:21 EST

India's Kingfisher Airlines shelved plans to join Oneworld, the second loss to the global marketing alliance in a week. The move capped a tough period for the alliances that have come to dominate the industry.

After Xstrata, a Mining Merger Pileup

Sun, 05 Feb 2012 23:06:36 EST

A Glencore-Xstrata merger would create a true rival to global mining heavyweights like Vale, Rio Tinto and BHP Billiton, as well as put pressure on midsize players to either team up or grow through acquisitions.

The Wrong End of Lawsuits

Sun, 05 Feb 2012 22:37:14 EST

Law firms are finding they increasingly are landing on the wrong end of lawsuits, getting sued by clients or facing claims of employment discrimination and firm mismanagement.

Foreclosure Deal Gets Closer

Sun, 05 Feb 2012 21:35:56 EST

Federal and state officials aim to wrap up this week a multibillion-dollar agreement with five major banks to settle probes of alleged foreclosure abuses.

Weather Deal Backfires for BMW's Mini

Sun, 05 Feb 2012 21:42:32 EST

A deal with a German meteorology institute to sponsor a weather system backfired on auto maker BMW's Mini brand, after the "Cooper" cold front brought arctic temperatures, icy high winds and dozens of deaths to much of Europe.

Caterpillar Closes Plant in Canada After Lockout

Fri, 03 Feb 2012 23:16:58 EST

Caterpillar said it will close a locomotive plant in London, Ontario, following a lockout, eliminating about 450 jobs that mostly paid twice the rate of a U.S. counterpart.

China Bans Airlines From EU Carbon Scheme

Sun, 05 Feb 2012 22:32:12 EST

China has banned airlines from participating in the EU's Emissions Trading Scheme, the latest move in a series of protests by Chinese officials in recent weeks over the controversial European policy.

TPG Raises 4 billion Yuan for China Investments

Sun, 05 Feb 2012 22:13:36 EST

Private-equity firm TPG said Monday it has secured about 4 billion yuan ($634 million) so far as it continues to raise capital for China investments.

Target at Post-Bailout GM: Earning $10 Billion a Year

Sun, 05 Feb 2012 22:41:04 EST

The auto maker is expected to report net income of more than $8 billion for last year and has set its sights on a once-unthinkable goal: making more than $10 billion a year.

Resolution on Remnants of Dexia Is Near

Sun, 05 Feb 2012 21:29:40 EST

The French government and two state-controlled entities are in the home stretch to create a new municipal lender from the remains of troubled Franco-Belgian bank Dexia SA, but they have yet to agree on the price of a key asset, the fate of hundreds of employees, and the exact missions of the future company.

FDA: No Ban on Orange-Juice Imports

Fri, 03 Feb 2012 20:57:42 EST

Orange-juice futures settled lower as traders discounted the prospects for a ban on juice imports into the U.S. It appears they weren't off the mark.

Storm Clouds Gather Over Florida Insurers

Sun, 05 Feb 2012 20:55:16 EST

State-run entities that expanded over the past decade to provide affordable homeowners insurance in hurricane-threatened Florida are in danger of becoming so big they threaten to wreak havoc on the local economy.

Ford Dealers Made Average Profit of $642,000

Sun, 05 Feb 2012 19:28:59 EST

Ford Motor dealers made an average profit of $642,000 last year as lower incentives, newer vehicles and consumer desire for in-car entertainment features boosted the purchase price for new vehicles.

TPG Raises 4 Billion Yuan

Sun, 05 Feb 2012 21:56:41 EST

Private-equity firm TPG said it has secured about 4 billion yuan (US$634 million) so far as it continues to raise capital for China investments.