IN BRIEF
WASHINGTON — Federal Reserve Chairman Ben Bernanke told a group of small-bank executives on Wednesday that the financial overhaul will benefit their institutions because it will level the playing field with the industry's giants.
Bernanke said it would be important for the banks to adapt to the changing regulatory environment, in remarks prepared for the annual convention in San Diego of small- and medium-sized banks. Bernanke acknowledged their concerns about the new law. But he said most of the requirements are aimed the country's biggest banks and not them.
Congress passed the regulatory law last year in an effort to prevent a repeat of the 2008 financial crisis. Small-bank executives have complained that it will cost them a lot of money to meet the new rules.
NEW YORK — General Mills's net income rose 18 percent in the fiscal third quarter, driven by the sale of more snacks and strength abroad.The maker of Nature Valley snack bars and Cheerios cereal has started to raise prices for some of its products over the past few months to cope with rising ingredient costs. It expects price increases will accelerate during the current fiscal fourth quarter.Chairman and CEO Ken Powell anticipates that quarter will include the “highest earnings growth of the year.”That expectation led the food company to maintain its 2011 earnings and revenue outlooks Wednesday.For the period ended Feb. 27, General Mills earned $392.1 million, or 59 cents per share. That's up from $332.5 million, or 48 cents per share, a year earlier.
LAS VEGAS — Caterpillar is affirming its 2011 profit outlook and offering a rosy forecast for the years ahead because growth in the world’s population and expansion of its cities will create demand for its mining and construction equipment.Company officials sounded optimistic Wednesday as they met with analysts at the ConExpo-ConAgg trade show for the construction industry in Las Vegas.Steve Wunning, who oversees Caterpillar’s mining equipment division, says he can’t think of a better business to be in right now because of the trends. As population grows, more infrastructure will be needed, and as the economy improves, more natural resources will be mined.
