The Bank of England will raise its target for asset purchases next week as the debt crisis in Europe may have already pushed Britain
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Wendy’s Co. says its adjusted earnings fell 29.5 percent in the fourth quarter, while its revenue rose 5.6 percent,
The hamburger chain said Monday its income from continuing operations was $4.3 million in the period ended Jan. 1. That was down from $6.1 million a year ago.
The adjusted number stripped out one-time charges like costs related to selling Arby’s and writing down the value of some assets. The company didn’t report what net income would be if those charges were factored in.
Earnings were 4 cents per share, in line with the predictions of analysts polled by FactSet. After adjusting for the one-time charges, earnings were 1 cent per share.
Wendy’s says revenue rose to $615 million, beating the $613 million predicted by analysts polled by FactSet. More visitors and higher prices helped.
Shares fell 2 percent in early trading to $5.10.
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Jan. 29 (Bloomberg) –Indonesia may sustain its economic growth, Trade Minister Gita Wirjawan said, as
The Federal Reserve’s announcement that it is unlikely to raise its benchmark interest rate until late 2014 is simply its “best guess,” Ben Bernanke said Wednesday.
The Fed chairman made clear during a news conference Wednesday that the decision to leave interest rates unchanged for three more years was not ironclad.
The central bank’s ability to forecast that far out is limited, Bernanke says, and the Fed could adjust the time frame for when it will raise rates if economic conditions change.
Still, he said the U.S. economy remains weak and that all signs suggest the Fed won’t change its record-low rate for another three years.
“Unless there is a substantial strengthening of the economy in the near term, it’s a pretty good guess we will be keeping rates low for some time,” Bernanke said after the Fed concluded its two-day policy meeting.
The central bank has kept its key rate at a record low near zero for about three years.
Bernanke also said the Fed has not ruled out bolder steps to boost economic growth, such as a third round of bond purchases.
“If inflation is going to remain below target for an extended period and unemployment progress is very slow … there is a case for additional policy action,” he said.
“I would not say we are out of ammunition no teletrack payday loan. We still have tools.”
Prior to the news conference, the Fed downgraded its outlook for U.S. economic growth this year. It forecasts the economy to grow between 2.2 percent and 2.7 percent in 2012, according to its updated economic forecasts. That’s down from November’s forecast of between 2.5 percent and 2.9 percent.
Many economists expect Europe will suffer a recession this year, which will slow U.S. growth.
Still, the Fed said it expects unemployment to fall low as 8.2 percent. That’s an improvement from November’s bottom rate of 8.5 percent.
In December, the unemployment rate fell to 8.5 percent _ the lowest level in nearly three years _ after the sixth straight month of solid hiring.
Inflation has been relatively tame and the Fed doesn’t see that changing over the next three years.
Bernanke refused to answer a question asking whether he would resign if one of his Republican critics is elected president.
“As long as I have a job to do, I’m going to do everything to help the Federal Reserve. That’s my answer,” he said.
Stocks are opening slightly lower as worries over the European debt crisis persist, overshadowing a strong auction of Italian government debt.
The European Central Bank said the continent’s banks parked a record $590.72 billion overnight at the bank, reflecting distrust in the European banking system.
Italy held two successful bond auctions Wednesday at a substantially lower cost than what it paid in similar auctions last month payday loan lenders. The sales raised hopes that the country would be able to roll over its enormous national debt with new bonds.
The Dow Jones industrial average is down 20 points at 12,272 in early trading. The S&P 500 is down 3 at 1,262. The Nasdaq is down 6 at 2,619.
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The leaders of Germany and France called Monday for a new European Union treaty to restore confidence in the euro currency and to ensure that the region’s debt crisis never happens again.
French President Nicolas Sarkozy said after a meeting with German Chancellor Angela Merkel that they would prefer a treaty agreed by all 27 members of the European Union but would also accept a treaty among just the 17 countries that use the euro.
The new treaty should include automatic sanctions for countries that violate rules meant to keep government deficits in check.
Investors cheered the two leaders’ comments, with the euro and stocks rising and bond yields dropping.
