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Around the business world

Daily Staff Report

Citigroup’s profit rises 4 percent in 2nd quarter, bit below analysts’ projections: NEW YORK – Citigroup Inc.’s second quarter results fell short of analysts’ projections as the difficult interest rate environment holds down consumer banking profits. The weakness in the U.S. consumer banking division at Citi could presage similar reports from the nation’s other major banks, which will be reporting results through the week.Northwest Airlines, flight attendants union tentatively reach deal: MINNEAPOLIS – Northwest Airlines Corp. tentatively agreed with flight attendants, a union official says. The news came on the same day Northwest could have imposed a new contract that had drawn strike threats from the union. By Business Writer Joshua Freed.McDonald’s posts strong same-store sales: CHICAGO – McDonald’s Corp. says its second-quarter earnings will top analysts’ expectations thanks to a strong showing by its European restaurants and increased U.S. breakfast sales that combined to boost June sales. The news pushes its stock sharply higher.Embattled Airbus announces redesign of A350: FARNBOROUGH, England – Boeing announces more plane orders, widening its lead over Airbus on the first day of the Farnborough Air Show – as its European rival goes into damage control mode. Airbus announces no new plane deals but unveils a $10 billion revamp of its A350 mid-sized jet.Harley Dacidson reports hoggish motorcycle sales: MILWAUKEE – Motorcycle maker Harley-Davidson Inc. says second-quarter profit grew 3 percent, helped by double-digit growth of international sales. AP Photo NYBZ102.Stocks vacillate as Middle East conflict continues: NEW YORK – Stocks waffled in fitful trading as Wall Street weighs the situation in the Middle East and a disappointing earnings report from Citigroup, the latest in a string of uninspiring corporate results.Production up as maunfacturing increases: WASHINGTON – Industrial production rose significantly in June, reflecting advances in manufacturing, mining and auto production.Russia, Kazakhstan form natural gas partnership: BRUSSELS, Belgium – The presidents of Russia and Kazakhstan agree at the Group of Eight summit to create a joint venture to process natural gas from Kazakhstan’s giant Karachaganak gas field. Age verification at social-network sites could prove difficult: NEW YORK – With heightened attention on sexual predators lurking at so-called social networking sites, attorneys general have stepped up calls for such communities, particularly MySpace, to beef up their age and identity checks. It’s nearly that easy, many experts say.States handling minimum wage quetions: WASHINGTON – With Congress refusing to boost the federal minimum wage, Democratic activists are pushing the issue in the states. Nearly half have raised minimum wages above the federal level; six more might be forced to do so by ballot items this fall that Democrats hope will mobilize low-income voters.China raises interest rates: BEIJING – Worried that sizzling economic growth could ignite a financial crisis, Chinese leaders have raised interest rates and imposed regulatory controls. But they have avoided the step that Washington most wants: a sharp rise in the value of China’s currency.China could curb foreign investment in real estate: BEIJING – China has drafted rules that would sharply restrict foreign investment in real estate in the latest attempt to cool off a construction boom, a news report says.African leaders trying to spur continent out of poverty: ABUJA, Nigeria – Presidents from more than a dozen African countries meet with executives from companies including Chevron, Coca-Cola, General Motors and DaimlerChrysler at a summit bringing African political and business leaders together with their U.S. counterparts in search of partnerships to lift the world’s poorest continent.Aging of Europe has implications for old and young, experts warn: VIENNA, Austria – By 2010 there will be more 55- to 64-year-olds than 15- to 24-year-olds in the European Union. At issue is how to financially shoulder the burden of an aging society while staying competitive globally.Vail, Colorado


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