Business notebook
So far, so good: Hedge funds returned an average of 2.43 percent globally in May, their best month this year, led by managers betting on stocks and global economic trends as markets set records, according to a report by Hedge Fund Research Inc.
Denial: Former Qwest chief Joe Nacchio, facing prison on an insider-trading conviction, submitted his formal answer to allegations he participated in a massive fraud that triggered a multibillion dollar accounting scandal at the telecommunications company. He denied charges in a federal civil complaint filed more than two years ago.
Recall: United Food Group LLC expanded a June 3 ground beef recall to 445,000 pounds from 370,000 pounds after an E. coli outbreak sickened 15 people. None of the meat was sold in New England.
M'm! M'm! Good!: Campbell Soup Co. said Coca-Cola North America will distribute its single-serve V8 line of juices in the United States and Canada, giving the products access to all outlets where Coke is sold. Financial terms were not disclosed.
Promise: TD Ameritrade Holding Corp. signaled that Fredric Tomczyk, the new chief operating officer, will probably succeed chief executive Joseph Moglia. Tomczyk will receive $3.2 million in salary and bonuses if he isn't named CEO within six months of Moglia leaving, according to a June 5 filing with the Securities and Exchange Commission.
Step down: Groupe Danone SA said Zong Qinghou resigned as chairman of its Chinese ventures after the French bottler of Evian sued companies linked to the entrepreneur for more than $100 million.
Eddying: Whirlpool Corp. will cut 730 jobs, or 1 percent of its workforce, stop making dehumidifiers and air purifiers, and shift stove production from Tennessee to Oklahoma and Mexico.
Reduction: A $140 million damages verdict against Tyco International Inc. was reduced by 90 percent to $14.5 million in an antitrust lawsuit brought by Masimo Corp. over machines that measure blood oxygen levels.
On the rise: Crude oil rose to a nine-month high in New York as a government report showed that refinery outages curbed US fuel production. Refineries operated at 89.6 percent of capacity, a 1.5 percentage point drop from the week before, the Energy Department report showed. Crude oil for July delivery rose 97 cents, or 1.5 percent, to settle at $66.93 a barrel.
(Globe wire services)
