Money - The Salt Lake Tribune http://www.sltrib.com/money Stories from The Salt Lake Tribune &copy; 2014 The Associated Press, The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our privacy policy: http://www.sltrib.com/pages/privacy. en-us webmaster@sltrib.com (Webmaster) Argentina president says country will not default http://www.sltrib.com/sltrib/money/58217352-79/argentina-default-creditors-president.html.csp Buenos Aires • Argentina’s president said Wednesday her country will not go into default because it has been paying debts to bondholders on time. The government is in negotiations to resolve a dispute with creditors over $1.5 billion in unpaid debts that could lead Argentina to its second default in 13 years. But President Cristina Fernandez said a new term for default will have to be created to call “a debtor who paid and someone who blocked it.” She alluded to a U.S. judge’s order that Argenti... Buenos Aires • Argentina’s president said Wednesday her country will not go into default because it has been paying debts to bondholders on time. The government is in negotiations to resolve a dispute with creditors over $1.5 billion in unpaid debts that could lead Argentina to its second default in 13 years. But President Cristina Fernandez said a new term for default will have to be created to call “a debtor who paid and someone who blocked it.” She alluded to a U.S. judge’s order that Argenti... <img src="http://mngislctrib.112.2O7.net/b/ss/mngislctrib/1/H.17--NS/0?&pageName=RSS" height="1" width="1" border="0" alt=""/> 58217352@www.sltrib.com Wed, 23 Jul 2014 18:27:01 MDT New Zealand raises interest rate to 3.5 percent http://www.sltrib.com/sltrib/money/58217285-79/rate-zealand-percent-interest.html.csp Wellington • New Zealand raised its benchmark interest rate Thursday to 3.5 percent, but signaled it was pausing its program of rate hikes. The announcement prompted a sharp drop in the New Zealand dollar, which was trading down nearly 1 percent at $0.8625. New Zealand has been going it alone among developed nations this year by embarking on interest-rate tightening. Thursday marked the central bank’s fourth successive hike of 0.25 percent. However, economic conditions have changed significantly... Wellington • New Zealand raised its benchmark interest rate Thursday to 3.5 percent, but signaled it was pausing its program of rate hikes. The announcement prompted a sharp drop in the New Zealand dollar, which was trading down nearly 1 percent at $0.8625. New Zealand has been going it alone among developed nations this year by embarking on interest-rate tightening. Thursday marked the central bank’s fourth successive hike of 0.25 percent. However, economic conditions have changed significantly... 58217285@www.sltrib.com Wed, 23 Jul 2014 17:58:01 MDT Twitter admits to diversity problem in workforce http://www.sltrib.com/sltrib/money/58216994-79/twitter-workforce-diversity-inc.html.csp San Francisco • Twitter is acknowledging that it has been hiring too many white and Asian men to fill high-paying technology jobs, just like several other major companies in Silicon Valley. The lack of diversity in Twitter’s workforce of roughly 3,000 people was spelled out in data released Wednesday by the San Francisco company. The breakdown revealed that 70 percent of Twitter’s worldwide workforce is composed of men. In the U.S., nearly 90 percent of Twitter’s workers are either white or Asia... San Francisco • Twitter is acknowledging that it has been hiring too many white and Asian men to fill high-paying technology jobs, just like several other major companies in Silicon Valley. The lack of diversity in Twitter’s workforce of roughly 3,000 people was spelled out in data released Wednesday by the San Francisco company. The breakdown revealed that 70 percent of Twitter’s worldwide workforce is composed of men. In the U.S., nearly 90 percent of Twitter’s workers are either white or Asia... 58216994@www.sltrib.com Wed, 23 Jul 2014 17:34:01 MDT Comic-Con offers toy designers a chance to go wild http://www.sltrib.com/sltrib/money/58206906-79/mattel-comic-con-toys.html.csp Los Angeles • When it comes to designing the highly coveted collectible toys for sale at Comic-Con, the annual celebration of pop culture lifting off Thursday in San Diego, the sky’s the limit for the designers at Mattel. Fittingly, the building where Mattel’s dreamers conceive of their limited-edition playthings is just down the street from the Los Angeles International Airport. Inside the colorful design center — a Hot Wheels-themed shuttle bus transports employees from Mattel’s parking garage... Los Angeles • When it comes to designing the highly coveted collectible toys for sale at Comic-Con, the annual celebration of pop culture lifting off Thursday in San Diego, the sky’s the limit for the designers at Mattel. Fittingly, the building where Mattel’s dreamers conceive of their limited-edition playthings is just down the street from the Los Angeles International Airport. Inside the colorful design center — a Hot Wheels-themed shuttle bus transports employees from Mattel’s parking garage... 