The meeting comes at the start of a crucial week for the eurozone, as it struggles to convince markets that it is able to solve its debt crisis.
Sarkozy said a jointly issued bond by all the countries that use the euro is not the solution to the continent’s debt crisis.
Many analysts have said that only by issuing bonds backed by the whole eurozone will Europe be able to save its shared currency.
Stronger countries, like Germany and France, have resisted those calls, but some thought that as the crisis worsens they might be forced to relent. Sarkozy reiterated Monday, however, that a common bond was “in no way” the solution to the crisis.
Stock indexes fell in afternoon trading Thursday as spiking bond yields in Spain brought new worries Europe’s debt crisis and overshadowed the latest signs of growth in the U.S. economy.
Technology stocks led the market lower after two companies disappointed investors with weaker earnings predictions. NetApp Inc. plunged 12 percent, the most in the S&P 500 index, after the data storage company forecast earnings that were below Wall Street’s estimates.
Applied Materials Inc. also said its earnings for the current quarter would be weaker than analysts’ forecasts. The company’s income fell 3 percent last quarter on lower demand fell for the semiconductor equipment it makes.
The Dow Jones industrial average dropped 159 points to 11,746 as of 1 p.m. Eastern time. It had wavered between gains and losses earlier in the day. Cisco Systems Inc. had the largest fall of the 30 stocks in the Dow, 2.7 percent. Intel Corp. dropped 2.4 percent.
In Spain, an auction of 10-year government bonds left the country paying interest rates of nearly 7 percent. That’s the highest rate since 1997 and a level that economists see as unsustainable. Greece and Ireland received rescue loans from the European Union after their bond yields jumped above the same level.
Spain has much more debt than either Greece or Ireland, which would make it difficult for other countries to rescue. Like Italy, whose main borrowing rate also spiked above 7 percent in the last week, the country is burdened with high debts and slow growth.
Concerns about Europe’s debt crisis contrasted with better economic reports in the U.S. The number of people seeking unemployment benefits last week fell to the lowest level in 7 months, a sign layoffs are easing.
“The economic data in the U.S. has been improving,” said Michael Sheldon, chief market strategist at RDM Financial in Westport, Conn. “If it weren’t for Europe, I think equity markets would be doing much better right now.”
The Spanish bond auction came a day after Fitch Ratings warned that major U.S. banks could be “greatly affected” if Europe’s debt crisis continues to spread beyond the financially troubled Greece, Ireland, Portugal, Italy and Spain.
Building permits jumped 10.9 percent, much higher than economists expected. That’s another sign that the U.S. may not be headed for another recession.
The Standard & Poor’s 500 index lost 21, or 1.8 percent, to 1,214. The Nasdaq composite slid 57, or 2.1 percent, to 2,582.
In corporate news:
_ Consumer review site Angie’s List soared 21 percent on the company’s first day of trading. Angie’s List Inc., which runs reviews of veterinarians, plumbers and other local services, priced its initial public offering of 8.8 million shares at $13 late Wednesday.
_ Sears Holdings Corp. fell 4.6 percent after its third-quarter results missed Wall Street’s expectations. The retailer’s sales were dragged down by declining consumer electronics sales and softer sales at its Kmart stores.
_ J.M. Smucker Co. lost 2.4 percent after reporting that rising costs for ingredients were cutting into profits.
_ Boeing Co. slipped 1 percent after the market turned lower in the afternoon. The company had traded higher after announcing its largest commercial airplane order. Lion Air, a private carrier in Indonesia, ordered a total of 230 airplanes at a list price of $21.7 billion.
The American economy added 80,000 jobs in October, and job growth in the two previous months was much stronger than first thought, an encouraging sign as the nation searches for a way out of the jobs crisis.
The unemployment rate dropped to 9 percent from 9.1 percent, the first time it has fallen since July and the lowest rate since April, the government said Friday.
“Those are pretty good signs,” said Michael Hanson, senior economist at Bank of America Merrill Lynch. “We’re hanging in there.”
Economists surveyed by FactSet, a provider of financial data, had expected a gain of 100,000 jobs. It takes a gain of about 125,000 jobs a month to keep up with population growth, more to bring down the unemployment rate.
