Business Stories for January 2013
Stories for Thursday, January 31
Honda profit surges, trims forecast on China
By Yuri KageyamaAP Business WriterTOKYO (AP) — Honda’s quarterly profit surged nearly 63 percent as production recovered after disruptions from natural disasters, but the Japanese automaker slightly lowered its full-year profit forecast because of sales losses in China.Tokyo-based Honda Motor Co. reported a 77.4 billion yen ($850 million) profit for ...
Ohio shares in $120M ‘robo-signing’ settlement
Ohio and 45 other states will share in a $120 million settlement with a Jacksonville, Fla.-based company accused of improper conduct related to mortgage loan default servicing, according to Ohio Attorney General Mike DeWine’s office.The multi-state settlement announced Thursday with Lender Processing Services Inc. and its subsidiaries, LPS Default Solutions ...
Consumer spending rises, but at a slower pace
WASHINGTON (AP) — U.S. consumers increased their spending in December at a slower pace, while their income grew by the largest amount in eight years. Income surged because companies rushed to pay dividends before income taxes increased on high-earners.The Commerce Department said Thursday that consumer spending rose 0.2 percent last ...
Stories for Wednesday, January 30
Holy Cheesesteak! Wolfing down a 16-inch sub in 16 minutes or less can win you glory
More Miami Valley residents than you think can or want to wolf down a 16-inch, 2 ½ pound Submarine House cheesesteak in 16 minutes or less for a shot at the Cheesesteak Champion title. The number sure did stun Brody Danner, one of the Dayton-born chain’s franchise owners and operators. ...
First Financial ended 2012 on strong loan growth
Regional bank First Financial Bancorp said Tuesday it pulled in profits of $67.3 million last year, up from 2011 net income of $66.7 million.The bank’s board of directors approved a dividend of 15 cents per share of common stock, to be paid April 1 to shareholders who own stock as ...
US economy shrinks 0.1 pct., 1st time in 3½ years
By Christopher S. RugaberAP Economics WriterWASHINGTON (AP) — The U.S. economy unexpectedly shrank from October through December for the first time since 2009, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles. The drop occurred despite stronger consumer spending and ...
Hostess set to announce bidder for Twinkies
By Candice ChoiAP Food Industry WriterNEW YORK (AP) — The indestructible Twinkie appears to be one step closer to a comeback.Hostess Brands is close to announcing that it has picked two investment firms — C. Dean Metropoulos & Co. and Apollo Global Management — as the lead bidders for its ...
Ohio bank execs expect better 2013
The three biggest banks headquartered in Ohio reported improved lending and deposits in 2012 as the Midwest economy improves. Financial results recently reported by regional banks Fifth Third Bancorp, Huntington Bancshares and KeyCorp were helped by better credit quality — fewer bad loans written off and fewer delinquencies. All saw ...
Stories for Tuesday, January 29
Still sluggish demand hurts AK Steel’s 2012 earnings
AK Steel Corp. reported a $1 billion net loss for all 2012, which the top executive called a challenging year for the steel industry.Last year’s results include a pre-tax pension-related charge and noncash income tax charges. When the pension charge and tax asset valuation are excluded, AK Steel had an ...
Still sluggish demand hurts AK Steel’s 2012 earnings
AK Steel Corp. Tuesday reported a $1 billion loss for all of last year.Last year’s results include a pre-tax pension corridor charge and noncash income tax charges. When the pension charge and tax asset valuation are excluded, AK Steel had an adjusted net loss of $64.4 million for the full ...
WesBanco earnings rise
WesBanco Inc., which has branches throughout the area, on Tuesday announced higher quarterly and full-year earnings for 2012.The Wheeling, W.Va.-based bank said fourth-quarter net income totaled $12.7 million, up nearly 19 percent from $10.6 million for the fourth quarter of 2011. Earnings per share were 46 cents as compared to ...
Stories for Monday, January 28
Bob Evans sells Mimi’s Cafe restaurants
Bob Evans Farms Inc. on Monday said it agreed to sell the Mimi’s Cafe restaurant chain to LeDuff America Inc. for $50 million.Mimi’s Cafe is a French-inspired casual dining restaurant with 145 locations in 24 states, primarily in the West and Southwest.LDA, headquartered in Dallas, Texas, owns and operates a ...
Frontier Airlines announces Cincinnati service
Frontier Airlines today announced new nonstop service between its hub at Denver International Airport and Cincinnati/Northern Kentucky International Airport.This new service, with connections to 19 destinations beyond Denver, will start May 17. Frontier’s first flight from Denver will arrive at CVG the evening of May 16.CVG is proud to offer ...
AK Steel leadership changes
Gregory Hoffbauer has been elected controller and chief accounting officer of AK Steel Corp. effective Feb. 8, the company said in a U.S. Securities and Exchange Commission notice filed Friday.Hoffbauer joined the company and was named assistant controller in January 2011, the Butler County steelmaker said. Before that, he worked ...
Stories for Saturday, January 26
Procter & Gamble fiscal 2Q profit jumps
NEW YORK (AP) — Procter & Gamble, the world’s largest consumer goods company, reported that its fiscal second quarter profit more than doubled as its new focus helped it gain market share and boost its bottom line.Like many companies, Procter & Gamble has focused on growing in emerging markets China ...
Stories for Friday, January 25
2 area health companies form new business
Two major Dayton area health companies are forming a new home care business.Kettering Health Network has agreed to partner with Alternate Solutions HomeCare, also headquartered in Kettering, Kettering Health spokeswoman Elizabeth Long said Friday.“Through this joint venture we’re going to merge our home care and in-home care services with Alternate ...
Procter & Gamble fiscal 2Q profit jumps
CINCINNATI (AP) — Procter & Gamble said Friday that its fiscal second quarter net income more than doubled and boosted its profit outlook as the maker of Tide and Pampers took back market share. For the October-through-December quarter, the world’s largest consumer products maker earned $4.06 billion, or $1.39 per ...
Stories for Thursday, January 24
Dayton air fares lowest in region
Dayton International Airport’s average fare dipped to the lowest in the region against rivals Columbus and Cincinnati-Northern Kentucky airports in the third quarter of 2012, newly released federal figures show. Dayton also beat the average domestic air fare of $367 by a few dollars. For many years Dayton’s average fare ...
Whirlpool wins trade commission ruling on washers
A favorable U.S. International Trade Commission ruling Wednesday will benefit Whirlpool Corp. and its 10,000 Ohio employees, including those who work in the company’s Greenville, Findlay and Columbus operations, Sens. Rob Portman and Sherrod Brown said.The ITC unanimously ruled that product dumping of large residential washers by Samsung and LG ...
Stories for Wednesday, January 23
Business briefs
GE Aviation creating maintenance program package GE Aviation has announced it has signed a memorandum of understanding with Aldus Aviation Limited to develop a lessor-oriented CF34-8E and CF34-10E support package. The support package will enable leasing companies to better control maintenance costs, regardless of the operator to which the aircraft ...
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