Chemical Industry: Dow replaces CEO

Dow Chemical Co. replaced Michael D. Parker as president and chief executive because of the poor results posted during the past two years, the company said Friday.

Dow Chemical’s board of directors elected William S. Stavropoulos to succeed Parker, the company said. Stavropoulos, 63, also will retain his current role as chairman.

New York: H&R Block settles suit

Tax return preparer H&R Block will pay $4 million in a settlement for engaging in deceptive trade practices involving more than 61,000 low-income customers, New York City’s commissioner for consumer affairs announced Thursday.

As part of the settlement, the Kansas City, Mo.-based tax preparation firm will offer more than $2.7 million in restitution to 61,700 New York customers, in the form of $35 mail-in rebate coupons that can be used toward tax preparation or redeemed for cash.

Economy: Wholesale prices fall

Stavropoulos

Falling costs for gasoline, cars, computers and sporting goods helped push wholesale prices down in November by the largest amount in six months, a potential benefit for consumers but a profit squeeze on some companies.

The Producer Price Index, which measures prices paid to factories, farmers and other producers, dropped by 0.4 percent in November from the previous month, the Labor Department reported Friday.

Wall Street: Coke to end forecasts

Coca-Cola said Friday it would no longer release quarterly and annual earnings forecasts, a move analysts said could mean more uncertainty for investors in the world’s largest soft drink company.

Coke said such estimates drew attention away from its efforts to build a successful business for the long run.