The State from Columbia, South Carolina • 16

B8 77 DAY It I II 2007 THE ST ATI: COLUMBIA SOUTH CAROLINA BUSINESS Daily Report Marketplace NEWS YOU CAN USE 1 WINNER TYSON FOODS POSTS BETTER 3Q PROFIT The world's largest meat processor reported a higger-than-expected profit for its third fiscal quarter on Monday and raised its profit forecast for the year as it rebounds from last losses Tyson credited higher average sales prices for chicken beef pork and prepared foods export growth and a cost-cutting program that is ahead of a target of saving $2 00 million this year Shares rose 57 cents to $2198 Gas price relief may be on way Dow Jones Newswires Gasoline prices could decline by 2010 amid a oversupply" of oil products even though US refining capacity will be expanded less than previously thought according to a new report by Edinburgh Scotland-based consultancy Wood Mackenzie LTD Despite lagging refinery expansion and growing demand the report suggests that new biofuels natural gas liquids and liquefied petroleum might replace some conventional fuels resulting in a potential oversupply that depresses prices at the pump The central conclusion that a glut of fuel supply from outside the conventional refining system could depress gasoline prices differs from the consensus of many energy experts which holds that the supply impact from biofuels and other sources will be limited between now and the end of the decade The report comes amid an industry-wide re-evaluation of refinery expansion projects that were once considered likely to be online by 2010 The consultancy whose clients include the major oil companies had previously warned of a shortfall in transportation fuels LOSER MURDOCH MIGHT NOT BUY DOW JONES Rupert Murdoch News Corp media conglomerate is highly unlikely" to proceed with its offer to buy Wall Street Journal publisher Dow Jones Co if support for the deal remains at its currently reported levels a News Corp spokesman said Monday News Corp has offered $60 a share or $5 billion to buy the company Dow Jones' controlling shareholders the Bancroft family are expected to decide by the close of business on Monday how many of them support the deal News Corp shares rose 22 cents to $2127 Dow Jones shares fell $289 to $5156 TOP 10 INGERSOLL-RAND TO SELL BOBCAT UNIT Industrial equipment manufacturer has reached a deal to sell its Bobcat earth-moving division and two other corporate units to the Korean company Doosan Infracore for $49 billion Shares rose $363 to $5177 FILE ILUISTRATIONMCCLATCHY-TRIBUNE ADM REPORT FROM PAGE B7 In the latest study Woodward and Lacy interviewed 503 Hispan-ics of various ethnic backgrounds said Ben Washington deputy director of the minority affairs commission They asked about the subjects' home countries and length of time in the United States and South Carolina The interviewers also asked questions about the economic status and use of the education and health systems he said The survey is only a step) in getting a handle on Hispanics in South Carolina Washington said He believes the newest report will offer surprises can take the punch out of this notion that taking other peoples' Washington said Reach Phillips at (803) 771-8307 Stocks experts question whether Dow matters Analysts say other Wall Street barometers more useful to watch 2 PROFITS ON RISE Agricultural processor Archer Daniels Midland Co said its fiscal fourth-quarter profit more than doubled pushed up by more than $600 million in asset sales Shares rose 12 cents to $3417 WEAK SALES OUTLOOK )Job site operator Monster Worldwide Inc lowered its full-year sales outlook and said it plans to slash 800 jobs in the wake of swelling legal expenses Shares rose $226 to $4016 POWERPOINT APPLICATION 1 The University of Chicago will belt gin requiring prospective students to submit four pages of Power-Point-like slides with their applications this fall 2Q EARNINGS BOOST Verizon Communications Inc re- ported second-quarter earnings that rose 45 percent from a year ago Shares fell 49 cents to $4151 BARCLAYS LOSES BACKING I ABN Amro Holding NV dropped its support for a takeover offer by Barclays PLC which is the target of a higher competing bid by a group led by Royal Bank of Scotland PLC ABN Amro shares rose $117 to $4848 Barclays shares rose 95 cents to $5588 BANKS POSTS INCREASE HSBC Holdings PLC largest bank by market value posted a 25 percent increase in first-half earnings Friday shrugging off concerns about a rise in bad debts as it forecast strong global economic growth THE DOW The companies that make up the Dow Jones industrial average: 3M Co Alcoa Inc Al-tria Group Inc American Express Co American International Group lnc Inc Boeing Co Caterpillar Inc Citigroup Inc CocaCola Co DuPont Exxon Mo bil Corp General Elec trie General Motors Corp Hewlett-Packard Co Home Depot Inc Honeywell International Inc Intel Corp International Business Machines Corp Johnson Johnson JP Morgan Chase Co Corp Merck Co Inc Microsoft Corp Pfizer Inc Procter Gamble Co United Technologies Corp Verizon Communications Inc Wal-Mart Stores Inc and Walt Disney Co ally useful information to said John Prestbo editor and executive director of Dow Jones Indexes we put numbers on it because that is how you measure trends The number itself mean Individual investors would be better served by tracking the bigger Standard 500 as professional investors do said Len Rosenthal professor of finance at Bentley College outside Boston sounds terrible but no way you can rationally view (the Dow) as Rosenthal said Prestbo acknowledges that other bigger indexes give a better picture of the market though he noted even the 500 is often steered by its 25 or 30 biggest components Wall Street experts agree that for the best gauge of the market you look at the Dow Jones Wilshire 5000 which tracks every US stock In April the Wilshire 5000 closed above 15000 