Business news in brief

Suddenlink: Channels at risk in fee tussle

ST. LOUIS — Suddenlink Communications, a Missouri-based cable-TV provider that serves Arkansas and 15 other states, plans to drop nearly two dozen channels owned by Viacom Inc. in a dispute over a proposed fee increase.

Suddenlink said it will pull Comedy Central, MTV, BET, Nickelodeon and other channels from its lineup today if it can’t reach a deal with Viacom.

A company statement provided to Multichannel News, which covers the cable-television industry, called the requested increase “fair.”

A statement Tuesday from Viacom said Suddenlink “abruptly stopped negotiating with Viacom one week ago.” Viacom said it planned in inform Suddenlink customers “about alternative distributors to view our programming.”

Suddenlink says it serves 110,000 customers in Arkansas and has more than 1 million cable subscribers in Arizona, California, Idaho, Kansas, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, North Carolina, Ohio, Oklahoma, Texas, Virginia and West Virginia.

— The Associated Press

Microsoft rolls out Windows 10, skips 9

SAN FRANCISCO -- The next version of Microsoft's flagship operating system will be called Windows 10, as the company skips version 9 to emphasize advances it is making toward a world centered on mobile devices and Internet services.

Microsoft is restoring some of the more traditional ways of doing things and promises that Windows 10 will be familiar for users regardless of which version of Windows they are now using.

For instance, the start menu in Windows 10 will appear similar to what's found in Windows 7, but tiles opening to the side will resemble what's found in Windows 8.

Joe Belfiore, a Microsoft executive who oversees Windows design and evolution, said Windows 10 will offer "the familiarity of Windows 7 with some of the benefits that exist in Windows 8" to help business users make the transition.

Microsoft offered a glimpse of its vision for Windows at a San Francisco event Tuesday aimed at business customers. Microsoft is making a technical preview version available to selected users starting today. It plans to unveil details about consumer features early next year, with a formal release in mid-2015.

-- The Associated Press

Libyan rebound boosts OPEC oil output

OPEC crude oil production increased in September, led by a rebound in Libyan output to the highest level in more than a year, a Bloomberg survey showed.

Production by the 12-member Organization of Petroleum Exporting Countries rose by 413,000 barrels a day to 30.935 million, according to the survey of oil companies, producers and analysts. August's total was revised 511,000 barrels a day lower to 30.522 million because of changes to the Saudi Arabian, Nigerian, Emirati and Ecuadorean estimates.

Libyan output climbed by 280,000 barrels a day to 780,000 in September, the fifth straight increase. It was the highest level since July 2013. The Sharara field, the country's largest, restarted operations on Sept. 22 after being shut following a Sept. 15 rocket attack at the connected Zawiya refinery.

The North African country pumped 1.59 million barrels a day in January 2011 before the uprising that led to former leader Muammar Qaddafi's ouster and subsequent killing that year.

Saudi Arabia, the group's biggest producer, bolstered output by 50,000 barrels a day to 9.65 million.

-- Bloomberg News

Walgreen loses $239M in fourth quarter

Walgreen booked a $239 million loss in its fiscal fourth quarter after swallowing a huge accounting charge from its AllianceBoots acquisition, but the drugstore chain's results still met Wall Street expectations.

Walgreen Co. said Tuesday that it recorded a noncash loss of $866 million in the quarter that ended Aug. 31 because it decided to exercise early its option to buy the remaining stake in AllianceBoots that it did not already own.

The Deerfield, Ill., company bought a 45 percent stake in the Swiss health and beauty retailer in 2012. It had until next year to decide whether to buy the rest of AllianceBoots, which runs the largest drugstore chain in the United Kingdom.

Overall, Walgreen lost $239 million, or 25 cents per share, in the quarter. That compares with a gain of $657 million, or 69 cents per share, in the same period last year. Adjusted earnings, which exclude the AllianceBoots charge, totaled 74 cents per share.

That matched analyst expectations, according to Zacks Investment Research.

Walgreen's revenue rose more than 6 percent to about $19.1 billion, while analysts expected $19.02 billion.

Walgreen is the nation's largest drugstore chain with more than 8,200 locations. Sales from its established stores climbed more than 5 percent in the quarter.

Walgreen Co. shares slipped 33 cents to close Tuesday at $59.27.

-- Bloomberg News

Consumer confidence dips in September

WASHINGTON -- U.S. consumer confidence dropped in September after hitting the highest level in nearly seven years in August.

The Conference Board reported Tuesday that its confidence index fell to 86, the lowest point since a May reading of 82.2. It was the first decline after four months of gains and followed a revised 93.4 in August, which had been the highest reading since October 2007, two months before the recession officially began.

Conference Board economist Lynn Franco said the decline reflected a less bullish view of the current job market, likely reflecting a softening in growth following the economic rebound that occurred in the spring.

Both the gauge that tracks consumers' feelings about current conditions and the reading of future expectations fell in September.

"Consumers were less confident about the short-term outlook for the economy and labor market and somewhat mixed regarding their future earnings potential," Franco said.

-- The Associated Press

PSC gives utility OK to increase rates

Joplin-based Empire District Electric Co., which serves customers in Benton County, received permission from the Arkansas Public Service Commission to raise its rates.

The commission granted the annual increase in revenue of about $1.37 million. Residential customers using about 1,000 hours will see a monthly rate increase of about $14.43 or 13.5 percent. The company serves 4,370 customers in Arkansas.

The rate increase will pay for capital investments, operating systems replacement cost, and ongoing increases in operation and maintenance expenses and capital costs, according to a release.

Empire District Electric Co. is a publicly traded utility that provides electricity, water service and natural gas though its subsidiary, the Empire District Gas Co.. In total, it serves 217,000 customers in Missouri, Kansas and Arkansas.

Shares of Empire District Electric Co. closed at $24.15, down 14 cents or less than 1 percent, in trading Tuesday on the New York Stock Exchange. Share have traded between $21.27 and $26 over the past year.

-- John Magsam

Business on 10/01/2014

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