Village Voice sold to wealthy newspaper heir
The Village Voice, the storied New York alternative weekly newspaper that helped usher in a new era of journalism but has been struggling with declining circulation and ad revenue, was sold to a scion of one of America's wealthiest families with a long history in newspaper publishing. Peter D. Barbey, through his investment company Black Walnut Holdings LLC, bought the paper from Voice Media Group, which owns a string of weeklies across the country. The financial terms of the deal were not disclosed, and Barbey declined to discuss the details. However, in an interview, he vowed to invest in the paper and once again make it relevant in the cultural life of New York City. "I realize that the Voice has had a unique journalistic role in New York and the country as a whole," Barbey, 58, said. "That deserves to survive and prosper."
Economists expect rate increase by year-end
A survey of business economists finds that a majority still expects the Federal Reserve to raise interest rates before the end of the year, with the broader economy expected to grow at a slightly faster pace in 2015 than previously forecast. Economists now expect the gross domestic product, adjusted for inflation, to rise 2.5 percent for the year, according to the survey by the National Association for Business Economics. That's up from the previous forecast of 2.4 percent in June. The uptick is the result of a stronger-than-expected growth in the first half of the year, however. For the remainder of the year, economists lowered their forecast.
S&P cuts Volkswagen's credit rating
Volkswagen's credit rating was cut one level by Standard & Poor's, which said the German carmaker's cheating on U.S. diesel-emissions tests indicates management weaknesses that may lead to a further debt downgrade. S&P lowered the Wolfsburg, Germany-based company's rating on long-term debt to A-, the fourth-lowest investment grade, from A, and said another cut is possible. "VW has demonstrated material deficiencies in its management and governance and general risk-management framework," said Alex Herbert, a London-based analyst at S&P. "VW's internal controls have been shown to be inadequate in preventing or identifying alleged illegal behavior" and the potential for other violations "represents a significant reputational and financial risk."
India's Infosys cuts forecast; CFO resigns
Infosys Ltd., India's second-biggest software exporter, reduced its annual sales growth forecast in dollar terms and Chief Financial Officer Rajiv Bansal resigned. The company said revenue is likely to grow 6.4 percent to 8.4 percent in the financial year through March 31, lowering its earlier guidance of 7.2 percent to 9.2 percent, according to a statement. Net income in the quarter through Sept. 30 still rose 9.7 percent from a year earlier, beating analysts' estimates, as it added 82 clients in the three months. Infosys, which didn't give reasons for the cut in growth forecast or the CFO's resignation, is facing headwinds amid an industrywide slowdown.
Southwest ops back to normal after glitch
A day after technology problems delayed hundreds of Southwest Airlines flights, the carrier's operations were running more smoothly Monday. Southwest spokesman Brad Hawkins said workers fixed a failed software application that had caused the problems. He did not provide more details or describe the application but said there was no indication that hackers were to blame. The Dallas airline had been warning passengers early Monday to print boarding passes ahead of time and arrive at the airport two hours early. Airline officials said later that there was no longer a need to arrive early but that passengers might still see long lines at ticket counters.