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WTVC NewsChannel 9 :: News - Local News

Legal Pot Takes Hold on Wall Street

Legal Pot Takes Hold on Wall Street

Thursday, January 9 2014, 06:24 PM EST

More Business News

Last Update on October 24, 2014 17:58 GMT

NEW HOME SALES

WASHINGTON (AP) -- U.S. sales of new homes were essentially flat in September, after the government sharply revised downward what was initially an August surge in buying.

The Commerce Department says new-home sales edged up 0.2 percent last month to a seasonally adjusted annual rate of 467,000. The report also revised down the August sales rate to 466,000 from 504,000.

The pace of sales for newly built homes has improved a mere 1.7 percent so far this year compared to 2013. Only the South has experienced gains in buying year-to-date.

Housing has struggled to fully rebound since the recession ended more than five years ago. Many potential buyers lack the savings and strong credit history needed to afford a home, causing them to rent or remain in their existing houses instead of upgrading.

EARNS-FORD

DEARBORN, Mich. (AP) -- Ford's net income dropped 34 percent to $835 million in the third quarter, dragged down by the cost of launching its new F-150 pickup.

The company closed its Dearborn truck plant for five weeks during the quarter and cut back on truck sales in order to preserve inventories while it readies the new aluminum-sided truck. That hurt pretax profits in North America, which fell 39 percent to $1.4 billion.

Ford earned 21 cents per share, down from 31 cents in the July-September period a year ago. Without one-time items, including separation costs in Europe, Ford earned 24 cents. That beat Wall Street's expectation of 19 cents, according to analysts polled by FactSet.

Revenue fell 2.5 percent to $34.9 billion, better than the forecast of $33.7 billion.

UPS-HOLIDAYS

ATLANTA (AP) -- UPS is expecting an 11 percent jump in December shipments as the holiday shopping season heats up.

UPS recently announced that it would hire up to 95,000 people to handle the tremendous volume. That's up from last year when the Atlanta company initially planned to hire 55,000 seasonal workers. Major U.S. shipping companies were overwhelmed by a shift in American shopping habits, namely the success of Amazon.com. with its free shipping, and UPS was forced to hire an additional 30,000 people.

United Parcel Service Inc. also maintained its guidance Friday for 2014 adjusted earnings between $4.90 and $5 per share. Analysts polled by FactSet predict $4.95 per share.

PROCTER & GAMBLE-DURACELL

Procter & Gamble removes the batteries

CINCINNATI (AP) -- Procter & Gamble is removing the batteries and making Duracell a stand-alone company.

P&G, which acquired Duracell in 2005, announced earlier this year that it would shed more than half its brands around the globe over the next year or two.

If a split off occurs, P&G said that its shareholders would have the option of exchanging some, none or all of their P&G shares for shares of the newly formed Duracell company.

The Procter & Gamble Co., based in Cincinnati, said Friday that it is also considering a spinoff, sale or other options for Duracell.

CHIQUITA-FYFFES

CHARLOTTE, N.C. (AP) -- Chiquita shareholders have rejected plans to merge with Irish fruit importer Fyffes that would have made the world's largest banana supplier.

Chiquita Brands International Inc. said Friday that the shareholders didn't approve a revised transaction agreement between the two companies during a special shareholders meeting.

Chiquita said it now expects to enter talks with investment firm Safra Group and juice company Cutrale Group on their competing offer of $14.50 per share. Chiquita previously rejected buyout bids from the two Brazilian companies.

CHILD SEAT RECALL

DETROIT (AP) -- Evenflo is recalling more than 202,000 rear-facing infant seats because the buckles can become difficult to unlatch.

The recall affects Embrace 35/9999 models with an AmSafe QT1 buckle. Documents posted by U.S. safety regulators say that if the buckles don't release easily, it may be difficult to get a child out of the seat in an emergency.

The affected seats were made at various times from December 2011 through May of 2013.

