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The chairman of Britain''s biggest retailer Tesco resigned on Thursday as the troubled supermarket group said a huge accounting error began earlier than thought and contributed to plunging profits. Chairman Richard Broadbent said he would be stepping down after an independent investigation found that Tesco had overstated profits by £263 million ($422 million, 334 million euros) as a result of accounting errors stretching back to before 2013.

Comcast Corp reported higher quarterly revenue and income on Thursday as more people signed up for its high-speed Internet service and fewer customers dropped their cable subscriptions. Total revenue at the largest US cable operator, which owns NBC Universal, rose to $16.79 billion in the third quarter, up 4 percent from the year-ago period. Analysts had been expecting $16.83 billion, according to Thomson Reuters I/B/E/S.
No 1 US railroad Union Pacific Corp said on Thursday that rising freight volumes and strong pricing power helped drive a higher-than-expected third-quarter profit and said it expected a solid fourth quarter. "We are optimistic about the remainder of the year," chief executive Jack Koraleski said in a statement. "Assuming the economy and weather cooperate, we are well positioned to finish up the year with record results."
Credit Suisse is to make more cuts at its investment bank, which helped the Swiss group to produce stronger-than-expected earnings in the third quarter. The bank has already scaled back its investment banking division, mainly in fixed income, to try to balance it more evenly with its private banking arm, which caters to the financial needs of the wealthy.
Orange posted third-quarter results that were slightly higher than forecast as France's largest telecom company cut costs more rapidly than expected and customers signed up for faster 4G mobile services. France's No 1 mobile firm believes the sector still needs mergers to cope with fierce price competition but an Orange executive said it would not move first, three months after it dropped a bid for No 3 mobile company Bouygues SA.
German auto giant Daimler, which makes Mercedes-Benz vehicles, said Thursday that profits rose strongly in the third quarter, driven by record sales and one-off gains from divestments. Daimler said in a statement that its net profit rose by 49 percent to 2.735 billion euros ($3.5 billion) in the period from July to September, slightly ahead of analysts' expectations.
US industrial giant Caterpillar reported Thursday sharply improved earnings for the third quarter despite slower global economic growth. Caterpillar, maker of a wide range of construction, machinery and mining equipment, said third-quarter net profit rose eight percent from a year ago to $1.02 billion. Excluding restructuring costs, earnings per share were $1.72, far above analyst expectations of roughly $1.35 per share.
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Foreign Debt $61.805bn
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WeeklyOctober 23, 2014
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