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Toyota surprises with profit, boosts forecast
TOKYO (AP) _ Toyota Motor Corp. announced Thursday a surprise profit last quarter and trimmed its projected red ink for the year, underlining the gradual recovery under way for Japan's giant automakers. The world's largest car company attributed the unexpected profit _ its first after three losing quarters _ to government measures around the world designed to boost sales of environmentally friendly cars and other vehicles.
World stocks down ahead of European rate decisions
LONDON (AP) _ World stock markets fell Thursday after the U.S. Federal Reserve cautioned about the wider economic impact of rising unemployment. Investors awaited interest rate decisions in Europe later in the day. The Fed indicated Wednesday that it would keep its benchmark interest rate at near zero percent "for an extended period" even though it conceded that economic activity had picked up.
CVS Caremark 3Q profit jumps 39 percent
NEW YORK (AP) _ CVS Caremark Corp. says its third-quarter profit jumped 39 percent on a boost from pharmacy benefits services and drugstore sales. The Woonsocket, R.I., company says profit jumped to $1.02 billion, or 71 cents per share, from $732.5 million, or 50 cents per share, a year prior. Net revenue rose 18 percent to $24.64 billion.
BoE adds 25 billion pounds in monetary expansion
LONDON (AP) _ The Bank of England says it will pour another 25 billion pounds ($41 billion) into the economy and keep its main interest rate at 0.5 percent for the eighth consecutive month. The bank decided Thursday to expand its asset purchase program to 200 billion pounds from 175 billion pounds. The purchases aim to increase the amount of money in the economy.
'Clunker' data show pickup-for-pickup trades
WASHINGTON (AP) _ Billed as a way for the government to put more fuel-efficient vehicles on highways, the popular $3 billion Cash for Clunkers program mostly involved swaps of old Ford or Chevrolet pickups for new ones that got only marginally better gas mileage, according to an analysis of new federal data by The Associated Press. The single most common swap _ which occurred more than 8,200 times _ involved Ford F150 pickup owners who took advantage of a government rebate to trade their old trucks for new Ford F150s. They were 17 times more likely to buy a new F150 than, say, a Toyota Prius. The fuel economy for the new trucks ranged from 15 mpg to 17 mpg based on engine size and other factors, an improvement of just 1 mpg to 3 mpg over the clunkers.
Stock futures dip ahead of open
NEW YORK (AP) _ U.S. stock futures are slightly lower Thursday ahead of more data on consumer spending and jobs, two of the market's biggest concerns. Overseas, worries about the strength of the economy's recovery weighed on markets. European shares sold off ahead of interest rate decisions from the European Central Bank and the Bank of England. Both banks are expected to keep borrowing costs low for some time.
Oil slips below $80 as US dollar strengthens
Oil prices slipped below $80 a barrel Thursday as the U.S. dollar strengthened, making commodities like crude more expensive for international investors. By early afternoon in Europe, benchmark crude for December delivery was down 56 cents to $79.84 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 80 cents to settle at $80.40 on Wednesday.
Insurer Cigna's 3Q profit grows 92 percent
INDIANAPOLIS (AP) _ Managed care company Cigna Corp. said Thursday its third-quarter profit soared 92 percent, as improving equity markets spurred a big turnaround in a business segment that hurt the insurer last year. Philadelphia-based Cigna earned $329 million, or $1.19 per share, in the three months that ended Sept. 30. That compared to $171 million, or 62 cents per share, in the same quarter of 2008.
Unilever reports 36 percent fall in Q3 profit
AMSTERDAM (AP) _ Unilever NV, maker of Dove soaps and Ben & Jerry's ice cream, saw net profit fall 36 percent for the third quarter, mostly because earnings in the same period a year ago benefited from the sale of operations. The consumer goods giant made €1.05 billion ($1.56 billion), down from €1.64 billion in the same period last year, when Unilever booked a €487 million gain on the sale of its seasonings businesses.
Congress set to clear aid to jobless, homebuyers
WASHINGTON (AP) _ Congress is one vote away from sending the president legislation that continues aid to more than a million jobless people and extends tax breaks to hundreds of thousands of prospective homebuyers and struggling businesses. The legislation, recognizing the lingering distresses of the recession, passed the Senate Wednesday on a 98-0 vote and could come up in the House as early as Thursday, sending it to President Barack Obama for his signature.
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