By The Associated Press
(AP) - ___
Russia's Rosneft buys out TNK-BP
MOSCOW (AP) _ Russian state-owned oil giant Rosneft strengthened its hold on the country's lucrative oil industry when it sealed a deal Monday to buy TNK-BP, the 50-50 joint venture between BP, the British energy country, and a group of Russian oil oligarchs.
The deal will allow Rosneft, already the country's top oil producer, to increase its global profile. The new combined company will leapfrog ExxonMobil Corp. to become the world's largest publicly traded producer of oil and gas, in terms of output. ExxonMobil's latest earnings show its daily output at 4.2 million barrels of oil, below the expanded Rosneft's projected 4.6 million.
As part of the deal, BP succeeds in unloading its stake in a troublesome joint-venture. In return, it gets $17.1 billion in cash from Rosneft and a 12.84 percent stake in Russia's biggest oil company. The British company is also planning to use some of the money it's reaped from the sale to raise its stake in Rosneft to 19.75 percent. BP will also get two seats on the Russian company's nine-member board.
Retirement worries grow; 30-somethings most uneasy
WASHINGTON (AP) _ Younger Americans in their late 30s are now the group most likely to doubt they will be financially secure after retirement, a major shift from three years ago when baby boomers nearing retirement age expressed the greatest worry.
The survey findings by the Pew Research Center, released Monday, reflect the impact of a weak economic recovery beginning in 2009 that has shown stock market gains while housing values remain decimated.
As a whole, retirement worries rose across all age groups _ roughly 38 percent of U.S. adults say they are "not too" or "not at all" confident that they will have sufficiently sized financial nest eggs, according to the independent research group. That's up from 25 percent in 2009.
Caterpillar sees weak economy as it cuts outlook
MINNEAPOLIS (AP) _ Caterpillar says the world's economy is weaker than it thought, and it doesn't expect growth to pick up until the second half of next year.
The company on Monday cut its 2012 revenue and profit guidance, and took a very cautious view toward its performance in 2013.
Caterpillar makes those bright yellow excavators, heavy tractors, and other construction equipment often seen on road-building projects. It's the world's largest maker of construction and mining equipment, and also makes engines. Its results are watched closely for signs of where the broader economy is headed.
FedEx sees online shoppers powering holiday record
NEW YORK (AP) _ FedEx expects to ship a record number of packages during the holidays, thanks to shoppers' growing fondness for buying online.
The world's second-largest package delivery company expects to handle 280 million shipments between Thanksgiving and Christmas, up 13 percent from the same stretch last year.
The forecast, released Monday, comes against a background of lackluster growth in the global economy. FedEx has warned the economy is stalling and expects conditions to get worse next year. It's making big cuts in the businesses that have been the hardest hit, including its Express unit that moves top-priority shipments by air.
Yahoo's 3Q earnings, revenue top Street's forecast
SAN FRANCISCO (AP) _ Yahoo ushered in Marissa Mayer as its new CEO with a third-quarter earnings report that topped analyst estimates.
The results announced Monday show Yahoo's net revenue barely grew at a time when advertisers are spending more money marketing their products and services online.
Nevertheless, the numbers were slightly better than analysts projected. Yahoo Inc. hired Mayer away from rival Google Inc. to orchestrate its latest turnaround attempt in mid-July, shortly after the quarter started.
Hasbro 3rd-qtr profit falls 4 percent, revenue drops
NEW YORK (AP) _ The toy wars are heating up, with Hasbro planning to beef up spending on advertising after reporting that its third-quarter results fell by 4 percent.
Hasbro's toys include My Little Pony, Transformers and Scrabble. It said Monday that its results were hurt by weakness in toys for boys and preschool and the stronger U.S. dollar. But the Pawtucket, R.I.-based company's adjusted results topped Wall Street's forecasts. And Hasbro remains confident heading into the critical holiday season, which is when toy makers can earn up to 40 percent of their annual revenue.
Hasbro is optimistic despite expectations that the holidays will be a tough battleground for toy makers as retailers order inventory more cautiously. In addition retailers including Wal-Mart, Kmart and Toys R Us have beefed up layaway and reservation services to encourage shoppers to buy toys early in the season, meaning they might be scarce later on.