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Latest Business News: Rite Aid Posts Third Straight Quarterly Profit

Wochit 1:05 mins

Rite Aid Corporation , the No. 3 U.S. drugstore chain, posted its third consecutive quarterly profit. Analysts say the continued gains are helped by sales of higher-margin generic drugs. Rejecting a renewed push by American activist investor Daniel Loeb, Sony's chief executive, Kazuo Hirai, told shareholders that movies and music were an indispensable part of the company. Mr. Loeb?s firm, Third Point, which claims to be one of Sony?s biggest shareholders, has proposed that Sony should partially spin off its entertainment arms and invest the proceeds in its struggling electronics business. Administrators say, more than 1,000 creditors of the European operations of failed U.S. investment bank Lehman Brothers will share a 3.5 billion pound - 5.5 billion- dollar payout.That brings the payout for one of the creditors at the heart of the 2008 financial crisis to 68.5 cents on the dollar.

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