• ISS reverses position; backs Fyffes-Chiquita deal

    Updated: 10 hr ago

    A proxy advisory firm has reversed its position and is now urging Chiquita shareholders to vote in favor of a proposed merger with Irish fruit company Fyffes. Chiquita Brands International Inc. has been the focus of competing buyers. The company agreed in March to merge with Irish fruit company Fyffes in an all-stock deal that would create the largest banana company in the world. Then investment firm Safra Group and the Brazilian agribusiness and juice company Cutrale Group put up a counter offer in August of $611 million for Chiquita, or $13 per share. Chiquita called the bid inadequate and the duo raised its offer to $658 million, or $14 per share. Fyffes and Chiquita later updated the terms of their arrangement.

  • Justices will decide privacy case on hotel records

    Updated: 10 hr ago

    WASHINGTON (AP) — The Supreme Court agreed Monday to referee a dispute over police access to hotels' guest information without first getting a search warrant. The justices said they will hear an appeal by the city of Los Angeles of a lower court ruling that struck down an ordinance that requires hotel operators to open their guest registries at the demand of police. The federal appeals court in San Francisco divided 7-4 in ruling that the ordinance violates the privacy rights of the hotels, but not their guests. Courts in other parts of the country have upheld similar laws. Cities argue that the ordinances help fight prostitution and illegal gambling, aid in the pursuit of fugitives and even could be a tool to t

  • GM ignition switch death count rises to 29

    Updated: 10 hr ago

    DETROIT (AP) — At least 29 people have died and 27 people have been seriously injured in crashes involving General Motors cars with defective ignition switches. Attorney Kenneth Feinberg, who was hired by GM to compensate victims, updated the totals Monday. Feinberg says he has received 184 death claims since August. Of those, 29 have been deemed eligible for compensation, up two from last week. Twenty-seven of the 1,333 injury claimants have also received compensation offers. GM knew about faulty ignition switches in Chevrolet Cobalts and other small cars for more than a decade but didn't recall them until February. The switches can slip out of the "on" position, which causes the cars to stall, knocks out power

  • China's growth likely to slow, research group says

    Updated: 11 hr ago

    NEW YORK (AP) — China's economic growth will decelerate to 4 percent a year between 2020 to 2025 — well below widespread expectations of steady 7 percent to 8 percent growth over the next decade, a business research group predicted. The Conference Board forecast Monday that China will endure a rockier-than-expected transition from fast growth based on exports and massive investment in factories and real estate to a slower but steadier economy based on increased spending by Chinese consumers. "This adjustment process will necessarily be painful," the report warned. "The full transition of China's economic growth model is likely to be a long slog.

  • IBM misses Street 3Q forecasts

    Updated: 11 hr ago

    ARMONK, N.Y. (AP) — International Business Machines Corp. (IBM) on Monday reported third-quarter net income of $18 million. The Armonk, New York-based company said it had profit of 2 cents per share. Earnings, adjusted to account for discontinued operations and costs related to mergers and acquisitions, were $3.68 per share. The results missed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $4.30 per share. The technology and consulting company posted revenue of $22.4 billion in the period, which also did not meet Street forecasts. Analysts expected $23.45 billion, according to Zacks.

  • Gas prices fall to lowest level since early 2011

    Updated: 11 hr ago

    PROVIDENCE, R.I. (AP) — Gasoline prices in Rhode Island have fallen another 8 cents per gallon to their lowest level since February 2011. The latest AAA Southern New England price survey released Monday found the average cost of a gallon of self-serve regular in the state is $3.20. That's 23 cents lower than a month ago. The current price in Rhode Island is 10 cents more than the national average of $3.10 per gallon. Rhode Islanders were paying 29 cents less than a year ago at this time. The AAA survey found a 46-cent range in prices. The low was $3.04; the high was $3.50.

  • Massachusetts gas prices drop 9 cents per gallon

    Updated: 11 hr ago

    BOSTON (AP) — Massachusetts gas prices continued their downward spiral, dropping another 9 cents per gallon in the past week to an average of $3.17. AAA Southern New England said Monday the cost of a gallon of self-serve, regular in the Bay State has now dropped 22 cents in the past month, prices are 21 cents lower than at the same time a year ago, and are at their lowest level since February 2011. Yes despite the steep drop, Massachusetts prices are 7 cents above the national per-gallon average. AAA found self-serve regular selling for as low as $2.89 per gallon and as high as $3.43.

