Entrepreneur event set
A free event where entrepreneurs, startups and small businesses can pitch ideas will be from 6:30 to 8:30 p.m. Monday at Bricco restaurant in downtown Akron. The local SunDown Rundown group’s first Akron Business Pitch Event is an offshoot of a similar program in Columbus. Participants at the Monday event will get five minutes to pitch their ideas and will receive five minutes of feedback and questions. Investors, entrepreneurs and general supporters of the Northeast Ohio business community are encouraged to attend. Seating is limited. Bricco is at Main and Exchange streets.
Deal turned down
Sherwin-Williams Co. of Cleveland said regulators in Mexico again refused to clear an appeal of its purchase of privately held paint company Consorcio Comex. The Federal Competition Commission of Mexico first turned down the deal in July in a 3-2 vote. Consorcio Comex sells paints and coatings under several brands in the United States and Canada, and it sells architectural and industrial coatings in Mexico.
Big Lots to open
A relocated Big Lots will be opening on Friday in South Plaza in Akron. The store, at 426 E. Waterloo Road, replaces a location on South Arlington Street. The store will celebrate with giveaways and sales Friday morning and a $1,500 donation to Voris Elementary School. It is one of about nine stores in the Akron-Canton region. The Big Lots store is moving into space previously occupied by a Marc’s. Earlier this year, Marc’s moved to a larger space — site of a former Tops grocery — in the longtime plaza owned by LRC Realty Inc. of Akron.
Allstate profits down
Allstate Corp., the largest publicly traded U.S. auto and home insurer with office operations in Summit County, said third-quarter profit declined 57 percent as it booked a loss tied to the sale of a life-insurance business.
Net income fell to $310 million, or 66 cents a share, from $723 million, or $1.48 a share, a year earlier, the Northbrook, Ill.-based company said today in a statement. Operating profit, which excludes some investment results, was $1.53 a share, beating the $1.44 average estimate of 22 analysts surveyed by Bloomberg.
Insurer income down
Specialty insurer National Interstate Corp. reported net income of nearly $7.3 million, or 37 cents per share, on revenue of nearly $143.3 million for its third quarter. Net income was down from a year ago but a significant improvement from the second quarter this year.
Richfield-based National Interstate last year had net income of $9 million, or 46 cents per share, on revenue of $125.5 million. Gross premiums written were up 4 percent from a year ago, the company said.
National Interstate revenue and earnings per share beat analyst expectations. Shares fell a penny to $28. Shares are down 1.7 percent, including dividends, since Jan. 1 and are up 17.8 percent from a year ago. National Interstate has been able to increase its rates, the company said, adding that efforts had fallen short to grow the commercial vehicle business.
Facebook earnings up
Facebook said it earned $425 million, or 17 cents per share, in the July-September period. That’s up from a loss of $59 million, or 2 cents per share, in the same period a year ago. Adjusted earnings were $621 million, or 25 cents per share, in the latest quarter. That’s 6 cents better than analysts expected. This figure excludes special items, mainly stock compensation expenses. Revenue grew 60 percent to $2.02 billion from $1.26 billion, helped by mobile advertising revenue.
Dow loses 61 points
The Dow Jones industrial average lost 61.59 points to 15,618.76. The Standard & Poor’s 500 index fell 8.64 points to 1,763.31. The Nasdaq composite fell 21.72 points to 3,930.62.
Slight price hike
Consumer prices increased only slightly in September, as higher energy costs offset flat food prices. The figures are the latest evidence that slow economic growth is keeping inflation tame. The consumer price index rose a seasonally adjusted 0.2 percent in September, the Labor Department said. That’s up from 0.1 percent in August. Higher gas, electricity and other energy costs rose 0.8 percent, making up about half the overall increase. In the past year, consumer prices have increased just 1.2 percent.
Compiled from staff and wire reports