Not all Embrace 35 models are covered by the recall. For others, the company will provide replacement buckles if requested by customers.

The recall comes after an investigation by the National Highway Traffic Safety Administration.

Owners with questions can call Evenflo at (800) 490-7591.

HALAL FOODS-INVESTIGATION

IOWA CITY, Iowa (AP) -- The founder of a popular brand of food for observant Muslims has been indicted on charges that he shipped beef to Malaysia and Indonesia that didn't meet those countries' import requirements.

A federal grand jury returned the indictment Thursday against Bill Aossey Jr., who founded the Midamar Corp. in 1974. The Cedar Rapids company grew into the leading U.S. halal brand, selling more than 200 products in the U.S. and abroad.

A 19-count indictment charges Aossey with directing employees to change labels and fabricate documents to make beef products appear that they originated from a slaughterhouse that met Malaysia and Indonesia's strict requirements. Halal meat is supposed to be killed in ritual slaughter.

Aossey's attorney called the indictment unfair Friday, saying the allegations were "a minor regulatory violation" at most.

NBC INTERNS-SETTLEMENT

NEW YORK (AP) -- NBCUniversal will pay $6.4 million to settle a class action lawsuit brought by unpaid interns who worked on "Saturday Night Live" and other shows who claim they are owed wages, according to court documents.

The interns claim NBCUniversal wrongly classified them as non-employees in an effort to avoid labor laws. NBCUniversal said in court documents that even though it is settling the suit, it denies the allegations and doesn't admit any wrongdoing.

The average amount that class-action members of the suit will receive is $505, although the main plaintiffs will receive more. The number of class members is capped at 8,975.

The interns had been seeking recovery of unpaid wages, attorneys' fees, interest and liquidated damages. The settlement still has to be approved by a judge. The lawsuit was filed in federal court in New York.

NBCUniversal is owned by Philadelphia-based cable provider Comcast Corp.

CYPRUS-ECONOMY

S&P upgrades Cyprus on commitment to bailout deal

NICOSIA, Cyprus (AP) -- Rating agency Standard & Poor's has given Cyprus a one-notch upgrade to its credit grade, raising it to B+.

The agency cited the country's commitment to the terms of its bailout program and better-than-expected economic growth. It also said the outlook for Cyprus is stable, with good economic progress offset by lingering challenges to its banking system, which is still burdened with a huge amount of bad loans.

BRITAIN-ECONOMY

LONDON (AP) -- Official figures show Britain's economic recovery is continuing, despite a gloomy global environment.

The Office for National Statistics said gross domestic product grew 0.7 percent in the three months through September compared with the previous three months. That is down slightly from a 0.9 percent quarterly rate in the April-June period but remains among the strongest growth rates among developed economies.

Compared with a year earlier, the economy was 3.0 percent larger.

Treasury Chief George Osborne says the figures show Britain "continues to lead the pack in an increasingly uncertain global economy."

Samuel Tombs, the senior U.K. economist for Capital Economics, says growth in Europe's third largest economy has become broader-based, though recent falls in stock markets, manufacturing surveys and eurozone growth have intensified concerns over the recovery.

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WTVC NewsChannel9 Stories of Honor

Amazon Creating 80,000 Seasonal Jobs

Amazon Hiring Thousands for the Holidays

Chattanooga-Based Plasticware Maker Adds New Jobs

You Could Benefit from Red Bull Class Action Suit

Sinclair Renews Agreements With ABC Network

Family-Owned Hixson Business Closes for Good on Tuesday

Ford Recalls 850K Cars on Short Circuit Concerns

Chattanooga Candy Company Closing at the End of the Year

A Closer Look: Ways to Hide and Secure Data on Your Smartphone

Home Depot Security Breach Affected 56 Million Credit

Startup Week Chattanooga to Feature National Figures in Innovation and Entrepreneurship

