In retail, some brands that could no longer cut it with brick-and-mortar stores are getting a second wind in the digital world. Take the apparel retailer the Limited, a fixture in malls that provided professional women with blazers, dresses, and trousers at midprice points. The chain announced on Jan. 7, 2017, that it would no longer operate stores. It shut all 250 of them in 42 states, along with its website. It filed for Chapter 11 bankruptcy protection a week later in U.S. Bankruptcy Court.
PARIS — A global energy agency says that U.S. oil production is booming and is forecast to top that of heavyweights Saudi Arabia and Russia this year. The International Energy Agency said in its monthly market report released Friday that U.S. oil production, which has already risen to its highest level in nearly 50 years, will push past 10 million barrels a day as higher prices entice more producers to start pumping. It says that “this year promises to be a record-setting one for
DETROIT — For some of the 200-plus cities knocked out of the running for Amazon’s second headquarters, the effort may turn out to be a trial run for other opportunities. But they’re advised to not make the same kind of promises to just anyone. Cities such as Detroit, Memphis, Tenn.; and Gary, Ind., failed to make Amazon’s first cut as the online giant narrowed its list to 20 prospective sites for the $5 billion project that could employ up to 50,000 people. Looking on
NEW YORK — Amazon’s second home could be in an already tech-heavy city, such as Boston, New York or Austin, Texas. Or it could be in the Midwest, say, Indianapolis or Columbus, Ohio. Or the company could go outside the U.S. altogether and set up shop in Toronto. Those six locations, as well as 14 others, made it onto Amazon’s not-so-short shortlist Thursday of places under consideration for the online retailing giant’s second headquarters. The 20 picks, narrowed down
MADISON — Some energy producers are still willing to pay more for Wisconsin’s high-quality fracking sand despite increasing competition from Texas producers. Mining industry publications estimate there could be more than 20 new frack sand mines in western Texas this year, Wisconsin Public Radio reported. The growth is happening in the Permian Basin, a major oil production area. Frac sand is used in the hydraulic fracturing process to extract oil and natural gas from rock. Texas
NEW YORK — Credit card company American Express is reporting it lost $1.2 billion in the fourth quarter, as the company booked large one-time charges related to the new tax law. On a per-share basis, American Express said it lost $1.41 a share, compared with a profit of $825 million, or 88 cents per share, in the same period a year earlier. Excluding the one-time charges, AmEx said it earned $1.58 a share. American Express’s quarter booked a $2.6 billion charge against its results.
VW claims crown, rival disagrees FRANKFURT, Germany — German automaker Volkswagen had record sales of 10.74 million vehicles last year, but its bid to remain the world’s largest carmaker was disputed by rival Renault-Nissan-Mitsubishi. Volkswagen’s sales rose 4.3 percent from 10.30 million in 2016, when the company passed Japan’s Toyota to become the globe’s largest auto producer for that year. VW saw big jumps in Russia and Brazil, and significant gains in China
NEW YORK — Bitcoin fell below $10,000 Wednesday, extending a sell-off that has erased about half the digital currency’s value in one month. Other digital currencies fell sharply as well. Bitcoin has slumped about 30 percent just this week as traders worry that regulators in South Korea will crack down on trading of digital currencies. The price of bitcoin fell 13 percent to $9,823 at midday, according to Coindesk. Bitcoin hasn’t caught on as a currency for buying things, as
SAN FRANCISCO — Apple is planning to build another corporate campus and hire 20,000 workers during the next five years as part of a $350 billion commitment to the U.S. that will be partially financed by an upcoming windfall from the country’s new tax law. The pledge announced Wednesday comes less than a month after Congress approved a sweeping overhaul of the U.S. tax code championed by President Donald Trump that will increase corporate profits. Besides dramatically lowering the
Nestle will sell its U.S. candy business NEW YORK — Swiss food and drink giant Nestle is selling its U.S. candy business to Italy’s Ferrero for about $2.8 billion. Ferrero will take over chocolate brands Butterfinger and Crunch bars, as well as sugary Nerds, SweeTarts and FunDip. Nestle hinted last summer that it might sell its U.S. business, with its eye on higher-growth areas like pet care, coffee and infant nutrition. In September, Nestle announced that it bought a majority