Virginia Company Pleads Guilty to Arms Dealing
An Arlington company has pleaded guilty to trying to sell guns, night vision goggles and other military equipment to people in Yemen and Libya. At a hearing Thursday in federal court in Alexandria, a representative for Taipan Enterprises Ltd. pleaded guilty to unlawfully brokering sales of military equipment. The company was ordered to pay a [...]
Guilty Plea Date Set for Ponzi Scheme Case
A judge has set a Jan. 27 date for a disbarred South Florida lawyer to plead guilty to charges stemming from what authorities call a $1.2 billion Ponzi scheme. The date was set at a hearing Wednesday after Scott Rothstein’s attorney announced he will plead guilty. Rothstein had initially pleaded not guilty to racketeering, fraud [...]
Retired Army Officer Sentenced for Contract Scam
A retired U.S. Army major must serve 57 months in prison for accepting $245,000 in bribes from companies in exchange for awarding military supply contracts in Kuwait. Judge Clay D. Land of the U.S. District Court for the Middle District of Georgia also ordered Christopher H. Murray, 42, to pay $245,000 in restitution to the [...]
UnitedHealth Group’s Profit up Thirty Percent
Managed care company UnitedHealth Group says its fourth-quarter profit rose 30 percent, on higher premium revenue, despite a continued decline in commercial enrollment. The Minnetonka, Minn., insurer says it earned $944 million, or 81 cents per share, in the three months that ended Dec. 31. That’s up from $726 million, or 60 cents per share, [...]
KeyCorp Narrows Losses
The regional bank holding company KeyCorp narrowed its loss in the fourth quarter while setting aside $756 million for bad loans. KeyCorp, based in Cleveland, said Thursday it lost $224 million, or 30 cents per share, in the fourth quarter on revenue of $1.1 billion, helped by improved interest margins and fewer delinquencies. Analysts surveyed [...]
Southwest Airlines Posts Profits
Flying against the headwinds of a recession and volatile fuel prices, Southwest Airlines Co. made money in the fourth quarter and extended its string of annual profits to 37 years. Southwest said Thursday it earned $116 million in the quarter, which was enough to lift the company to a full-year profit of $99 million after [...]
Amag Prices 3.6M Stock Offering
Amag Pharmaceuticals Inc. said it priced a public offering of 3.6 million common shares at $48.25 per share. The biopharmaceutical company said late Wednesday that the offering’s size had been increased by 600,000 shares. Amag gave the underwriters an option to buy up to an additional 540,000 shares to cover any overallotments. The offering is [...]
Target Renovating Instead of Opening
Target says it will focus on polishing up old stores rather than opening new ones this year. The discount chain will spend $1 billion renovating 340 stores while opening fewer than 10 new locations. The renovated stores will offer more groceries. It’s also developing smaller stores for urban markets and plans to expand outside the [...]
Goldman Sachs Earns Nearly 5B in Q4
Goldman Sachs Group Inc. says it earned $4.79 billion in the fourth quarter as the bank’s trading business again outdistanced the rest of the financial industry. The company rewarded its employes with $16.2 billion in salaries and bonuses for 2009. Goldman said Wednesday it earned $8.20 a share in the last three months of the [...]
Hershey Has No Immediate Plans on Cadbury Bid
Candy maker Hershey says it has no immediate plans to make an offer for British competitor Cadbury, making it all but certain that Kraft Foods Inc.’s $19.5 billion bid will proceed without competition. The Hershey Co. did leave room for reconsideration, however. The company says it is reserving the right to bid or participate in [...]