Business and Finance

MetLife Inc. says its net income increased tenfold in the third quarter, boosted largely by its acquisition of Alico last year.

The nation’s biggest life insurer says it earned $3.55 billion, or $3.33 per share, in the three months ended Sept. 30. That’s compared with $286 million, or 32 cents per share, in the year-ago period.

Excluding one-time items, the company earned $1.11 per share. Analysts had forecast a profit of $1.05 per share, according to FactSet.

The New York company said total international sales more than doubled as a result of its acquisition of American Life Insurance, or Alico, from American International Group Inc. last year.

Alico operates in more than 50 countries and was expected to help MetLife expand in Japan, Europe and Latin America.

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Man Dip has a six-month lease on life.

That’s about how long local grocery stores will give the spicy sausage and cheese dip, a new product from an unknown local entrepreneur, before they decide whether to keep it or dump it. But that’s a lot farther than most other food startups make it in the highly competitive race for grocery shelf space.

If it were up to Dr. Ted Mimlitz, the man behind Man Dip, the concoction he’s been whipping up for 15 years might have remained just a party favorite and inside joke among his circle of friends.

But about four years ago, Andy Wolf, a serial entrepreneur who has brought to market a number of items including a deer sled for hunters, took a bite of Mimlitz’s dip at a school-related event for their children.

“I said right there, ‘Have you ever thought about bringing this out commercially?’” Wolf said. “I pestered him for three months. Then he called me one December night and said, ‘Do you really think we can do this?’ I said, ‘Absolutely.’

That confidence belies the difficulty in bringing a product to market from scratch. Lots of folks flirt with the idea of branding and selling their homemade creations. But few people pursue it beyond their daydreams.

Local products face stiff competition from large food manufacturers with established brands, bulk negotiating power and money for extensive product and marketing research. Most local food products that have found success at area grocery stores are affiliated with local restaurants or well-known landmarks such as the Hill. Think Imo’s salad dressing, Zia’s pasta sauce and Fitz’s root beer.

“When people see that on your shelves, there’s that connection right away,” said Rich Wallace, Dierbergs’ director of procurement.

Another local example

General Motors Co. and the United Auto Workers have reached an agreement on a new contract.

The UAW announced the agreement just after 11 p.m. EDT Friday after several weeks of bargaining. No contract details were released.

The contract covers 48,500 GM workers in the U.S. GM was the first of the Detroit Three to reach an agreement with the UAW. Chrysler Group and Ford Motor Co. are still negotiating.

The UAW says the contract improves health-care benefits for workers and also protects their retirement benefits. It also says there is an improved profit-sharing plan.

Workers must vote on the plan before it will take effect. GM says a vote is expected in the next week to 10 days.

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Six oil workers who were rescued alive after floating for three days in the Gulf of Mexico are stable and conscious, though suffering from bumps and bruises and sunburnt after weathering a tropical storm, a doctor overseeing their treatment said Monday.

All were transferred from a hospital run by Mexico’s state oil company, Petroleos Mexicanos, or Pemex, to a private clinic, according to Dr. Liliana Santana.

One survivor transferred in a wheelchair was asked how he was feeling, and he responded, “Good.”

A Pemex official also said Bangladeshi oil worker Kham Nadimuzzaman died in the hospital after being rescued. Two other workers were found dead, and rescue crews continued the search for the last of the 10 workers.

The official could not be named because he was not authorized to speak to the news media. Authorities have not given a cause of death or identified the bodies.

Nadimuzzaman was among 10 missing oil workers who evacuated their disabled rig Thursday in a tropical storm and escaped in an enclosed life raft. Seven of them were found alive Sunday.

Pemex identified the survivors as two U.S. citizens, Jeremy Parfait and Ted Derise, Jr., both of Louisiana; and Mexicans Ruben Martinez Velasquez, Eleaquin Lopez, Luis Escobar and Ruben Lopez Villalobos.

Martinez, who was a cook on the boat, was still nervous, unable to sleep and with trembling hands, said his uncle, Roman Cruz, 51, a bricklayer from the port city of Ciudad del Carmen. Cruz said his nephew was rescued from the water, hanging onto a raft.

“He was worried about sharks,” said Cruz, who added that none appeared.

Eleaquin Lopez’s brother, Edy, would only say, “Thank God he’s healthy.”

The workers were found 50 miles (80 kilometers) off the coast of the Gulf state of Campeche by the ship Bourbon Artavaze and taken by helicopter to Ciudad del Carmen, where they were admitted to a Pemex regional hospital.

