Best Buy sales boost profits to $230m
Best Buy, the American consumer electronics retailer, reported a higher-than-expected second-quarter profit of $230 million (£123 million) from $188 million last time, boosted by new store openings and sales of high-priced electronics, easing fears that consumers were pulling back on spending. The company also stood by its full-year financial outlook.
Kroger shares fall despite strong sales
Kroger, America’s biggest grocery chain, reported an increase of more than 6 per cent to $109 million (£58 million) in its second-quarter profit, driven by stronger sales, but its shares fell up to 5.8 per cent in early trading. Kroger has remodeled stores, improved its line-up of perishable goods, lowered prices and added petrol stations to help to stave off tough competition.
New York City signs $500m data deal
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New York City has signed a $500 million (£267 million) five-year contract with Northrop Grumman to build a high-speed wireless data network for emergency services, Michael Bloomberg, the Mayor, said. The Citywide Mobile Wireless Network would give police and firefighters access to federal and state anti-terrorism databases, fingerprints and mugshots.
LionOre sees itslef as bid target
LionOre, the world’s tenth-biggest nickel producer, believes that it is an obvious takeover target because bigger companies crave its high-growth profile and special refining technology. LionOre, a miner in Africa and Australia, said that it will probably become the only company whose main product is nickel, after a wave of takeovers. It would not say whether it had had been approached.