Disney sees 3Q
Helped by a surge of earnings from "The Avengers," the Walt Disney Co. reported its third-quarter net income rise 24 percent to $1.83 billion, or $1.01 per share. Revenue rose 4 percent to $11.09 billion.
Pfizer to settle
Pfizer has agreed to pay the federal government $60 million to settle allegations that its employees bribed doctors and other foreign officials in Europe and Asia to win business and boost sales. The Securities and Exchange Commission said Pfizer's overseas subsidiaries made illegal payments to health care officials in China, Italy, Russia, Croatia and other Eastern European countries.
Greece has still to find up to $5 billion worth of cuts to satisfy its international creditors. The debt-ridden country has vowed to slash $14.1 billion off its 2013-14 budget in order to continue receiving emergency rescue loans from other eurozone countries and the IMF. "We are not there yet, we still have ($4.3 billion) to ($5 billion) to cover," Finance Minister Yannis Stournaras said.
credit card use
Americans cut credit card use in June, further evidence high unemployment and slow growth has made many cautious about spending. Credit card debt fell 5 percent to $864.6 billion but overall consumer borrowing rose 3 percent, the Federal Reserve said.
CBS 2Q profit up
as revenue falls
CBS Corp.'s net income rose 8 percent in the second quarter, in part due to declining programming costs. But ad revenue fell 3 percent to $2.14 billion, a development it attributed to "timing issues" such as the semifinals of the March Madness college basketball tournament occurring before the April-June quarter, instead of during it as it did a year ago.
RailAmerica, the short-line railroad being bought by Genesee & Wyoming Inc. for $1.39 billion, was sued by a shareholder who contends investors will be shortchanged in the transaction. The shareholder argues directors have a duty to get the maximum price for the stock and should have sought more suitors. Genessee owns the Helper-based Utah Railway.
MetLife fined for
MetLife, the insurer seeking an exit from banking to limit U.S. regulation, was penalized $3.2 million by the Federal Reserve for lapses tied to the servicing of loans and handling of foreclosures. It is among companies scrutinized by U.S. authorities including the Fed and Justice Department for abusive foreclosure practices stemming from the collapse of the housing bubble.