Business news briefs
Ford hopes Fusion
will stomp Camry
The Fusion has become Ford's best-selling car since it went on sale in 2005, and it's one of the top sellers in the country. Now, Ford hopes sexier styling, improved fuel economy and features such as automatic parallel parking on the 2013 version will help it pass the perennial leader, the Toyota Camry. Ford will be rolling out the redesigned car to U.S. dealerships later this month.
Red Mango opens
shop in Bountiful
Red Mango, a frozen yogurt and smoothie chain, is opening a Bountiful location at Bountiful Commons, 255 N. 500 West. A grand opening is set from 4 p.m. to 8 p.m. Friday. Customers will be treated to a free small yogurt with their choice of toppings, and the first 100 guests will get a free Red Mango T-shirt and other giveaways. There are six other Utah stores.
Confidence among U.S. homebuilders rose this month to its highest level in six years, and many in the sector expect the housing recovery will continue to strengthen. The National Association of Home Builders/Wells Fargo builder sentiment index increased to 40. Although that was the highest reading since the housing bubble burst, any reading below 50 indicates negative sentiment.
Yahoo has closed a $7.6 billion deal to sell half its stake in the rapidly growing Chinese company Alibaba Group. Alibaba is paying $7.1 billion to buy back half of Yahoo's 40 percent stake in the company and an additional $550 million to cover a revised technology and licensing agreement. Yahoo is expected to pocket at least $4.2 billion from the transaction.
The U.S. current account trade deficit narrowed in the April-June quarter to $117.4 billion, 12.1 percent lower than the January-March period. The measure tracks the sale of goods and services, as well as investment flows. The deficit shrank because U.S. exports increased and oil prices fell. But economists predict the deficit will widen later this year because of lower global demand.
Alpha idles mines,
cutting 1,200 jobs
Coal producer Alpha Natural Resources said it was cutting production by 16 million tons and eliminating 1,200 jobs companywide, laying off 400 workers immediately by closing eight mines in Virginia, West Virginia and Pennsylvania. The shutdowns start Tuesday, while the rest of the layoffs will be completed after Alpha fulfills its current sales obligations.