for the first time Analysts last week said they thought the selling was a natural correction not the start of a longer downturn And the long-term that investors are supposed to be focusing on anyhow say financial planners and other investing experts By AMY BALDWIN The Charlotte Observer Ihe Dow Jones industrial average earlier this month reached its latest milestone: 14000 Since then the blue chips have suffered a string of triple-digit losses and been back to that level The Dow closed Monday at 1335831 after falling to 1326547 last week Wall Street traders investors and observers have long been fascinated by the round-number achievements But what does it mean when the Dow the most well-known stock barometer in the world hits a big number? Not much for the typical investor whose focus should be on more meaningful numbers such as earnings results or economic growth Another thing number-lovers should keep in mind: Every stock index has its flaws Among the shortcomings: just 30 stocks and includes some of the biggest companies in America hardly a diverse mix in terms of size and industry is the trend of the market that is re DEVELOPER FROM PAGE B7 Wendel said the public should expect Burroughs Chapin to focus more on development across the Southeast and outside the Grand Strand to cater to the baby boomer population moving in droves to the Sunbelt The company will likely relinquish its management of many Grand Strand properties to focus its attention outside Horry County he said Prior to accepting the top job at Rosenberg was hired by a New York financial outlet that bought the Days Inn chain which at the time had fewer than 1 50 hotels Rosenberg helped turn it into a 1200-property chain Rosenberg has said too early to lay out an agenda for his new position But many changes still need to occur in downtown Myrtle Beach for Burroughs Chapin to start making decisions about the 11 -acre Pavilion site Wendel said lished reports The London-based retail store that bears his name offers ultra-upscale jewelry costing $1 5000 or more per carat A second retail store is scheduled to open this fall in New York Leviev is a devout Jew who donates at least $30 million a year to religious causes and has founded more than 62 Jewish schools and summer camps worldwide There has been plenty of controversy on road to success He has been criticized by Middle East newspapers for building a 5800-unit apartment complex in the Israeli-occupied West Bank and Leviev is believed to have helped Russian leaders sell off their diamond stockpile after the fall of communism a charge by Forbes magazine that Leviev denies Most controversial however has been Africa presence in Angola Africa Israel has held the exclusive marketing rights since 2001 for Angolan diamonds and the company has been accused by human rights groups and a BBC report of helping to finance rebels waging a civil war in that country with profits from so-called Leviev has denied the accusations PARK FROM PAGE B7 chief executive of Hard Rock Park said he has never met the man and said he deals instead with a US-based executive However Africa investment here has given the Grand Strand exposure to the financial markets in a way the mom-and-pops who built this area decades ago never could Before Hard Rock Park and Africa investment Goodwin said Myrtle Beach not on the big financial radar It is now big enough that many pension funds and investment firms have bought the $255 million worth of bonds Hard Rock Park sold last year to help finance construction Brad Dean president of the Myrtle Beach Area Chamber of Commerce said the effect of Hard Rock Park and Africa investment here will rival what German automobile manufacturer BMW did for the Upstate when it built a $300 million plant there in the 1990s net worth of $41 billion makes him the world's 21 Oth-wealthiest man ac cording to Forbes magazine The company he runs Africa Israel is the second-largest diamond seller behind De Beers with annual sales of $25 billion Africa Israel in recent years has diversified beyond diamonds acquiring swimwear maker Gottex dozens of 7-1 1 convenience stores in Texas and New Mexico and 1700 Fina gas stations in the Southwest United States latest obsession is pricey real estate Africa Israel has purchased more than $1 billion worth of high-profile buildings in Manhattan this year including the New York Times headquarters and the Apthorp apartment building a favorite among television and film celebrities He's also building a casino hotel and shopping mall in Las Vegas Leviev has sold condominiums to actresses Gwyneth Paltrow and Meryl Streep and he counts actor Robert DeNiro as a business partner according to pub INSURE FROM PAGE B7 in this area in an attempt to limit their risks of paying out massive storm damage claims Allison Love a spokeswoman for the state insurance industry said broader changes to how the wind pool operates will ultimately make it easier for more people to get coverage In some cases such as town-house and condominium owners Love said customers could even experience some price relief from the changes Love also said homeowners need to beware that National Mood Insurance is required for home-owners choosing replacement costs as part of their coverage Reach Werner at (803) 771-8509 4 A LITTLE TALK Bausch Lomb Inc said it was giving Advanced Medical Optics Inc limited permission to discuss its $42 billion bid with key shareholders although the eye care products maker was sticking with its $367 billion buyout deal with a private equity firm Shares fell 60 cents to $64 9 GAME RULES FOR AUCTION The FCC will set the rules Tuesday for the most important airwaves auction to date one expected to raise $15 billion or more m4Q PROFITS BETTER THAN EXPECTED Sun Microsystems Inc posted a fiscal fourth-quarter profit that beat Wall expectations Shares fell 3 cents to $489.