58206906@www.sltrib.com Wed, 23 Jul 2014 16:45:02 MDT U.S. Steel invoking Carnegie legacy in revival plan http://www.sltrib.com/sltrib/money/58215209-79/steel-longhi-company-million.html.csp New York • In March 2013, Mario Longhi lobbed an unexpected question into a roomful of 150 U.S. Steel Corp. managers: Who here would buy the company’s stock, tomorrow? He gave them three seconds, and “only a few reacted in that time frame positively,” Longhi said. Since that meeting, Longhi has been promoted to chief executive, and nine months into his tenure he’s closed one plant permanently, two more are temporarily idled and he’s planning to overhaul another. It’s all part of his plan to tran... New York • In March 2013, Mario Longhi lobbed an unexpected question into a roomful of 150 U.S. Steel Corp. managers: Who here would buy the company’s stock, tomorrow? He gave them three seconds, and “only a few reacted in that time frame positively,” Longhi said. Since that meeting, Longhi has been promoted to chief executive, and nine months into his tenure he’s closed one plant permanently, two more are temporarily idled and he’s planning to overhaul another. It’s all part of his plan to tran... 58215209@www.sltrib.com Wed, 23 Jul 2014 16:43:02 MDT SEC considering action against S&P over ratings http://www.sltrib.com/sltrib/money/58216974-79/action-sec-considering-notice.html.csp Washington • Standard & Poor’s says regulators have told the rating agency they are considering taking civil enforcement action against it over ratings given to six deals in 2011 involving securities tied to commercial mortgages. S&P’s parent McGraw Hill Financial Inc. disclosed Wednesday in a regulatory filing it has received a so-called “Wells Notice” from staff of the Securities and Exchange Commission. The notice indicates the staff will recommend to the five-member commission that it pursue... Washington • Standard & Poor’s says regulators have told the rating agency they are considering taking civil enforcement action against it over ratings given to six deals in 2011 involving securities tied to commercial mortgages. S&P’s parent McGraw Hill Financial Inc. disclosed Wednesday in a regulatory filing it has received a so-called “Wells Notice” from staff of the Securities and Exchange Commission. The notice indicates the staff will recommend to the five-member commission that it pursue... 58216974@www.sltrib.com Wed, 23 Jul 2014 16:37:01 MDT Retail trade group reduces annual sales forecast http://www.sltrib.com/sltrib/money/58216891-79/sales-retail-annual-forecast.html.csp New York • The nation’s largest retail trade group is paring its annual sales forecast because of slower-than-expected growth during the first half of the year tied to winter storms and lingering economic woes. The Washington-based National Retail Federation says Wednesday that it now expects retail sales will rise 3.6 percent this year to $3.2 trillion, instead of its original prediction of 4.1 percent released in early February. The figures include sales in stores and online but exclude automo... New York • The nation’s largest retail trade group is paring its annual sales forecast because of slower-than-expected growth during the first half of the year tied to winter storms and lingering economic woes. The Washington-based National Retail Federation says Wednesday that it now expects retail sales will rise 3.6 percent this year to $3.2 trillion, instead of its original prediction of 4.1 percent released in early February. The figures include sales in stores and online but exclude automo... 58216891@www.sltrib.com Wed, 23 Jul 2014 16:34:01 MDT FDA OKs new painkiller from OxyContin maker http://www.sltrib.com/sltrib/money/58216959-79/abuse-fda-drug-oxycontin.html.csp Washington • The Food and Drug Administration has approved a new combination pain pill from the maker of OxyContin that is designed to discourage abuse by painkiller addicts. Purdue Pharma’s new drug Targiniq ER is an extended release tablet that combines oxycodone — the active ingredient in OxyContin — with the drug naloxone. FDA regulators approved the drug for daily, round-the-clock pain that does not respond to other medications. If abusers crush the tablets for snorting or injecting naloxon... Washington • The Food and Drug Administration has approved a new combination pain pill from the maker of OxyContin that is designed to discourage abuse by painkiller addicts. Purdue Pharma’s new drug Targiniq ER is an extended release tablet that combines oxycodone — the active ingredient in OxyContin — with the drug naloxone. FDA regulators approved the drug for daily, round-the-clock pain that does not respond to other medications. If abusers crush the tablets for snorting or injecting naloxon... 