Monsanto to aim modified corn at consumersMonsanto Co., the world's biggest vegetable seed maker, said it will begin selling genetically modified sweet corn in the U.S. this year, the first product it has developed for the consumer market. The sweet corn seeds are engineered to kill insects living above and below ground and to tolerate applications of the company's Roundup herbicide, said Consuelo Madere, Monsanto vice president for vegetables. They will be introduced to growers serving the U.S. fresh corn market starting in the autumn, she said. Monsanto previously sold only engineered crops that are processed into sugars and oils, used as animal feed or made into fibers.
Jobless claims hold steady; market still weakThe number of Americans who applied for unemployment benefits last week held steady at the 400,000 mark, signaling little change in a weak U.S. labor market, government data showed. Initial claims for jobless benefits fell by 1,000 to a seasonally adjusted 400,000, the Labor Department said. Economists had expected new applications to total 400,000 in the week ended July 30. The average of new claims in the past four weeks, viewed as a more accurate gauge of employment trends, declined by 6,750 to stand at 407,750, the lowest level since mid-April.
Blackstone to buy health billing firm EmdeonBlackstone Group, the world's biggest private-equity firm, agreed to buy Emdeon Inc. for about $3 billion, taking the health care billing firm private again after two years as a public company. Emdeon shareholders will receive a cash payment of $19 a share, the Nashville, Tenn.-based software maker said. The deal would give investors a 44 percent premium over the closing price for Emdeon stock on July 26, the day before news broke that the two sides were talking.
Southwest cuts growth plans through 2012Southwest Airlines is trimming growth plans through 2012 amid higher fuel costs and a faltering economic recovery that eroded second-quarter earnings. Capacity, a measure of seats and miles flown, will increase 4 percent to 5 percent this year, down from earlier plans of as much as 6 percent. Growth will be no higher in 2012 and "possibly slightly down," Chief Executive Gary Kelly said in a telephone interview. Southwest shares fell 81 cents, or 8.4 percent, to close Thursday at $8.84.
Wendy's to move corporate HQ back to OhioWendy's Co., the operator of more than 6,500 fast-food restaurants, said it will move its company headquarters back to Dublin, Ohio, from Atlanta. The company will invest more than $11 million during the next two years to renovate its headquarters and add 50 jobs, CEO Roland Smith said. Wendy's, which sold the Arby's roast-beef sandwich chain to Roark Capital Group last month, moved its headquarters to Atlanta after merging with Arby's in 2008.
Paulson's fund said to be down 22% this yearJohn Paulson, the billionaire hedge fund manager who is betting on an economic recovery by 2012, has lost 22 percent this year in his biggest fund, according to an investor, as global stock markets slumped and the U.S. economy showed signs of slowing. Paulson's Advantage Plus Fund, which uses strategies designed to profit from corporate events such as takeovers and bankruptcies, lost 4.6 percent last month, said the client.
Wells Fargo sued over reverse mortgagesWells Fargo & Co. is ignoring federal rules on reverse mortgages and forcing homes into foreclosure instead of giving heirs a chance to buy them, according to a lawsuit. Estates and surviving spouses have the right to purchase properties at 95 percent of appraised value after the death of a borrower who took out a federally insured reverse mortgage, lawyers for a California man said in the complaint filed in San Francisco. Wells Fargo is reviewing the complaint, a spokeswoman said.
FROM NEWS SERVICES
