AP Business NewsBrief at 4:12 p.m. EDT
(Associated Press Via Acquire Media NewsEdge) Gannett 1Q earnings down 25 percentMCLEAN, Va. (AP) _ Gannett Co. reported a 25 percent drop in first-quarter net income Monday, as advertising in its newspapers continued to decline. The media company, which owns 82 U.S. newspapers including USA Today, 23 broadcast television stations and several digital media properties, earned $68.2 million, or 28 cents per share, in the three months that ended Mar. 25.
US economic outlook brightens as retail sales riseWASHINGTON (AP) _ Americans bought more electronics, started home improvement projects and updated their wardrobes last month, inspired by warmer weather and a healthier job market. U.S. retail sales rose 0.8 percent in March, the Commerce Department said Friday.
For the stock market, it's all about AppleNEW YORK (AP) _ For most of the year, Apple has propelled the Nasdaq forward. In the past few days, it's done just the opposite. The Nasdaq composite index, of which Apple accounts for 12 percent, was down Monday afternoon, dragged lower by Apple's fifth straight day of declines. That was a sharp contrast to the other two major indexes. The Dow Jones industrial average, which doesn't include Apple, rose throughout the day and was up 112 points in afternoon trading. The Standard & Poor's 500, which does include Apple but gives it a much lower weight than the Nasdaq does, wavered between small gains and losses.
Aging transit systems grapple with repair backlogWASHINGTON (AP) _ Driven by high gas prices and an uncertain economy, Americans are turning to trains and buses to get around in greater numbers than ever before. But the aging transit systems they're riding face an $80 billion maintenance backlog that jeopardizes service just when it's most in demand. The boost in ridership comes as pain at the gas pump and the sluggish economic recovery combine with a migration of young adults to cities and new technology that makes transit faster and friendlier than in the past. The number of transit trips over a 12-month period will likely set a new record later this month or next, say Federal Transit Administration officials. The current peak is 10.3 billion trips over a year, set in December 2008.
Obama's Buffett rule impact on taxes, jobsWASHINGTON (AP) _ President Barack Obama's proposal to impose a "Buffett rule" tax on the rich is generating enormous political wattage, but the plan itself would directly affect only a tiny fraction of Americans. Only around 210,000 taxpayers _ a bit over 1 of every 1,000 _ would face higher federal taxes if the measure were enacted, according to an estimate by one respected bipartisan research group.
American Jim Yong Kim is chosen to lead World BankWASHINGTON (AP) _ Jim Yong Kim, an American who is president of Dartmouth College, has been chosen to be the next president of the World Bank. His selection extends the U.S. hold on the top job at the 187-nation development agency. Kim, a surprise nominee of President Barack Obama, was selected Monday in a vote by the World Bank's 25-member executive board. He'll succeed Robert Zoellick, who's stepping down after a five year term.
Citi made $2.9B in 1Q; global transactions growNEW YORK (AP) _ Citigroup, which has 4,600 branches in 40 countries, boasts that it is the most global American bank. That reach paid off big time in the first three months of the year. Citigroup pulled in record revenue from processing transactions for its international corporate clients, and its loans to customers in Asia and Latin America grew.
Mattel 1Q net income falls, Barbie sales downNEW YORK (AP) _ Mattel Inc. said Monday that its first-quarter profit dropped 53 percent, pulled down by costs tied to an acquisition and lower sales for Barbie and Hot Wheels. Results for the largest U.S. toy maker were below expectations and its shares fell more than 7 percent in trading. But the disappointing results came during what is typically a slow time for toy sales, so Mattel executives say they remain optimistic.
FCC fines Google $25,000 over Street View probeNEW YORK (AP) _ The Federal Communications Commission has fined Google $25,000, saying the online search leader impeded an investigation into how it collected data while taking photos for its "Street View" mapping feature. The FCC said in a report from Friday that Google Inc. "deliberately impeded and delayed" the investigation for months. The agency said that the online search leader did this by not responding to requests for information and documents.
Moody's downgrades Nokia debt to near junkHELSINKI (AP) _ Moody's ratings agency downgraded Nokia's debt grade to near junk status on Monday, citing a sharp decline in first-quarter cell phone sales that led to a 35 percent fall in revenue. The agency lowered Nokia Corp.'s long-term credit rating by one notch to Baa3 _ just a step above non-investment grade _ following last week's profit warning which had caused Nokia's shares to plunge by more than 20 percent.
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