Business news

Apple income soars on success of iPhone

SEATTLE --- Apple Inc. said Monday that net income for the most recent quarter soared 70 percent on strong sales of iPhones, though iPad sales fell short of expectations.

Apple sold 4.2 million of its new tablet-style computer during the fiscal fourth quarter, fewer than the approximately 5 million that analysts had expected .

The company sold 14.1 million iPhones from July through September, more than the 12 million analysts were looking for. Apple Chief Financial Officer Peter Oppenheimer said that had the company been able to make more iPhones, the number would have been even higher.

Citigroup posts profit for three quarters

NEW YORK --- Citigroup Inc., one of the worst-hit banks during the financial crisis, posted its third straight quarterly profit, a sign that major banks and their customers are starting to find their footing.

Citi became the second major bank this quarter, after JPMorgan Chase & Co., to report a profit by dipping into funds it had set aside to cover future losses from bad loans.

The New York bank, which is still 12 percent owned by the government, earned $2.15 billion, or 7 cents per share, in the three months ended in September.


Tue, 01/17/2017 - 19:25

USFibers to expand in Edgefield County

USFibers, a manufacturer of recycled polyester fiber, plans to expand operations in Edgefield County, adding 20 jobs, according to a news release from the South Carolina governor’s office.

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Mon, 01/16/2017 - 21:41

IMF boosts growth forecast for US, cites Trump impact

WASHINGTON — The International Monetary Fund on Monday raised its forecast for the U.S. economy over the next two years, saying President-elect Donald Trump’s policies should boost economic growth, particularly in 2018. But officials warned that if Trump’s protectionist trade proposals set off a trade war, that could be “quite destructive” for the global economy.

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