The fate of the other two Americans, identified previously as Louisiana residents Craig Myers and Nick Reed, was still not clear Monday.

The Mexican navy said four survivors and one of the dead were found in a boat, while three other survivors and a body were found in the water.

All were working for Houston-based Geokinetics Inc. on a liftboat owned by Trinity Liftboat Services based in New Iberia, Louisiana. All four U.S. citizens were from the New Iberia area, including Reed, who is the son of liftboat company owner Randy Reed.

The oil workers called for help Thursday afternoon in the middle of Tropical Storm Nate, which disabled their vessel, the Trinity II, a 94-foot (29-meter), 185-ton liftboat, that can lower legs to the sea floor and then elevate itself above the water level. It was being used as a recording vessel and housing for the crew, and it was in waters about 25 feet (8 meters) deep.

They abandoned the liftboat about eight miles (13 kilometers) offshore of the port of Frontera in the southeastern Mexican state of Tabasco.

Pemex and the Mexican navy led the search by air and sea, which intensified Saturday as the storm moved west toward the coast of Veracruz state. A dozen fishermen also disappeared aboard two shrimp boats in the Gulf during the storm Friday.

Pemex said the search for the oil workers continued with four boats, four Pemex helicopters and two airplanes making overflights.

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Associated Press Writer Antonio Villegas contributed to this report.

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Expect to see more ads flowing through Twitter’s stream of tweets in the coming weeks, but don’t expect to read anything soon about an IPO from the online messaging service.

Twitter CEO Dick Costolo delivered that message in a Thursday meeting with a group of reporters at the company’s San Francisco headquarters.

After bringing in more management talent and upgrading its service so it can handle big spikes in messaging, Twitter is ready to get more serious about building a successful business. But Costolo said that goal shouldn’t be interpreted as a sign that 5-year-old Twitter is poised to pursue an initial public offering of stock _ a move that would require the company to reveal how much money it’s making for the first time.

Twitter doesn’t need the money because it just raised $400 million from venture capitalists and other investors. With such a large financial cushion, Costolo indicated Twitter is unlikely to pursue an IPO next year.

“We now have what can only be referred to as a truckload of money in the bank,” Costolo said. “We did that because we want to be in control of our destiny and grow the company the way we want to.”

The best way to do that, Costolo said, is to show more ads to Twitter’s worldwide audience of 100 million active users. About half of those users log into Twitter each day, a sign that the service is becoming addictive.

Twitter is becoming such rich source of information and entertainment, Costolo said, that roughly 40 million active users log into the service without ever posting a tweet make quick cash. This group of so-called “lurkers” just log in to read what’s going among the people they are following or to search for something. Even with so many users staying silent, Twitter says it processes about 230 million tweets per day, more than doubling its volume since the beginning of the year.

With so many people immersing themselves on Twitter, the company thinks the timing is right for more advertisements.

Twitter began showing ads last year, but limited them to promotions from companies that users had chosen to track. Now Twitters users will gradually start seeing ads from companies they aren’t following. In an effort to avoid alienating its audience, Twitter will strive to show ads likely to appeal to each user’s interests. The company thinks it can do this by analyzing whom users follow. For instance, a person who follows 30 different professional athletes might be more likely to see ads about sports equipment or apparel.

All ads, known as “promoted tweets,” must comply with Twitter’s online messaging service’s 140-character limit.

Twitter is expected to generate about $150 million in ad revenue this year, up from $45 million last year, according to the research firm eMarketer Inc.

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World stock markets took a beating on Monday after a report showed U.S. companies stopped hiring in August, reviving fears that the world’s largest economy is heading back into recession.

The lack of hiring in the U.S. last month surprised economists, who were expecting about 93,000 jobs to be added. Previously reported hiring figures for June and July were revised lower. The unemployment rate held steady at 9.1 percent _ it has been above 9 percent in all but two months since May 2009.

The jobs crisis has led President Barack Obama to schedule a major speech Thursday night to propose steps to stimulate hiring.

Traders waited for signs that the U.S. Federal Reserve might take action at its September meeting to support the economy _ perhaps a third round of bond purchases, dubbed quantitative easing III or QE3, analysts said.

“Right now the possibility has increased,” said Linus Yip, a strategist at First Shanghai Securities in Hong Kong. “I think they have to do something. The markets are expecting QE3.”

