Business news

P&G expects slower growth ahead in U.S.


CINCINNATI --- Procter & Gamble Co. plans to seek out new consumers in emerging markets around the globe while giving shoppers in the U.S. and other developed markets more choices in products and prices.

The maker of Gillette shavers and Tide detergent reported double-digit net income and revenue increases for its fourth quarter with sales gains in countries led by Brazil, India and China. It gave a cautious forecast for the year ahead because of expectations for little growth in the U.S. and other developed countries. P&G's guidance indicated slowing sales in this quarter, which began July 1.

The company said it is restructuring management and streamlining operations, but is outspending competitors in research and development of new products and in marketing.

Wells Fargo to settle case for $590 million

NEW YORK --- Wells Fargo & Co. on Friday said that it has agreed to pay $590 million to settle a class-action lawsuit filed by investors in Wachovia securities.

The settlement would end a suit filed in 2008 in federal court in Manhattan, charging that Wachovia misled investors in its bonds and preferred securities by understating losses associated with risky mortgages. Wells Fargo bought Wachovia that year at the height of the financial crisis.