Starbucks offers reusable plastic cups for $1 Starbucks Corp., the world's largest coffee-shop operator, began selling reusable plastic cups for $1 at its U.S. and Canadian stores. The white plastic cup has the Starbucks logo on it and holds a tall or grande size drink, said Haley Drage, a Starbucks spokeswoman. The Seattle-based brewer already offers a 10-cent discount to its customers who bring in a reusable mug. Starbucks served 1.9 percent of drinks in customers' personal tumblers in its global company-owned stores in 2011, according to its latest global responsibility report.
Ackman loosens his grip on General Growth Investor Bill Ackman sold some of his holdings in General Growth Properties Inc. to the company's largest shareholder as part of an agreement that ends his quest for the mall owner to put itself up for sale. Pershing Square Capital Management, founded by Ackman, sold Brookfield Asset Management Inc. its warrants to buy 18.4 million General Growth shares, according to a filing with the Securities and Exchange Commission. The New York-based hedge fund, General Growth's second-largest investor, also agreed to keep its stake below 10 percent for at least four years.
CEO of struggling Safeway to retire in May Safeway Inc., the second-largest U.S. grocery-store chain, said Chief Executive Steven Burd will retire in May after 20 years at the company. The board will begin a search for a successor and will consider candidates from inside and outside the company, Safeway said. Burd, 63, who is leaving to have more personal time and pursue his interest in health care, will retire at the company's annual meeting on May 14. Safeway's revenue growth slowed to about 1.3 percent in 2012 from about 6.3 percent the previous year, while net income fell for a second straight year, based on analysts' estimates.
Family Dollar cuts earnings forecast for year Shares of Family Dollar Stores Inc. tumbled the most in more than 12 years after the second-largest U.S. dollar store chain cut its fiscal 2013 earnings forecast, saying consumers are reluctant to spend on more-profitable discretionary items. Family Dollar sank 13 percent to $55.74, for the biggest drop since December 2000. The North Carolina company's shares had gained 10 percent in 2012. Accelerating price cuts and expanding sales of lower-margin necessities will continue to weigh on profit, the company said in a statement.
Redbox owner Coinstar makes change at CEO Coinstar Inc., the owner of the Redbox movie-rental kiosks, shook up its leadership, replacing Chief Executive Paul Davis with Chief Financial Officer J. Scott Di Valerio. The shares fell. Di Valerio will assume the new role when Davis retires on March 31, Coinstar said. Galen Smith, senior vice president of finance at the Redbox unit, will take over for Di Valerio as CFO. Davis, 55, will also leave Coinstar's board, the company said. Di Valerio, 50, has been CFO since 2010, overseeing the company's information technology and supply chain operations.
Liberty Media gets OK for Sirius licenses John Malone's Liberty Media Corp. won U.S. regulatory approval to assume broadcast licenses from Sirius XM Radio Inc., a step needed for Liberty to finish its takeover of the satellite radio provider. The Federal Communications Commission said it approved the transfer of control of licenses to Liberty, which in March told the agency it was seeking control of New York-based Sirius.
Swiss bank admits to U.S. tax evasion Switzerland's oldest private bank admitted to helping Americans evade U.S. taxes, the first time a foreign financial institution has pleaded guilty to tax law violations. Representatives for Wegelin & Co. appeared in federal court in New York and acknowledged that the firm helped dozens of wealthy American customers dodge taxes by hiding more than $1.2 billion in secret accounts. As part of the guilty plea, Wegelin agreed to pay $74 million in fines, restitution and forfeiture proceeds.
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