LOCAL BUSINESS
Network meeting in Aurora
The Aurora chapter of Business Network International will host what it is calling a “visitors day” from 7:30 to 9 a.m. Nov. 2. The event is designed to introduce area business people to the worldwide organization, formed in 1985, that encourages members to share business and personal contacts.
Each chapter allows only one business per profession.
The Nov. 2 meeting — at the Howard Hanna Building at 195 Barrington Town Square in Aurora — will feature Bob Willis, area director for the 50-plus chapter Northeast Ohio region of BNI, The event is free.
For more information on the Aurora chapter, call Dennis McMichael at 330-626-4972 or Bill Jubell at 216-406-3224. For more information about BNI, visit www.bni-ohio.com.
ENTERTAINMENT
Sports gambling in N.J.
New Jersey says it will start issuing licenses for sports betting on Jan. 9, about a month later than it had originally intended.
But that’s assuming a federal lawsuit filed by the major professional sports leagues can be overcome.
The state Division of Gaming Enforcement published regulations for sports betting on Monday in the New Jersey Register. New Jersey enacted a sports betting law in January, limiting bets to the Atlantic City casinos and the state’s four horse-racing tracks.
In May, Gov. Chris Christie said New Jersey would forge ahead with its sports betting law, despite a federal ban on legalized sports gambling in all but four states. Casinos, racetracks or joint ventures of both can apply for the $50,000 sports pool licenses.
BANKING
Citigroup CEO leaves post
Citigroup Inc. Chief Executive Officer Vikram Pandit, who led the bank through a U.S. bailout while reaping $261 million for himself, was replaced by Michael Corbat, who said he could shake up the firm’s operations.
President and Chief Operating Officer John P. Havens, 56, also resigned, the New York-based bank said. Corbat, who led Citigroup in Europe, the Middle East and Africa, takes the helm immediately as Pandit, 55, leaves both his executive role and his seat on the board.
The departures, announced six months after Michael O’Neill became chairman, remove a team that led Citigroup out of 2008’s global credit crisis. While Pandit posted a surprise quarterly profit on Monday, he suffered setbacks this year when regulators blocked his plan to boost dividends, shareholders rejected his pay package and Morgan Stanley came out ahead in a multibillion-dollar dispute over a jointly owned brokerage venture.
EARNINGS
Profits up at Coke
Coca-Cola said it earned $2.31 billion, or 50 cents per share, for the period. That compares with $2.22 billion, or 48 cents per share, in the year-ago quarter. Not including one-time items, the company said it earned 51 cents per share, in line with analyst expectations.
Revenue rose 1 percent to $12.34 billion, but fell shy of Wall Street expectations of $12.4 billion. Not including the impact of currency exchange rates, revenue rose 6 percent.
Mattel earnings rise
Mattel’s net income was $365.9 million, or $1.04 per share, for the period ended Sept. 30. That’s up from $300.8 million, or 86 cents per share, a year ago. Analysts expected 99 cents per share, according to a poll by FactSet.
Revenue for the El Segundo, Calif.-based company rose 4 percent to $2.08 billion, topping Wall Street’s estimate of $2.07 billion.
Fisher Price sales increased 6 percent, while American Girl rose 16 percent. Sales of Hot Wheels were flat. Mattel reported strong sales of Monster High products, while sales of games tied to the Cars 2 movie fell.
Revenue climbed in North America and abroad, with international results pressured by the stronger dollar.
Cost of sales fell 8 percent during the quarter as the company continued a cost-cutting program and streamlined design and manufacturing processes.
Smaller rival Hasbro Inc., which makes Monopoly, Nerf and My Little Pony, reports its results on Monday. Another competitor is privately held MGA Entertainment Inc., which owns Little Tikes Co. of Hudson.
POST OFFICE
Financial limit is reached
The U.S. Postal Service said it hit its borrowing limit with the U.S. Treasury for the first time last month, as it had forecast, leaving it to finance operations from stamp sales until Congress considers postal reform legislation.
Compiled from staff and wire reports