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Ebook sales plateauing: BookNet Canada report

The Canadian PressMay 21, 2013 12:31
TORONTO - Kobo and Kindle have grown to become familiar brands in Canada but ebook sales now appear to plateauing, suggests a report by the industry organization BookNet Canada. Based on surveys with 4,000 book-buying consumers, BookNet Canada pegged paperback sales in 2012 at about 58 per cent of the market, while hardcovers accounted for 24 per cent and ebook sales made up 15 per cent. BookNet Canada president and CEO Noah Genner says early sales data from this year shows ebook sales are steady and no longer growing.

Home Depot earnings soar on housing recovery

Agence France-PresseMay 21, 2013 12:16
US home-improvement retailer The Home Depot reported better-than-expected quarterly earnings Tuesday and raised its full-year outlook thanks to the US housing market recovery. For the fiscal first-quarter ended May 5, earnings surged 18.5 percent from a year earlier to $1.2 billion, the company said in a statement. Adjusted earnings per share of 83 cents came in well above the 77 cents expected by analysts. Revenue increased 7.4 percent to $19.1 billion, topping Wall Street estimates of $18.68.

Best Buy reports 1Q loss on restructuring costs, adjusted earnings beats expectations

The Canadian PressMay 21, 2013 08:03
MINNEAPOLIS - Best Buy Co. on Tuesday reported a loss in its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores. Its adjusted earnings beat Wall Street expectations, but revenue fell short as the company faced tough pricing competition during the quarter. Its shares slipped in morning trading.

Best Buy sees investments squeezing near-term profits

May 21, 2013 08:00
By Dhanya Skariachan (Reuters) - Best Buy Co Inc reported weak quarterly sales on Tuesday and warned that a slew of investments to entice shoppers could squeeze profits in the near term. The news overshadowed its better-than-expected first-quarter profit and sent shares of the world's largest consumer electronics chain down 4 percent in premarket trading.

Home Depot 1Q profit rises thanks to housing recovery; raises 2013 profit, revenue forecasts

The Canadian PressMay 21, 2013 07:00
ATLANTA - Even though the weather was poor, Home Depot posted an 18 per cent increase in its net income for the first quarter thanks to the ongoing housing recovery. Its quarterly results topped Wall Street's view and the world's biggest home improvement chain boosted its full-year earnings and revenue forecasts Tuesday. Shares climbed 4 per cent in premarket trading.

Debt limit resets at higher level, budget impasse grinds on

May 20, 2013 22:15
By David Lawder WASHINGTON (Reuters) - The government added $306 billion in new debt during a four-month suspension of the federal borrowing limit, the Treasury Department said on Monday, but there was no sign on Capitol Hill of any movement toward a budget compromise. As of Friday, the last business day before the debt limit was officially reset on Sunday, the Treasury said in its daily statement that U.S. debt subject to the limit was $16.7 trillion, compared to $16.394 trillion prior to the suspension in February.

US Treasury secretary says he has begun tapping federal retiree pension fund to avoid default

The Canadian PressMay 20, 2013 21:16
WASHINGTON - Treasury Secretary Jacob Lew said late Monday he will begin tapping into two government employee retirement funds to buy more time before the U.S. Treasury is faced with the prospect of defaulting on the national debt. In a letter to congressional leaders, Lew said that he would tap the civil service retirement and disability fund and a similar fund that covers retired postal workers. The law allows him to remove investments from these funds to clear room for more borrowing until Congress votes to raise the debt limit

Outdoors retailer LL Bean keeps it in the family in naming new chairman

The Canadian PressMay 20, 2013 12:30
FREEPORT, Maine - L.L. Bean's grandson Leon Gorman is retiring as chairman of the outdoors retailer after more than a half-century as the company's chairman or CEO, but the privately held firm is keeping the position in the family. The Maine-based outdoors retailer informed its 5,000 full- and part-time workers Monday that Bean's great-grandson Shawn Gorman is the latest family member to serve as chairman, underscoring a commitment to family ownership in an era in which most large retailers are publicly traded.

Dell says cannot disclose more information to Icahn yet

May 20, 2013 08:01
(Reuters) - Dell Inc said in a letter to suitors Carl Icahn and Southeastern Asset Management that the company would not provide more information about itself unless the board determined that their proposal was "superior" to founder Michael Dell's. Earlier this month, Icahn and Southeastern offered $12 in cash per share or additional shares to existing investors as an alternative to Michael Dell's $24.4 billion bid to take the company private.

Chesapeake Energy hires Anadarko executive as CEO

May 20, 2013 02:00
(Reuters) - Chesapeake Energy Corp <CHK.N> has hired Robert Douglas Lawler of rival Anadarko Petroleum Corp <APC.N> as its chief executive, filling the post vacated by co-founder Aubrey McClendon in April. Shares of Chesapeake, the second-largest U.S. natural gas producer, rose 2 percent in trading before the bell. Lawler, 46, who is senior vice-president of international and deep-water operations at Anadarko Petroleum, would join Chesapeake on June 17, the company said in a statement.
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