Business news briefs
in Spanish Fork
Kneaders Bakery & Cafe, a Utah-based restaurant franchise that services sandwiches, soups, salads and European breads baked daily in on-site ovens, has opened its newest location in Spanish Fork. The restaurant is at 531 E. 1000 North. Its hours are Monday through Saturday from 7 a.m. to 10 p.m.
GPS Capital opens
office in London
GPS Capital Markets Ltd., a Utah-based foreign exchange brokerage firm, has opened an office in London that will serve as its European headquarters. Founded in 2002, GPS is a provider of foreign exchange management services to businesses with international operations or supplier networks.
U.S. trade deficit
up in November
The U.S. trade deficit expanded in November to its widest point in seven months, driven by a surge in imports that outpaced only modest growth in exports. The Commerce Department said the trade gap widened 15.8 percent to $48.7 billion from October. A wider trade deficit acts as a drag on U.S. growth. It typically means the U.S. is earning less on overseas sales while spending more on imports.
Honda to slash
800 jobs in UK
Japanese automaker Honda said it will cut about one in four jobs at its UK factory as it struggles with low demand in Europe. Honda Motor Europe said poor sales due to the region's economic crisis are behind the loss of 800 positions among its 3,500-member workforce in Swindon. The plant makes the Civic, Jazz and CR-V models.
Wells Fargo posts
Q4 earnings record
Wells Fargo, the country's biggest mortgage lender, says it earned a record $4.9 billion in the fourth quarter, up 25 percent from the same period a year ago. The bank made more loans, set aside less money for potential defaults and enjoyed above-average returns from the investments made by its private equity business.
Research In Motion
shares jump 14 pct.
Research In Motion shares jumped 14 percent to close at $13.56, the most in more than two and a half years, amid rising confidence that the new BlackBerry 10 lineup will boost sales for the struggling smartphone maker. Optimism the new phones will be successful has caused the stock to more than double since late September. The company has indicated they will be unveiled on Jan. 30.
Netflix got unfair
A federal appeals court ruled Netflix received an unfair advantage from the U.S. Postal Service's special handling of its DVDs. The court ordered postal regulators to remedy the discrimination. The unanimous decision is a victory for GameFly, which said the postal service should treat the games it ships similarly to Netflix DVDs.