IN BRIEF
Wal-Mart may remodel, add exclusive clothing
Wal-Mart Stores, the world's largest retailer, may remodel the home-goods areas of its stores and add exclusive clothing to boost flagging sales.
The chain may also spend less to build stores than it planned earlier this year by lowering construction costs, Vice Chairman John Menzer told investors Thursday.
Wal-Mart, which said in June that capital spending would be about $15.5 billion this year, may "beat that number," Menzer said. Wal-Mart previously projected $17 billion in spending.
Sales of home goods and clothing have lagged since last year, with executives saying Wal-Mart strayed too far from offering basic fashion after it tried to sell more expensive items.
Nightclub owner faces discrimination lawsuit
N-M Ventures, doing business as nightclub and restaurant owner N9NE Group, has been hit with race discrimination and retaliation lawsuit by U.S. Equal Employment Opportunity Commission on behalf of eight former employees.
The black men worked as security officers at Rain nightclub and ghostbar, both at the Palms.
According to the lawsuit filed Wednesday in Nevada federal court, the harassment dating back to late 2001 included derogatory names and statements by supervisors and co-workers.
The former employees also suffered retaliation when they complained about the treatment including demotion, loss of wages, discipline and discharge, the lawsuit states.
The N9NE Group, which operates seven clubs and restaurants at the Palms, did not return a request for comment Thursday.
DALLAS
Last hurdle for TXU deal expected to fall
The last major obstacle to the private buyout of TXU Corp. is expected to fall today, when shareholders of the largest power-generating company in Texas vote on the $32 billion sale.
Investors led by Kohlberg Kravis Roberts & Co. and TPG, formerly Texas Pacific Group, are trying to close the largest private buyout ever just as credit for other big deals is drying up.
It is widely expected that company shareholders will approve the sale, especially after the most serious opposition melted away last week.
HERNDON, Va.
Volkswagen moving base out of Detroit
Volkswagen is moving its North American headquarters out of the Detroit area, the nation's automotive capital, to the suburbs of the nation's capital and will cut 400 jobs in the process, the German automaker said Thursday.
Volkswagen of America's move from Auburn Hills, Mich., to Herndon, Va., will begin in April 2008 and be completed by the end of next year, the company said.
It said that 600 of the current 1,400 staff will remain at Auburn Hills in call center and technical services positions, while 400 jobs will be transferred to Virginia. About 150 employees in Michigan are expected to move to Herndon, Volkswagen of America President and CEO Stefan Jacoby said.
The remaining 400 jobs will be cut, the company said.
NEW YORK
Commercial paper volume shows decline
New weekly statistics from the Federal Reserve show that investors for a fourth straight week kept away from the corporate commercial paper market, which in good times is a reliable source of short-term funds for companies.
During the week ended Wednesday, the outstanding volume of commercial paper dropped by $54 billion, or almost 3 percent, to $1.93 trillion, after many companies couldn't find takers for these notes. The decline follows a massive outstanding paper decline of $259 billion, or almost 12 percent, in August.
Asset-backed paper, such as notes backed by mortgages and credit cards, fell by $31.3 billion, or more than 3 percent, to $966.7 billion in the latest week.
NEW YORK
Treasury prices decline amid economic data
Treasury prices plunged Thursday after new data planted the suggestion that a strong economy and persistent inflation could make the Federal Reserve reluctant to drop interest rates.
The benchmark 10-year Treasury note closed down 0.31 points, or $3.12 per $1,000 value in face bonds, at 101.97 points with a yield of 4.50 percent, up from 4.47 percent at Wednesday's close. Prices and yields move in opposite directions.
The 30-year long bond ended 0.31 points lower, or $3.12 per $1,00 in face value, at 103.28 with a 4.79 percent yield, down from 4.84 percent late Wednesday.
