WELLS FARGO EXITS RETAIL BANKING IN 3 MIDWESTERN STATES
FRANCISCO» Wells Fargo is exiting SAN retail banking operations in three Midwestern states as the beleaguered company follows through on previous plans to reduce the number of locations it has open.
The San Francisco bank said Tuesday that it will sell 52 retail bank branches in Indiana, Michigan, Wisconsin and Ohio to a Flagstar Bancorp subsidiary, as well as several branches in Wisconsin.
Financial terms were not disclosed. Almost 500 employees will be get job offers from Flagstar.
Wells Fargo & Co. has said it will reduce to approximately 5,000 the branches it operates by the end of 2020.
Place your bets: Delaware takes sports wagers.
DEL.» The DOVER, market for legal sports gambling in the United States widened significantly on Tuesday with expanded betting in Delaware, putting legal wagering within driving distance of three major East Coast cities less than a month after the U.S. Supreme Court cleared the way for states to accept the bets.
Instead of flying to Las Vegas or betting illegally, fans in Philadelphia, Baltimore and Washington can make a short drive to legally bet in Delaware on the NBA Finals, the Stanley Cup Final or the World Cup.
Sears gets more time to repay lenders.
CHICAGO» Sears has won additional time to repay money borrowed from lenders including affiliates of Chairman and CEO Edward Lampert and Bill Gates’ Cascade Investment.
Hoffman Estates-based Sears Holdings Corp. extended the maturity of two loans totaling about $320 million, originally due next month, to July 2020, spokesman Chris Brathwaite said in an email.
The new agreement consolidated the two loans with a third existing loan. In total, Sears has about $779 million due in 2020, secured by 69 Sears-owned real estate properties, Sears disclosed Monday in a regulatory filing.
World Bank: Global economy is healthy, but growth will slow.
WASHINGTON» The steadily expanding global economy should remain resilient — at least for a couple of years — the World Bank says.
The anti-poverty agency predicted Tuesday that global growth will decelerate from a solid 3.1 percent this year to 3 percent next year and 2.9 percent in 2020.
The world economy is generally healthy but must contend with rising interest rates in wealthier countries and weaker demand for commodities in developing nations.
U.K. culture secretary throws Murdochs a lifeline to Sky.
LONDON» Britain’s culture secretary threw 21st Century Fox’s bid for satellite broadcaster Sky a lifeline Tuesday, saying he will approve the deal if the company takes steps to ensure that Sky’s news channel remains financially viable and independent for the long term.
In a statement to lawmakers, Matt Hancock said he agreed with competition regulators that Fox’s proposal to sell Sky News is the best way to address public interest concerns. But the culture minister said he needs further guarantees that the channel will remain a “major U.K.-based news provider” before he allows the takeover to go forward.