U.S. retail sales expected to rise this year The nation's retailers are likely to see sales rise moderately this year after a rare decline in 2009, according to a forecast to be released Tuesday by the world's largest retail trade group. The National Retail Federation expects sales to rise 2.5 percent in 2010, still well below the 4 percent average annual gain from 2000 through 2008. But the outlook, which excludes automobile, gas station and restaurant sales, is in line with other economists' estimates.
Delta, other airlines rescind fare increase Delta Air Lines, American Airlines and United Airlines said they dropped a U.S. fare boost that would have been the first broad increase this year. Delta, the world's largest carrier, rescinded the higher prices "to remain competitive," said Susan Elliott, a spokeswoman. Tim Smith, a spokesman for Fort Worth, Texas-based American, the second-biggest, said it rolled back the fares after Delta. Elliott declined to say whether Delta acted first.
Ford to add 1,200 jobs at Chicago plant Ford Motor Co. will add 1,200 jobs at its Chicago assembly plant later this year to build the new Explorer sport-utility vehicle, the Associated Press reported. The company and Illinois Gov. Pat Quinn are scheduled to make the announcement on Tuesday at the factory, but Quinn told reporters in Chicago that 1,200 new jobs were coming to Illinois. "Tomorrow, in one day, we're going to get 1,200 new jobs for Illinois," Quinn said at a breakfast event that was unrelated to the Ford announcement.
Live Nation, Ticketmaster complete merger Concert promoter Live Nation and ticket-seller Ticketmaster consummated their merger after the U.S. Justice Department approved it with conditions meant to lower ticket prices for consumers. Shares in both companies rallied by about 15 percent in trading Monday, showing that investors approved of how the Obama administration handled its first big merger with its appointee Christine Varney as assistant attorney general. Regulators required Ticketmaster to license its ticketing software to a competitor and sell a subsidiary that handles tens of millions of tickets a year.
Whole Foods CEO donates his compensation Whole Foods Market Inc. CEO John Mackey's compensation grew in 2009, but the founder of the natural and organic food grocery chain donated the gains to a farm-animal welfare group, standing by his commitment to keep his pay low. Mackey voluntarily cut his salary to $1 in 2007 as the company entered a turnaround effort. He also elected to forgo earning any future cash compensation, stock awards or other options awards. Mackey has stood by his commitment as Whole Foods, based in Austin, Texas, has begun to show signs of recovery.
AOL to buy online video firm StudioNow AOL Inc. said it is boosting its ability to create Web videos by paying $36.5 million for StudioNow Inc., a website that lets companies buy custom-made online videos from a network of freelance filmmakers. AOL will merge Nashville-based StudioNow into its own content management system, Seed.com, which has aggregated assignments for writers.
Exxon Mobil, Shell get deal for Iraqi oil field Iraq has signed a final deal with U.S. and European oil giants Exxon Mobil Corp. and Royal Dutch Shell PLC to develop a major oil field in the south. Under the 20-year deal, the consortium will develop the 8.6 billion barrel West Qurna Stage 1 field for $1.90 for every barrel produced. The deal could be extended for another five years.
Economic growth slows in South Korea South Korea's economic growth slowed in the final three months of 2009 due to weakness in manufacturing, construction and exports, a sign that the country's vigorous recovery from the depths of the global meltdown a year ago is losing steam. Gross domestic product grew 0.2 percent in the three months ended Dec. 31 compared with the previous quarter, the Bank of Korea said.
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