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News summary: Burger King 3Q net income drops

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The Associated Press | October 29, 2012 08:13 AM EST | AP


THE NEWS: Burger King's third-quarter net income fell 83 percent as company to a hit from the strong dollar. Adjusted results, however, topped expectations.

THE BACKGROUND: Competition in the fast-food industry has intensified on all levels. McDonald's Inc. is stepping up marketing for its dollar menu. On the higher-end side, newer chains such as Panera Bread Co. and Chipotle Mexican Grill Inc., are grabbing for customers willing to spend a little more.

WHAT'S NEXT: Burger King has struck deals to expand in China and Russia through partnerships with franchisees.