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Factory orders rise above expectations

Last update: November 3, 2009 - 10:31 PM

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Factory orders rise above expectations

Orders to U.S. factories rebounded in September, helped by strength in autos, heavy machinery and military aircraft. It was the fifth increase in six months. The Commerce Department said Tuesday that orders rose 0.9 percent in September; economists had expected a 0.8 percent gain.

General Motors decides to keep Opel

General Motors Co. said Tuesday it will keep its European Opel unit and restructure it instead of selling a 55 percent stake to Canadian auto parts maker Magna International and its partner, Russian lender Sberbank. GM's board of directors made the decision after determining that a $4.43 billion restructuring plan was significantly lower than what GM would've had to contribute to other bidders for the division.

Disney wins Chinese OK for Shanghai park

After a decade-long courtship, the Walt Disney Co. said it won approval from the central government of China to build a Disneyland-style theme park in Shanghai. Analysts estimate the initial Shanghai Disneyland -- not including hotels and resort infrastructure -- will cost $3.5 billion, one of the largest foreign investments in China. It is expected to open in five or six years.

Landry's Restaurants CEO to buy company

The chairman and CEO of Landry's Restaurants Inc. won approval from the board for his $1.2 billion all-cash offer to buy the company. Tilman J. Fertitta will pay $14.75 per share in cash -- a 37 percent premium over Monday's closing price of $10.76. Shares of Landry's, which owns Rainforest Cafe and other restaurants, surged $2.93, or 27.2 percent, to close at $13.69.

U.K. banking giant to cut 1,700 jobs

U.K.-based bank HSBC Holdings PLC said Tuesday it is cutting 1,700 jobs -- the second time this year it slashed its workforce -- as it streamlines its retail banking operations. The bank employs more than 50,000 employees in Britain.

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