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North-side Cosmos to be Culver’s

Owners of Cosmos Restaurants of Fort Wayne say they have sold an establishment at 1425 W. Washington Center Road to a national chain for an undisclosed sum.

A Culver’s eatery will spring from the location in coming months, Cosmos co-owner Georgia Bourounis said.

“They said they could be here by January,” she said, adding that her family business will maintain its 3232 St. Joe Center Road location and reopen a second restaurant later.

Officials from Culver’s could not be reached for comment late Wednesday.

Culver’s has two other locations in Fort Wayne at 3510 E. Dupont Road and 6527 W. Jefferson Blvd.

HP loses $8.9 billion on EDS; revenue hit

Hewlett-Packard absorbed the largest quarterly loss in its history as the Silicon Valley pioneer owned up to past mistakes that have left it scrambling to adapt to a shifting technology market.

The loss of $8.9 billion announced Wednesday didn’t come as a surprise. HP telegraphed the news earlier this month when it disclosed plans to take an $8 billion charge to reflect the shrinking value of Electronic Data Systems, a technology consulting service it bought for $13 billion in 2008.

HP also had to absorb charges to cover severance payments for the first wave of the 27,000 workers it is jettisoning to dramatically reduce its expenses as its revenue shrivels. The company, based in Palo Alto, Calif., now expects to drop 11,500 employees from its payroll by the end of October, up from its previous target of 9,000. An additional 15,500 employees will be let go through October 2014.

The cutbacks are driven by the rising popularity of mobile phones and tablet computers. The fiscal third-quarter loss announced Wednesday translates to $4.49 a share. The company earned $1.9 billion, or 93 cents a share, at the same time last year.

Fedís discussion hints it may take new action

Federal Reserve officials signaled Wednesday that they may be ready to launch a new bond buying program when they next meet in September.

The goal would be to try to lower long-term interest rates to encourage more borrowing and spending.

Minutes of their July 31-Aug. 1 policy meeting released Wednesday don’t explicitly say what action the Fed would most likely take. But they hint that the central bank is preparing to begin more bond buying.

The minutes show that Fed officials spoke at the meeting with increased urgency about the need to provide more help for the still-weak U.S. economy.

Many felt further support would be needed “fairly soon” unless the economy improved significantly.

India wheat exports climb as price rallies

Wheat shipments from India, the world’s second-biggest producer, are set to increase as rallying global prices spur demand for cheaper supplies from the country’s record stockpiles, potentially cutting world food costs. Futures in Mumbai jumped to the highest level in 39 months.

Shipments by state and private traders may reach 5 million metric tons in the year that began April 1 as India competes with supplies from Australia, Canada and the Black Sea region for markets, said Vijay Iyengar, managing director of Agrocorp International, a Singapore-based commodity-trading company.