Consumer Problems and New Protections with Downloading Apple's New Software

Federal Reserve Signals It Plans to Keep Key Interest Rate at Record Low

FedEx Hiring 50,000 for Seasonal Work

Speculation Swirls Over Fed Language on Rate Hike

Chattanooga Airport Partners with EPB for Free WiFi

Small Plane from Chattanooga Crashes in Walton County, GA

Chattanooga's Mashburn Outdoor LLC Garners Prestigious Honor

McCallie Graduate Settles Lawsuit with Snapchat Co-founders

Tesla Electric Car Charging Stations Now at Chattanooga's Airport

City of Chattanooga Creating Free Wi-Fi Network for all City Buildings and Public Places

GA Dept. of Labor to Hold Job Training Fair

Apple Issues Recall for Certain iPhone 5 Batteries

New Company, $5M Investment, 35 New Jobs in Chattanooga

Data Breach at Several UPS Stores

Paper Mill Expansion Means 50 New Jobs in McMinn County

Paper Mill Expansion Means 50 New Jobs in McMinn County

Volkswagen Chattanooga Celebrates New Graduates

GM Issues Third Recall on SUVs That Can Catch Fire

PF Chang Customer Security Breach Includes Chattanooga Restaurant

New Retail Stores

3rd Annual GigTank Event Showcases Inventions, Ideas and Innovation

Hardwick Clothes Celebrates 134 Years in Business in Cleveland

Local Business Leaders Discuss Climate Change Impact

Chattanooga Choo Choo Announces Major Expansion

SL Tennessee Adding 1,000 New Jobs

Baby Monitor Recall in U.S.


