BP reports a replacement cost loss of more than $6 billion, UPS posts a positive earnings report, and a woman gets hired to coach in the NFL. Here are the top news stories for July 28, 2015.
UPS Posts Big Earnings
United Parcel Service delivered quarterly earnings Tuesday that surpassed analysts’ expectations, as improved margins offset a slight drop in revenue. The company posted second-quarter adjusted earnings of $1.35 per share up from $1.21 a share in the year earlier period. Revenue decreased to $14.1 billion from $14.27 billion one year ago. UPS shares have fallen nearly 15 percent in 2015.
One Chicken Sandwich, Hold the Antibiotics
Wendy’s is testing antibiotic-free chicken items in a number of markets as it tries to move away from using meat with antibiotics in them. The fast food restaurant currently bans some antibiotics in its meat products but not all. In a statement released Monday, Wendy’s officials said its policy “strictly prohibits the use of antibiotics that are medically important to humans for the sole purpose of growth promotion. We believe that antibiotics used in livestock and poultry should only be used for the prevention, control and treatment of disease.” Four test markets – Orlando, Gainesville, Kansas City and Austin0 will be offered grilled chicken raised without antibiotics to gauge consumer perception and supply availability. Earlier this year, McDonald’s pledged to stop using antibiotics important to human medicine in chicken production by March of 2017.
Goldman Sachs Fined
The execution and cleaning unit of Goldman Sachs Group has been fined $1.8 million for reporting violations that spanned more than eight years. The Financial Industry Regulatory Authority Monday said Goldman Sach’s failed to transmit a “substantial number” of order-related events to Order Audit Trail System for seven years. The events were for its alternative trading system. The company’s execution and cleaning department also sent inaccurate data for a large number of order-related events for more than eight years. Goldman Sachs has neither admitted nor denied the charges, but a spokesman said the company is glad the matter is concluded.
There’s a Woman in Football
Just months after the San Antonio spurs of the National Basketball Association hired a woman to serve as an assistant coach, the Arizona Cardinals of the National Football League Tuesday announced that Jen Welter will serve as an intern coach throughout training camp and the preseason. Welter is believed to be the first woman ever to serve in a coaching capacity in the NFL. Last year, Welter played running back and special teams for the Texas Revolution of the Indoor Football League, becoming the first female to play a non-kicking position in a men’s professional football league in the United States. She served as a linebackers coach for the Revolution this season as well. Welter, a former international rugby player, is a graduate of Boston College with degrees in both psychology and sports psychology.
BP Reports Massive Loss
BP Oil Tuesday announced a second-quarter replacement cost loss of more than $6 billion, and the company’s CEO said oil companies are in danger due to low prices. Chief Executive Bob Dudley said in a statement that the “external environment remains challenging. In the past few weeks oil prices have fallen back in response to continued oversupply and market weakness and the recent agreements regarding Iran.” The replacement cost loss includes a near-$10 billion extra charge related to the environmental costs of the Gulf of Mexico oil spill, which brought the pre-tax charge for the disaster to $54.6 billion.
Sometimes You Just Forget
In Mahwah, New Jersey, two employees who were replenishing an automatic teller machine left behind a bag containing $150,000, and a man drove off with the cash. The incident took place on Industrial Avenue in Mahwah, and one of the employees placed a bag on the lawn in front of the business. A surveillance video shows a passenger in a white van grabbing the bag off the lawn. The same van was seen in nearby business videos stealing used tires from a nearby auto repair shop.