You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Yellen sees economy as hazy
    JACKSON HOLE, Wyo. – If anyone thought Janet Yellen might clarify her view of the U.S. job market in her speech Friday, the Federal Reserve chair had a message:The picture is still hazy.
  • Rib Room building sold; eatery to remain
    The owner of the Rib Room, 1234 E. State Blvd., has sold the building that houses the restaurant to local real estate investors Matt, Kurt and Chris Henry, according to a statement Friday.
  • McDonald's names Logan's CEO to lead its U.S. unit
    CHICAGO – McDonald’s Corp. said Friday that longtime restaurant executive Mike Andres will take over as president of the chain’s U.S. operations, which have struggled to boost sales amid increased competition.
Advertisement
Briefs

Stock funds see tail-off for 6th year

Investors pulled money from stock mutual funds in 2012 for the sixth year in a row, despite the stock market’s strong performance.

Bond funds attracted the most cash since 2009, another illustration of how conservative investors have become with their money since the financial crisis.

A net $90 billion was withdrawn from U.S. stock mutual funds last year, industry consultant Strategic Insight said Monday.

The total included $26 billion pulled out in December, the 10th month in a row that withdrawals have exceeded deposits.

The full-year total was the largest since 2008, when $136 billion was removed. Since 2007, the year that the stock market hit a historic high, nearly $405 billion has been withdrawn.

JPMorgan told to fix oversight tied to loss

JPMorgan Chase & Co. has been ordered to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion.

Federal regulators also on Monday cited the bank for lapses in oversight that allowed the bank to be used for money laundering.

JPMorgan, the nation’s largest bank by assets, will not pay a fine under the agreements with the Federal Reserve and the U.S. Comptroller of the Currency, a Treasury Department agency. The bank promised to strengthen its policies and procedures to control risk and to screen customers to prevent money laundering.

Dell’s stock surges on report of suitor

Dell’s stock soared 13 percent Monday on a report that the struggling personal computer maker is in talks to take the company private.

Citing unidentified people familiar with the situation, Bloomberg News said Dell has discussed a potential sale with at least two firms that specialize in buying companies that have fallen out of favor with investors. The report didn’t name the interested firms.

Dell Inc., based in Round Rock, Texas, declined to comment.

Apple shares fall after slower iPhone 5 sales

Apple shares fell below $500 for a time Monday for the first time since February.

The drop came after the Wall Street Journal reported that the company has cut its orders for iPhone 5 components because of weaker-than-expected demand.

The newspaper said that two people it did not identify told it that Apple’s first quarter orders for iPhone 5 screens have dropped to about half of what the company had previously planned to order.

It says one of the unidentified people told the newspaper that the Cupertino, Calif., company has also cut orders for components other than screens.

UPS abandons deal for TNT Express unit

Atlanta-based UPS scrapped plans to grow in Europe through the acquisition of Dutch delivery company TNT Express because European regulators were getting ready to reject the $6.9 billion deal.

It would have been the largest acquisition in UPS history.

UPS offered in March to buy TNT, Europe’s second-largest delivery company, to better compete with Europe’s largest, Deutsche Post’s DHL.

Regulators objected, saying the deal would reduce competition in the market for express delivery of small packages.

Advertisement