VW Plans Welcome Center in Downtown Chattanooga

Gas Prices on the Decline

A Tip of the Hat to a Bull Market, VW and Derek Jeter

Belgian Floormaker Chooses Northwest GA for U.S. Headquarters

Roper Recruiting New Employees for Walker County Plant

Report: UAW to Announce Agreement with Volkswagen Thursday

Erlanger Files Notice to Foreclose on Hutcheson Medical Center Property

Taco Mac on Market Street Closing for Two Weeks for Expansion

GM Announces More Recalls

Mahindra-Chattanooga Tractors Expands

ALERT: Toyota, Mazda, Honda

Gas Prices on the Way Up in Chattanooga Area

A Brief History of East Ridge Economic Development

U.S. Reaches Agreement with SunTrust on Mortgage Cases

Hutcheson Announces Management Team Changes

'Operation Famous Salute' Reaches Record Number of Troops

Gas Prices in Chattanooga Area on the Way Down

Ground Broken for Dalton Manufacturing Facility

MAU Workforce Now Hiring in Chattanooga

Lee U. Grad Named New Southeast TN Regional Director

Bass Pro Shop to Anchor New Business in East Ridge

Chattem Plans Expansion, More Full-Time Jobs

Bass Pro Shop Coming to East Ridge

Chattanooga Company on the International Stage

New iPhone, Mac Features Unveiled

Area Gas Prices Down Slightly

Haslam: Tenn. Back in Talks with VW

U.S. Economy Shrinks at 1% Rate in 1st Quarter of 2014

Google to Build Prototype of Driverless Car

Gas Prices Drop for Post-Memorial Day Week

Chattanooga Offering Jobs to Teens, Application Deadline Tuesday

VW Workers Formally Drop Lawsuit against UAW

Plastic Omnium to Build Chattanooga Plant, Creating Almost 200 New Jobs

Mobile 'Career Coaches' Head to Several Local TN Counties to Assist Job Seekers

House Passes Bill Designed to Unlock Chickamauga Lock Funding Logjam

Erlanger Receives Advertising Awards

TN Receives $140,000 for Mine Safety Training & Accident Response

Acclaimed 3D Printing Hacker & Biotechnologist to Speak in Chattanooga

Corker Partners with Google to Help Southeast TN Small Businesses

Truck Drivers Being Recruited for Shaw Industries in Dalton

New Holiday Inn Creating New Chattanooga Jobs

Babcock & Wilcox Intech Inc. Adds 50 Jobs

Chattanooga Coca-Cola Finalizes Expansion, 43 New Jobs

Dalton’s Unemployment Rate Declines to 8.6 Percent

Grandview Medical Center in Jasper to Become Parkridge West Hospital

Morning Pointe Breaks Ground on 5th Building

Chances of Getting Audited by IRS Lowest in Years

GIGTANK Selects Startup Teams for 2014 Accelerator

Mayors Announce Spring Review Board for Mozilla Gigabit Communities Fund

Northwest Georgia's Unemployment Rate Holds at 7.3 Percent

Tennesseans to Receive $2.8 Million from E-Book Price-Fixing Agreement

New Future for The Enterprise Center in Motion

Don Welch Announces Retirement

TVA to Update Progress on Long-range Plan

TVA Employees Contribute $2.6 Million To Local Causes

Volkswagen Recalls 160,000 Passats for Light Issue

Coyote Logistics Buys Chattanooga-based Access America

Volkswagen Workers File Federal Suit to Block Company and UAW Collusion

Coca-Cola Bottling Works Toward Expanding Chattanooga Operations

EPB named Recycler of the Year

CAI, UT Offer Executive Education in Bradley County

Volkswagen-Chattanooga: Life After the UAW Vote

Friday is Deadline in Discount Club Settlement

TAWC Names Gayle Domanski to Management Team

Leadership Chattanooga Now Accepting Nominations

Chambliss, Bahner and Stophel Attorneys Receive Special Honor

TVA Reports First Quarter FY2014 Results

Free Tax Services in Hamilton County

HCA Buys Grandview Medical Center

Tennessee Named '2013 State of the Year'

Legal Pot Takes Hold on Wall Street

New Marketing Director for Chambliss Law Firm

Gas Prices Down for Holidays

TAWC Buys Marion County Water System

The New Market for Drones: Farming?

Chattanooga Whiskey Cancels New Year's Eve 'Barrel Drop'

McKee Foods Sponsors Chattanooga History Center

Volkswagen Announces $17 Million Expansion

Former City Official to Head Chattanooga Whiskey

Suggestions for a Less Stressful Shopping Season

TVA Pays 2013 'Taxes' to Local Governments

Average Area Gas Price back Above $3

TVA Reports Fiscal Year-End 2013 Results

Renovations and Additions to Northgate Mall

Business as Usual at Twitter HQ as Stocks Hit Public Market

User Burnout Could Threaten Twitter's Prosperity

Carol Sim Named as President and CEO of Siskin Hospital

Ruby Falls Honored by Tourism Society

Elizabeth L. Epps Joins Chattanooga Immigration Law Firm

Grand Re-opening of Northgate Mall, Nov. 7

Chattanooga Named One of Top 100 Best Places to Live

Chattanooga Named Code for America City

Investors Keep Faith in U.S. in Crisis after Crisis

Groundbreaking New Jobs in North Georgia

Wacker Plant Hit With Lawsuit

Shaw Industries Hiring

EPA Recognizes Volkswagen Chattanooga for 'Green Power'

