Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

BUSINESS BRIEFS [Derived Headline]

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

BUSINESS BRIEFS [Derived Headline]

Article excerpt

American Eagle cuts China license agreement

American Eagle Outfitters said it has agreed to a mutual termination of its license agreement in China, Hong Kong and the surrounding region. The South Side teen clothing retailer, which will take over operation of six stores in the market, said it prefers to have company-owned stores in the area, which it believes has strong economic potential.

Eureka Financial saw drop in income, profit

Eureka Financial Corp., parent company of Pittsburgh-based Eureka Bank, said net income for the quarter ended Dec. 31 fell 14 percent to $333,000 from $388,000 a year earlier, while per-share profit dropped 19 percent to 25 cents from 31 cents.

December home prices rose by most in 6.5 years

U.S. home prices jumped by the most in 6 1/2 years in December, spurred by a low supply of available homes and rising demand. Home prices rose 8.3 percent compared with a year earlier, according to a report Tuesday from CoreLogic, a real estate data provider. That is the biggest annual gain since May 2006. Prices rose last year in 46 of 50 states. Steady increases in prices are helping fuel the housing recovery. The states with the biggest price gains were Arizona, Nevada, Idaho, California and Hawaii. The four states where prices fell were Delaware, Illinois, New Jersey and Pennsylvania.

U.S. service firms grew more slowly in January

Growth at U.S. service companies slowed slightly in January behind weaker new orders and business activity. But hiring improved, a bright sign for the economy. The Institute for Supply Management said its index of non-manufacturing activity dipped to 55.2 in January. That's down from 55.7 in December, which was the highest level in nearly a year. Any reading above 50 indicates expansion.

BP's Q4 earnings decline as production retreats

BP Plc said fourth-quarter profit declined as oil and gas production slipped at Europe's second- biggest energy company. Net income fell to $1.6 billion from $7.7 billion a year earlier, the London-based producer said. Adjusted for one-time items and changes in inventory, earnings were $4 billion. That beat the $3. …

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