THE RE­CAP

The Washington Post Sunday - - BUSINESS -

Busi­ness

Volk­swa­gen will re­duce in­vest­ment at its main pas­sen­ger-car brand by about $1.1 bil­lion a year and speed up an ex­ist­ing cost-cut­ting push as the im­pact of the diesel-emis­sions scan­dal rip­ples through the au­tomaker. Also, Win­fried Vahland, its des­ig­nated North Amer­ica chief, turned down the job in the wake of a man­age­ment re­vamp.

John­son & John­son, the world’s big­gest maker of health-care prod­ucts, said its board ap­proved a plan to buy back as much as $10 bil­lion in shares, dou­ble the amount it bud­geted last year. The com­pany will fi­nance the re­pur­chases with debt.

Twit­ter’s new chief ex­ec­u­tive, Jack Dorsey, is mak­ing his first round of job cuts, elim­i­nat­ing as many as 336 em­ploy­ees, or about 8 per­cent of its global work­force. One key hire: Omid Kordestani, a former ad­viser to Google, was named ex­ec­u­tive chair­man.

Draft-Kings and Fan-Duel, the fan­tasy sports sites, pulled out of Ne­vada af­ter state reg­u­la­tors ruled they would need gambling li­cences to op­er­ate there.

Tesla down­loaded its new Au­topi­lot soft­ware to tens of thou­sands of all-elec­tric sedans, bring­ing a new breed of self­driv­ing to Amer­i­can roads.

San Miguel, the Philip­pines’ largest com­pany, is con­sid­er­ing rais­ing as much as $1 bil­lion by sell­ing lo­cal cur­rency pre­ferred shares and us­ing the pro­ceeds to re­pay dol­lar debt as it seeks to trim its for­eign li­a­bil­i­ties amid a weaker peso.

Cap­i­tal Busi­ness

Meds­tar Ge­orge­town

Univer­sity Hospi­tal has ap­plied to build a new six-story, $560 mil­lion build­ing fea­tur­ing a 33-bay emer­gency room, a sur­gi­cal pav­il­ion with ex­panded op­er­at­ing rooms, un­der­ground park­ing and a rooftop he­li­pad. The build­ing would re­place a park­ing lot and at­tach to the ex­ist­ing hospi­tal on the Ge­orge­town cam­pus.

Cava and Sweet­green, two fast­ca­sual chain­lets based in the D.C. area, led lo­cal ven­ture cap­i­tal in­vest­ment dur­ing the past quar­ter that topped $283.8 mil­lion, a 10 per­cent in­crease over the year be­fore.

D.C. area hous­ing prices ap­pear to be moder­at­ing some, even if they re­main stronger than last year. Last month’s me­dian price of $400,000 was up 2.6 per­cent from Septem­ber 2014 but down 2.7 per­cent from Au­gust. It was the first time since 2006 that the me­dian price topped $400,000 in Septem­ber.

Deals

An­heuser-Busch InBev closed in on the big­gest cor­po­rate takeover in Bri­tish his­tory af­ter propos­ing to pay al­most $106 bil­lion for SABMiller to cre­ate a brewer sell­ing one in ev­ery three beers world­wide.

Square filed for an ini­tial pub­lic stock of­fer­ing val­ued at up to $275 mil­lion. The six-year-old com­pany is known for its white, cube-shaped card read­ers that plug into smart­phones and tablet com­put­ers, turn­ing them into elec­tronic sales ter­mi­nals.

Dell reached a deal to ac­quire cloud com­put­ing gi­ant EMC for $67 bil­lion — the largest ac­qui­si­tion in the his­tory of the tech­nol­ogy industry. The deal sig­nals that Dell be­lieves it is best to go big at a time when many older tech­nol­ogy firms, such as Hewlett-Packard, are par­ing down and be­com­ing smaller, nim­bler com­pa­nies.

Earn­ings

JPMor­gan Chase’s third-quar­ter profit rose 22 per­cent to $6.8 bil­lion, helped by tax cred­its that stemmed from the financial cri­sis. The bank has cut about 10,000 jobs this year.

Gold­man Sachs posted a 38 per­cent drop in earn­ings in the third quar­ter on Thurs­day, as the Wall Street bank was hurt by re­cent mar­ket tur­bu­lence and lower com­mod­ity prices.

Econ­omy

Re­tirees will see no cost-of-liv­ing ad­just­ment in their So­cial Se­cu­rity checks in 2016 be­cause of lit­tle change in the con­sumer price in­dex, only the third time in 40 years that has hap­pened.

U.S. con­sumers tem­pered pur­chases at re­tail­ers in Septem­ber, pock­et­ing the sav­ings from lower fuel costs and mak­ing for a weak fin­ish to the third quar­ter. The 0.1 per­cent gain fol­lowed lit­tle change in the prior month, which was weaker than pre­vi­ously re­ported, Com­merce Depart­ment fig­ures showed Wed­nes­day in Wash­ing­ton. The me­dian fore­cast of 82 econ­o­mists sur­veyed by Bloomberg called for a 0.2 per­cent ad­vance. More than half of mer­chant cat­e­gories showed de­creases.

Tran­si­tions

Sin­ga­pore Air­lines is poised to re­gain the ti­tle of world’s longest flight with a 19-hour non­stop ser­vice to New York.

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