Georgia's Unemployment Rate Declines in August

Apple Unveils Next Generation of iPhones

Dolly Tells Don About Her New Resort

Area Gas Prices Basically Stable

New Chattanooga Restaurant Holding Job Fair

WNA Adding 53 Jobs in Chattanooga

Innovative Packaging May be Worth Extra Cost

NewsChannel 9 Owners Buy Allbritton Stations

Dynasty Spas Gives Buyers Opportunity to Benefit Church or Charity

La-Z-Boy Receives Award of Excellence

Erlanger Recognized by U.S. News

Legal Aid Honors Volunteer Attorneys

Metro Dalton's Unemployment Rate Rises in May

Dow Jones Average Falls Dramatically, Again

Blake Strickland Inducted into Tennessee Credit Union Hall of Fame

River Gorge Explorer Earns Certificate of Excellence

Tenn. Board of Regents Committee Recommends Tuition Increases

US Employers Add 175K Jobs, Rate Up to 7.6 Percent

The Top iPhone and iPad Apps

EPB Fi TV Rates Increasing

BBB 2013 Torch Awards & Scholarship Winners

Red Cross East Tennessee Names New Regional CEO

Hutcheson $9.7 Millions Ahead Compared to Last Year

Volkswagen Chattanooga Builds 250,000th Passat Sedan

Unum CEO Announces Retirement

Tenn. Governor Signs Grocery Tax Reduction into Law

Frost Cutlery Building Retail Center

Memorial's Inspire Magazine Receives Awards

TVA Veteran James R. Dalrymple Named VP of Coal and Gas Operations

Little Debbie Logo Has a New, 'Modern' Look

TVA Reports Net Income of $54 Million in Second Quarter 2013

Greenlee Textron Acquires Sherman & Reilly, Inc

Chattanooga-made App Merges Technology to Handwritten Letters

Hot Rod Power Tour Coming to Chattanooga

Dutch Maid Bakery and Cafe Takes Home First Place

New Company Bringing 200 Jobs to McMinn County

Highest Financial Rating for Hamilton County

Tenn. Revenue Collections Up in March

Tenn. House Unanimously Approves Food Tax Reduction

Chattanooga Airport Announces Major Terminal Renovation

Dalton'™s Unemployment Rate Declines to 11 Percent

Brooke Pancake Signs Sponsorship Deal with Financial Group

Hunter Museum Curator Retiring

Tennessee Aquarium Expects 20 Millionth Visitor This Weekend

Whitfield County Business Expo 2013

McKee is High Bidder for Drake's Snack Cakes

Dalton Area Has Highest Unemployment in State

Tenn. January Unemployment Increases Slightly

Tenn. February revenue $5M more than state budgeted

Executive VP Leaving TVA

Memphis Hospital CEO Chosen to Run Erlanger

CBL Announces Promotions

Japanese Officials Visit EPB in Chattanooga

Access America Transport Makes Forbes List

'Cash Mobs' to Hit Downtown Chattanooga Businesses

Chattanooga Chamber Announces Small Business Award Finalists

TVA Reports Sales Flat in First Fiscal Quarter 2013

Hollywog Expands, Adds 22 Jobs

Deal recognizes Georgia Tourism Day, unveils 2013 Travel Guide

Kim Chapman Named 'Woman of Distinction'

Chattanooga Offers Free Parking on Certain Holidays

Chattanooga CVB Honored

Tennessee Dec. Tax Revenues Exceed Projection

Lake Winnie Breaks Ground on Waterpark

Chattanooga Paces State in Job Growth last year

Hamilton Co. Schools Collecting TennCare Money

Chattanooga Attorney Wins Conservation Award

Rhea County Company Adding 50 Jobs

Tenn. November revenue collections higher than last year

Marya Schalk Named to the Mid-South Rising Stars

Brittany Lace Thomas Joins Chattanooga Law Firm

Center on Main Breaking Ground at Upcoming Mainx24

Jimmy F. Rodgers, Jr. Named 'Super Lawyer'

