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Wal-Mart shaking up low price world PDF  | Print |  E-mail
Written by Associated Press   
Friday, 21 March 2014 13:36
NEW YORK (AP) — The "Every Day Low Price" king is trying to shake up the world of pricing once again.
Wal-Mart told The Associated Press that it has rolled out an online tool that allows shoppers to compare its prices on 80,000 food and household products to those of its competitors. The world's largest retailer began offering the feature that's called "Savings Catcher" on its website last month in seven big markets that include Dallas, San Diego and Atlanta.
The move by Wal-Mart, which has a long history of undercutting competitors, could change the way people shop and how other retailers price their merchandise. After all, Americans already increasingly are searching for the lowest prices on their tablets and smartphones while in checkout aisles.
Shoppers do this so often that big retailers that include behemoths like Target and Best Buy have started offering to match the lower prices of rivals — but only if shoppers do the research on their own. The idea behind Wal-Mart's online feature, on the other hand, is to do the legwork for customers.
Last Updated on Friday, 21 March 2014 13:46
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Media General to buy LIN in deal worth $1.6B PDF  | Print |  E-mail
Written by Associated Press   
Friday, 21 March 2014 09:37

RICHMOND, Va. (AP) — Media General is buying fellow TV broadcaster LIN Media in a deal worth about $1.6 billion in cash and stock.

The combined company would own and operate or service a combined 74 stations across 46 markets.

The companies say the deal is worth about $27.82 per share and represents an 87 percent premium over LIN's Thursday closing stock price. The companies say LIN shareholders will own about 36 percent of the combined company.

The deal also includes about $968 million in debt.

LIN Media LLC shares are up 31 percent in premarket trading, while Media General Inc. shares are up 13 percent.

Under the agreement, LIN shareholders can receive either $27.82 in cash or 1.5762 shares of stock in the combined company for each of their LIN shares.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Explorers Club sues Johnnie Walker parent company PDF  | Print |  E-mail
Written by Associated Press   
Friday, 21 March 2014 10:08

NEW YORK (AP) — New York City's Explorers Club is suing the parent company of Johnnie Walker for using its name on a new whiskey brand.

Diageo's line of Explorers Club whiskies was launched in duty-free shops in late 2012.

According to the New York Post (http://bit.ly/1d7rBsK ), the 120-year-old New York-based club says it owns the trademark on the name.

The club sent a cease-and-desist letter to the company last spring.

The Manhattan suit filed Friday says the font on the Explorers Club whiskey label is "confusingly similar" to the one used by the club.

The not-for-profit club, whose members include Buzz Aldrin, says it sued after talks with the company broke down. It wants Diageo to stop selling the brand or pay for licensing fees.

Diageo didn't immediately comment Friday.

___

Information from: New York Post, http://www.nypost.com


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Nearly all major U.S. banks pass Fed 'stress tests' PDF  | Print |  E-mail
Written by ALEX VEIGA, AP Business Writers MARCY GORDON, AP Business Writers   
Friday, 21 March 2014 06:33

WASHINGTON (AP) — More than five years after the financial crisis struck, the biggest U.S. banks are better able to withstand a severe recession than at any time since the meltdown, the Federal Reserve has determined.

Results of the Fed's annual "stress tests" showed Thursday that all but one of 30 top banks passed muster with sufficient capital buffers to keep them lending through an economic crisis. Only Zions Bancorp fell short. The results showed continued improvement in banks' financial positions since the 2008 crisis, the Fed said. That built on positive results from last year's tests.

"The industry is stronger and more profitable than a year ago," said RBC Capital Markets banking analyst Gerard Cassidy.

The banks' stronger positions should enable them to pursue business plans, pay dividends to shareholders, raise capital from investors and expand services to customers, said Frank Keating, president of the American Bankers Association.

The 30 banks tested included Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo and Co.

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