Business news briefs
Oil prices drop
as Sandy looms
The price of oil fell below $86 a barrel and the biggest refineries in the Northeast shut down or throttled back as a gargantuan storm headed for the heavily populated U.S. East Coast, where energy consumption was likely to drop as many businesses closed and transportation slowed.
new finance arm
YESCO has created a new subsidiary to offer financing to its sign and lighting customers. The company, also known as the Young Electric Sign Co., said the creation of YESCO Financial Solutions transfers the financial responsibility from the sign making and installation side of its business to a specialized group that offers leasing and financing expertise to its customers.
Ancestry.com Inc., the family-history website, was sued by shareholders who contend they will be shortchanged in a proposed $1.6 billion buyout by Permira Advisers. The London-based private-equity firm said on Oct. 22 that it agreed to pay $32 a share for the Provo company. "The consideration shareholders will receive is inadequate" and they "are being unfairly cashed-out" given the company's recent performance, investor John Heck said in a complaint filed in Delaware Chancery Court.
Nike to open new
Lehi outlet store
Nike's newest factory retail location will open at the Outlets at Traverse Mountain at 10 a.m. on Nov. 16, with grand opening events taking place throughout the weekend. The shopping center is located at 3700 N. Cabela's Blvd. in Lehi.
Sonic to offer
The Sonic Drive-Ins on Wednesday will be selling 50-cent corn dogs for Halloween. The deal is available all day on Oct. 31 at participating eateries. Costumes aren't required to get in on the deal.
record 2012 sales
Toyota is shrugging off a sales plunge in China set off by a territorial dispute, saying it is headed to a record year on the back of strong U.S. growth and in the rest of Asia. Toyota Executive Vice President Yukitoshi Funo acknowledged achieving the company's target of 9.76 million vehicle sales this year will be harder because of China. But he is confident sales will surpass the record 9.37 million vehicles sold in 2007 because of growth elsewhere.
wary of Europe
The world's markets may believe the worst of the European financial crisis is over, but those who control the purse strings of the world's businesses are not breathing easier. A survey of finance directors from global business consultancy BDO finds the crisis over too much government debt in Europe remains a key concern with many viewing Southern Europe as risky as the Middle East.