(By Tom Krisher, Associated Press) We saw the USA in them. We drove them to the levee. We even worked on our night moves in their back seats. For a century, Chevrolets won America’s love with their safety, convenience, style and speed – even if sometimes they were clunky, or had problems with rust or their rear suspensions.
(By David Perlmutt, firstname.lastname@example.org) Charlotte-based Duke Energy reported third quarter profits dropped 30 percent, largely after power sales declined, and costs for a new Indiana power plant came in larger than expected. The utility reported earnings of $472 million, or 35 cent a share, for the three months that ended Sept. 30 — compared with $670 million, or 51 cents a share, for the same three months in 2010.
Charlotte-based Park Sterling Bank reported a loss of $1.4 million in the third quarter despite decreases in net charge-offs and loan loss provisions. The bank lost $3.1 million last quarter and $3.7 million in the third quarter last year.
(By David Pitt, Associated Press) During the economic downturn, employees felt the impact of cutbacks in hiring, raises – and in the disappearance of company contributions to their 401(k) plans. The first wave of reductions in 401(k) retirement savings plans began in 2008. The number of employers lowering or suspending their contributions accelerated in the first half of 2009 as the stock market fell to its lowest point after the financial meltdown.
(By Martin Crutsinger and Christopher S. Rugaber, Associated Press) The Federal Reserve sketched a bleaker outlook Wednesday for the economy, which it thinks will grow much more slowly and face higher unemployment than it had estimated in June. The Fed’s gloomier forecast shows that the recovery from the recession has continued to fall short of expectations. Some economists said it makes the Fed more likely to act further to try to boost the economy, though probably not until early next year.
(By Steve Byers, email@example.com) Charlotte-based industrial conglomerate SPX Corp. on Wednesday reported third-quarter earnings per share of $1.21, excluding one-time charges. That topped the company’s earlier guidance of $1 to $1.10 per share and analysts’ average forecast of $1.08 per share. Revenue was $1.4 billion, up 8 percent over the year-ago quarter but slightly below Wall Street’s expectations. Sales to emerging markets rose 29 percent.
(By Steve Byers, firstname.lastname@example.org) A German manufacturer on Wednesday showed off its new logistics center in Charlotte and announced the promotion of two key local executives. Bosch Rexroth Corp. began expanding its local presence this past summer, opening a 65,000-square-foot warehouse off Westinghouse Boulevard and concentrating the manufacture of its linear motion and assembly technologies products at its plant nearby. The moves created 45 additional jobs in Charlotte, where the company now employs about 130.
(By MARTIN CRUTSINGER, AP Economics Writer) Federal Reserve Chairman Ben Bernanke on Wednesday acknowledged that the pace of economic growth is likely to be “frustratingly slow,” after the Fed downgraded its forecast for the next two years. Bernanke said the central bank is open to purchasing more mortgage-backed securities to boost the struggling housing market, if conditions worsen. But he declined to offer details about what would trigger such a decision.
(By MATTHEW CRAFT and DAVID K. RANDALL, AP Business Writers) Stock indexes rose Wednesday after a steep two-day drop as international leaders scrambled to save a week-old plan to prevent a financial crisis in Europe. Strong corporate earnings and a bump up in hiring by private companies also helped turn markets around. The Dow Jones industrial average gained 115 points, or 1 percent, to 11,775 as of 1:45 p.m. Eastern. The Dow lost 573 points the previous two days after the brokerage MF Global collapsed and Greece’s prime minister surprised markets and his own government with a call to put unpopular austerity measures to a public vote.
(By Steve Byers, email@example.com) Charlotte-based industrial conglomerate SPX on Wednesday reported third-quarter earnings per share of $1.21, excluding one-time charges, beating the company’s earlier guidance of $1 to $1.10 per share. Revenue was $1.4 billion, up 8 percent over the year-ago quarter.