Author: Dow Jones
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Thanksgiving weekend shoppers boosted spending by 16%
American shoppers increased their spending by 16% over the five-day shopping period between Thanksgiving Day and Cyber Monday, according to new data, signaling U.S. consumer confidence hasn’t wavered in the face of global political and economic uncertainty. Nearly 190 million shoppers made purchases during the period, a 14% increase over the previous year, and more…
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Genius Media sues Google, claims anticompetitive use of song lyrics
Five months after it accused Google of publishing lifted song lyrics, music website Genius Media Group is suing the search giant over what it alleges amounts to anticompetitive behavior that has harmed its business. The lawsuit, filed in state court in Brooklyn, N.Y., on Tuesday, seeks $50 million in combined minimum damages from Google and…
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Schiff: House panel’s impeachment report could come next week
WASHINGTON • House investigators could turn over a report laying out the evidence for impeaching President Trump to the House Judiciary Committee as early as next week, setting the stage for the House to vote on the matter before the end of the year. In the letter to House Democrats on Monday, House Intelligence Committee…
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Judge rejects White House claims of immunity for close aides
WASHINGTON • A federal judge has ruled that close presidential advisers aren’t immune from being forced to testify in congressional inquiries in an opinion that could eventually clear the way for numerous administration officials to be summoned as part of the impeachment investigation of President Trump. U.S. District Judge Ketanji Brown Jackson struck a blow…
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Xerox threatens to go hostile with HP takeover bid
Xerox said in a letter to HP’s board of directors that it will take its $33 billion takeover bid to HP’s shareholders if the company doesn’t reconsider Xerox’s acquisition offer by Monday. Xerox Chief Executive and Vice Chairman John Visentin said in the letter on Thursday that Xerox is “very surprised” that HP’s board rejected…
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Viacom earnings fall on lower revenue and streaming investments
Viacom’s profit fell in the last quarter of its fiscal year as lower revenue and increased investment in new online streaming services weighed on its bottom line. Profit at the media company — whose portfolio includes TV Land, VH1 and MTV — fell 22% from a year earlier to $307 million. Per share earnings slid…
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Houlihan’s chain files for bankruptcy
The private-equity backed operator of the Houlihan’s Restaurant + Bar chain has filed for bankruptcy protection with a deal in hand to sell the casual dining chain to fellow restaurant operator Landry’s Inc. for $40 million and assumption of some liabilities. Houlihan’s Restaurant Inc. and its affiliates blamed Thursday’s Chapter 11 filing on a confluence…
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Tesla makes some improvements in Consumer Reports’ latest reliability ranks
After tumbling in the rankings last year, electric car maker Tesla rebounded slightly in Consumer Reports’ latest automobile reliability survey, with the organization restoring its recommended rating to two models: the Model 3 and Model S. While Tesla still ranks in the bottom third of all major car makers, reliability has improved, particularly on the…
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SoftBank founder calls his judgment ‘really bad’ after $4.7B WeWork loss
TOKYO • The implosion of SoftBank’s outsize investment in U.S. office-sharing company WeWork left the Japanese conglomerate and its massive tech-investment fund with billions of dollars in write-downs and the biggest quarterly loss in its 38-year history. Standing in front of a giant screen projection of stormy seas and dire Japanese-language headlines, SoftBank founder and…
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UAW workers tilting in favor of new GM contract
Unionized workers at several major General Motors factories have voted to back a proposed labor contract, an encouraging sign for United Auto Workers leaders under pressure to get a deal approved and end a six-week nationwide strike. A majority of UAW-represented workers in Flint and Lansing, Mich. — where GM has manufacturing operations employing more…