Financial
Fifth Third Bancorp 1Q earnings fall 25 pct. PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 17 April 2014 07:56

CINCINNATI (AP) — Fifth Third Bancorp says its first-quarter net income fell 25 percent, mostly on a decline in its investment in its former Vantiv payment-processing subsidiary.

The Cincinnati-based company says net income fell to $309 million, or 36 cents per share, for the three months ended March 31. That is down from earnings of $413 million, or 46 cents per share, a year ago. Analysts surveyed by FactSet expected the bank to earn 42 cents per share, on average.

Earnings from deposits and loans, or net interest income, rose 1 percent to $898 million. Earnings from fees and other charges, or noninterest income, fell 24 percent, to $564 million.

Fifth Third operates more than 1,300 banking centers in 12 states.


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Last Updated on Thursday, 17 April 2014 07:57
 
Fired Yahoo exec gets $58M for 15 months of work PDF  | Print |  E-mail
Written by MICHAEL LIEDTKE, AP Technology Writer   
Thursday, 17 April 2014 06:47

SAN FRANCISCO (AP) — Yahoo's recently fired chief operating officer, Henrique de Castro, left the Internet company with a severance package of $58 million even though he lasted just 15 months on the job.

The disclosure in a regulatory filing Wednesday may lead to more second-guessing about Yahoo CEO Marissa Mayer's decision to hire de Castro as her second-in-command in October 2012.

Mayer dumped de Castro in January after concluding he wasn't executing on her plan for reviving Yahoo's lackluster ad growth. De Castro had been in charge of ad sales.

"Ultimately, Henrique was not a fit and that's a very regrettable conclusion," Mayer told analysts in late January. "And it's a conclusion that we tried very hard to avoid, but it was the right decision in the end for the company." After making the expensive mistake, Mayer has said she won't pick another chief operating officer.

De Castro's severance pay more than doubled the amount that Yahoo paid Mayer last year. Mayer's compensation was valued at $24.9 million, a 32 percent decline from the previous year. The decrease stemmed primarily from a stock award of $35 million that she received in July 2012 when Yahoo persuaded her to leave her previous job as a top Google Inc. executive to become its CEO.

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IBM posts lower 1Q earnings amid hardware slump PDF  | Print |  E-mail
Written by BARBARA ORTUTAY, AP Technology Writer   
Thursday, 17 April 2014 06:49

NEW YORK (AP) — IBM's first-quarter earnings fell and revenue came in below Wall Street's expectations amid an ongoing decline in its hardware business, one that was exacerbated by weaker demand in China and emerging markets.

The world's largest technology services company has been working to expand into new areas as its hardware business falters, but the latest results show that these efforts have yet to fully pay off.

The company in the process of selling its low-end server business to China's Lenovo Group as it continues to shift its focus toward more lucrative software and services. It is also investing heavily in Internet-based computing services and in Watson, its cognitive computing operation made famous in beating a pair of "Jeopardy!" champions.

IBM Corp. said Wednesday that it earned $2.38 billion, or $2.29 per share, in the January-March period. That's down 21 percent from $3.03 billion, or $2.70 per share, a year earlier. Excluding an $870 million charge for reorganizing its work force and other one-time items, IBM's earnings were $2.54 per share in the latest quarter, matching analysts' expectations.

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Servier, lab founder in drug scandal, dies at 92 PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 17 April 2014 06:45

PARIS (AP) — Jacques Servier, the founder of France's second-largest pharmaceutical group who became ensnared in a scandal over a diabetes drug widely used for weight loss, has died.

Servier Research Group announced the death of 92-year-old Servier late Wednesday.

Servier and his lab were at the center of one of France's biggest health scandals, in which the drug Mediator was alleged to be responsible for the deaths of hundreds of people. The European Medicines Agency pulled Mediator from shelves when it found that its active ingredient, benfluorex, could lead to a dangerous thickening of heart valves. The ingredient is a derivative of fenfluramine, whose use in a diet drug in the U.S. was linked to similar problems.

In a statement, the lab said Servier's "life revolved around the research of innovative medicines."


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