EU draft report discusses foods subjected to fraud

Google stock surpasses $1,000 mark for 1st time

Strong third-quarter results have sent Google’s stock past the $1,000 mark for the first time.

Shortly after the markets opened Friday, Google Inc. shares jumped more than 12 percent to $1,007.40 in heavy trading before edging back down to $1,000 later in the morning. Shares of the company closed out the day at $1,011.41, up 122.61, or 14 percent. The stock had never been higher than $928 in regular market trading since Google went public at $85 per share nine years ago.

Late Thursday, Google reported a 36 percent jump in third-quarter net income that beat Wall Street’s predictions. The numbers showed that while the company’s average ad prices continue to decline, they’re being offset by a larger number of people clicking on ads.

The company ranks as the No. 1 digital ad company by revenue, leaving rivals such as Yahoo Inc. and Facebook Inc. far behind.

Morgan Stanley income nearly doubles at $1 bil

Investment bank Morgan Stanley’s third-quarter earnings almost doubled as the firm’s stock sales and trading revenue rose.

The bank earned $1.01 billion from July to September after stripping out an accounting charge. That compares with earnings of $560 million a year earlier. That profit works out to 50 cents per share before the charge, compared with 28 cents per share in the same period a year earlier. Financial analysts polled by FactSet expected earnings of 40 cents. Analysts generally strip out one-time items.

Total revenue amounted to $8.1 billion, up 6.5 percent from $7.6 billion a year earlier.

Stock sales and trading were bright spots for the bank and revenue in that part of its business increased to $1.7 billion from $1.3 billion. Investment revenue also rose after the bank sold an investment in an insurance broker.

An EU draft report says olive oil, fish and organic food are subjected to fraud more than any other foods.

In fact, the report says beef is less risky, despite the scandal early this year over beef tainted with horsemeat.

European Parliament member Esther de Lange said Friday she is surprised meat did not make a top 10 list of foods subjected to fraud, based on academic studies, police records and industry consultations.

The other top 10 foods are milk, grains, honey and maple syrup, coffee and tea, spices, wine and certain fruit juices.

A parliamentary committee is to approve the draft report next month.

Division of HSBC bank to pay $2.46 bil in lawsuit

A division of Europe’s HSBC bank has been ordered to pay about $2.46 billion in a class-action lawsuit claiming that it violated federal securities laws.

The lawsuit named consumer mortgage lender Household International Inc., which is now HSBC Finance Corp., and former executives William Aldinger, David Schoenholz and Gary Gilmer. It claimed that the company fraudulently misled investors about its predatory lending practices, the quality of its home loans and its financial accounting from March 23, 2001 through Oct. 11, 2002. HSBC acquired Household International in 2003.

HSBC Holdings PLC, Europe’s biggest bank by market value, said in a statement on Friday that it will appeal.