China, the top foreign holder, increased its holdings 1.7 percent to $1.2 trillion. Japan, the second largest holder, boosted its investment 0.2 percent to $1.12 trillion.
Burger King feels heat as rivals focus on value
NEW YORK (AP) â¿¿ A revamped menu helped boost Burger King's profit in the fourth quarter but now the world's second biggest hamburger chain says it needs to play up value more aggressively to compete with rivals.
The Miami-based chain said Friday that sales in the new year are trending "modestly negative" as the broader fast-food industry fights to attract cash-strapped diners with cheap eats.
To address the intensifying focus on value from competitors, Steve Wiborg, president of Burger King's North America operations, noted the company launched a limited-time offer for a Junior Whopper at $1.29 this week.
Kraft Foods expects lower 4Q revenue
NORTHFIELD, Ill. (AP) â¿¿ Kraft Foods expects fourth-quarter adjusted earnings above analysts' current estimates, but foresees lower revenue than a year ago.
The company, with brands like Oscar Mayer and Miracle Whip, also raised its 2013 earnings forecast Friday and announced that it will look to level out annual pension contributions after this year.
Kraft anticipates quarterly earnings of about 15 cents per share. Excluding charges, however, adjusted earnings would be 57 cents per share. That easily tops the 23 cents that analysts polled by FactSet expected.
BMW recalls more than 30,000 SUVs to fix brakes
DETROIT (AP) â¿¿ BMW is recalling more than 30,000 SUVs to fix an oil leak that can knock out power-assisted braking.
The German automaker says the recall covers X5 SUVs in the U.S. from the 2007 through 2010 model years. The vehicles were made between Sept. 12, 2006, and March 18, 2010. They have eight-cylinder engines.
The company says a small amount of oil can leak from a brake hose and cause the power-assisted braking to fail. Brakes would still work, but the problem could increase stopping distances and cause crashes.