Best Buy founder
Richard Schulze, co-founder of Best Buy and its former chairman, said he remains committed to his offer to buy the company. He made a bid of $24 to $26 per share 10 days ago, intending to take the retailer private. Some analysts wonder if he will have trouble lining up financing. Schulze said a number of private equity firms are set to make "significant commitments."
in MF Global case
A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage with no charges expected against any top executives. After a 10-month probe, investigators have concluded that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear.
spur digital music
The CD's reign as the music industry's biggest U.S. revenue source will end this year, eclipsed by downloads and newer streaming services such as Spotify Ltd. and Pandora Media Inc., according to a research firm. U.S. digital music sales will rise to $3.4 billion this year, exceeding $3.38 billion in revenue from CDs and vinyl, Boston-based Strategy Analytics said.
The number of Americans applying for unemployment benefits edged up slightly last week but remained at a level consistent with modest gains in hiring. Unemployment benefit applications rose by 2,000 to a seasonally adjusted 366,000, while less volatile four-week average fell by 5,500 to 363,750, the Labor Department said. That was the lowest level since late March. In Utah, applications rose by 49 to 1,667 last week. The four-week average fell by 34 applications to 1,596, according to the state Department of Workforce Services.
The pace of housing construction dipped a slight 1.1 percent in July. But in a hopeful sign for future construction, applications for building permits rose to their highest level since August 2008, the Commerce Department reported.
Sears 2Q loss
falls on cost cuts
Sears Holding Corp. said its loss narrowed in the second quarter as a result of cost cuts and reduced inventory levels. Still, sales continue to fall at its Sears and Kmart stores. The company said revenue at Sears stores in the U.S. open at least a year fell 2.9 percent.
Macy's, J.C. Penney
fight over Martha
Macy's Inc. is suing rival retailer J.C. Penney Co., claiming Penney's bid to sell products by Martha Stewart Living resulted in the breach of an exclusive contract held by Macy's and could cost it potentially billions in sales. It claims J.C. Penney entered into an unlawful contract with Martha Stewart Living to sell home products at its stores starting next February.