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Business News
Last Update on February 08, 2012 18:15 GMT
EARNINGS
UNDATED (AP) -- Reynolds American, the nation's second-biggest tobacco company, says its fourth-quarter profits rose 16 percent as higher prices and productivity gains helped offset declining cigarette sales.
Time Warner says fourth-quarter net income grew slightly as revenue increased 5 percent. Adjusted earnings for the quarter and the growth forecast for this year topped Wall Street's expectations. The company expects growth to continue in 2012 even with the end of its lucrative Harry Potter franchise.
CVS Caremark's fourth-quarter earnings climbed nearly 4 percent as the drugstore operator's pharmacy services revenue swelled because of a long-term contract and new business. The company also says it raised its 2012 earnings forecast by 3 cents per share to account for gains it expects because of a contract dispute between competitors Walgreen and Express Scripts.
Ratings agency Moody's says its net income dropped 30 percent in the fourth quarter as companies and governments issued fewer bonds for it to rate. The earnings of 43 cents per share are down from 58 cents per share the year before. Analysts expected profit of 48 cents per share.
OIL PRICES
NEW YORK (AP) -- Oil prices are higher following government reports that U.S. supplies didn't grow as much as expected last week.
Benchmark U.S. crude rose 25 cents to $98.65 per barrel. Brent crude rose 41 cents to $116.64 per barrel in London.
The Energy Information Administration says oil supplies increased by 300,000 barrels last week, much less than the increase of 2.25 million barrels that analysts expected.
At the pump, gasoline prices remain at a national average of $3.48 per gallon.
FOREIGN TAX EVASION
WASHINGTON (AP) -- The U.S. and five European nations want to crack down on global tax evaders.
The pact to intensify efforts to fight international tax evasion also was signed by France, Germany, Italy, Spain and the United Kingdom.
The Treasury Department also announced that the Internal Revenue Service is publishing proposed rules investors will have to follow in reporting on earnings from foreign bank accounts.
The regulations implement a 2010 law Congress passed aimed at cracking down on taxpayers using foreign accounts to avoid paying U.S. taxes..
McDONALD'S SALES
OAK BROOK, Ill. (AP) -- McDonald's says the new Chicken McBites helped a key revenue figure jump 6.7 percent last month.
The world's biggest hamburger chain says U.S. customers also spent more on breakfast items and beverages.
Revenue in restaurants open at least 13 months rose 7.8 percent in the U.S., 7.3 percent in the region made up of Asia, the Middle East and Africa, and 4 percent in Europe.
The comparison is a key measure of a restaurant chain's performance, because it excludes the impact of recently opened or closed stores. It does include temporarily closed restaurants.
The figures are a snapshot of money spent on food at both company-owned and franchised restaurants. They do not reflect corporate revenue.
Business News
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Business News
Reynolds, Time Warner and CVS see 4th quarter gains
UNDATED (AP) -- Reynolds American, the nation's second-biggest tobacco company, says its fourth-quarter profits rose 16 percent as higher prices and productivity gains helped offset declining cigarette sales.
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