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March 22, 2013 06:41 PM

Friday Evening Business Brief

Stock markets are closing higher on Wall Street, bolstered by strong earnings from companies like Nike. The Dow Jones industrial average was up 90 ½ points today closing at 14,512..The Standard & Poor's 500 index rose 11 points to 1,556.. The Nasdaq composite gained 22 points.

  • Cyprus has been seen as a haven for tax evasion by many Europeans, and that reputation is costing the country as it tries to secure an international bailout for its now troubled banks. Eurozone officials are taking a wait and see attitude as Cypriot lawmakers struggle to find an acceptable way to come up with the $7.5 billion they need to pitch in. While nearly a third of deposits in Cyprus' banks are held by Russians, Moscow says it won't help until Cyprus' plan gets the backing of its eurozone partners.
  • The chairman of the Federal Communications Commission says he'll step down in the "coming weeks." Julius Genachowski's four-year tenure has garnered mixed reviews as he took a middle line between the desires of public-interest groups and the telecom industry. His tenure has seen continued adoption of broadband and ever higher Internet connection speeds, but consumer groups saw the approval of Comcast's acquisition of NBC as a mistake, while AT&T Inc. suffered a severe blow when its acquisition of T-Mobile USA was blocked.
  • A New Jersey compounding pharmacy that issued a national recall of all of its drugs has agreed to remain closed two more weeks. The New Jersey pharmacy board says Med Prep Consulting Inc. continues to investigate the cause of contamination found in bags of magnesium sulfate that it formulated. The drug is given intravenously to control seizures and premature labor in pregnant women.
  • Goodyear is building a new generation of blimps. The tire maker says they will be built by a German company and assembled at Goodyear's Wingfoot Lake Hangar near the company's headquarters in Akron, Ohio. Goodyear the new blimp will be larger, faster, more maneuverable and carry more passengers than its current fleet. Airship certification and crew training are planned for early next year.
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