A disappointing drop in existing home sales Sales of previously owned homes in the United States dropped 0.9 percent in February, disappointing economists. Homes were sold at a seasonally adjusted annual rate of 4.59 million, compared with 4.63 million in January, according to a report from the National Association of Realtors. The number indicates that roughly five years after the housing bubble burst, the real estate market's road forward remains bumpy. Still, sales were 8.8 percent higher than a year ago. And the national median home price was $156,000 in February, up 0.3 percent from a year ago.
McDonald's CEO Skinner to retire in June McDonald's Corp. said Chief Executive Jim Skinner is retiring after almost eight years running the world's largest restaurant chain and will be succeeded by Chief Operating Officer Don Thompson. The resignation takes effect June 30, Oak Brook, Ill.-based McDonald's said. Skinner, 67, will also retire from the board, where he serves as vice chairman. Since he became CEO in November 2004, Skinner has overseen a tripling of McDonald's stock price.
McClatchy CEO Pruitt leaving for top job at AP Gary Pruitt, the chief executive of newspaper publisher McClatchy Co., will leave McClatchy to become the next president and CEO of the Associated Press. Pruitt will join the AP in July, taking over for Tom Curley, who is retiring after leading the news cooperative for nine years. McClatchy, based in Sacramento, Calif., named Patrick Talamantes, the company's chief financial officer, as its new president and chief executive, effective May 16. Pruitt has been McClatchy's CEO since 1996. McClatchy owned the Star Tribune from 1998 to 2007.
That red Solo cup soon will be made by Dart Foam cup manufacturer Dart Container Corp. is acquiring Solo Cup Co. for $1 billion, the two companies announced. The deal is expected to close in the third quarter. Dart said it "expects to continue offering products under the Solo brand -- including the iconic red Solo cup." Dart is based in Mason, Mich.; Solo is in Lake Forest, Ill. The two companies will operate independently until the transaction closes.
The Hartford to sell life insurance business The Hartford Financial Services Group said it will sell most of its life insurance business, acceding to demands from one of its biggest shareholders, the hedge fund Paulson & Co. Hartford, which also said it would wind down its annuity business, intends to focus on its core operations in property and casualty, group benefits and mutual funds. Paulson, which holds an 8.5 percent stake, has called for a breakup of the 200-year-old company, arguing that the value of Hartford's "crown jewel" property and casualty business was obscured by weaker units.
FROM NEWS SERVICES
