Jeep will expand in China
Fiat and Chrysler will build three new Jeep models in China for the local market, the biggest for Jeeps outside the U.S. The deal will be a joint venture with China’s Guangzhou Automobile Group Co. Production is expected to begin in 2015 in Guangzhou.
In a news release, Fiat Chrysler said Jeep sold more than 731,000 vehicles in 2013 and last month set a record with 85,000 sold. China represents the largest Jeep market outside the United States with nearly 60,000 cars sold last year.
Gulfport has new executive
Oklahoma-based Gulfport Energy Corp., a major player in Ohio’s Utica shale, has a new chief executive officer.
The company on Wednesday announced that Michael G. Moore has been promoted from interim chief executive officer, president and chief financial officer to his new post. He also joined the company’s board of directors.
Moore joined Gulfport in July 2000 as its chief financial officer and was appointed company president in August 2013. He replaced James Palm, 69, who retired as CEO on Feb. 15 after nine years.
In addition, J. Ross Kirtley, chief operating officer for the company’s Ohio operations, was named chief operating officer for Gulfport. He joined Gulfport in May 2013 and was appointed chief operating officer for the Company’s Ohio activities in September 2013.
The company also named Michael S. Reddin to the board of directors. Reddin serves as chairman, president and CEO of Davis Petroleum Corp.
Powdered product stalled
Don’t expect powdered alcohol to hit store shelves anytime soon.
A product called “Palcohol” gained widespread attention online in recent days after it was reported that the Alcohol and Tobacco Tax and Trade Bureau approved the powdered alcohol, including vodka and rum varieties. But a representative for the federal bureau, Tom Hogue, said the approvals were issued in error.
Palcohol’s parent company Lipsmark said “there seemed to be a discrepancy on our fill level, how much powder is in the bag.” It said it will resubmit the labels for approval.
According to the website for the Alcohol and Tobacco Tax and Trade Bureau, multiple varieties of Palcohol received “label approval” on April 8.
The Alcohol and Tobacco Tax and Trade Bureau is a part of the Treasury Department.
AT&T’s quarterly profits flat
AT&T said its first-quarter net income was $3.7 billion, or 70 cents per share, compared with $3.7 billion, or 67 cents, a year earlier, when AT&T had more shares outstanding. Adjusting for one-time items, including costs related to its March acquisition of Leap Wireless, income was 71 cents per share, compared with 64 cents in the same period last year. Analysts expected 70 cents. Revenue grew 4 percent to $32.5 billion, better than the $32.4 billion analysts expected, according to FactSet.
Separately, AT&T said it plans to introduce an online TV service by the end of this year, part of a pact with a company called the Chernin Group to invest more than $500 million to draw consumers who are flocking to Internet video. The partners are looking at deals with television networks for live programming as well as building or investing in niche video-on-demand and services where shows are queued up.
John Stankey, AT&T’s chief strategy officer said while AT&T’s U-verse, a traditional cable-TV service, is only offered in parts of the U.S. where the company has landlines, the new online product will be available nationwide. Chernin Group is led by former Fox broadcasting executive Peter Chernin.
McDonald’s sales decline
Sales at McDonald’s U.S. locations open at least 13 months slid 1.7 percent in the first quarter, compared with a 1.4 percent decline estimated by analysts surveyed by Consensus Metrix.
Net income fell 5.1 percent to $1.2 billion, or $1.21 a share, from $1.27 billion, or $1.26, a year earlier. Analysts estimated $1.24 a share, the average of 24 projections compiled by Bloomberg. Revenue rose 1.4 percent to $6.7 billion, trailing analysts’ $6.72 billion average estimate.
Compiled from staff and wire reports