NEW YORK — A slowing global economy and the effects of a prolonged U.S. drought caught up to Deere & Co. in its fiscal third quarter, as its net income rose 11 percent but cut its revenue prediction for the year.
The drought in the Midwest, a stronger dollar and costs to introduce a slew of new products hurt the world’s largest producer of agricultural equipment.
The Moline, Ill., company, which builds tractors in Grovetown, said Wednesday that it earned $788 million, or $1.98 per share for the quarter ending July 31, compared with $712.3 million, or $1.69 per share for the same period last year.
Revenue rose 15 percent to $9.59 billion. Sales of tractors and other farm equipment, by far its biggest segment, rose 14 percent to $7.27 billion.
Banks questioned on interest rate
ALBANY, N.Y. — The attorneys general of New York and Connecticut have issued subpoenas to seven banks over the possible manipulation of a global interest rate, someone with knowledge of the matter told The Associated Press on Wednesday.
Subpoenas were issued, mostly last month and this month, to Barclays, Citigroup, Deutsche Bank, JPMorgan Chase, HSBC, Royal Bank of Scotland and UBS, the source said.
The source spoke on condition of anonymity because the person was not authorized to discuss the matter publicly.
American and British regulators have already fined Barclays, based in Britain, $453 million for submitting false information between 2005 and 2009 to keep the interest rate, known as LIBOR, low.