Business and Economy

Kellogg Co. promises to obtain palm oil from suppliers that don’t destroy tropical rainforests

  TRAVERSE CITY, Mich. – Kellogg Co. says it will buy palm oil only from companies that don’t destroy tropical rainforests to produce the additive used in many processed foods. The cereal giant responded to a campaign by environmental groups that have long pressured the food industry to shun palm oil from plantations that displace …

Toronto stock market to move lower amid mixed earnings news, major cable TV deal

TORONTO—The Toronto stock market headed for a lower open Thursday amid earnings reports from the insurance, manufacturing and resource sectors. There was also major acquisition activity as Comcast Corp. confirmed that it plans to buy Time Warner Cable for about US$45.2 billion in stock in a deal that would combine the top two cable TV …

Starwood 4Q profit falls but adjusted earnings tops Wall Street view; 2014 guidance is short

STAMFORD, Conn.—Starwood Hotels & Resorts Worldwide Inc.’s fourth-quarter net income fell 10 per cent, hurt by some charges. Its adjusted quarterly earnings topped analysts’ estimate, but its guidance for this year was below Wall Street’s view. The Stamford, Conn., company, whose brands include Sheraton and St. Regis, earned $128 million, or 67 cents a share, …

Burger King’s profit climbs on strength overseas; Satisfries help North American sales

NEW YORK—Burger King reported a higher quarterly profit as growth overseas helped lift a key sales figure. The Miami-based chain says global sales rose 1.7 per cent at locations open at least a year, with particularly strong results in Asia. In North America, where it introduced lower-calorie french fries called Satisfries, the figure edged up …

Tokyo index leads fall in weak global stock markets as investors awaited more data

SEOUL, South Korea—Global stocks fell Thursday, led by a fall in Tokyo, as investors fretted upcoming U.S. indicators would show weakness in the world’s biggest economy. In early European trading, France’s CAC 40 drifted 0.1 per cent lower to 4,301.79 and Germany’s DAX was down 0.2 per cent to 9,524.87. Britain’s FTSE 100 was almost …

Philip Morris Int’l 4Q profit down 5 pct on lower cigarette sales, unfavourable exchange rates

RICHMOND, Va.—Philip Morris International Inc. said Thursday its fourth-quarter profit dropped 5 per cent as cigarette sales fell in most of its markets despite commanding higher prices. The seller of Marlboro and other cigarette brands overseas also was hurt by foreign exchange rates for the U.S. dollar, but it adjusted results were in line with …

Report says Apple repurchased $14 billion of its stock in 2 weeks since posting 1Q results

NEW YORK—Apple has reportedly repurchased $14 billion of its stock in the two weeks after its first-quarter financial results and second-quarter revenue outlook disappointed investors. Its shares rose almost 2 per cent in premarket trading Friday. Late Thursday, The Wall Street Journal reported that Apple Inc. CEO Tim Cook said that the company was “surprised” …

Indonesia’s economy grows at slowest pace since 2009 on commodity slowdown

JAKARTA, Indonesia—Indonesia’s economy grew at its slowest pace in four years in 2013 because of a slump in commodity prices and a slowdown in consumer spending. The Central Statistics Agency said Southeast Asia’s largest economy grew 5.8 per cent last year, the first time it has expanded less than 6 per cent since 2009. It said …

Asia shares mostly higher as Japan market rebounds modestly

TOKYO—Shares held steady Wednesday as wary investors took heart from modest recoveries from sell-offs the day before, but there wasn’t much bounce to the rebound. European shares looked set for a slow start, weighed down by worries over corporate earnings. Britain’s FTSE 100 edged up 0.1 per cent to 6454.10 and the CAC-40 in France …

World stock markets sink after weak manufacturing reports from China, United States

SEOUL, South Korea—Japan’s Nikkei 225 stock average dived more than 4 per cent Tuesday as weakness in U.S. and Chinese manufacturing sent world markets sharply lower. Early European trading mirrored the slide in Asian stock markets, showing investor sentiment remained fragile as weak data from the world’s two biggest economies sparked concerns that growth could …