Business news briefs
Kier breaks ground
on Park City project
Kier Construction, Ogden, has broken ground for a new Wyndham vacation timeshare, The Minor's Club Phase II, in Park City. Developed by Gardiner Properties, the resort will be comprised of 73 standard 1, 2 and 3 bedroom units and 16 presidential 2-, 3- and 4-bedroom units. Completion is scheduled for September 2014.
Japan to continue
Japan's central bank ended a two-day policy meeting with an upbeat assessment for the world's No. 3 economy and a pledge to persist with its aggressive monetary easing. The Bank of Japan refrained, however, from taking further steps to curb unusual volatility in the Japanese government bond market that has raised concerns over the potential impact of Prime Minister Shinzo Abe's economic strategies on the country's rising debt.
The "PBS NewsHour," the signature nightly newscast on public television, is planning its first significant round of layoffs in nearly two decades. Facing a multimillion-dollar shortfall in its program's budget, the show's producer, MacNeil/Lehrer Productions, plans to close its offices outside Washington, D.C. and in Denver and San Francisco and lay off most of the employees there.
CBOE to pay $6M
to settle with SEC
The largest U.S. options exchange has agreed to pay a $6 million penalty to settle federal charges it failed to prevent abusive short-selling by a member firm. The Securities and Exchange Commission said the penalty being paid by the Chicago Board Options Exchange was the first imposed against an exchange for failures of regulatory oversight. Short-selling is when a trader bets a stock will lose value.
Dole CEO wants
to buy company
Dole Food Chairman and CEO David Murdock and his family are offering to buy the business with a bid that values the entire company at more than $1 billion. Murdock and other family members are offering $12 per share for the approximately 60 percent of Dole's stock they don't already own.
Walgreen to pay
$80 million fine
Walgreen, one of the nation's biggest pharmacy operators, will pay $80 million to resolve federal charges it failed to properly control the sales of narcotic painkillers at some outlets, which led to a large quantity of prescription pain killers making their way to the black market. The Drug Enforcement Administration described the fine as the biggest ever paid by a pharmacy chain.
offer for Sprint
A month after being challenged by a rival to raise its bid for Sprint Nextel, Japan's Softbank did just that, by $1.5 billion. That brings Softbank's bid to $21.6 billion for the nation's third-largest carrier, short of the $25.5 billion bid by rival Dish Network.