Amid the uncertainty, traders pulled out of any risky investments _ such as stocks, particularly financial ones, the euro and emerging market currencies _ to pile into safe havens: U.S. Treasuries, the dollar, the Japanese yen and gold.

European shares opened sharply lower and closed with even heavier losses. Britain’s FTSE 100 shed 3.6 percent to 5,102.58. Germany’s DAX slumped a massive 5.3 percent to 5,246.18, and France’s CAC-40 tumbled 4.7 percent to 2,999.54.

Markets in the U.S. were closed for the Labor Day holiday.

Banking stocks were among the hardest hit after the U.S. government on Friday sued 17 financial firms for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed.

Among those targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., and Goldman Sachs Group Inc. Large European banks including The Royal Bank of Scotland, Barclays Bank and Credit Suisse were also sued.

Renewed jitters over the eurozone debt crisis also contributed to the slump in financial stocks amid concerns they would need to raise new capital. Deutsche bank closed down 8.9 percent in Frankfurt while Societe Generale in Paris shed 8.6 percent.

An international debt inspectors’ review of Greece’s finances was interrupted on Friday amid disagreements over the country’s deficit figures. The review will be resumed in about 10 days and must be completed in order for the country to receive its bailout loans at the end of the month payday loans in 1 hour.

Signs that the Italian government’s commitment to its austerity program is wavering have also shaken investors. Prime Minister Silvio Berlusconi’s government has backtracked on some deficit-cutting measures, prompting EU economic officials to urge it to stick to its promised plan.

The yields in so-called peripheral eurozone countries, such as Greece, Italy and Spain, rose sharply while those of Germany _ whose bonds are widely considered a safe haven _ fell.

The economic indicators, meanwhile, were mostly downbeat. Although retail sales in the eurozone rose unexpectedly in July, a survey of the services sector showed a slowdown across the continent for the fifth consecutive month.

The purchasing managers’ index for the eurozone showed the services sector was still growing _ unlike the manufacturing sector _ but only barely. That will add pressure on the European Central Bank to keep interest rates on hold when it meets this week.

“Indeed, the latest data and surveys suggest that the ECB’s eventual next move could actually be to trim interest rates, although it is likely to need sustained eurozone economic weakness and possibly even GDP contraction to get the ECB to perform a U-turn on interest rates,” said Howard Archer, economist at IHS Global Insight.

In Asia, indexes closed sharply lower. Japan’s Nikkei 225 stock average sank 1.9 percent to close at 8,784.46, with sentiment also undermined by the persistent strength of the yen, which hurts exporters.

Australia’s S&P/ASX 200 fell 2.4 percent and South Korea’s Kospi slid 4.4 percent. Hong Kong’s Hang Seng slid 3 percent. Benchmarks in Singapore, Taiwan, New Zealand and the Philippines also were down.

Shanghai’s benchmark Composite Index down 2 percent to 2,478.74, its lowest close in 13 months. The Shenzhen Composite Index lost 2.4 percent.

In currencies, the euro weakened to $1.4100 from $1.4187 in New York late Friday. The dollar was roughly flat at 76.87 yen. Last month, the dollar fell under 76 yen, which was a new post-World War II high for the Japanese currency.

Benchmark oil for October delivery was down $2.12 to $84.33 a barrel in electronic trading on the New York Mercantile Exchange. Crude fell $2.48 to settle at $86.45 on Friday.

In London, Brent crude for October delivery was down $1.63 at $110.70 on the ICE Futures exchange.

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U.S. stock futures are falling in the wake of the market’s best day since 2009.

Stocks surged Tuesday after the Federal Reserve pledged to keep its key interest rate at nearly zero into 2013. The central bank also said it considered other “policy tools” to spur economic growth.

But the Fed’s statement included a dim outlook on the economy. It said growth this year has been “considerably slower” than it expected and that it anticipates a slower pace of recovery over coming quarters.

Ahead of the opening bell, Dow Jones industrial average futures are down 74 points, or 0.7 percent, to 11,120. S&P 500 futures are down 17, or 0.8 percent, to 2,138. Nasdaq 100 futures are down 7.60, or 0.6 percent, to 1,164.10

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Hopes that the Federal Reserve could provide new economic stimulus gave stocks a much-needed boost Wednesday, a day after markets were shaken by fears Europe’s debt crisis was spreading to large economies like Italy.

