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North Tonawanda-based International Fiber Corp. has acquired Maryland-based Fibred, a provider of premium soy fiber products for food applications.Terms of the deal were not disclosed. It was IFC’s first transaction since being acquired by Arsenal Capital in late August. IFC supplies insoluble fiber products for food, pharmaceuticals and industrial applications globally.Ar…

WASHINGTON – How much damage was inflicted on the economy? That’s the million-dollar question as a 16-day partial government shutdown drew to an end as a crippling debt default was averted.The economy already was slowing ahead of the debacle in Washington, and for more than half of October, there’s been no official government data on which to gauge the health of the econom…

NEW YORK – Wall Street finally got the deal it has been waiting for.A last-minute agreement to keep the United States from defaulting on its debt and reopen the government sent the stock market soaring Wednesday, lifting the Standard & Poor’s 500 index close to a record high.The deal was reached just hours before a deadline to raise the nation’s $16.7 trillion debt limit. …

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KeyCorp reported a strong increase in its third-quarter profits, and its top executive says its Buffalo market is bolstering those results.Cleveland-based KeyCorp, KeyBank’s holding company, recorded net income of $229 million in the quarter, up 24 percent from a year ago.Beth Mooney, KeyCorp’s chairman and chief executive officer, described the integration of the 37 forme…

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DETROIT – General Motors is adding a twist to the fight for supremacy in the red-hot U.S. pickup truck market: It’s raising prices.GM is adding almost $2,100 to the sticker price of the base 2014 Chevrolet Silverado. That’s 8.5 percent above the price when the truck hit showrooms in the spring. Other versions of the Silverado, as well as the GMC Sierra, will see similar pe…

RICHMOND, Va. – Advance Auto Parts said Wednesday that it is buying General Parts International for $2.04 billion in cash, which the companies say will create the biggest automotive replacement parts provider in North America.As part of the transaction targeted to close by late 2013 or early 2014, Advance Auto will get 1,246 company operated stores and 1,418 independently …

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NEW YORK – Dolls are conquering the world.Strength of doll brands like Barbie and Monster High around the world helped Mattel’s net income rise 16 percent in the third quarter, a positive sign ahead of the all-important holiday season.Its performance beat Wall Street expectations and shares rose nearly 5 percent in morning trading.The quarterly results come as toy makers g…

Fidelis Care New York plans to nearly double the size of its Amherst office in an expansion that is expected to bring 385 new jobs to the health insurer’s facility in CrossPoint Business Park.The $16.5 million project would double the size of its CrossPoint office by building an 87,737-square-foot addition to the facility, which has been open for less than three years.Fide…

Hires/Promotions/HonorsJaeckle Fleischmann & Mugel partner Charles D. Grieco was named chairman of the program committee for the 2014 Congress for the New Urbanism Conference, June 4 to 7 in Buffalo. The Congress for the New Urbanism is the promotes walkable, mixed-use neighborhood development, sustainable communities and healthier living conditions....Mount St. Mary’s Hos…

U.S. stocks surged and the yen weakened against all major peers as the Senate crafted a deal to end the government shutdown and raise the debt ceiling. Rates on Treasury bills retreated while energy led commodities higher.The Standard & Poor’s 500 Index climbed 1.4 percent to 1,721.54 at 4 p.m. in New York, erasing yesterday’s drop and rising to within 0.3 percent of its l…

Cleveland BioLabs has won about $4.6 million in funding from a Russian government agency to support research into the use of its Entolimod drug as a treatment for colorectal cancer.The funding from the Russian Ministry of Industry and Trade will be spread over a three-year period and must be matched by funds raised by Cleveland BioLabs’ Russian subsidiary.Cleveland BioLabs…

WHEATFIELD – The Niagara County Industrial Development Agency on Wednesday ordered that from now on, at least 90 percent of the construction jobs on any project it aids must go to Western New York workers.Reacting to a request from the County Legislature, the IDA board approved a new local hiring policy that puts incentives at risk if recipients don’t hire locally.“It’s a…

WHEATFIELD – The owners of the Best Western Hotel in Batavia applied to the Niagara County Industrial Development Agency Wednesday for a tax break for a planned all-suite hotel in Niagara Falls.Sunrise Lodging LLC, owned by the Patel family, is seeking a 10-year property tax and sales tax abatement on the planned Comfort Suites hotel to be built on Niagara Falls Boulevard …

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WASHINGTON – Billionaire investor Warren Buffett today called the U.S. debt limit a “political weapon of mass destruction” and said both political parties should pledge never to use it as leverage because of the financial damage it can cause.As lawmakers and the White House scrambled to raise the $16.7-trillion debt limit before a Thursday deadline, Buffett said it would b…

Sen. Charles Schumer urged Ford Motor Co.’s chief executive officer to “strongly consider” choosing the company’s stamping plant in Hamburg for new work to support a vehicle assembly plant being expanded in Ontario.Schumer spoke by phone Friday to Ford CEO Alan Mulally, in light of the automaker’s recently disclosed plan to invest $682 million in its Oakville, Ont., assemb…