ECONOMY October 28, 2011 | 3:47 PM
Gross domestic product grew 2.5% this quarter, up 1.3% from the previous quarter, mirroring the median forecast by a Bloomberg economic survey. Third quarter growth, which exceeded its pre-recession peak, rose due to a sudden increase in public consumption and company investment.
Household purchases, which account for the majority of GDP, increased by 2.4%, exceeding economists' forecasts. Corporate spending on goods increased by over 17%, the largest increase in roughly a year. Company investments contributed 1.2% to overall national growth.Read more »
FINANCE October 28, 2011 | 2:47 PM
Exxon Mobil has reported third quarter earnings of $10.3 billion despite a 4% drop in oil equivalent production, above estimates and more than 40% higher than earnings in the third quarter of 2010. Exxon Mobil revenue reached in excess of $125 billion, close to a 32% increase.
The company’s upstream earnings rose more than 185% to almost $8.5 billion, while downstream earnings rose just over 36% to over $1.5 billion.Read more »
BUSINESS October 28, 2011 | 11:47 AM
A study conducted by the National Institutes of Health concludes that the drug Niaspan, which is used to increase good cholesterol, may not reduce the risk of heart attack. According to the study, in patients with heart disease, Niaspan did not protect against heart attack when taken in conjunction with the cholesterol drug Zocor.
Many doctors say when a patient is on a drug to lower his bad LDL cholesterol, it isn’t necessary to prescribe another drug to raise the good HDL cholesterol.Read more »
FINANCE October 28, 2011 | 10:32 AM
Global oil and gas leader Royal Dutch Shell has reported profit of almost $7 billion, doubling third-quarter profit from last year thanks in large part to rising oil prices. Net profit came through at $6.98 billion, compared to predictions of $6.54 billion from analyst at investment research firm FactSet.
Revenue jumped 33% to $127 billion, and shares were up 1.3% to €26.24 in Thursday morning trading in Amsterdam.Read more »
FINANCE October 28, 2011 | 9:34 AM
Nintendo posted its second straight loss of the year yesterday, prompting executives to forecast the company’s first annual loss in over three decades.
Slow second-quarter sales of its Wii and 3DS handheld console dragged the world’s biggest video game maker further into the red, with expectations of as much as 20 billion yen ($264 million) in losses for the fiscal year ending March. Sales forecasts also dropped 12% to 790 billion yen.Read more »
BUSINESS October 28, 2011 | 9:01 AM
Internet giant Google has reported a 71% jump in the United Kingdom of official requests to remove material from its web search results and YouTube video site. Between January and June 2011, there was a total 65 requests from the UK government and court authorities, demanding the removal of 333 various forms of internet content.
Google said that in over 80% of requests it either fully or partially complied with the orders.Read more »
BUSINESS October 27, 2011 | 4:56 PM
Despite recent criticism from market analysts, online coupon giant Groupon.com is set to launch its IPO on November 4 after a US-based roadshow – offering 30 million shares at $16-$18 per share.
Although it has scaled back considerably from its original plans for a $750 million IPO, Groupon disclosed at a recent regulatory filing that it now expects net proceeds of approximately $480 million from its upcoming initial public offering. While the stock offered in the IPO represents only around 5% of the entire company, upon sale of its offered shares valuation is estimated to reach between $10.1 billion and $11.4 billion, or just a little less than 50% of its original IPO estimate of $20 billion.Read more »
ECONOMY October 27, 2011 | 2:47 PM
Among concerns of rising student debt and tuition costs, Obama announced publicly at the University of Colorado his new relief plan for those suffering from excessive student loans.
The new measures will allow over 6 million students to bundle and consolidate some federal loans into one monthly payment.Read more »
FINANCE October 27, 2011 | 2:16 PM
Shares in German pharmaceutical company Merck rose more than 5% on the Frankfurt Stock Exchange yesterday, surpassing all estimations in its third quarter financial results.
Third quarter net profit jumped almost 8% to €226.6 million ($315.2 million), up from €210.8 million for the same period last year and well above the €180 million industry experts had been predicting. Revenue rose 3.8% to €2.5 billion, marginally higher than expectations.Read more »
FINANCE October 27, 2011 | 10:34 AM
Health insurance company Cigna Corp is to buy Tennessee-based healthcare plan outfit HealthSpring for $3.8 billion. HealthSpring runs a nationwide prescription drug plan and Medicare Advantage plans in several states including Washington, Texas, New Jersey and Florida.
The Medicare market is luring health insurers as an ageing US population enters retirement and is opting for private Medicare Advantage plans. These private plans make up around 25% of Medicare plan registrations at present, or 46 million beneficiaries, while 75% are accounted for by state-run plans.Read more »
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