A judge has ordered former New York Stock Exchange chief Richard Grasso to pay back tens of millions of dollars from the compensation package that the state’s attorney general Eliot Spitzer has labeled excessive, a Spitzer spokesman said Thursday. The trial level judge, who issued a partial summary judgment against Grasso, will decide separately how much he should repay from the $187.5 million compensation package and dismissed his claim for another $48 million from the exchange, said Spitzer spokesman.
Zipfizz launches new product
Zipfizz Corp. of Mill Creek has launch a new powdered drink product called Immune Fizz, which includes 28 nutrients and vitamins intended to help people ward off the flu. Immune Fizz comes in a single-serving packet with 10 calories, no sugar and just 2 carbohydrates. Riley Livingston, president and chief executive of Zipfizz, said the intention is to build up a natural resistance to fatigue, lethargy, allergy symptoms and cold symptoms. The fledgling company’s first product, Zipfizz, also has low calories and carbohydrates and has been very successful.
OPEC cuts output by greater amount
Oil cartel OPEC decided to cut production by a greater-than-expected 1.2 million barrels a day on Friday, and some members indicated it was open to further cuts. United Arab Emirates oil minister Mohammed bin Dhaen al-Hamili made the announcement at a news conference after OPEC’s oil ministers held an emergency meeting in the capital of Qatar. Support for the move by the de facto leader of the cartel, Saudi Arabia oil minister Ali Naimi, shows the group’s unity on the issue of price, said one analyst after the announcement.
Coca-Cola profits climb 14 percent
The Coca-Cola Co. reported a 14 percent jump in third-quarter profit Thursday, aided by sales gains in Europe tied to World Cup soccer promotions and growth in emerging markets. The overall results beat Wall Street expectations. The world’s largest beverage maker said it earned $1.46 billion, or 62 cents a share, for the three months ending Sept. 29, compared to a profit of $1.28 billion a year earlier.
Google’s profit nearly doubles
Google Inc.’s third-quarter profit nearly doubled in the latest demonstration of the Internet search leader’s phenomenal financial firepower. The Mountain View, Calif.,-based company said Thursday that it earned $733.4 million, or $2.36 per share, for the three months ended in September. That compared with net income of $381.2 million, or $1.32 per share, at the same time last year. If not for expenses to cover employee stock compensation, Google said it would have earned $2.62 per share.
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