58216959@www.sltrib.com Wed, 23 Jul 2014 16:34:01 MDT Dow Chemical’s quarterly profits top expectations http://www.sltrib.com/sltrib/money/58216770-79/dow-chemical-billion-company.html.csp Houston • Dow Chemical Co., the largest U.S. chemical maker, posted second-quarter earnings that exceeded analysts’ estimates as the company expanded margins by raising product prices and cutting expenses. Profit excluding some items was 74 cents a share, the Midland, Mich.-based company said Wednesday, exceeding the 71-cent average estimate of 17 analysts compiled by Bloomberg. Second-quarter net income fell to $882 million, or 73 cents a share, compared with $2.34 billion, or $1.87, a year ear... Houston • Dow Chemical Co., the largest U.S. chemical maker, posted second-quarter earnings that exceeded analysts’ estimates as the company expanded margins by raising product prices and cutting expenses. Profit excluding some items was 74 cents a share, the Midland, Mich.-based company said Wednesday, exceeding the 71-cent average estimate of 17 analysts compiled by Bloomberg. Second-quarter net income fell to $882 million, or 73 cents a share, compared with $2.34 billion, or $1.87, a year ear... 58216770@www.sltrib.com Wed, 23 Jul 2014 15:54:01 MDT Facebook’s quarterly earnings and revenue soar http://www.sltrib.com/sltrib/money/58216769-79/facebook-percent-revenue-mobile.html.csp Menlo Park, Calif. • Facebook is on a roll. The world’s largest online social network posted sharply higher earnings on Wednesday as revenue from mobile advertising continued to grow, and more people used it, more often. The company’s shares climbed nearly 4 percent in extended trading after the results came out, signaling that they could hit a record high when the stock market opens on Thursday. Investors who bought — and held on to — Facebook stock during the company’s initial public offering ... Menlo Park, Calif. • Facebook is on a roll. The world’s largest online social network posted sharply higher earnings on Wednesday as revenue from mobile advertising continued to grow, and more people used it, more often. The company’s shares climbed nearly 4 percent in extended trading after the results came out, signaling that they could hit a record high when the stock market opens on Thursday. Investors who bought — and held on to — Facebook stock during the company’s initial public offering ... 58216769@www.sltrib.com Wed, 23 Jul 2014 15:41:02 MDT Meat supplier in China scandal has global reach http://www.sltrib.com/sltrib/money/58216742-79/osi-mcdonald-china-company.html.csp New York • It isn’t a household name, but the company at the center of a food scandal in China helps make some of the world’s most popular foods, including the Big Macs and Quarter Pounders served at McDonald’s locations. OSI Group, a privately-held company based in Aurora, Illinois, was thrust into the spotlight this weekend when a Chinese TV station reported that one of its Shanghai plants repackaged old beef and chicken and slapped new expiration dates on them. The scare has ensnared chains i... New York • It isn’t a household name, but the company at the center of a food scandal in China helps make some of the world’s most popular foods, including the Big Macs and Quarter Pounders served at McDonald’s locations. OSI Group, a privately-held company based in Aurora, Illinois, was thrust into the spotlight this weekend when a Chinese TV station reported that one of its Shanghai plants repackaged old beef and chicken and slapped new expiration dates on them. The scare has ensnared chains i... 58216742@www.sltrib.com Wed, 23 Jul 2014 15:28:02 MDT FDA warns of compounded drug recall by firm http://www.sltrib.com/sltrib/money/58216696-79/fda-drug-drugs-pharmaceuticals.html.csp Washington • The Food and Drug Administration warned doctors Wednesday not to use compounded drugs from a Texas specialty pharmacy due to potential risks of contamination. The agency says FDA inspectors recently uncovered unsanitary conditions at Unique Pharmaceuticals’ plant in Temple, Texas. The inspections revealed production problems in several drug lots that were supposed to be sterile. “Using these products puts patients at an unacceptable risk for serious infection,” said Carol Bennett, a... Washington • The Food and Drug Administration warned doctors Wednesday not to use compounded drugs from a Texas specialty pharmacy due to potential risks of contamination. The agency says FDA inspectors recently uncovered unsanitary conditions at Unique Pharmaceuticals’ plant in Temple, Texas. The inspections revealed production problems in several drug lots that were supposed