Retail | MyFOX Spokane

Citi's long run of stumbles, successes, near-death

Submitted by Fox First at Ten on October 16th

By JONATHAN FAHEYAP Business Writer NEW YORK (AP) - The bank Michael Corbat will take over made its first mark helping the U.S. government repay its debts after the War of 1812. Two centuries later, when the 2008 financial crisis struck, the bank needed a federal rescue from its own debts. In

Cocoa surges 3 percent on hopes of better demand

Submitted by Fox First at Ten on October 16th

By SANDY SHOREAP Business Writer The price of cocoa surged 3 percent as positive signs for the U.S. economy raised hopes that consumers may splurge on more chocolate. Cocoa for December delivery rose $64 to finish Tuesday at $2,418 per metric ton. The price has fallen about 10 percent since

Target to match some rivals' online prices

Submitted by Fox First at Ten on October 16th

By ANNE D'INNOCENZIOAP Retail Writer NEW YORK (AP) - In the latest effort to beat Amazon.com at its game, Target says that for the first time it will match prices that customers find on identical products at select online competitors this holiday season. Target Corp.'s CEO Gregg

Tame US prices, more confident builders aid growth

Submitted by Fox First at Ten on October 16th

By CHRISTOPHER S. RUGABERAP Economics Writer WASHINGTON (AP) - The outlook for the U.S. economy brightened a little Tuesday after reports that consumer prices stayed tame and homebuilder confidence rose to the highest level in six years. A third report showed factory output grew only modestly

Murphy to split off its retail division

Submitted by Fox First at Ten on October 16th

EL DORADO, Ark. (AP) - Murphy Oil is splitting in two in order to better focus on the separate tasks of exploration and production, and the sale of gasoline and other goods through its retail locations. Murphy Oil will continue to explore for and produce oil in the U.S., Canada and Malaysia. The

Gap announces management restructuring

Submitted by Fox First at Ten on October 16th

By ANNE D'INNOCENZIOAP Retail Writer NEW YORK (AP) - Gap has announced a management overhaul aimed at enabling the retailer to respond more quickly to customers' needs across the globe. The change will put the North American, international, online, outlet and franchise divisions under a

US industrial output rises but factories stay weak

Submitted by Fox First at Ten on October 16th

By MARTIN CRUTSINGERAP Economics Writer WASHINGTON (AP) - U.S. industrial production increased only modestly in September, held back by weak growth in factory output. The Federal Reserve said Tuesday that output at factories, mines and utilities rose 0.4 percent in September. That followed a 1.

More expensive gas pushes US consumer prices up

Submitted by Fox First at Ten on October 16th

By CHRISTOPHER S. RUGABERAP Economics Writer WASHINGTON (AP) - Higher gas costs drove up U.S. consumer prices in September for the second straight month. Outside energy, there was little sign of inflation. The Labor Department said Tuesday that the consumer price index rose a seasonally

PNC net income rises in 3Q as revenue jumps

Submitted by Fox First at Ten on October 16th

PITTSBURGH (AP) - The PNC Financial Services Group Inc.'s net income rose solidly in the third quarter, boosted by a one-time gain from a sale of Visa shares and higher fees from corporate clients. The bank's income from interest on loans increased, bucking an industry-wide trend, because

In a surprise, Pandit steps down as Citigroup CEO

Submitted by Fox First at Ten on October 16th

By DANIEL WAGNERAP Business Writer Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director. The move shocked Wall Street, and Citigroup offered no explanation. There had