CONSUMERS CUT SPENDING IN JANUARY
WASHINGTON» Americans cut back on purchases of cars, furniture and a variety of other products in January, pushing retail sales down by 0.3 percent, the biggest decline in 11 months. The January decline, following no change in December, was the largest setback since a 0.5 percent fall in February of last year, the Commerce Department reported Wednesday.
Uber’s net loss widens.
FRANCISCO» Ride-hailing SAN giant Uber’s full-year net loss widened to $4.5 billion in 2017 as the company endured a tumultuous year that included multiple scandals and the replacement of its CEO. The results also showed that Uber cut its fourthquarter net loss by 25 percent from the third quarter.
Chin aa ppeals to Trump on trade.
BEIJING» China has appealed to President Donald Trump to settle trade disputes over steel and aluminum through negotiation after Trump said he would soon decide whether to impose tariffs or quotas. The Chinese foreign ministry asked Trump to avoid possible disruption to trade and the global economic recovery.
Sam’s Club will offer premiu mm embers free shipping.
Sam’s Club is offering free shipping for premium members and simplifying its membership tiers. The Walmartowned warehouse club will give free shipping on online orders for Plus members on 95 percent of the items it sells.
Phillips 66r epurchases stock from Buffett’s firm.
OMAHA» Warren Buffett’s company is selling 35 million shares of its Phillips 66 stock back to the oil refiner for $3.3 billion.
Ditigal First Media buys Bosto nH erald.
BOSTON» A Denver-based company has emerged as the winning bidder for a Boston newspaper that filed for bankruptcy in December. Digital First Media’s $11.9 million bid beat two other bidders for the Boston Herald in a five-hour bankruptcy auction held Tuesday. Digital First Media owns The Denver Post.
Molson Coors beats expectations.
DENVER» Molson Coors Brewing Co. on Wednesday reported fourth-quarter net income of $588.8 million. On a pershare basis, the Denverbased company said it had net income of $2.72. Earnings, adjusted for one-time gains and costs, came to 62 cents per share. The results exceeded Wall Street expectations.