  • Justices won't revive Louisiana parish claims

    Updated: 11 hr ago

    WASHINGTON (AP) — The Supreme Court rejected an appeal Monday from 11 Louisiana parishes that wanted to revive their lawsuits over wildlife damage from the BP oil spill in the Gulf of Mexico in 2010. The justices did not comment in leaving in place lower court rulings that dismissed the lawsuits against BP and other companies involved in the worst U.S. offshore oil spill. A rupture of BP's Macondo well and the explosion on the Deepwater Horizon drilling rig killed 11 workers. BP says it has paid more than $27 billion to restore the coast and settle damage claims. It also faces a federal lawsuit under the Clean Water Act. The lawsuits were filed by Plaquemines, Orleans, St. Bernard, Lafourche, Terrebonne, St. Charles,

  • Gas prices drop 7 cents in Maine

    Updated: 11 hr ago

    PORTLAND, Maine (AP) — Gas prices have fallen 7 cents a gallon in Maine in the last week. The average price of a gallon of gas in Maine on Monday was $3.21 a gallon, down 25.5 cents from one month ago, according to gasbuddy.com. The price is 9 cents higher than the price of a gallon of gas nationally, which fell 6.1 cents per gallon in the last week to $3.12. The national price stands 23.1 cents lower from a year ago. Gas prices in Maine are 26.2 cents a gallon lower than they were one year ago.

  • Platform Specialty to buy Arysta for $3.51 billion

    Updated: 12 hr ago

    NEW YORK (AP) — Platform Specialty Products Corp. said Monday that it will spend about $3.51 billion to buy rival chemical maker Arysta LifeScience Ltd. to diversify its product offerings. Miami-based Platform makes specialty chemicals used in computers, cars and oil rigs. Arysta, which is owned by a fund backed by private equity firm Permira, makes fungicides and herbicides for crops. The deal is expected to close in the first quarter of next year. Arysta, which sells its products all around the world, had revenue of $1.5 billion in 2013. Platform has been growing its agricultural chemical business. Earlier this month, it bought agrochemical company Agriphar for about $380 million. Shares of Platform rose 76 ce

  • Toyota adds 247K vehicles to air bag recall tally

    Updated: 12 hr ago

    DETROIT (AP) — Toyota is recalling 247,000 vehicles in high-humidity areas as an air bag problem that has plagued most of the auto industry continues to widen. The recall posed Monday by U.S. safety regulators covers the 2003 to 2005 Corolla and Matrix, the 2002 to 2005 Sequoia and the 2003 to 2005 Tundra. Also included is the 2003 to 2005 Pontiac Vibe made by Toyota. Inflators can rupture in air bags manufactured by parts supplier Takata, causing metal fragments to fly out when bags are inflated in crashes. The problem has caused serious injuries. So far, automakers have recalled about 12 million vehicles worldwide because of the problem. The recall covers vehicles in South Florida, along the Gulf Coast, in Puerto Ri

  • Cubist Pharma CEO Bonney will step down Dec. 31

    Updated: 12 hr ago

    NEW YORK (AP) — Antibiotic maker Cubist Pharmaceuticals said Monday that Michael Bonney will retire as CEO at the end of the year, and the company said it will promote President Robert Perez to take his place. Bonney will retire as CEO on Dec. 31, and Perez will be promoted the next day. The company said Bonney will become non-executive chairman of its board of directors. Current Chairman Kenneth Bate will become Cubist's lead independent director. Bonney has been the company's CEO since June 2003. Perez took over for Bonney as company president in 2012 and was Cubist's chief operating officer for five years before that. Cubist Pharmaceuticals Inc. is based in Lexington, Massachusetts.

  • Peabody beats Street 3Q forecasts

    Updated: 12 hr ago

    ST LOUIS, Mo. (AP) — Peabody Energy Corp. (BTU) on Monday reported a third-quarter loss of $150.6 million. The St. Louis-based company said it had a loss of 56 cents per share. Losses, adjusted to account for discontinued operations and non-recurring gains, came to 59 cents per share. The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for a loss of 66 cents per share. The coal miner posted revenue of $1.72 billion in the period, also surpassing Street forecasts. Analysts expected $1.64 billion, according to Zacks. Peabody expects full-year results to range from a loss of $1.48 per share to a loss of $1.38 per share.

