Income grew 0.4 percent following a 0.3 percent gain in February. But after-tax income when adjusted for inflation increased just 0.2 percent in March. The gain followed two months of declines.
Delta buys a refinery in bid to cut its fuel bill
Delta Air Lines said on Monday that it will buy a refinery near Philadelphia in the hope of slicing $300 million a year from its jet fuel bill.Delta said a subsidiary will buy the refinery in Trainer, Pa., from Phillips 66, a refining company being spun off from ConocoPhillips. Delta is paying $150 million, including $30 million in job-creation assistance it expects to get from the state of Pennsylvania. ___ Stubborn inflation, weak lending weigh on eurozone FRANKFURT, Germany (AP) â¿¿ Europe got more downbeat economic news Monday as inflation remained higher than expected and European Central Bank data showed only anemic growth in lending credit to businesses â¿¿ despite its massive infusion of cheap money into the financial system. Inflation in the 17 countries that use the euro fell to an annual 2.6 percent in April, down from 2.7 percent in March but higher than the 2.5 percent expected by market analysts. Rising prices have been a consistent headache for the ECB â¿¿ the chief monetary authority for the 17-country eurozone. The annual rate has remained well above the central bank's goal of just under 2 percent, a target that it now says won't be reached until early 2013. ___ AB InBev profit jumps 75 percent thanks to lower costs BRUSSELS (AP) â¿¿ The world's biggest brewer Anheuser-Busch InBev NV said Monday its first-quarter net profit jumped 75 percent thanks to lower financing costs and taxes as well as higher beer sales. Net profit rose to $1.69 billion for January through March, compared with $964 million a year earlier, including a sharp drop in financing costs and declining taxes. AB InBev's chief financial officer, Filipe Dutra, said the company was benefiting from growing profits in countries like Brazil, where the tax rate is lower than in Europe and the U.S.