The private sector added 104,000 jobs for the month.
The overall jobs figure was the smallest in four months. Still, there were smaller, more encouraging signs in the government’s monthly snapshot of unemployment, one of the most closely watched economic reports.
The Labor Department said the economy added 102,000 more jobs in August and September than first thought. And the ranks of the long-term unemployed, people out of a job for at least six months, fell sharply to 5.9 million.
Those signs further ease fears of a new recession, which had loomed over the economy this past summer. Europe is wrestling with a debt crisis, however, and even if it dodges catastrophe, a recession there would be a drag on the U.S. economy.
The job market turned consistently negative in February 2008. The nation lost jobs for 25 months in a row _ almost 8.8 million of them in all. Since then, the economy has only recovered 2.3 million jobs.
The unemployment rate has hovered around 9 percent for more than two years, and the Federal Reserve said this week that it will is not expected to fall significantly through the end of next year.
That means President Barack Obama will almost certainly go before voters next November seeking a second term with the highest unemployment of any sitting president since World War II.
Obama, appearing at the G-20 economic summit in Cannes, France, said the U.S. economy is growing “way too slow.” He repeated his call for Republicans in Congress to pass his $447 billion jobs bill, a mix of tax cuts and spending on roads and rail lines.
“There’s no excuse for inaction,” the president said.
Republicans in the Senate on Thursday defeated the infrastructure portion of Obama’s proposal. GOP lawmakers opposed the bill’s tax surcharge on the wealthy and the additional spending.
Republicans laid blame on Obama and Democrats in Congress.
“At virtually every step of the way, President Obama and Democrats have increased uncertainty,” said Rep. Kevin Brady, R-Texas. “This has discouraged businesses from making new investments.”
Hiring last month was broad. Professional and business services, which includes the accounting, engineering, and temporary help industries, added 32,000 jobs. Hotels, restaurants, and entertainment companies added 22,000. Health care added 12,000.
The construction sector cut 20,000 jobs for the month, the most since January. That industry is examined closely because a pickup in the housing market could add force to the economic recovery.
Government, meanwhile, cut 24,000 jobs. That’s unusual for an economic recovery, when state, local and federal governments typically hire workers.
The number of discouraged workers _ those who have given up looking for work and are no longer counted as unemployed, fell. And fewer people with part-time jobs were looking for full-time work.
“Overall, while this report is not good enough, several key numbers are now moving in the right direction,” Ian Shepherdson, an economist at High Frequency told clients. “The odds of significantly better employment reports over the next few months seem to be improving.”
The economy grew at an annual rate of 2.5 percent in July, August and September, its best performance in a year. In the first half of this year, the economy expanded at the slowest pace since the Great Recession ended in June 2009.
The stronger economy over the summer was powered by consumer spending, which grew three times as fast as it had this spring. Americans spent more even in the face of fears of a new recession and wild gyrations in the stock market.
Still, companies appear to be waiting for customer demand to pick up even more before they hire again in great numbers. They learned during and after the recession to live with fewer employees.
Worker productivity rose from July through September by the most in a year and a half. More productivity is usually good because companies pay workers more without raising prices. But workers generally are not getting raises this time.
The Federal Reserve this week lowered its forecast from economic growth to 1.7 percent for this year, down from a forecast of 2.7 percent issued over the summer. It also says unemployment will not come down substantially through the end of 2012.
The economy has absorbed a series of body blows this year.
In the spring, the devastating earthquake and tsunami that struck Japan disrupted supplies of cars and other products. The price of gas rose to a national average of almost $4 a gallon.
Then this summer, Washington was seized by gridlock over whether to raise the borrowing limit for the federal government and how best to tackle the nation’s long-term debt problem.
More recently, economists have fretted over a debt crisis in Europe. That continent buys 20 percent of American exports, so a slowdown there would take a bite out of the U.S. economy, too.
The Greek prime minister this week called for a surprise popular vote on a European plan to bail out the debt-addled Greek economy. He later backed down, but even if Greece is stabilized, other European economies are weighed down by debt.