Business news briefs
expands in Layton
The Young Automotive Group has expanded its presence on Layton's Main St. with the purchase of Pete Page Auto Sales and Car Wash at 500 N. Main. The office structure will remain, housing OZ Marketing Young's in-house marketing agency. The car wash will be bulldozed for parking and storage. The car lot will be used by Young Buick GMC, located north of the property.
gets tech award
Canyons Resort received an award from the National Ski Areas Association for best use of mobile technology, based on the "Save Big, Ski Big" program that helped customers use their phone to address issues that come up any time during their trip to the Park City-area resort.
U.S. housing starts
declined in April
U.S. builders broke ground on fewer homes in April, one month after topping the 1 million mark for the first time since 2008. Construction fell 16.5 percent in April, but most of the decline was in apartment construction, which tends to vary sharply from month to month.
Alcoa cuts 500 jobs,
Aluminum smelter and parts-maker Alcoa will close down two production lines at a plant in Canada and cut about 500 jobs there because of lower aluminum prices. Alcoa has seen strong demand for aluminum, but prices are down. Those lower prices were a factor when Alcoa reported lower-than-expected first-quarter revenue last month.
J.C. Penney posts
big quarterly loss
J.C. Penney Co. is reporting a big first-quarter loss on a 16 percent revenue plunge as the chain continues to reel from the turnaround plan of its former CEO Ron Johnson, who was ousted last month. The company lost $348 million, or $1.58 per share, for the three months ended May 4. The results mark five straight quarters of big losses and revenue declines since Johnson launched an overhaul that ended up turning off shoppers.
Standard & Poor's cut a major rating for Warren Buffett's Berkshire Hathaway, dropping its investment-grade credit rating one notch to "AA" from "AA+." S&P said the move reflects Berkshire's dependence on its insurance operations for most of its dividend income. It also noted "management succession" also was a factor." Berkshire has picked a successor for the 82-year-old Buffett, but has not revealed the name.
Former BP chief
Tony Hayward was named interim chairman of the mining company Glencore Xstrata, almost three years after he resigned as CEO of BP in the wake of a huge Gulf of Mexico oil spill. The new role represents a significant turnaround for Hayward, who was widely criticized after the 2010 spill.