to be sterile. “Using these products puts patients at an unacceptable risk for serious infection,” said Carol Bennett, a... 58216696@www.sltrib.com Wed, 23 Jul 2014 15:23:02 MDT Price of oil rises on sharp drop in U.S. supplies http://www.sltrib.com/sltrib/money/58216660-79/oil-supplies-cents-rose.html.csp The price of oil rose Wednesday after the government reported U.S. oil supplies rose more than expected. The benchmark U.S. oil contract for September delivery gained 73 cents to $103.12 a barrel on the New York Mercantile Exchange. Brent crude for September delivery, a benchmark for international oils, rose 70 cents to $108.03 on the ICE Futures exchange in London. The Energy Department reported that U.S. oil supplies fell by 4 million barrels last week, a sharper decline than the 2.6 million b... The price of oil rose Wednesday after the government reported U.S. oil supplies rose more than expected. The benchmark U.S. oil contract for September delivery gained 73 cents to $103.12 a barrel on the New York Mercantile Exchange. Brent crude for September delivery, a benchmark for international oils, rose 70 cents to $108.03 on the ICE Futures exchange in London. The Energy Department reported that U.S. oil supplies fell by 4 million barrels last week, a sharper decline than the 2.6 million b... 58216660@www.sltrib.com Wed, 23 Jul 2014 15:14:01 MDT Soybeans rebound from lowest prices since 2010 http://www.sltrib.com/sltrib/money/58216627-79/prices-cents-rose-2010.html.csp Soybean futures rose Wednesday as forecasts for dry weather pulled prices up from their lows for the year. Soybeans rose 19 cents to settle at $10.77 a bushel. Other crop futures also rose. Wheat rose 6 cents to $5.31 a bushel and corn added 3 cents to $3.71 a bushel. Favorable weather conditions have pummeled prices for grains and beans in recent weeks. On Tuesday, soybean prices hit their lowest settlement price since October 2010, according to FactSet. Both wheat and corn are trading at their... Soybean futures rose Wednesday as forecasts for dry weather pulled prices up from their lows for the year. Soybeans rose 19 cents to settle at $10.77 a bushel. Other crop futures also rose. Wheat rose 6 cents to $5.31 a bushel and corn added 3 cents to $3.71 a bushel. Favorable weather conditions have pummeled prices for grains and beans in recent weeks. On Tuesday, soybean prices hit their lowest settlement price since October 2010, according to FactSet. Both wheat and corn are trading at their... 58216627@www.sltrib.com Wed, 23 Jul 2014 15:07:02 MDT Details of six GM recalls announced Wednesday http://www.sltrib.com/sltrib/money/58216605-79/total-2014-covers-injuries.html.csp General Motors announced six more recalls Wednesday, bringing its total so far this year to 60, affecting nearly 30 million vehicles. Wednesday’s recalls total nearly 823,000 cars, trucks and SUVs in North America, plus a small number of exports. Here are the models covered and details of the recalls: • 475,161 total. Covers Chevrolet Equinox, GMC Terrain and Cadillac SRX models from the 2010 through 2012 model years, as well as the 2011-2012 Chevy Camaro, Buick Regal and Buick LaCrosse. Bolt se... General Motors announced six more recalls Wednesday, bringing its total so far this year to 60, affecting nearly 30 million vehicles. Wednesday’s recalls total nearly 823,000 cars, trucks and SUVs in North America, plus a small number of exports. Here are the models covered and details of the recalls: • 475,161 total. Covers Chevrolet Equinox, GMC Terrain and Cadillac SRX models from the 2010 through 2012 model years, as well as the 2011-2012 Chevy Camaro, Buick Regal and Buick LaCrosse. Bolt se... 58216605@www.sltrib.com Wed, 23 Jul 2014 15:03:02 MDT Cheaper wireless plans cut into AT&T’s profits http://www.sltrib.com/sltrib/money/58216570-79/billion-plans-cents-cheaper.html.csp NEW YORK • AT&T posted lower net income for the latest quarter due to cheaper cellphone plans it introduced as a response to aggressive pricing from smaller competitor T-Mobile US. The Dallas company says it earned $3.55 billion, or 68 cents per share. That was down from $3.82 billion, or 71 cents per share, in the same quarter last year. Excluding some one-time items, AT&T’s earnings were 62 cents per share in the latest quarter, a penny shy of the average estimate of analyst polled by FactSet.... NEW YORK • AT&T posted lower net income for the latest quarter due to cheaper cellphone plans it introduced as a response to aggressive pricing from smaller competitor T-Mobile US. The Dallas company says it earned $3.55 billion, or 68 cents per share. That was down from $3.82 billion, or 71 cents per share, in the same quarter last year. Excluding some one-time items, AT&T’s earnings were 62 cents per share in the latest quarter, a penny shy of the average estimate of analyst polled by FactSet.... 