Briefs: Arthur J. Gallagher will cut positions
ITASCA -- Arthur J. Gallagher & Co., the world's fourth-largest insurance broker, will cut 400 positions through attrition and sell two of its units after quarterly profit rose less than analysts estimated. Net income from continuing operations for the fourth quarter rose 32 percent to $35.1 million, or 37 cents a share, from $26.6 million, or 27 cents a share, during the same period a year ago, the Itasca-based company said in a statement. That's less than the 40-cent average estimate of 10 analysts surveyed by Bloomberg.
Meijer ad circular switching days
ROLLING MEADOWS -- Starting Feb. 6, Meijer's weekly sales circular, the "All Stop," will go into area newspapers, including the Daily Herald, on Wednesday, as Meijer looks to go head-to-head against grocery competitors with its low-price message, the company announced. With the move, prices in the circular will now be good from Thursdays through Wednesdays each week. Meijer operates supercenter stores in Rolling Meadows, McHenry, Bolingbrook, Plainfield, Oswego, Algonquin, Bloomingdale, Elgin, St. Charles and Aurora.
S&P considers slashing ratings
NEW YORK -- Standard & Poor's Ratings Services is considering slashing its rating on more than $500 billion of investments tied to bad mortgage loans, the ratings agency said Wednesday. The downgrade would threaten a broad swath of the world's finance industry, S&P said, ranging from Wall Street's trading desks to regional banks to local credit unions. Ratings from agencies like S&P play a vital role in how much investments are worth.
Altria Group to spin off unit
NEW YORK -- Altria Group Inc. said Wednesday it would spin off its international tobacco business on March 28, freeing it to pursue cigarette sales more aggressively without ties to its American counterpart. The details of the spin off, tentatively approved by the Altria board last August, were announced as the company reported fourth-quarter profit fell 26 percent from year-earlier results, boosted by cost savings from its reorganization in 2006.