AP Financial News Summary at 10:23 p.m. EST
South Korea’s KT&G Shares Soar on Offer
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SEOUL, South Korea (AP) _ Shares in KT&G Corp. soared Friday after investors led by U.S. billionaire Carl Icahn made an unsolicited offer to acquire South Korea’s former government tobacco monopoly.
MGM Mirage Profit Rises 31 Percent
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LAS VEGAS (AP) _ Casino giant MGM Mirage Inc. weathered the closure of its hurricane-battered resort in Mississippi to post a 31 percent increase in fourth-quarter earnings Thursday.
Wynn Resorts Loses $11.4 Million in 4Q
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LAS VEGAS (AP) _ Wynn Resorts Ltd., the casino resort company operated by billionaire Steve Wynn, said Thursday that it lost $11.4 million in the fourth quarter, as it booked one-time charges for its resort in Las Vegas and for another being built in Macau.
Oil Prices Rise Past $60 a Barrel
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SINGAPORE (AP) _ Crude oil futures gained Friday as persistent concerns over supply disruptions in Nigeria and Iran’s nuclear program overshadowed U.S. government data showing gains in domestic crude supplies.
Fannie Mae Probe Points to 2 Former Execs
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WASHINGTON (AP) _ Fannie Mae’s former finance chief and controller share primary responsibility for the accounting failures at the mortgage company struggling to emerge from an $11 billion scandal, a company-ordered report said Thursday.
Gap’s Fourth-Quarter Profit Slides
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SAN FRANCISCO (AP) _ Gap Inc.’s fourth-quarter profit slid 11 percent, deepening a slump that’s likely to drag down the clothing retailer again this year _ a bleak prospect that prompted investors to dump the company’s stock despite a substantial dividend increase.
H&R Block Reports Lower 3Q Profits
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KANSAS CITY, Mo. (AP) _ H&R Block Inc., the nation’s largest tax preparer, said Thursday the costs of settling a number of class-action lawsuits and slower-than-expected business in its tax and mortgage arms caused its third-quarter profit to drop 68 percent and forced the company to lower annual revenue estimates.
KFC Plants Hidden Secret in New TV Ad
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LOUISVILLE, Ky. (AP) _ Psstt. KFC wants to share a secret. No, not THAT secret.
Home Depot Boosts Buyback by $1 Billion
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ATLANTA (AP) _ Home Depot Inc., the nation’s biggest home improvement retailer, on Thursday said its board authorized the repurchase of an additional $1 billion worth of outstanding shares, bringing the total buyback authorization to $12 billion.
CBS, Viacom Report Mixed Results in 1Q
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NEW YORK (AP) _ In their first earnings reports as separate companies, both CBS Corp. and Viacom Inc. delivered some disappointing news to investors.