Macau gaming win dip smaller, new data say
Gaming revenues in Macau fell 17 percent in January, figures released by the Lusa news agency show. The numbers contradicted a report in Hong Kong's South China Morning Post last week that said gaming revenues had fallen 30 percent in the month.
According to the Lusa report, casinos in Macau had revenues of $1.1 billion. Casinos operated by Hong Kong billionaire Stanley Ho collected 28 percent of the market share. Las Vegas Sands Corp., which operates the Sands Macau and Venetian Macau, had 22 percent of the market while the Wynn Macau had 17 percent of the market. MGM Mirage reportedly had 9 percent of the market.
Macau casinos are still dealing with visa restrictions imposed by the Chinese government that has curtailed the number of visits residents of Mainland China can make into Macau, the only area with legalized gaming in the country.
Macy's will cut jobs, lower capital spending
Macy's Inc. announced Monday that it will eliminate 7,000 jobs, almost 4 percent of its work force, and cut capital spending, reduce its contributions to its employees' retirement funds and slash its dividend to preserve cash amid a severe pullback in consumer spending.
The Cincinnati-based department store chain also announced the national rollout of a plan to localize merchandising to specific markets, which it began in some regions last year.
Las Vegas Sands promotes executive
Longtime Las Vegas Sands Corp. executive Brad Stone was named the company's president of global operations and construction Monday.
In a statement, the casino operator said Stone, who is the corporation's executive vice president, will continue to oversee the design, construction and overall operations of the company's resort properties in the United States and Asia.
Las Vegas Sands named former Penn National Gaming executive Leonard DeAngelo senior vice president of Asia operations. Nigel Roberts was named president of the Marina Bay Sands.
GM, Chrysler to offer buyouts to 91,000
General Motors Corp. and Chrysler LLC, propped up with $13.4 billion in emergency federal loans, are offering new buyout programs to about 91,000 factory employees to reduce labor costs as sales slow.
GM's program covers about 64,000 workers willing to retire or quit and consists of a $25,000 voucher to buy a new auto and $20,000 in cash, said a United Auto Workers official, who didn't want to be identified because the details are private. Chrysler said all 26,800 U.S. hourly workers are eligible for its plan, without giving details.
The plans build on efforts to pare labor expenses as Detroit-based GM and Chrysler work toward a Feb. 17 U.S. deadline to show they're making progress toward being able to stay in business and repay their government loans.
Humana earnings dip 28 percent in quarter
Health insurer Humana Inc. reported a 28 percent drop in fourth-quarter profit Monday, driven by higher claim expenses from its stand-alone Medicare prescription drug plans, lower investment income and a loss in its commercial business.
Louisville-based Humana said it earned nearly $174.1 million, or $1.03 per share, for the three months ended Dec. 31, compared with earnings of $243.2 million, or $1.43 per share, in the year-ago period.
Video game software sales rise 11 percent
Video game software sales in the world's three largest markets grew 11 percent last year, led by titles for Nintendo Co.'s Wii, industry researcher said.
Sales in the United States, United Kingdom and Japan increased to 409.9 million units from 367.7 million sold in 2007, according to Top Global Markets, a monthly report released by NPD Group Inc., Gfk Chart-Track Ltd and Enterbrain Inct.
Interest rates higher in Treasury auction
Interest rates on short-term Treasury bills rose in Monday's auction with three-month bills climbing to the highest level since early November.
The Treasury Department auctioned $29 billion in three-month bills at a discount rate of 0.27 percent, up from 0.15 percent last week. It auctioned $29 billion in six-month bills at a discount rate of 0.39 percent, up from 0.35 percent.
Treasurys rise as angst over economy grows
Treasury prices rose Monday as investors grew anxious about the economy and the hurdles the government must clear to revive it.
The benchmark 10-year Treasury note rose 1.13 to 108.78, and its yield fell to 2.71 percent from 2.84 percent, according to BGCantor Market Data.