BUSINESS February 29, 2012 | 5:07 PM
Major American retailers Sears Holding Corp., Target Corp. and Gap Inc. reported losses as high as 40% in the fourth quarter as they attempted to attract price-conscious shoppers.
Sears lost $2.4 billion, marking its largest quarterly loss in nine years. Heavily dependent on malls stores, Sears announced in December it was closing up to 120 under-performing locations.Read more »
BUSINESS February 24, 2012 | 10:11 AM
The world’s largest automaker General Motors Co. and PSA Peugeot Citroen, Europe’s second-biggest automaker after Volkswagen AG, are in talks to form what the French Labor Ministry calls a strategic partnership.
The goal of the alliance is to cut losses both Peugeot and GM’s Opel division are facing due to a decrease in demand. This year is expected to be the fifth consecutive year where deliveries have dropped. After the alliance is completed, both automakers would share manufacturing and engine development.Read more »
BUSINESS February 23, 2012 | 4:47 PM
Walmart Stores Inc has increased its shares in Yihaodian, a fast-growing B2C e-commerce website in China, to bring Walmart's total ownership stake to almost 51% – nearly one year after it purchased a minority share in the same e-retailer.
Yihaodian offers over 180,000 products and runs logistics centers in Shanghai, Beijing, Guangzhou, Wuhan and Chengdu, along with delivery stations in 34 cities across China.Read more »
BUSINESS February 22, 2012 | 4:25 PM
Canada’s largest investor-owned distribution utility Fortis Inc plans to purchase New York-based energy distributor CH Energy Group for around $1 billion.
In the all-cash deal, Fortis will offer shareholders $65 a share; it will also take on $500 million in debt from CH Energy.Read more »
BUSINESS February 21, 2012 | 3:00 PM
Driven by Real Estate Investment Trusts (REITS), the volume of hotel transactions in New York City reached an all-time record high last year, according to preliminary results from Jones Lang LaSalle Hotels in its report called Hotel Intelligence New York.
Eighteen transactions making up nearly $3.5 billion in assets were traded in 2011, which represented a 150% increase over 2010 volume. About 50% of the city’s acquisition volume was driven by REITS last year, says Jones Lang.Read more »
ECONOMY February 21, 2012 | 2:07 PM
Consumer prices in the US increased by 0.2% last month, a figure slightly lower than expected.
The Consumer Price Index, or CPI, is the broadest of three price gauges by the US Labor Department and includes both goods and services. The current rise in consumer prices is due to higher gas, food, rent and clothing prices.Read more »
BUSINESS February 20, 2012 | 2:52 PM
Calgary-based Encana Corp. is selling part of its stake in Canada’s natural gas fields to Japan’s Mitsubishi Corp. for $2.9 billion.
The sale will help Encana shore up its balance sheet in the wake of fourth-quarter losses.Read more »
FINANCE February 17, 2012 | 4:08 PM
Kellogg will buy Pringles-brand snack chips from Procter & Gamble for $2.7 billion after a previous deal with Diamond Foods fell through.
Kellogg will pay nearly $2.70 billion in cash and take on $2 billion in debt, which adds to the $5 billion it already has in long-term debt. The food giant is known globally for its cereal products, but is also known for its snack products.Read more »
BUSINESS February 16, 2012 | 1:58 PM
The US Department of Justice and the European Commission have approved a bid from Google Inc. to purchase Motorola Mobility Holdings Inc. for $12.5 billion. Regulators concluded the purchase would not lessen competition in the market.
Google will purchase Motorola for $40 a share, which represents a 63% premium. Motorola will be operated as a separate business unit.Read more »
WORLD February 15, 2012 | 6:08 PM
Despite receiving over $11 billion in aid from Japanese government just a few months ago, TEPCO was approved for yet another near $9 billion as it struggles to clean up from reactor meltdowns and meet compensation claims following the March 2011 Fukushima nuclear disaster.
By month end March 2012, TEPCO anticipates its losses will be at nearly $9 billion, which is up from its November estimate of almost $8 billion. The company, which has 29 million customers in the general Tokyo area, reported a loss of approximately $16 billion last fiscal year.Read more »
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