Unemployment Down Slightly in TN and GA

TVA Economic Development Efforts Spur $5.9 Billion in Investments in FY 2012

Spirit of Innovation Award

October sales tax collections fall below estimates

Integrity Staffing Solutions Hiring Seasonal Workers

Company Seeks to Fill 20 Job Openings

William D. Johnson Named Chief Executive Officer of TVA

Ruby Falls named Travel Attraction of the Year

Bridgeport, Ala. Becomes Ground Zero for Major Yamaha Announcement

Chattanooga Oncology to Merge with Larger Group

River City Company Received TAPA Award

CBL to Give Northgate Multi-million Dollar Facelift

BlueCross Laying Off 100 Employees

Krystal Headquarters Leaving Chattanooga

YMCA of Metropolitan Chattanooga Names New CEO

Amazon Hiring 250 in Chattanooga

Tourism Spending Increasing in Hamilton County

Volkswagen Reports Historic Sales Year

HCA - Parkridge Fined $16.5 Million

EPB Fiber Optics Ups Internet Speeds at Same Price

Tenn. General Fund Collections Fall $6M Short

Dalton Tourism Study Launched

Chuck Fleischmann receives 'Guardian of Small Business Award'

Regulators Penalize Area Businesses

Hackanooga 2012: Ignite Chattanooga Hack Days Aims to Build Apps of the Future

iPhone 5's Unveiled, Expected in Stores Sept. 21

Chattanooga Mailman Honored for 50 Years of Service

Excitement Grows Over iPhone 5

Nation's Debt Hits Record High $16 Trillion

Chattanooga IT Company Expanding, Adding 116 Jobs

BBB Issues Rebuke Against Apison-based Moving Company

Good News for Erlanger at Hutcheson

Thousands Of Care Bears Pacifiers Recalled

BellSouth Lawsuits for 911 Fees Can Go Forward

Chattanooga Chamber - Selling to Global Markets Seminar

Dalton Unemployment Climbs to 12.5 percent in July

Chattanooga Pedicabs Going Out of Business

Volkswagen Chattanooga to Host 3rd Minority Business Trade Show

No Rate Increase From TVA

Tenn. General Fund Beats Expectations by $543M

Wacker Updates Status, Still Hiring

Coke Executive Clyde Tuggle to Headline Chamber Meeting Aug. 14

Two New Leaders at Chattanooga CVB

CBL Associate Honored

Verizon Expanding Chattanooga-area 4G Network

Chattooga Plant Gets Help To Fill Positions

New Managers Named at Volkswagen Chattanooga

Tennessee Unemployment on the Increase

Wacker Equipment Travels Long Road

Dalton Unemployment Up Nearly One Percent in June

La-Z-Boy Wins Award for Workplace Safety

NewsChannel 9 Owners Buy Six More TV Stations

Volkswagen Group of America Announces Hardy Brennecke as New CFO

Chattanooga Attorney Appointed to Juducial Review Commission

WTCI Earns 4 Stars from Charity Navigator

Tennessee Tax Collections Up in June

Old LaFayette Bluebird Plant Gets New Occupant

Etowah Waupaca Plant Under New Ownership

New Leader Appointed for Chattanooga Airport

Management Changes at Volkswagen Chattanooga

Area Businesses Fined by Tenn. Dept of Commerce

Nearly All Tennesseans Have Broadband Internet Access

Casino Planned For Cherokee County

Maria Noel is New Chamber Director of Minority Business Assistance

HealthSouth to Break Ground on Expansion

Erlanger at Hutcheson Names Chief Medical Officer

$6M Loan to Improve Hamilton County Wastewater Treatment

International Rotary President Visiting Chattanooga

Tennessee Reduces Grocery Sales Tax

Attempt To Pump Out Sunken Restaurant

Major Milestone for Wacker Polysilicon

Chattanooga Gas Prices Still Falling

Big Hopes For Tourism $$$

Mohawk to Add 500 Jobs in North Georgia

Video: Facebook Stock Drops: Were Investors Misled?

TVA, Marketing Firm Finalists for Pentagon Award

Chattanooga Gas Prices Drop 7 Cents in Last Week

More Georgians Settle for Minimum Wage Jobs

New Operations Manager at Cleveland Airport

Wacker Awards Two More Scholarships

Tenn. Jobless Rate Drops for 9th Straight Month

Georgia's Unemployment Drops Below 9 Percent

Feds: Skechers Deceived Consumers With Shoe Ads

Businesses Urged to Prepare for New Food Tax Rate


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