  • Stocks open mixed; IBM pulls Dow average lower

    Updated: 12 hr ago

    NEW YORK (AP) — Stocks are opening mostly lower as traders look over some disappointing corporate results. IBM fell the most in the Dow Jones industrial average after the company said it will pay $1.5 billion to Globalfoundries to shed its costly chip division. The Dow sank 92 points, or 0.6 percent, to 16,288 as of 9:35 a.m. Eastern time Monday. Nearly all of the decline was due to IBM. Broader market indexes were slightly higher. The Standard & Poor's 500 edged up two points, or 0.2 percent, to 1,889. The Nasdaq rose 13 points, or 0.3 percent, to 4,272. The price of oil fell slightly. U.S. crude declined 19 cents to $81.87 a barrel.

  • Court rejects appeal from Duane Reade Ex-CEO, CFO

    Updated: 12 hr ago

    WASHINGTON (AP) — The Supreme Court has rejected appeals from two former executives of New York City drugstore chain Duane Reade Inc. who were convicted of securities fraud. The justices on Monday let stand a ruling by a federal appeals court that upheld the convictions of Anthony Cuti, the company's former chief executive, and William Tennant, who served as chief financial officer. The men were convicted of scheming to falsely inflate the income and reduce the expenses Duane Reade reported to investors. Cuti was sentenced to three years in prison and Tennant was sentenced to time served. Walgreen Co. purchased privately held Duane Reade in 2010.

  • Survey: Pay raises rarer despite strong US hiring

    Updated: 12 hr ago

    WASHINGTON (AP) — U.S. businesses were much less likely to boost pay in the third quarter than in previous months, even as hiring remained healthy, a sign that wage gains may remain weak in the coming months. A quarterly survey by the National Association for Business Economics found that only 24 percent of companies increased wages and salaries in the July-September quarter. That's down from 43 percent in the April-June quarter and the first drop after three straight increases. Yet the firms still added jobs at a healthy pace, which usually pushes wages higher as employers compete for workers. A measure of hiring in the survey dipped in the third quarter but remained near a three-year high.

  • Gannett Co. tops 3Q net income expectations

    Updated: 13 hr ago

    MCLEAN, Va. (AP) — Gannett Co. (GCI) on Monday reported third-quarter earnings of $118.5 million. On a per-share basis, the McLean, Virginia-based company said it had net income of 51 cents. Earnings, adjusted for one-time gains and costs, came to 59 cents per share. The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share. The owner of USA Today and other newspapers and TV stations posted revenue of $1.44 billion in the period, matching Street forecasts. Gannett Co. shares have fallen slightly more than 6 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 2 percent.

  • IBM to pay $1.5B to shed its costly chip division

    Updated: 13 hr ago

    NEW YORK (AP) — IBM will pay $1.5 billion to Globalfoundries in order to shed its costly chip division. IBM Director of Research John E. Kelly III said in an interview Monday that handing over control of the semiconductor operations will allow it to grow faster, while IBM continues to invest in and expand its chip research. IBM will make payments to the chipmaker over three years, but it took a $4.7 billion charge for the third quarter when it reported earnings Monday. The company fell short of Wall Street profit expectations and revenue slid 4 percent, sending shares down 8 percent before the opening bell. The tech sector is under heavy pressure in early trading, with IBM, Microsoft Corp., Intel Corp. and Cisco

  • New England raking in millions from leaf peepers

    Updated: 13 hr ago

    JAFFREY, N.H. (AP) — On Mount Monadnock, hikers file up the 3,165-foot peak in lockstep, protected from drizzling rain by a luminous golden canopy of leaves. They're not just gazing at foliage — they're looking at cold, hard cash. Money really does grow on trees in autumn in New England, and all six states are raking it in. Officials say tourists will spend upward of $3 billion to catch a glimpse of the red, yellow and orange hues — and the windfall is steadily rising as the economy regains strength. Every year, the radiance of fall draws nature-lovers to Monadnock State Park — and countless other mountains, hills, scenic look-outs and shady country lanes — by the droves.

  • Gas prices plunge nearly 7 cents in New Hampshire

    Updated: 14 hr ago

    CONCORD, N.H. (AP) — Gas prices in New Hampshire have plunged nearly 7 cents per gallon in the past week to an average of $3.17. Gasbuddy.com, which surveyed 875 gas stations in New Hampshire, says that's 5 cents more than the national average, which fell 6.1 cents last week to $3.12 a gallon. Gas prices in New Hampshire are 21.8 cents per gallon lower than they were a year ago, and 22.7 cents per gallon lower than a month ago. The national average decreased 22.9 cents per gallon in the last month and is 23.1 cents a gallon less compared to a year ago.