CA Technologies patent suit; other business briefs
CA patent infringement suit
CA Technologies said Wednesday it has filed a patent infringement lawsuit against a San Francisco start-up founded by a former employee of the Long Island software maker. The suit, filed in federal court in Islip, alleges that AppDynamics Inc. infringed three patents that CA acquired when it bought Wily Technology in 2006 for $375 million. AppDynamics' founder, Jyoti Bansal, previously worked for both CA and Wily. CA is seeking unspecified damages for lost profits and legal fees and asking for an injunction prohibiting infringement of its patents and misuse of its intellectual property. A spokesman for AppDynamics did not respond to a request for comment. -- Joe Ryan
Most metro areas' jobless rates fall
Unemployment rates fell in more than 80 percent of large U.S. cities in February from January, suggesting strong hiring that month benefited the vast majority of the country. The Labor Department says rates fell in 311 of the nation's 372 largest metro areas. They rose in 45 and were unchanged in 16. Nationwide, employers added 268,000 jobs in February, the most in a year. That pushed down the unemployment rate to 7.7 percent from 7.9 percent. But hiring slowed sharply last month, when employers added only 88,000 jobs. Unlike national unemployment figures, the metro data aren't adjusted for seasonal factors; that can make data volatile from month to month.
Treasury sells more GM shares
The government has sold another piece of its stake in General Motors Co. The Treasury Department said in its March report to Congress that it sold $621 million worth of GM common stock last month. The report dated Wednesday says the government has recovered about $30.4 billion of the $49.5 billion bailout it gave the Detroit automaker. That means taxpayers are still $19.1 billion in the hole. The Treasury says the price per share will be revealed at a later date. GM stock sold in a range of $26.75 to $29.30 in March. At the midpoint of $28, the government would have sold roughly 22.2 million shares. That would leave it with about 255 million shares. Those would have to sell for around $75 each for the government to break even, more than double the current trading price.
Flu hurting KFC sales in China
Yum Brands says publicity surrounding a new strain of flu is hurting its KFC sales in China, even as the chain works to recover from an earlier controversy over its chicken suppliers. The Louisville, Ky.-based company said in a regulatory filing Wednesday the new bird flu cases have had a "significant, negative impact" on KFC in the past week. The news comes as Yum has been working to rebuild trust with customers following a TV report that its suppliers were giving chickens unapproved levels of antibiotics. That controversy has already sent sales plummeting for Yum, the biggest Western fast-food operator in China. Shares of Yum Brands Inc., which also owns Taco Bell, were down almost 3 percent at $65.02 in after-hours trading.
WTO: Weaker trade in 2013
Global trade will be weaker than expected this year as European economies struggle with their debt crisis, and will recover only slightly in 2014, the World Trade Organization said Wednesday. The global trade body forecast in its annual report that trade would grow 3.3 percent during 2013, significantly less than the 4.5 percent it had earlier predicted. That would be only a meager improvement from the 2 percent rise in 2012, a terrible year for global trade. Exports were ravaged then by the financial turmoil in the 17-country eurozone, economic aftershocks from Japan's earthquake and nuclear crisis, and the impact of political unrest in the oil-rich Middle East.-- AP