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Subway: 'Yoga mat' chemical almost out of bread PDF  | Print |  E-mail
Written by CANDICE CHOI, AP Food Industry Writer   
Friday, 11 April 2014 10:54

NEW YORK (AP) — Subway says an ingredient dubbed the "yoga mat" chemical will be entirely phased out of its bread by next week.

The disclosure comes as Subway has suffered from an onslaught of bad publicity since a food blogger petitioned the chain to remove the ingredient.

The ingredient, azodicarbonamide, is approved by the Food and Drug Administration for use as a bleaching agent and dough conditioner. It can be found in a wide variety products, including those served at McDonald's and Starbucks and breads sold in supermarkets. But the petition gained attention after it noted the chemical was also used to make yoga mats.

Tony Pace, Subway's chief marketing officer, told the AP in a phone interview that the chain had started phasing the ingredient late last year and that the process should be complete within a week. Subway is privately held and doesn't disclose its sales figures. But it has apparently been feeling pressure from the uproar.

"You see the social media traffic, and people are happy that we're taking it out, but they want to know when we're taking it out," Pace said. "If there are people who have that hesitation, that hesitation is going to be removed."

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Sony warns of battery issue in some Vaio laptops PDF  | Print |  E-mail
Written by Associated Press   
Friday, 11 April 2014 10:51

NEW YORK (AP) — Sony is advising consumers to quit using some of its VAIO laptop computers and unplug them, saying that it's possible that its non-removable battery pack could overheat.

The company says it's in the process of creating a program to repair or replace the computers, or will refund their purchase price.

The packs included in some of Sony's Vaio Fit 11A models, which were released in February, were provided by a third-party supplier. If the packs overheat, it could cause burns to the laptop's housing, Sony said Friday.

The recall affects computers with the product name "SVF11N1XXXX." It's unclear how many laptops are affected.

It plans to make an announcement on the repair program within two weeks.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Judge approves Detroit swaps deal with two banks PDF  | Print |  E-mail
Written by COREY WILLIAMS, Associated Press   
Friday, 11 April 2014 10:52

DETROIT (AP) — A federal judge on Friday approved bankrupt Detroit's plan to settle a bad multi-million dollar pension debt deal with two banks.

Judge Steven Rhodes signed off on the agreement to pay $85 million to UBS and Bank of America.

"The amount is reasonable and quite fairly compromises the counter-parties' claims," the judge said of the deal in which each bank will get $42.5 million secured from casino revenue.

It will be paid off in monthly, $4.2 million installments, Rhodes said during a hearing Friday morning.

Rhodes said the plan decreases the amount Detroit owes to the banks and extends the amount of time the city has to pay what is owed. Plus, it doesn't need a loan to pay it off, he said.

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JPMorgan's first-quarter profit falls 20 percent PDF  | Print |  E-mail
Written by STEVE ROTHWELL, AP Business Writer   
Friday, 11 April 2014 08:06

NEW YORK (AP) — JPMorgan Chase, the nation's biggest bank by assets, said Friday its first-quarter earnings fell 20 percent, driven by a decline in revenue at its investment banking and mortgage units.

The bank made $4.8 billion in the first quarter, after stripping out payments to preferred stockholders. That was down from $6.1 billion in the same period a year earlier.

On a per-share basis, the earnings amounted to $1.28. That was worse than estimates of analysts polled by FactSet, who had been expecting $1.39.

Revenue was $22.9 billion, down 8 percent from $25.1 billion a year earlier.

Lower mortgage fees pushed revenue down at the JPMorgan's consumer banking unit. Revenue at the investment banking unit slumped 15 percent to $8.6 billion, hurt mainly by the bank's fixed-income trading business.

Shares are down $1.90, or 3.3 percent, at $55.50 in pre-market trading.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
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