Business Today: Bank of America posts profit as fewer loans go bad

		Click to View in Browser 10/16/2013 Bank of America posts profit as fewer loans go bad (Reuters) - Bank of America Corp on Wednesday posted a quarterly shareholder profit of $2.22 billion, reversing a year-earlier loss, as fewer loans went bad. PepsiCo reports higher profit despite economic pressures (Reuters) - PepsiCo Inc reported higher quarterly earnings on Wednesday and said it was on track to meet its financial goals for the year, despite a sluggish economy. Fitch warns it may cut U.S. credit rating from AAA NEW YORK (Reuters) - Fitch Ratings warned on Tuesday it could cut the sovereign credit rating of the United States from AAA, citing the political brinkmanship over raising the federal debt ceiling. Advance Auto seeks top spot in US auto parts with $2 billion buy (Reuters) - Advance Auto Parts Inc will buy General Parts International Inc for just over $2 billion, creating the largest North American retailer of auto parts, as strong new car sales hit demand for repair and replacement. Stock futures up on cautious optimism of Washington deal NEW YORK (Reuters) - Stock index futures gained on Wednesday amid cautious optimism that U.S. politicians would strike a last-minute deal to prevent the country from defaulting on its debt, an event that could roil markets and economies worldwide. BlackRock's third-quarter profit rises 15 percent (Reuters) - BlackRock Inc , the world's largest money manager, said on Wednesday that its third-quarter profit rose 15 percent, citing market growth and strong global demand from its retail and institutional clients. Apple cuts fourth-quarter orders for iPhone 5C: source TAIPEI/BEIJING (Reuters) - Apple Inc has told manufacturers of its new iPhone 5C that it will cut orders of the smartphone for the final three months of the year, a source familiar with the supply chain situation said. Analysts raise Yahoo price targets on Alibaba magic (Reuters) - Yahoo Inc's plan to keep a larger-than-expected stake in e-commerce giant Alibaba after the Chinese company's IPO prompted at least seven brokerages to raise their stock price targets on the U.S. company. PetroChina's former Indonesia chief under investigation: sources HONG KONG/BEIJING (Reuters) - The Chinese government is investigating the former head of PetroChina's Indonesian operations, sources said, just weeks after authorities announced a corruption investigation into other former senior executives at the state oil giant. UniCredit CEO confirms Bank of Italy's loan audit ROME (Reuters) - The head of UniCredit confirmed on Wednesday the Bank of Italy was conducting an audit of the loan book of Italy's biggest bank by assets, after sources told Reuters the regulator was examining the loans of Italy's top two lenders. Related Video Factbox: This little car went to market Reuters Breakingviews: LVMH's painful upmarket move Economic News U.S. lawmakers begin last-ditch effort on debt ceiling Fed better prepared now than in 2011 for possible U.S. default: Fisher A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend