Greece delays austerity vote, warns of ‘chaos’
Greece’s coalition government will delay a vote on major new austerity measures by another week, warning Tuesday there would be financial “chaos” if a deal is not reached. Finance Minister Yannis Stournaras told reporters that the austerity measures, worth ¤13.5 billion ($17.4 billion), would be submitted to parliament next week, as the three parties in government continue to disagree over new savings demanded by international bailout lenders.
Stournaras denied local media reports that the bill could be broken up to ease objections by a left-wing junior coalition partner.
“All of the [draft legislation] will be submitted next week — I think there is no other way to do it,” he said.
ETIHAD MAKES DEAL FOR 2 MORE AIRBUS A330S
Fast-growing Etihad Airways says it has agreed to purchase two more Airbus A330-200 planes in a deal worth $418 million.
The Abu Dhabi-based carrier says the planes are scheduled to be delivered in early 2014 as part of aggressive expansion plans to keep pace with rival Gulf airlines Emirates and Qatar Airways. Etihad chief executive James Hogan said on Tuesday that he considers the A330-200 to be central to the airline’s growth plans.
WSJ REMAINS NO. 1 U.S. NEWSPAPER
A media industry group says U.S. newspaper circulation was almost unchanged in the six months that ended in September.
Average daily circulation in the April-September period slid 0.2 percent for the 613 newspapers included in the semiannual study by the Audit Bureau of Circulations. Sunday circulation for the 528 newspapers in Tuesday’s report increased 0.6 percent.
The Wall Street Journal kept its position as the No. 1 newspaper. Its average circulation grew 9.4 percent to 2.3 million. USA Today was second at 1.7 million, followed by The New York Times at 1.6 million.
UBS TO CUT 10,000 JOBS IN MAJOR OVERHAUL
The Swiss bank announced plans on Tuesday to eliminate up to 10,000 jobs and cut costs in a major overhaul that dragged down earnings.
In the latest quarter, UBS posted a loss of 2.2 billion Swiss francs ($2.3 billion) for the three months ended Sept. 30, citing restructuring costs and charges connected to its own debt. The bank recorded a net profit of 1 billion francs in the period a year earlier.
The investment bank will bear the brunt of the cuts. Over the next two years, UBS said it would reduce its workforce by as much as 16 percent, bringing the total employees worldwide to 54,000 employees.
UBS
BAYER TO ACQUIRE SCHIFF NUTRITION
German drug and chemical maker Bayer said Tuesday it is buying U.S. vitamin and supplement maker Schiff Nutrition International for $1.2 billion in a cash deal it hopes will bolster the offerings of its consumer health division.
The announcement came as the Leverkusen-based company reported net income fell 17.8 percent to ¤528 million in the third quarter due to one-off items — including ¤205 million related to costs associated with litigation over the birth control pills marketed as Yasmin or Yaz, which are claimed to cause blood clots. Bayer said it also took a special charge of ¤134 million in restructuring expenses.
CHRYSLER QUARTERLY PROFIT RISES 80 PERCENT
Chrysler said that its third-quarter profit rose 80 percent on the strength of new models, less debt and steadily growing sales in both U.S. and international markets.
The third-largest Detroit carmaker said that it earned $381 million in net income, up from $212 million in the same period a year ago. Revenue for the quarter was $15.5 billion, an 18 percent increase from $13.1 billion in the same period last year.
The results could be seen as the latest evidence that Chrysler’s improbable comeback from its government bailout and bankruptcy was not only sustainable but accelerating.
The company said its worldwide sales increased 12 percent in the third quarter to 556,000 vehicles. For the first nine months of the year, it sold 1.7 million vehicles, up from 1.4 million in the same period in 2011.
WORLD SERIES AVERAGES RECORD LOW TV RATING
The San Francisco Giants’ sweep of the Detroit Tigers set a record low for the World Series’ television ratings.
The four games on Fox averaged a 7.6 rating and 12 share, Nielsen Media Research said Monday. The previous low was an 8.4 for the 2008 Phillies-Rays and 2010 GiantsRangers series, which each went five games.
Last year’s Cardinals-Rangers World Series went the full seven games and built momentum to average a 10.0/16.
San Francisco’s 2-0 win in Game 3 on Saturday night earned a 6.1/11, down from a 6.6/12 for St. Louis’ 16-7 win over Texas in the third game last year and matching the lowest for any World Series game. Philadelphia’s 5-4 win in Game 3 in 2008 also had a 6.1 rating on a night a rain delay pushed the start after 10 p.m. on the East Coast and the game didn’t end until 1:47 a.m.
The Giants’ 4-3, 10-inning victory in the finale Sunday night drew an 8.9/14, up slightly from the 9.2/14 for the Rangers’ 4-0 win over the Cardinals in 2011.