GE posts small gain in 2Q profit, sees U.S. pickup
General Electric posted a slight gain in net income in the second quarter and said its U.S. operations are picking up steam. GE said Friday that it earned $3.13 billion, up from $3.11 billion a year earlier. Revenue fell 4 percent, to $35.12 billion from $36.5 billion. GE, based in Fairfield, Conn., has a broad view of the global economy because it sells a wide variety of industrial equipment and appliances around the world, including jet engines, medical diagnostic equipment, locomotives, washing machines, natural gas-fired turbines, and oil and gas drilling equipment.
PPG Industries announces new CFO, vice president
PPG Industries named Frank S. Sklarsky its chief financial officer, something the Pittsburgh company said it would do when it announced the hiring of the former Tyco International CFO in March. Current CFO David B. Navikas was named senior vice president, strategic planning and corporate development.
China hikes tariff on U.S., Korean solar polysilicon
China has fired a new salvo in a global trade battle over solar panels by raising import duties on U.S.- and Korean-made polysilicon used to manufacture them. The Ministry of Commerce said the duties of up to 57 percent are in response to dumping, or selling at improperly low prices. The United States and the European Union have imposed anti-dumping duties on Chinese-made solar panels.
Joint venture purchases Forest City Enterprises
Cleveland-based Forest City Enterprises, Inc. has completed a $61 million sale of the 399-room Sheraton Station Square to a joint venture led by the privately held Pyramid Hotel Group of Boston.
SEC files charges against hedge fund founder Cohen
The Securities and Exchange Commission on Friday filed civil charges against Steven A. Cohen that accused the billionaire hedge-fund manager of failing to prevent insider trading. Mr. Cohen, 57, founded and runs SAC Capital Advisors, among the largest hedge funds that at one point managed assets of more than $15 billion. The government has called the SAC Capital case one of the biggest insider-trading fraud cases in history. The SEC said Mr. Cohen failed to supervise two portfolio managers at the fund and prevent them from illegal insider trading.
Initial public offering sparks RetailMeNot trading surge
RetailMeNot Inc., a provider of online coupons from more than 60,000 retailers and brands, surged in trading after raising $191 million in a U.S. initial public offering. The shares rose 32 percent to $27.70 at the close in New York, giving the company a market value of about $1.4 billion. Austin, Texas-based RetailMeNot and shareholders Friday sold 9.1 million shares for $21 each, according to a statement.
From staff and wire reports