Business Briefs: Currency-related gain weighs on FAB’s Q2

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Currency-related gain weighs on FAB’s Q2

FAB Universal reported a second-quarter profit of $1.6 million vs. earnings of $6.9 million in the year-ago quarter. Revenue dropped 46 percent to $13.9 million. The results reflect a $263,266 foreign currency-related gain, the Pittsburgh digital content provider said in a Securities and Exchange Commission filing.

Software provider recognizes Achieva

Achieva, a South Side nonprofit that provides support services for people with disabilities and their families, was named nonprofit of the year by DonorPro, a Wexford company that provides fundraising software for nonprofits. Achieva was recognized for its recent $8 million capital campaign.

Chiquita rejects new takeover bid

Chiquita Brands says it is rejecting the $611 million buyout offer from investment firm Safra Group and the Brazilian agribusiness and juice company Cutrale Group. Chiquita said the offer made Monday is not in the best interest of shareholders. Instead, it will focus on a combination with Fyffes of Ireland.

Coca-Cola to acquire Monster stake

Coca-Cola Co. has agreed to buy a 17 percent stake in Monster Beverage Corp. for $2.15 billion as part of a partnership that will include the transfer of Coca-Cola’s NOS, Full Throttle, Burn, Mother, Play and Power Play beverages to Monster, according to a statement Thursday. Monster will shift Hansen’s natural sodas, Peace tea, Hubert’s lemonade and Hansen’s juice products to Atlanta-based Coca-Cola.

Auto loans rise to highest level since 2006

Auto loans jumped to the highest level in eight years this spring, fueled by a big increase in lending to risky borrowers, according to a report Thursday by the Federal Reserve Bank of New York. Banks and other lenders issued $101 billion in new auto loans in the April-June quarter, according to the quarterly report. Total outstanding auto loans rose to $905 billion in the second quarter.

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