The Associated Press___ Russia's Rosneft buys out TNK-BP MOSCOW (AP) â¿¿ Russian state-owned oil giant Rosneft strengthened its hold on the country's lucrative oil industry when it sealed a deal Monday to buy TNK-BP, the 50-50 joint venture between BP, the British energy country, and a group of Russian oil oligarchs. The deal will allow Rosneft, already the country's top oil producer, to increase its global profile. The new combined company will leapfrog ExxonMobil Corp. to become the world's largest publicly traded producer of oil and gas, in terms of output. ExxonMobil's latest earnings show its daily output at 4.2 million barrels of oil, below the expanded Rosneft's projected 4.6 million. As part of the deal, BP succeeds in unloading its stake in a troublesome joint-venture. In return, it gets $17.1 billion in cash from Rosneft and a 12.84 percent stake in Russia's biggest oil company. The British company is also planning to use some of the money it's reaped from the sale to raise its stake in Rosneft to 19.75 percent. BP will also get two seats on the Russian company's nine-member board. ___ Retirement worries grow; 30-somethings most uneasy WASHINGTON (AP) â¿¿ Younger Americans in their late 30s are now the group most likely to doubt they will be financially secure after retirement, a major shift from three years ago when baby boomers nearing retirement age expressed the greatest worry. The survey findings by the Pew Research Center, released Monday, reflect the impact of a weak economic recovery beginning in 2009 that has shown stock market gains while housing values remain decimated. As a whole, retirement worries rose across all age groups â¿¿ roughly 38 percent of U.S. adults say they are "not too" or "not at all" confident that they will have sufficiently sized financial nest eggs, according to the independent research group. That's up from 25 percent in 2009.
___Caterpillar sees weak economy as it cuts outlook MINNEAPOLIS (AP) â¿¿ Caterpillar says the world's economy is weaker than it thought, and it doesn't expect growth to pick up until the second half of next year. The company on Monday cut its 2012 revenue and profit guidance, and took a very cautious view toward its performance in 2013. Caterpillar makes those bright yellow excavators, heavy tractors, and other construction equipment often seen on road-building projects. It's the world's largest maker of construction and mining equipment, and also makes engines. Its results are watched closely for signs of where the broader economy is headed. ___ FedEx sees online shoppers powering holiday record NEW YORK (AP) â¿¿ FedEx expects to ship a record number of packages during the holidays, thanks to shoppers' growing fondness for buying online. The world's second-largest package delivery company expects to handle 280 million shipments between Thanksgiving and Christmas, up 13 percent from the same stretch last year. The forecast, released Monday, comes against a background of lackluster growth in the global economy. FedEx has warned the economy is stalling and expects conditions to get worse next year. It's making big cuts in the businesses that have been the hardest hit, including its Express unit that moves top-priority shipments by air. ___ Yahoo's 3Q earnings, revenue top Street's forecast SAN FRANCISCO (AP) â¿¿ Yahoo ushered in Marissa Mayer as its new CEO with a third-quarter earnings report that topped analyst estimates. The results announced Monday show Yahoo's net revenue barely grew at a time when advertisers are spending more money marketing their products and services online. Nevertheless, the numbers were slightly better than analysts projected. Yahoo Inc. hired Mayer away from rival Google Inc. to orchestrate its latest turnaround attempt in mid-July, shortly after the quarter started. ___
Hasbro 3rd-qtr profit falls 4 percent, revenue dropsNEW YORK (AP) â¿¿ The toy wars are heating up, with Hasbro planning to beef up spending on advertising after reporting that its third-quarter results fell by 4 percent. Hasbro's toys include My Little Pony, Transformers and Scrabble. It said Monday that its results were hurt by weakness in toys for boys and preschool and the stronger U.S. dollar. But the Pawtucket, R.I.-based company's adjusted results topped Wall Street's forecasts. And Hasbro remains confident heading into the critical holiday season, which is when toy makers can earn up to 40 percent of their annual revenue. Hasbro is optimistic despite expectations that the holidays will be a tough battleground for toy makers as retailers order inventory more cautiously. In addition retailers including Wal-Mart, Kmart and Toys R Us have beefed up layaway and reservation services to encourage shoppers to buy toys early in the season, meaning they might be scarce later on. ___ Private equity firm to buy Ancestry.com for $1.6 billion Genealogy website Ancestry.com has agreed to be bought by a group led by European private equity firm Permira Funds in a cash deal valued at about $1.6 billion. The offered price of $32 per share is a nearly a 10-percent premium over Friday's closing price of $29.18. Ancestry.com's shares jumped 7.8 percent, or $2.26, to close at $31.44 on Monday. The company operates a website for researching family history and has more than 2 million paying subscribers. It says more than 10 billion records have been added to its site over the past 15 years. The company develops and acquires systems that digitize handwritten historical documents. It works with government archives, historical societies and religious institutions around the world. ___ Without buyer, Dominion to close Wisconsin power plant RICHMOND, Va. (AP) â¿¿ Dominion Resources Inc. said Monday that it plans to close and decommission its Kewaunee Power Station in Wisconsin after it was unable to find a buyer for the nuclear power plant. It would be the first such closure since 1998, federal officials said.
The Richmond, Va.-based energy provider said that the 556-megawatt facility in Carlton, Wis., is expected to stop producing power in the second quarter of 2013 and move to safe shutdown status. Dominion plans to record an after-tax $281 million charge in the third quarter related to the closing and decommissioning of the station.The company had announced plans in April 2011 to sell the facility it purchased from Wisconsin Public Service Corp. and Wisconsin Power & Light Co. in 2005 for $220 million, as part of a strategic review of its assets. Dominion had previously planned to buy more plants and build a business around that portfolio. ___ ADM bids for Australia's GrainCorp in $2.77B deal NEW YORK (AP) â¿¿ Archer Daniels Midland Co. has offered to buy Australian grain handler GrainCorp for about $2.77 billion. GrainCorp says it is considering the non-binding offer, which values it at 11.75 Australian dollars ($12.13) per share. That comes to AU$2.68 billion, based on the company's 228.2 million shares outstanding according to data provider FactSet. ADM already owns 14.9 percent of GrainCorp. ADM, an agribusiness conglomerate, says it looks forward to continuing to discuss the deal with GrainCorp directly. ___ Pfizer will buy NextWave Pharma for up to $700 million NEW YORK (AP) â¿¿ Pfizer said Monday that it will buy NextWave Pharmaceuticals Inc., a company that makes a liquid attention deficit hyperactivity disorder drug, in a deal worth as much as $700 million. The Food and Drug Administration approved NextWave's drug Quillivant XR in September, and the once-per-day drug is expected to be in pharmacies in January. Pfizer made a $20 million option payment to Cupertino, Calif.-based NextWave in the second quarter to establish a merger agreement. The company will pay $255 million when the deal closes, and agreed to pay NextWave another $425 million based on sales milestones.
___By The Associated Press(equals) The Dow Jones industrial average inched up 2.38 points, or 0.02 percent, to close at 13,345.89. The Standard & Poor's 500 edged up 0.63 point to 1,433.82. The Nasdaq composite index rose 11.33 to 3,016.96. Benchmark oil fell $1.32, or 1.5 percent, to finish at $88.73 in New York. In London, Brent crude fell 70 cents to end at $109.44. Heating oil fell 5.78 cents to finish at $3.0767 per gallon. Wholesale gasoline fell 4.88 cents to end at $2.6475 per gallon. Natural gas fell 16.5 cents to finish at $3.452 per 1,000 cubic feet.