Business Briefs
Stocks post modest gain in erratic trading session
NEW YORK — Wall Street managed a moderate gain in an erratic session Wednesday as investors sorted through a downbeat Federal Reserve report and were disappointed by a plan to bail out bond insurer Ambac Financial Group.
The Fed's assessment of regional economies indicated growth at the start of the year was sluggish and accompanied by rising price pressures. Meanwhile, Ambac said it plans to issue more than $1 billion in common stock to help shore up its battered balance sheet. Investors had hoped for a contribution from global banks.
The Dow Jones industrial average rose 41.19, or 0.34 percent, to 12,254.99. Broader indicators rose. The Standard & Poor's 500 index added 6.95, or 0.52 percent, to 1,333.70, while the Nasdaq composite rose 12.53, or 0.55 percent, to 2,272.81.
Consumer safety agency to assign port inspectors
LONG BEACH, Calif. —The U.S. Consumer Product Safety Commission says it will start deploying inspectors at U.S. ports to screen toys and other imports for potential safety hazards.
The agency said its new import surveillance unit will test selected products for lead, loose parts that could pose a choking risk to children and faulty wiring in electric components.
The new unit will work with U.S. Customs. Before the change, Customs would conduct safety tests only at the request of the commission.
Discrimination filings up 9%, government reports
WASHINGTON— Federal job discrimination complaints by workers against private employers shot up 9 percent last year, the biggest annual increase since 1993.
The data released Wednesday by the Equal Employment Opportunity Commission show allegations of discrimination based on race, retaliation and sex were the most frequent.
Overall, the commission said complaints increased from 75,768 charges filed in 2006, to 82,792 last fiscal year. That's the highest level since 2002 and the biggest annual percentage increase since 1993. Complaints had been trending downward until 2006, when they increased slightly and then spiked last year.
Penny pinchers, a weak dollar, give Costco boost
SEATTLE — Costco Wholesale's second-quarter profit rose 31 percent, as penny-pinching consumers looking for the cheapest gasoline filled up their tanks at the warehouse club operator.
In addition to benefiting from strong sales and cost-cutting, the company's results got a boost from a weak U.S. dollar, particularly from sales in Canada.
Costco, which has one Charleston store, said net income in the quarter ended Feb. 17 grew to $327.9 million. Sales increased 12 percent to $16.62 billion.
Franchisees say they got no value from $1 menu
NEW YORK — A family that owned several failed Burger Kings is suing the fast food giant, claiming the company's $1 value menu made it impossible for them to turn a profit in high-priced Manhattan.
Franchisees Elizabeth and Luan Sadik say in a lawsuit that they asked for permission to raise prices at their Midtown restaurants to cover their high costs.
Burger King declined, and when the family closed two locations, the company took legal action to shut down two of their remaining eateries. Burger King Holdings Inc. said Wednesday the family's claim was unfounded.
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