Economy fears improve sales at McDonald’s

  • Monday, November 10, 2008 5:50pm
  • Business

Consumers worldwide who are watching their spending bought more burgers and chicken breakfast biscuits at McDonald’s in October, leading to a big rise in sales at established locations for the fast-food leader. McDonald’s Corp. said Monday its global same-store sales jumped 8.2 percent during the month. That beat the company’s own prediction for a rise similar to the one it recorded in its last quarter, when same-store sales, or sales at locations open at least a year, jumped 7.1 percent worldwide. The results were a bright spot in what was a dismal month for most restaurant operators.

Gasoline prices fall nearly $2 from July

The AAA auto club reports the average price of a gallon of gas in Washington is $2.38. That’s down $1.08 in the past month and $1.97 from the record high in July. Washington’s average is 14 cents higher than the national average of $2.24. The AAA’s survey for Monday shows that the average price of diesel in Washington is $3.20. That’s down 65 cents in the past month and $1.78 from the record high in July.

Profits drop for Dish Network

Dish Network Corp. reported a 54 percent drop Monday in third-quarter net income as it spent more on promotions to keep customers from canceling and wrote down the value of its investments. For only the second time in Dish’s history, the company saw a decline in the number of customers who sign up minus those who cancel. It lost 10,000 net subscribers in the quarter compared with a gain of 110,000 in the same quarter last year. Dish earned $92 million, or 20 cents per diluted share, in the three months ended Sept. 30. That’s down from $200 million, or 44 cents per share, last year.

AIG federal bailout hits $150 billion

When the government offered an emergency loan to insurer American International Group, the $85 billion price shocked many Now it looks like pocket change. The lifeline swelled to more than $150 billion on Monday, a record for a private company. But the head of the broader financial rescue package was cool to other companies reaching for a bailout. The new AIG package includes a $40 billion chunk of the $700 billion financial bailout.

T-bill rates hit lows in Monday auction

The Treasury Department auctioned three-month bills at a discount rate of 0.355 percent, down from 0.530 percent last week. Six-month bills were auctioned at a discount of 0.990 percent, down from 1.1 percent last week. The three-month rate was the lowest on record while the six-month rate was the lowest since these bills averaged 0.975 percent on March 8, 2004. For a $10,000 bill, the three-month price was $9,991.03 while a six-month bill sold for $9,949.95. That would equal an annualized rate of 0.360 percent for the three-month bills and 1.009 percent for the six-month bills. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for changing adjustable-rate mortgages, fell to 1.24 percent last week from 1.44 percent the previous week.

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