Finance

28
Dec
General Motors recalls 1.5m cars in China

General Motors (GM) and its partner firm in China are recalling about 1.46 million cars amid concerns about their potential safety. In one of the biggest operations of its kind to date in China, GM and Shanghai General Motors will recall their Buick and Chevrolet models. The cars could have issues with a bracket securing the fuel oil pump, said China's quality watchdog. At the same time, Ford will recall up to 81,000 of its Kuga... [read news]

03
Dec
BP gets UK government support over US contracts ban

The UK government has intervened in support of BP over a US ban on the oil major seeking federal contracts. In a court filing lodged as part of BP's appeal against the ban, the document says the move could be "excessive" and "destabilising". The US Environmental Protection Agency (EPA) barred BP from new contracts last year, after the 2010 Gulf of Mexico oil rig disaster in which 11 workers died. The government said that what happened to... [read news]

02
Dec
Aramark Expects IPO Pricing at $20-$23 a Share

Aramark Holdings expects its planned initial public offering to total 36.3 million shares at $20 to $23 a share, according to an SEC filing on Monday. The food-service provider plans to offer 28 million shares, while selling holders will offer 8.3 million shares. Aramark’s private equity owners, including Warburg Pincus, Thomas H. Lee Partners, CCMP Capital Advisors and Goldman Sachs Capital Partners, are among the holders who plan to... [read news]

01
Dec
J.C. Penney fans win fight for free snow globes

Forget the doorbuster deals. When Leah New heads to a J.C.Penney in Memphis this Black Friday, it's all about the free snow globe. Last year, loyal J.C. Penney (JCP, Fortune 500) customers were disappointed when the retailer broke from routine and stopped handing out its signature Disney snow globes on Black Friday. Changes at J.C. Penney were already adding up that year and alienating the store's loyal fanbase. Under leadership of former... [read news]

30
Nov
Argentine threat over Falkland Islands oil operations

Argentina has threatened oil businesses operating off the Falkland Islands with fines, confiscations and jail sentences for their executives. Argentina's embassy in London said new laws had been passed by the country's congress to clamp down on exploration it claims is in breach of UN decisions. The UK's Foreign Office insisted the activities were legitimately controlled by the islands' government. Islanders recently voted overwhelmingly... [read news]

25
Nov
Diageo offers to sell Whyte & Mackay Scotch whisky arm

Diageo, the world's biggest Scotch whisky distiller, has offered to sell most of its Whyte and Mackay business to appease competition authorities. It acquired the famous whisky brand when it secured a stake in India's United Spirits in late 2012. As the deal increased Diageo's share of the blended whisky market to about 40%, the Office of Fair Trading (OFT) was concerned this could reduce competition and raise prices for consumers. The... [read news]

24
Nov
Million-dollar housing markets

Sales of $5 million or more: 80 Price of this home: $6 million Beverly Hills' 90210 had its own television show for a reason: When it comes to multi-million dollar homes, it's got more than almost every other zip code in the nation. The median home price is about $2 million, according to Trulia. Over the 12 months ended June 30, there were 18 sales of $10 million or more, the most out of any U.S. zip code. This extremely... [read news]

22
Nov
Federal cuts biting into home heating aid

Another little-known result of forced federal budget cuts: Some 300,000 households will be scrambling to find ways to heat their homes this winter. This is the second year that so-called sequester, or deep government spending cuts, will hit a federal program that pays the tab to heat and cool homes for the nation's poorest. The dollars won't stretch far. It means Lyman Curtis, single dad of five kids, will only be able to reliably heat his... [read news]

21
Nov
Service Members Left Vulnerable to Payday Loans

Petty Officer First Class Vernaye Kelly winces when roughly $350 is automatically deducted from her Navy paycheck twice a month. Month after month, the money goes to cover payments on loans with annual interest rates of nearly 40 percent. The monthly scramble — the scrimping, saving and going without — is a familiar one to her. More than a decade ago, she received her first payday loan to pay for moving expenses while her husband, a... [read news]

20
Nov
US prices fall 0.1% in October as petrol costs drop

US consumer prices fell 0.1% in October as petrol prices dropped, the US Labor Department has said. Petrol prices fell 2.9%, the biggest drop since April. The cost of new cars, clothes and healthcare also fell. The decrease meant that annual inflation in the 12 months to October was just 1%. So-called core prices, excluding energy and food costs which vary more, were up 0.1% in October and increased 1.7% in the last 12 months. On Tuesday... [read news]


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