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LONG ISLAND

 

 

 

Applied DNA logs quarterly loss

 

At the Stony Brook technology firm Applied DNA Sciences Inc. an increase in sales was more than outpaced by expenses, resulting in a steep quarterly loss, the company reported Wednesday. Applied DNA said it had a loss of $2.4 million on sales of $516,000 for the quarter ended Dec. 31, compared to a loss of $1.3 million on sales of $317,817 for the same quarter the previous year. The company told the Securities and Exchange Commission that it has funding to last until May. But, it said, it has not found a source of continued funding after that. -- Joseph Mallia

 

 

NATION

 

 

 

Kellogg buys Pringles for $2.7B

 

Kellogg is hoping Pringles will satisfy its craving for a salty snack. The food giant is best known for its lineup of sweet breakfast items, including Frosted Flakes and Eggo frozen waffles. But Wednesday it became the world's second-biggest savory snack maker behind PepsiCo Inc.'s Frito-Lay with a $2.7 billion deal to buy the potato snack brand from Procter & Gamble. Kellogg, which gets most of its revenue from North America, is looking for Pringles to help it expand globally. Pringles, in its iconic tube packaging, is sold in more than 150 countries and gets two-thirds of its $1.5 billion in annual revenue from overseas.

 

 

Another Fed bond buy unlikely

 

The Federal Reserve isn't about to launch another bond-buying program to boost the economy -- at least not anytime soon. While some Fed officials are open to such a move, according to minutes of the Fed's Jan. 24-25 policy-setting meeting, others believe the economy -- which has come to life lately -- would need to weaken before taking such action. The debate took place at a meeting in which the Fed decided to hold its benchmark interest rate at record lows until at least late 2014. One Fed official argued that the central bank might need to consider abandoning that plan to keep inflation low.

 

 

Citi pays $158M to settle claims

 

Citigroup has agreed to pay $158.3 million to settle claims that its mortgage unit duped the U.S. government into insuring risky mortgage loans for over six years. The government said Wednesday that Citi Mortgage certified 30,000mortgages for insurance provided by the Federal Housing Agency and submitted many certifications that were "knowingly or recklessly false." More than a third of those mortgage loans went into default, resulting in millions of dollars in losses for the government because of the insurance claims. As part of the civil fraud settlement, Citi accepted responsibility for failing to comply with government requirements and submitting certifications that were fraudulent.

 

 

Feds to nix new wireless plan

 

Federal officials plan to kill a proposal to build a new national high-speed wireless network after concluding it would in some cases jam personal-navigation and other GPS devices. The Federal Communications Commission sought comments Wednesday on revoking LightSquared's permit after a federal agency that coordinates wireless signals, the National Telecommunications and Information Administration, concluded there's no way to eliminate the risk of interference. The FCC had seen LightSquared's proposal as a way to make more airwaves available to feed consumers' appetites for movies, music and games on a variety of mobile devices.

 

 

Foxwoods to add outlet shops

 

Foxwoods Resort Casino has unveiled plans for an outlet shopping center to add to revenue at its eastern Connecticut gambling enterprise. The casino, run by the Mashantucket Pequot Tribe, said it will build 85 outlet stores. Revenue at Foxwoods was $7.84 billion for the budget year ended June 30, up just 1 percent from the previous year. Foxwoods and its neighbor, the Mohegan Sun, have been struggling amid increased competition and the weak economy. -- AP

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