This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
GOLDMAN 2ND-QUARTER NET MORE THAN DOUBLES, LED BY TRADING Goldman Sachs Group Incorporated, the world’s biggest securities firm by market value, said fiscal second-quarter earnings more than doubled. The company’s shares fell for a second day on concern that slumping stock markets and rising interest rates will limit profit growth. Net income climbed to $2.31 billion, or $4.78 a share, in the quarter ended May 26, capping the most profitable first half for any firm in the history of the securities industry. Revenue gains in equity and fixed-income trading and in stock underwriting led the increase, and earnings were boosted by the sale of a power plant.
– Bloomberg News
GOLD HAS BIGGEST DECLINE IN 15 YEARS Gold had its biggest plunge in 15 years, falling below $600 an ounce, and copper tumbled to a seven-week low as investors bailed out of commodities and equities on concern about rising global interest rates. Metals fell for a fourth straight session, the longest slide in three months. Gold for August delivery fell $44.50, or 7.3%, to $566.80 an ounce, the biggest percentage drop since January 17, 1991.
– Bloomberg News
IN THE COURTS
DOCTOR, CONSUMER GROUP SUE KFC LOUISVILLE, Ky. – A doctor and a consumer group have sued KFC in an effort to stop the chicken chain from cooking with high-fat partially hydrogenated oil. Dr. Arthur Hoyte, a retired physician from Rockville, Md., and the Center for Science in the Public Interest, want a judge to order Kentucky Fried Chicken to use other types of cooking oils or make sure customers know about trans fat content immediately before they make a purchase. KFC spokeswoman Laurie Schalow called the lawsuit frivolous and said the company will fight it in court.
– Associated Press