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Business Highlights

Stocks in this article: ASNACHRSFBMCD

McDonald's Corp. has more than 1,400 restaurants in the country.

Burger King, which has more than 12,500 restaurants worldwide, said Friday that its China expansion is a joint venture with the Kurdoglu family, which runs 450 Burger King restaurants in Turkey, and private equity firm Cartesian Capital Group.

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Carlos Slim acquires stake in Argentine oil and gas company

MEXICO CITY (AP) â¿¿ The world's richest man, Mexican telecommunications billionaire Carlos Slim, has acquired an 8.4 percent stake in Argentina's newly state-controlled oil and gas producer, YPF SA, but it's unclear what he intends to do with it.

While it could be seen as part of a recent buying spree of assets in Europe and Latin America, Slim's office is coy about whether he intends to keep the YPF shares. Slim has a reputation for purchasing under-valued companies and distressed assets in times of crisis and later selling them off. But he also has a real interest in the oil industry, with companies like Swecomex providing offshore oil platforms and equipment.

A filing with the Securities and Exchange Commission said Slim and members of his family bought 32.9 million shares of YPF Class D shares on Tuesday and Wednesday.

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By The Associated Press(equals)

The Dow Jones industrial average rose 115.26 points to close at 12,767.17, its highest finish since May 11. The Standard & Poor's 500 index climbed 13.74 points to 1,342.84, also its highest since May 11. The Nasdaq composite index rose 36.47 points to 2,872.80.

Benchmark U.S. oil edged up 12 cents Friday to end at $84.03 a barrel. Brent crude, which is used to make gasoline in much of the U.S., rose 44 cents to finish at $97.61.

In other energy trading heating oil rose 1.87 cents to end at $2.6465 per gallon, gasoline futures gained 2.53 cents to finish at $2.7017 per gallon and natural gas fell 2.8 cents to end at $2.467 per 1,000 cubic feet.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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