Business Briefs
Stocks fall as demand for gas pushes up oil prices
NEW YORK — Wall Street turned lower Wednesday as investors worried that a jump in oil prices could be another sign that consumers are under stress in an economy showing signs of a recession.
Oil prices shot higher after the Energy Department reported an unexpected jump in gasoline demand. Crude oil rose $3.85 to settle at $104.83 a barrel on the New York Mercantile Exchange.
The Dow Jones industrial average fell 48.53, or 0.38 percent, to 12,605.83. Broader indexes also fell. The Standard & Poor's 500 index lost 2.65, or 0.19 percent, to 1,367.53 and the Nasdaq composite fell 1.35, or 0.06 percent, to 2,361.40.
Convicted execs arrested before flight to Aruba
COLUMBUS, Ohio — The government Wednesday arrested four executives of a bankrupt health care financing business who were convicted in a $1.9 billion fraud trial, saying they were planning to flee overseas before sentencing.
The U.S. Marshals Service said the former National Century Financial Enterprises executives are in custody in Florida, Georgia and Ohio. A fifth executive, Rebecca Parrett, is missing.
An informant tipped authorities to the plot, based on information obtained from National Century founder Lance Poulsen, who told the informant the executives planned to flee to Aruba, according to court documents.
TJ Maxx owner proposes deal over breached data
FRAMINGHAM, Mass. — TJX Cos. could pay as much as $24 million in a settlement with MasterCard over a massive breach of customers' card data.
The agreement announced Wednesday hinges on banks that issue MasterCards participating. TJX says issuers of at least 90 percent of eligible MasterCards must accept the deal by May 2.
The money would help MasterCard issuers recover breach-related expenses. A similar $41 million deal was reached with Visa last year. The settlements follow a breach of at least 45 million card numbers belonging to customers of TJX stores including T.J. Maxx and Marshalls.
Post-holiday slowdown dings profit at Best Buy
MINNEAPOLIS — Best Buy Co., the nation's largest consumer electronics retailer, said Wednesday its fourth-quarter earnings slipped 3 percent, as customer traffic slowed after the holidays, but still beat Wall Street expectations.
The company said its profit fell to $737 million in the quarter ended March 1. Revenue rose 4 percent to $13.42 billion.
AT&T to offer S.C. clients Dish Network TV service
ENGLEWOOD, Colo. — AT&T Inc. said Wednesday it will sell Dish Network's satellite television service in nine Southeastern states, including South Carolina.
The company said it will be offered through AT&T Advanced TV, expanding content and high-definition channel options. With 14 million customers, Dish Network is the second-largest U.S. satellite TV provider behind DirecTV.
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