Online sales grow for Walmart
Walmart’s recent spending spree to try to compete better with Amazon seems to be paying off.
The company says online sales soared 60 percent in the past three months as people shopped more at Walmart.com, Jet.com and its other websites.
Its profit, however, was hurt by costs related to boosting its online operations. It earned $2.9 billion in the three months ending July 31, down from $3.77 billion in the same period a year ago.
Foxconn tax break wins vote in Wisconsin
MADISON, Wis. — The Wisconsin Assembly approved a $3 billion tax break Thursday with bipartisan support for Taiwan-based Foxconn Technology Group to build a massive display panel factory in the state, a project President Donald Trump touted as a transformational win for the U.S. economy.
Foxconn announced three weeks ago it planned to invest $10 billion in Wisconsin on the first liquid crystal display panel factory outside Asia. The company, which employs 1 million people in China, said it could hire 13,000 workers in Wisconsin.
Plaza Group to purchase Conchemco
The Plaza Group, an international petrochemical marketing firm based in Houston, announced plans to acquire Dallasbased Conchemco.
Founded in 1990, Conchemco markets and distributes chemicals and solvents such as acetone, toluene and xylene nationally. The Plaza Group will gain the brand and key players, including Conchemco’s owner and CEO, Tommy Mrazek.
Terms of the transaction were not disclosed.
Three public pension funds sue major banks
NEW YORK — Three public pension funds are suing six Wall Street banks, saying the banks overcharged investors in what’s known as the stock loan market.
The lawsuit is being brought by the Iowa Public Employees’ Retirement System, the Orange County Employees Retirement System and the Sonoma County Employees’ Retirement Association. Those being sued are Goldman Sachs, JP Morgan Chase, UBS, Credit Suisse, Morgan Stanley and Bank of America.
All the banks declined to comment.
Ford settles harassment allegations
DEARBORN, Mich. — Ford Motor Co. has agreed to pay up to $10.1 million to settle sexual and racial harassment allegations by workers at two Chicago-area plants.
The settlement announced this week follows an investigation by the U.S. Equal Employment Opportunity Commission, which says it found evidence that employees at the Chicago Assembly Plant and the Chicago Stamping Plant subjected female and black workers to sexual and racial harassment.
Dearborn-based Ford says it chose to voluntarily settle the allegations without any admission of liability “to avoid an extended dispute.” The company says it conducted its own investigation and “took appropriate action, including disciplinary action up to and including dismissal.”
Under the agreement, Ford will conduct training for workers and continue to distribute anti-harassment and anti-discrimination policies and procedures to employees.
Buffett company maintains its bid for Oncor
OMAHA, Neb. — Warren Buffett’s company is maintaining its $9 billion bid for Texas power transmitter Oncor despite competition from a private equity fund.
Greg Abel, who leads Iowa-based Berkshire Hathaway Energy, said he doesn’t plan to increase the offer for Oncor, which serves about 10 million people.
A bankruptcy court hearing is scheduled for Monday to review Berkshire’s bid for Oncor. Its parent company, Energy Future Holdings Corp., entered bankruptcy in 2014 facing more than $40 billion in debt after energy prices plunged.
Hedge fund Elliott Management, which owns a significant portion of Oncor’s debt, opposes Berkshire’s takeover bid, and Elliott is putting together a competing bid.
In other news …
• Mortgage buyer Freddie Mac said the rate on 30-year fixed-rate mortgages slipped to 3.89 percent from 3.90 percent last week. The rate on 15-year fixed-rate home loans fell to 3.16 percent from 3.18 percent.
• Cisco Systems, whose machines form the backbone of the internet, predicted a revenue decline of up to 3 percent as the company tries to remake itself amid a changing networking industry.
• Gap’s investors are pinning their hopes for a turnaround on Old Navy. The apparel-focused retailer posted secondquarter earnings that topped analysts’ estimates as revenue grew at Old Navy, its lower-priced chain.