Greek talks said unlikely to yield deal
ATHENS, Greece -- Germany said expectations are low that a eurozone meeting Friday will yield an agreement with Greece that would allow the immediate release of urgently needed bailout funds.
Germany's finance ministry spokesman, Martin Jaeger, said Wednesday that finance ministers were heading to the meeting in the Latvian capital of Riga "with very limited expectations." He said the meeting would likely yield an interim assessment but not a full deal on the economic measures Greece has agreed to make.
The Greek government agreed in February to produce a comprehensive package of measures in order to unlock the final $7.7 billion installment of the international bailout that has kept the country afloat since 2010. But little progress has been made, and Greece is perilously short of funds.
-- The Associated Press
Chipotle says pork shortage to persist
Chipotle Mexican Grill Inc. said its supply shortages, which led to "rolling blackouts" of carnitas in recent months, will last until the end of the year.
After first-quarter sales missed analysts' estimates on Tuesday -- in part because of a lack of pork for tacos and burritos -- the company said it probably won't be fully supplied again until the fourth quarter. The disappointing outlook sent the shares down $51.29, or 7.4 percent, to close Wednesday at $641.23 in New York.
"Investors are waking up a little bit to the fact that the rest of the year may not be so great for the stock," said Asit Sharma, an analyst at the Motley Fool.
Chipotle has been trying to boost its supply of pork since January, when it suspended a supplier for not meeting its standards for how pigs are housed. The shortage forced more than a third of its roughly 1,800 restaurants to stop selling carnitas -- the shredded pork shoulder that goes into burritos, tacos and salad bowls.
In the aftermath of the supplier suspension, Chipotle resorted to rolling blackouts, rotating carnitas on and off menus in various markets for about six weeks at a time. The tactic wasn't particularly effective, said Chief Financial Officer Jack Hartung.
"This rolling blackout has caused confusion among our customers about where and when we're out of carnitas, and this has worsened the sales impact," he said.
-- Bloomberg News
Higher prices lift Coca-Cola earnings
NEW YORK -- Coca-Cola reported a quarterly profit Wednesday that beat Wall Street expectations as the world's largest beverage maker raised prices to offset slower growth.
The maker of Sprite, Dasani, Powerade and other drinks said its global volume rose 1 percent, reflecting gains in both soda and noncarbonated drinks.
In its flagship North America market, overall volume was flat. The company sold 1 percent less soda, reflecting the ongoing move away from traditional carbonated drinks. One recent drag on soda has been the fading popularity of Diet Coke. The drink declined 5 percent in the region, while Coke Zero, a newer diet soda, declined 1 percent, said Kathy Waller, Coke's chief financial officer.
"We're doing a lot of work in North America to understand what's going on," Waller said of the decline of diet sodas.
The overall soda decline in North America was offset by a 2 percent increase in noncarbonated drinks, such as bottled teas. Higher pricing helped drive up revenue.
For the three months ended April 3, Coke said it earned $1.56 billion, or 35 cents per share. Not including one-time items, it earned 48 cents per share. That was more than the 43 cents per share analysts expected, according to Zacks Investment Research.
Total revenue was $10.71 billion, which also came in above the $10.66 billion analysts expected.
Shares of The Coca-Cola Co. rose 53 cents, or 1.3 percent, to close Wednesday at $41.31.
-- The Associated Press
Mississippi casinos' take drops 4.7%
JACKSON, Miss. -- Gamblers lost less money at Mississippi casinos in March, as continued gains at Gulf Coast gambling halls couldn't overcome a steep decline at casinos along the Mississippi River.
State Department of Revenue figures show casinos statewide took $198.3 million from gamblers in March, down 4.7 percent from $208 million in March 2014.
The 11 coastal casinos took $107.3 million, up 2.4 percent from March 2014. The 17 river casinos took $91 million, down 12 percent from last year.
March is traditionally the strongest month for Mississippi's casinos. But while revenue at Gulf Coast casinos rose 2.6 percent over the previous 12 months, river casinos are still dealing with fallout from the closure of Harrah's in Tunica County.
The numbers exclude Choctaw Indian casinos, which don't report winnings to the state.
-- The Associated Press
Corn processor cleared to fly drones
Archer-Daniels-Midland Co., the world's largest corn processor, received regulatory approval from the U.S. Federal Aviation Administration to fly drones that will locate and assess crop damage.
Using drones will help expedite the processing of crop-insurance claims, the Chicago-based company said in a statement Wednesday.
"We are on track to have this technology in the air for our customers next year," Greg Mills, president of the company's Crop Risk Services unit, which offers insurance, said in the statement.
Drones are one of the latest tools in precision agriculture, in which data are collected by satellites and sensors and analyzed to maximize farm yields.
While the FAA bans commercial drone use, it has granted exemptions to operators who track crop yields, monitor oil and gas facilities, and inspect power lines and smokestacks. To get an exemption, companies must certify that their drones will be operated by licensed pilots and that a second person will observe the flights.
-- Bloomberg News
Business on 04/23/2015