AP Financial News Summary at 9:32 a.m. EDT
Visa to Go Public in Restructuring Move
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SAN FRANCISCO (AP) _ Visa, operator of the world’s largest consumer credit card payment system, said Wednesday it plans to restructure its organization to create a new public company and then sell shares in an initial public offering.
McAfee Fires President; CEO Retires
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SANTA CLARA, Calif. (AP) _ Antivirus and security software provider McAfee Inc. on Wednesday said it fired President Kevin Weiss, and announced that CEO and Chairman George Samenuk will retire after a stock options investigation found accounting problems that will require financial restatements.
Stocks Down in Early Trading
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NEW YORK (AP) _ Stocks were down at the start of earnings season after aluminum giant and Dow industrials component Alcoa Inc. fell short of earnings expectations.
Oil Up After OPEC Confirms Output Cut
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VIENNA, Austria (AP) _ Oil prices rose Wednesday after the president of OPEC confirmed that the organization will cut global crude production by 1 million barrels a day to prop up the market.
Gannett 3Q Earns Fall on Weak Ads
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NEW YORK (AP) _ Gannett Co., the largest newspaper publisher in the country, reported a 12 percent decline in third-quarter earnings Wednesday on weaker advertising and one-time gains in the same period a year ago.
AT&T, BellSouth Deal Nears DOJ Approval
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WASHINGTON (AP) _ AT&T Inc.’s $78.5 billion buyout of BellSouth Corp. headed toward expected approval at the Justice Department on Wednesday, clearing the way for a final decision a day later by the Federal Communications Commission.
CEO of Sovereign Bancorp Resigns
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PHILADELPHIA (AP) _ Jay Sidhu, who turned Sovereign Bancorp Inc. from a small savings and loan into an $89 billion financial powerhouse, resigned Wednesday amid criticism of a deal he engineered with a Spanish bank that bypassed shareholder approval.
OPEC Chief: Members Agree to Output Cut
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ABUJA, Nigeria (AP) _ OPEC has agreed to trim global oil production by 1 million barrels a day to boost prices, and its members were discussing how to share the cut, the cartel’s president said Wednesday.
EU Lowers Euro-Area Growth Forecast
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BRUSSELS, Belgium (AP) _ The European Union on Wednesday lowered its growth forecast for the 12 nations that use the euro currency, predicting that the economy would see a ``more moderate″ expansion over the next three quarters.
Alcoa 3Q Earnings Soar 86 Percent
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PITTSBURGH (AP) _ Alcoa Inc. posted sharply higher earnings Tuesday on strong demand from aircraft, truck and train producers, overcoming weak prices and a seasonal downturn. But the aluminum maker’s 86 percent profit rise disappointed analysts.