58216570@www.sltrib.com Wed, 23 Jul 2014 15:00:03 MDT Samsung owner’s family struggles to keep control http://www.sltrib.com/sltrib/money/58215170-79/samsung-lee-family-percent.html.csp Seoul • With Samsung Group’s powerful patriarch entering his third month in a South Korean hospital, his family risks losing its grip on the conglomerate he built into a force from smartphones to life insurance. Lee Kun Hee, 72, took over from his father 27 years ago and outmaneuvered Sony and Nokia to surpass Apple in the mobile-phone business. His son, 46-year-old Lee Jae Yong, will struggle to keep the same influence due to inheritance taxes that could exceed $5 billion and waning support in ... Seoul • With Samsung Group’s powerful patriarch entering his third month in a South Korean hospital, his family risks losing its grip on the conglomerate he built into a force from smartphones to life insurance. Lee Kun Hee, 72, took over from his father 27 years ago and outmaneuvered Sony and Nokia to surpass Apple in the mobile-phone business. His son, 46-year-old Lee Jae Yong, will struggle to keep the same influence due to inheritance taxes that could exceed $5 billion and waning support in ... 58215170@www.sltrib.com Wed, 23 Jul 2014 12:57:01 MDT Chinese leader signs accords, wraps up Cuba visit http://www.sltrib.com/sltrib/money/58215649-79/chinese-cuba-leader-president.html.csp Havana • Chinese President Xi Jinping is wrapping up his visit to Cuba after signing dozens of agreements for such things as investment by Chinese firms on the island. The official newspaper Granma on Wednesday published a description of the agreements signed by the Chinese leader and Cuban President Raul Castro. One calls for joint construction of a multipurpose port terminal in the eastern city of Santiago, while another would form a real estate firm associated with a golf course in Havana’s B... Havana • Chinese President Xi Jinping is wrapping up his visit to Cuba after signing dozens of agreements for such things as investment by Chinese firms on the island. The official newspaper Granma on Wednesday published a description of the agreements signed by the Chinese leader and Cuban President Raul Castro. One calls for joint construction of a multipurpose port terminal in the eastern city of Santiago, while another would form a real estate firm associated with a golf course in Havana’s B... 58215649@www.sltrib.com Wed, 23 Jul 2014 11:25:02 MDT Fair Trade brings big sales and a clear conscience http://www.sltrib.com/sltrib/money/58215636-79/trade-fair-says-products.html.csp New York • Brooklyn Roasting Co. has a booming business based on helping people thousands of miles away. Ninety percent of the coffee the New York-based company sells is Fair Trade — certified as produced by people who are treated and paid well. Being socially responsible pays off for Brooklyn Roasting, which sells to restaurants, food stores and the public through its website. Sales of its Fair Trade coffee, which comes from Mexico, Peru, Indonesia and Ethiopia, have soared from $900,000 in 201... New York • Brooklyn Roasting Co. has a booming business based on helping people thousands of miles away. Ninety percent of the coffee the New York-based company sells is Fair Trade — certified as produced by people who are treated and paid well. Being socially responsible pays off for Brooklyn Roasting, which sells to restaurants, food stores and the public through its website. Sales of its Fair Trade coffee, which comes from Mexico, Peru, Indonesia and Ethiopia, have soared from $900,000 in 201... 58215636@www.sltrib.com Wed, 23 Jul 2014 11:23:02 MDT European carriers suspend more Tel Aviv flights http://www.sltrib.com/sltrib/money/58215543-79/flights-airlines-aviv-tel.html.csp Berlin • Air France and Germany’s two largest airlines on Wednesday canceled more flights to Tel Aviv because of ongoing safety concerns amid the fighting between Israel and Hamas. Lufthansa and Air Berlin extended their cancellations through Thursday and Air France said it was suspending its flights “until further notice.” The European Aviation Safety Agency late Tuesday said it “strongly recommends” that airlines refrain from operating flights to and from Tel Aviv. It said it would “monitor th... Berlin • Air France and Germany’s two largest airlines on Wednesday canceled more flights to Tel Aviv because of ongoing safety concerns amid the fighting between Israel and Hamas. Lufthansa and Air Berlin extended their cancellations through Thursday and Air France said it was suspending its flights “until further notice.” The European Aviation Safety Agency late Tuesday said it “strongly recommends” that airlines refrain from operating flights to and from Tel Aviv. It said it would “monitor th... 58215543@www.sltrib.com Wed, 23 Jul 2014 10:51:02 MDT