Fed Chairman Ben Bernanke said the U.S. central bank is prepared to provide additional stimulus if the current economic lull persists. Delivering a report to Congress, he indicated that monetary policy was likely to remain loose for the foreseeable future as labor market improvements remain weak.

While his comments were not a promise for more economic stimulus, investors were encouraged by the notion the Fed would not let the world’s biggest economy slow down too quickly without offering more support.

That helped market sentiment, which had earlier been supported by data out of China showing its economy grew by 9.5 percent in the April-June quarter. Although that is lower than the previous quarter’s 9.7 percent growth rate, it alleviates concerns of an abrupt slowdown and gives Beijing room to tighten controls to fight inflation.

The Chinese government has been trying to tame its economy _ the world’s second-largest _ where inflation hit a three-year high in June. Beijing has hiked interest rates five times since October and tightened controls on lending and investment.

“Today’s data should dampen fears that the economy is heading into a hard landing,” said Mark Williams, senior China economist at Capital Economics.

The news helped soothe investors’ nerves after days of volatile trading, particularly in Europe, where fears grew that the debt crisis would infect core countries such as Italy, the eurozone’s third-largest economy.

Investors were spooked by EU governments’ failure to agree on a second rescue package for Greece and their insistence on getting banks to contribute to bailouts, even at the cost of a debt default.

The uncertainty left markets fearing the worst _ stocks, bonds and the euro plummeted. Italian bond markets seized up and its main stock index swung wildly. Prices stabilized only after the Italian government said it would accelerate approval of its austerity plan and increase its size.

Bolstered by the news, markets brushed off a downgrade of Ireland’s bonds to junk status by ratings agency Moody’s on Tuesday. The agency said it sees a growing risk the country will need a second bailout once its current rescue package expires at the end of 2013 free business cards.

Analysts said the report was not a shock after Moody’s had downgraded Portugal a week earlier for much the same reasons.

The recovery was strongest in Milan, where the main index rallied to close 1.8 percent higher and Italy’s bond yields edged down further. Britain’s FTSE 100 rose 0.6 percent to 5,906.43, while Germany’s DAX gained 1.3 percent to 7,267.87 and France’s CAC closed up 0.5 percent at 3,793.27.

Shares in British Sky Broadcasting closed 2 percent higher in London after News Corp. pulled its takeover bid for the company in the face of vociferous opposition in the U.K. parliament. The stock initially slumped on the announcement but then recovered as longer-term investors bought into what had become a relatively cheap stock.

In the U.S., Wall Street advanced, with the Dow Jones up 1.2 percent to 12,595.26 while the S&P 1.2 percent higher at 1,329.83.

The euro rallied 1.4 percent to $1.4177 by late afternoon in Europe, while the dollar was down 0.5 percent at 78.96 yen.

In Asia, indexes mostly closed higher thanks to the strong Chinese growth data.

Hong Kong’s Hang Seng index added 1.2 percent to 21,926.88, the Shanghai Composite index rose 0.5 percent to 2,768.21, and South Korea’s Kospi gained 0.9 percent at 2,129.64.

Japan’s Nikkei 225 stock average finished up 0.4 percent at 9,963.14 after the yen pulled back from its highest level against the U.S. dollar since mid-March earlier in the day.

After the dollar fell under the 79-yen level, Japanese Finance Minister Yoshihiko Noda described the move as “slightly one-sided.” His comment triggered speculation that Japan might intervene in currency markets.

Australia’s S&P/ASX 200 rose 0.4 percent to 4,514.80, while New Zealand’s benchmark slipped 0.2 percent to 3,424.35.

Oil prices rose above $98 a barrel after a report showed U.S. crude supplies unexpectedly rose last week, suggesting demand is weak.

Benchmark oil for August delivery was up $1.05 to $98.48 a barrel in electronic trading on the New York Mercantile Exchange. Crude gained $2.28 to settle at $97.43 on Tuesday.

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Furious municipal politicians in Northern Ontario are pressing Premier Dalton McGuinty to reverse a $122.6-million GO Transit car refurbishing contract with a Quebec firm because they argue a Crown company in North Bay should have won it.

Small-cap stocks have been on a roll, performing well over the last decade and particularly well in the early stages of the economic recovery, but how can long small-caps’ strong run last?

There’s a reason investors have been bullish on small-cap stocks: for the past three years and year to date in 2011, the Russell 2000 index has outperformed broader indices payday loans guaranteed no fax. So far this year, the Russell 2000