THE RE­CAP

The Washington Post Sunday - - TAKING STOCK -

Busi­ness

The New York Stock Ex­change halted trad­ing for more than three hours be­cause of prob­lems as­so­ci­ated with a soft­ware up­grade on its com­put­ers.

Mi­crosoft said it will slash up to 7,800 jobs world­wide in its strug­gling smart­phone di­vi­sion and write down a $7.6 bil­lion loss amid a mas­sive restruc­tur­ing.

Al­bert­sons, the na­tion’s sec­ond­largest gro­cery store op­er­a­tor, whose hold­ings in­clude the Safe­way chain, dis­closed plans for a public stock of­fer­ing.

Sub­way said it had “mu­tu­ally agreed” to sus­pend its re­la­tion­ship with long­time spokesman Jared Fogle af­ter in­ves­ti­ga­tors raided his In­di­ana home. The sand­wich chain added that it thought the raid was re­lated to the ar­rest of a for­mer em­ployee of Fogle’s foun­da­tion in a child-porn in­ves­ti­ga­tion.

A fed­eral judge awarded nearly $230,000 to a Texas woman, find­ing that Time Warner Ca­ble crossed the line when it ha­rassed her with 153 robo-calls.

Jon S. Corzine and other for­mer MF Global Hold­ings of­fi­cials reached a $64.5 mil­lion set­tle­ment of lit­i­ga­tion brought by in­vestors seek­ing to hold them li­able for the bro­ker­age’s 2011 bank­ruptcy.

Shop­pers world­wide will spend less on gad­gets in 2015 than they did in 2014, the first drop since 2010, ac­cord­ing to a new forecast by the Gart­ner re­search firm.

Phar­macy gi­ant CVS Health said it would end its mem­ber­ship in the U.S. Cham­ber of Com­merce be­cause of the group’s stance on to­bacco dereg­u­la­tion.

Cap­i­tal Busi­ness

Vir­ginia Gov. Terry McAuliffe (D) warned that the Washington re­gion’s econ­omy— now en­joy­ing a steady re­cov­ery— would suf­fer if Congress al­lows a sec­ond round of fed­eral spend­ing cuts known as se­ques­tra­tion.

Deals

Proc­ter& Gam­ble agreed to sell 43 of its beauty brands to cos­met­ics and fra­grance com­pany Coty in a deal val­ued at $12.5 bil­lion. La­bels such as Cover­girl, Clairol Pro­fes­sional and Nice & Easy are to move to Coty’s sta­ble, but P&G will hang onto flag­ship brands in­clud­ing Pan­tene sham­poo and Olay skin care.

Econ­omy

Euro­pean of­fi­cials combed through Greece’s last-ditch re­quest for a bailout Fri­day as they raced to de­ter­mine over the next 48 hours whether to throw the debt-laden coun­try a fi­nan­cial life­line be­fore its econ­omy col­lapses. Greek Prime Min­is­ter Alexis Tsipras sub­mit­ted a painful cash-for-cuts pro­posal late Thurs­day to the na­tion’s Euro­pean cred­i­tors— a crit­i­cal step to­ward end­ing more than five months of brinks­man­ship that many feared could lead to Greece’s ouster from the 19-mem­ber euro zone. The Cen­ter for Amer­i­can Progress found in a study that 20 univer­si­ties re­ceived one-fifth, or $6.5 bil­lion, of the to­tal amount of loans that the gov­ern­ment gave grad­u­ate stu­dents in the 2013-14 aca­demic year. Those schools, how­ever, ed­u­cate only 12 per­cent of all grad­u­ate stu­dents.

Washington

The FDA pushed back the dead­line for chain restau­rants, gro­cery sto­ries and other es­tab­lish­ments to abide by new menu-la­bel­ing reg­u­la­tions. The busi­nesses will have un­til Dec. 1, 2016— a year longer than pro­posed.

Tran­si­tions

CME Group ended open-out­cry trad­ing in most of its fu­tures mar­kets in Chicago, con­clud­ing a 167-year-old tra­di­tion of rau­cous shout­ing and fren­zied hand ges­tures that once epit­o­mized global fi­nan­cial mar­kets but suc­cumbed to the ef­fi­ciency and speed of ma­chines.

Sh­eryl Sand­berg, chief op­er­at­ing of­fi­cer of Face­book, joined the board of Sur­vey­Mon­key, the com­pany that her hus­band, David Gold­berg, ran un­til his un­ex­pected death in May.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.