Holiday sales on web grew at slower pace
Internet sales by U.S. retailers during the holiday season rose at the slowest pace on record as consumers grappled with $3-a-gallon gasoline and the worst housing slump in 16 years.
Online spending from Nov. 1 through Dec. 27 increased 19 percent to almost $28 billion, from $24 billion a year earlier, Reston, Va.-based ComScore said Sunday in a statement.
Shoppers withheld spending until after Christmas, seeking deeper discounts by Wal- Mart, the world’s largest retailer, and Best Buy, the biggest U.S. consumer electronics chain. Online sales the day after Christmas totaled $545 million, more than double the revenue on the same day in 2006, ComScore said.
Candy company offered expansion incentives
MONTROSE — Russell Stover Candies has been offered a package of incentives to encourage it to expand its plant here.
The company known for its boxed chocolates is considering expanding two of its four factories across the country. A final decision on whether the plant in Montrose will get an estimated $5 million, 50,000- square-foot expansion will come in the spring.
The Montrose Economic Development Corp. had been working with the city on the incentive package, said executive director Sandy Head.
Sentinel to build new offices
GRAND JUNCTION — The Daily Sentinel plans to build an 80,000-square-foot complex to house its offices and a new press, publisher George Orbanek said last week.
The facility, estimated to cost $35 million, will be near Grand Junction Regional Airport on the city’s north side. It will replace the newspaper’s current downtown production facility and offices, which were built in 1974 and expanded in 1984.
China opens securities industry to foreign investors
BEIJING — The Chinese government is easing a ban on foreign investment in the securities industry but ensuring Chinese control by limiting investors abroad to minority stakes.
A foreign investor may own no more than 20 percent of a Chinese securities firm, and total foreign ownership of any firm is limited to 25 percent, the China Securities Regulatory Commission said on its website.
New labor law boosts workers’ rights
BEIJING — China today introduces a new labor law that enhances rights for the nation’s workers, including open-ended work contracts and severance pay.
“The government that is making the most concerted effort to protect workers’ rights is China,” said Auret van Heerden, Geneva-based head of the Fair Labor Association, which monitors work conditions in 60 countries.
Cyprus, Malta switch currency to euro
European Union newcomers Cyprus and Malta adopted the euro today, bringing to 15 the number of countries using the currency with increasing clout over the slumping U.S. dollar.
The Mediterranean islands, both former British colonies, scrapped the Cyprus pound and Maltese lira at midnight.
Embattled Delphi wants chief awarded $8.3 million
DETROIT — Delphi Corp. wants to pay executive chairman Steve Miller $8.3 million for his work in steering the company through Delphi’s high-stakes and complex Chapter 11 bankruptcy.
The auto supplier detailed in court papers how much it plans to award Miller and chief executive Rodney O’Neal when the company leaves bankruptcy protection.
The Associated Press
