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SMITHFIELD, Va. - Meat processor Smithfield Foods Inc. said Thursday it returned to a profit in its fiscal third quarter, partly on continued strength in its packaged meats business as sales grew overseas.

Smithfield, like many meat companies, has been gradually recovering from a mix of high feed prices, low demand and industry consolidation.

Earnings were $37.3 million, or 22 cents per share, for the period ended Jan. 31. That compares with a loss of $105.7 million, or 74 cents per share, in the same quarter a year ago.

U.S. stock futures slipped Thursday on worries that China, the engine of the world economy, may have to slam the brakes to combat accelerating prices.

S&P 500 futures fell 2.2 points to 1143.50 and Nasdaq 100 futures lost 2.5 points to 1916.20. Futures on the Dow Jones Industrial Average sank 14 points.

U.S. stocks edged higher Wednesday, with government-backed financials American International Group Inc. (AIG) and Citigroup Inc. (C) extending gains, and technology companies also performing well. The blue chip Dow Jones Industrial Average rose fractionally but the S&P 500 gained 0.5% and the Nasdaq Composite rose 0.8%.

March 11 (Bloomberg) — The Swiss Market Index fell 0.4 percent to 6,846.39 at 2:39 p.m. in Zurich. The broader Swiss Performance Index slipped 0.3 percent to 5,958.02.

The following shares rose or fell. Stock symbols are in parentheses.

Geberit AG (GEBN VX) declined 2.6 percent to 189.7 francs, snapping a nine-day winning streak. Europe’s biggest maker of toilet-flushing systems expects construction to fall further in Europe and North America, Chief Executive Officer Albert Baehny said, adding the company has seen no meaningful impact from government stimulus packages.

LONDON — Oil company BP PLC said Thursday it will pay $7 billion to acquire exploration rights from US-based Devon Energy Corp. that will strengthen BP’s dominant position in the Gulf of Mexico and give it access to a promising region off Brazil.

BP said it is also selling, for $500 million, a 50 percent stake in its Kirby oil sands interests in Canada to Devon, based in Oklahoma City, Oklahoma.

Devon is repositioning itself to concentrate on its North American onshore natural gas and oil portfolio.

Oil prices hovered around $82 a barrel Thursday in Europe as traders weighed stagnant U.S. crude demand against a gradual global economic recovery.

Crude prices have hovered in the low $80s this week — after jumping from $69 early last month — on investor optimism that sluggish U.S. oil demand will eventually reflect a growing global economy.

Crude prices briefly reached an eight-week high of $83.03 on Wednesday after OPEC predicted world oil demand would grow by 900,000 barrels per day this year but it warned its forecast depended on a sustained global economic rebound, particularly in the U.S.

* Chinese consumer inflation hits 16-month high

Stocks | Global Markets | Energy | Financials

* Jobless claims, international trade data on tap

* BP to buy Devon Energy fields for $7 bln

* Futures down: Dow 14 pts, S&P 2.2 pts, Nasdaq 3.5 pts

NEW YORK, March 11 (Reuters) - U.S. stock index futures were lower on Thursday ahead of a report on weekly jobless claims and after data showed a jump in Chinese inflation.

March 11 (Bloomberg) — Bayerische Motoren Werke AG, the largest manufacturer of luxury cars, reported a smaller-than- expected decline in full-year profit and maintained its dividend to signal a recovery in the high-end market.

Net income fell 36 percent to 210 million euros ($287 million), or 31 cents a share, from 330 million euros, or 49 cents, a year earlier, the Munich-based company said today in a statement. BMW kept its dividend unchanged at 30 cents a share, surpassing analysts’ estimate of a 25 cent payout.

Foreclosure rates were up nationally in February, and the story isn’t much different in the Tampa Bay region.

Only Manatee and Pasco counties had annual foreclosure rate decreases in February. Those were the only highlights in Florida where foreclosures were up more than 16 percent, according to a new report from RealtyTrac.

However, February marked the 50th straight month of national increases in foreclosure rates, despite the 6 percent growth nationally being the smallest annual increase seen since January 2006.

* EU Commission says planned regulations not protectionist * Washington worried rules could penalise U.S. fund managers

Regulatory News | Global Markets | Private Capital

* Spat comes as EU countries prepare deal on new law

BRUSSELS, March 11 (Reuters) - The European Union has defended planned rules for hedge funds against criticism from Washington, saying on Thursday its proposed regime was in line with an international accord to increase transparency.

FRANKFURT-German carmaker BMW AG said Thursday its 2009 net income fell 36 percent to euro210 million ($286 million) because of lower demand for its cars and motorcycles during the economic downturn as well as a higher tax rate.

BMW, the world’s biggest luxury car maker, said it earned euro330 million in net income in 2008. Revenue last year was down nearly 5 percent to euro51 billion from euro53 billion in 2008.