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

  • Sony forecasts $2 billion loss, cites weak mobile
     TOKYO – Sony expects its annual loss to swell to more than $2 billion after writing down the value of its troubled mobile business as phone sales were battered by brutal competition.
  • Billionaire’s house arrest sends stocks crashing
      MOSCOW – The arrest of a Russian billionaire has sent shares in his holding company into a tailspin.
  • 2 firms to expand, add jobs
    A pair of companies will look to improve their operations with an investment of nearly $3 million combined, according to tax abatement ­requests filed last week with the city.
Advertisement

Lincoln earnings rise 26%

Briefs

Lincoln National Corp. on Wednesday reported sec­ond-quarter earnings of $398 million, or $1.48 per diluted common share, a 26 percent increase from the $317 million, or $1.15 a share, posted for the same three months of 2013.

The Radnor, Pennsylvania, financial services provider was founded in Fort Wayne in 1905 and maintains a significant employee presence in the city.

Lincoln, which released earnings after markets closed, also reported second-quarter revenue of $3.28 billion, a 9 percent increase from the previous year's quarter ended June 30.

The company's annuities seg­ment reported a 16 percent inc­rease in income from operations to $227 million.

Annuities account balances increased because of additional deposits and gains in the stock mar­ket, officials said.

When ac­count bal­ances increase, Lincoln's per­centage-based fees also increase.

GM slapped with rash of ignition suits

A Texas lawyer has sued Gen­eral Motors on behalf of 658 people who were injured or killed in crashes allegedly caused by faulty ignition switches.

The lawsuit filed Tuesday in U.S. District Court names 29 people who were killed in crashes and 629 who were hurt. Attorney Robert Hilliard said he plans to file an additional 248 cases soon, involving 21 deaths linked to the defect.

The lawsuit alleges that GM, which has an Allen County truck assembly plant, knew about the defective switches that could cause engines to stall since as early as 2001, yet it didn't recall any cars until this year.

WellPoint's earningsjump in 2nd quarter

WellPoint's second-quarter profit fell 8.6 percent as expenses tied to changes in the nation's health care laws climbed.

It still beat Wall Street expectations, and the nation's sec­ond-biggest health insurer raised its profit expectations for the year. Its shares fell in morning trading after initially rising.

For the three months ended June 30, WellPoint's net income declined to $731.1 million, or $2.56 a share, from $800.1 million, or $2.64 a share, in the same quarter a year earlier.

Earnings, adjusted for invest­ment gains, came to $2.44 a share. That easily topped the $2.28 that analysts were projecting, according to a poll by Zacks Investment Research.

Total expenses increased to $17.21 billion from $16.48 billion. The company's selling, gen­eral and administrative expense ratio was 15.8 percent, an increase of 190 basis points compared with the same period last year.

Hiring survey showshealthy gain in July

A private survey shows that businesses hired at a healthy pace in July, though the job gains slowed from the previous month.

Private employers added 218,000 jobs, down from 281,000 in June, payroll provider ADP said Wednesday. It was the fourth consecutive month of job gains above 200,000, a healthy pace that usually is enough to lower the unemployment rate.

The figures suggest that the government's jobs report, to be released Friday, will also show a solid increase.

Economists expect the economy to add 225,000 jobs in July.

Advertisement