Fast-food company Yum Brands Inc. said Tuesday that
its third-quarter profit grew 5 percent as surging sales in its
operations in China more than offset a sharp decline in U.S. results.
The
parent company of Taco Bell, KFC and Pizza Hut reported worldwide
same-store sales growth of 3 percent, marking its 20th straight quarter
of global same-store sales growth.
Net income for the three
months ending Sept. 6 rose to $282 million, or 58 cents a share,
compared with $270 million, or 50 cents a share, a year ago. Wall
Street had forecast earnings of 54 cents per share. Revenue rose 11
percent to $2.8 billion.
AMD is selling plants
Advanced Micro Devices Inc., the chip maker struggling to take on Intel Corp., will spin off some plants as part of an investment of up to $8.4 billion from the Abu Dhabi government.
The
cash infusion is a lifeline for AMD, which may report a third straight
loss this year and is falling behind on investments needed to keep up.
Intel spends more on plants and research than AMD makes in annual
revenue.
UBS insider case
The former chief lawyer for UBS’
investment bank has agreed to give his $6 million bonus to New York and
pay $500,000 to settle an allegation that he dumped his investments in
auction rate securities after getting a company e-mail warning that the
market was in trouble, state officials said Tuesday.
Attorney
General Andrew Cuomo of New York said the payment will resolve an
insider trading investigation of David Aufhauser, who recently resigned
as general counsel at the bank.
As part of the deal, Aufhauser
will give up a $6 million bonus that he had been scheduled to receive
from UBS. The state will get the money instead. He will also pay a
$500,000 civil penalty.
Bulletproof deal
Armor Holdings Inc.
will pay $30 million to resolve allegations that it knowingly made and
then sold defective bulletproof vests to law enforcement personnel, the
Justice Department said Tuesday.
Armor Holdings, now a subsidiary of British defense conglomerate BAE Systems PLC,
allegedly had information that showed ballistic materials known as the
Zylon Shield “degraded quickly over time” and were unfit for use by
state and local law enforcement agencies, according to the government
settlement.
Armor Holdings denied any responsibility for wrongdoing related to the government’s complaints in its agreement.
Ad subtraction
Advertising
forecaster ZenithOptimedia sharply lowered expectations for ad growth
Tuesday, saying an uncertain economy will lead to reduced spending
through next year.
Even before the latest economic troubles,
retailers and car dealers have been cutting spending in anticipation of
lowered sales, while employers have placed fewer help wanted ads as
they trim payrolls, ZenithOptimedia noted.
The company now
expects ad spending in North America to grow 1.8 percent in 2008,
compared with last year. That’s down from the 3.5 percent rise the
company had forecast in June. Ad spending is expected to grow 0.9
percent in 2009, compared with this year, down from the previously
expected 2.7 percent. ZenithOptimedia expects improvements in 2010,
with a projected year-over-year growth of 3.9 percent.
Pfizer realigns
Pfizer Inc.
told employees worldwide Tuesday that it is replacing its current
geographic divisions with new units centered on primary care, specialty
care and operations in emerging markets.
The new units, which
will begin operating at the beginning of next year, will have complete
responsibility for functions, including strategic planning, sales and
marketing, and even drug development — testing experimental compounds
in people and tinkering with them to come up with the best dose.
From : http://www.kansascity.com/
