IN BRIEF
ATLANTIC CITY
Caesars technicians OK bid to unionize
Slot technicians at Caesars Atlantic City casino have approved a bid to unionize.
The technicians voted 20-11 on Thursday to join the United Auto Workers, the union said.
"Workers are standing up for a voice in the workplace all across Atlantic City, and our union is excited to support their efforts," said Joe Ashton, director of UAW Region 9, which includes New Jersey.
Caesars issued a statement saying it recognized the technicians' wishes for union representation. "We look forward to building a strong relationship with their chosen representation as we negotiate on a collective bargaining agreement," the statement said.
ATLANTA
Home Depot may cut price in sale of unit
Home Depot and a group of private equity firms are discussing cutting the $10.3 billion price on the company's proposed sale of its wholesale distribution business by about $1 billion, a person with knowledge of the situation said Friday.
Talks were continuing Friday on terms of the sale, which was to have been completed on Thursday.
The person said Home Depot has made it known to the buyers that it is willing to lower the price that was agreed to in June, but it was still unclear whether the banks backing the buyers were willing to fund the transaction even at the lower price.
A company spokeswoman declined to comment Friday on any aspect of the talks.
SAN FRANCISCO
Gap earnings increase 19 percent in quarter
The Gap is back -- almost.
That's what executives at the San Francisco-based retailer are saying midway through a top-to-bottom restructuring, changing everything from the CEO to colors of their trademark jeans.
After seven straight quarters of earnings erosion, Gap reported after the markets closed Thursday that its second-quarter profit surged 19 percent. Net earnings for the quarter ended Aug. 4 were $152 million, or 19 cents per share, compared with $128 million, or 15 cents per share, in the year-ago period.
India truck company seeks luxury brands
Tata Group, the parent of India's largest truck and bus maker, wants to buy Ford Motor Co.'s Land Rover and Jaguar luxury brands, Chairman Ratan Tata confirmed.
"We certainly have an interest in that," Tata said in an CNN-IBN television interview, excerpts of which were released Friday. The interview is set to air in two parts Sunday and Monday.
Tata Motors Ltd. previously declined to comment on reports that the group has bid to buy the two U.K.-based brands. The purchase of the luxury nameplates would increase the global reach of Tata Motors, India's third-biggest carmaker, and curb its reliance on the domestic market, Tata said in the interview.
Ford Executive Vice President Lewis Booth, supervising the U.S. automaker's efforts to sell the two brands, said Thursday that the company won't announce a sale until after September. Ford received preliminary proposals last month and is continuing discussions with bidders it didn't identify.
WILMINGTON, Del.
Mortgage group dumps $519 million in loans
American Home Mortgage Investment Corp. on Friday agreed to hand over servicing rights to $519 million worth of mortgages to Morgan Stanley, the lender that owns them.
A last-minute settlement headed off a showdown between American Home, which filed for Chapter 11 protection Aug. 6, and Morgan Stanley, one of its former Wall Street backers.
Morgan Stanley and other exiting financiers took action in bankruptcy court to try to force American Home to loosen its grip on the customer files and cash collected on their loans.
The financiers invoked new bankruptcy laws and new deal forms that allow them to reclaim mortgage loans funded with their money without waiting for the end of a Chapter 11 proceeding.
CHARLOTTE, N.C
Krispy Kreme shuffles executive positions
Krispy Kreme Doughnuts shuffled executive slots and said Friday it would realign its franchise and company store operations, a move that should help the doughnut maker improve sales and cut costs.
Executive Vice President of Operations Jeff Jervik will leave the company, effective Sept. 1.
Jeff Welch will become senior vice president and general manager of global franchise operations and development. Welch helped Krispy Kreme's international franchise expansion in 10 countries.Steve Lineberger will become senior vice president and general manager of U.S. company operations. Lineberger has been heading the company's growth initiative.
The realignment will affect mostly the company's support center in Winston-Salem, where Krispy Kreme is headquartered.
DETROIT
GM says tests show rise in fuel economy
General Motors Corp. says it is testing a new combustion process that could increase fuel economy in conventional engines by up to 15 percent.
The announcement comes as fuel economy has become a increasingly important issue as gasoline prices have risen. Foreign automakers have captured a bigger share of the U.S. market in part by emphasizing fuel efficiency.
The process GM is testing, called homogeneous charge compression ignition, approaches the fuel efficiency of a diesel engine without the need for advanced pollution controls, the company said in a statement.
It is being tested in two drivable concept vehicles, a Saturn Aura and an Opel Vectra, and was to be shown to reporters Friday at GM's proving ground in Milford.
NEW YORK
Treasury prices decline; yield curve flattens
After another volatile week, shorter-term U.S. Treasury bond prices fell Friday, with the yield curve flattening sharply, as the government bond market's safe appeal faded amid stronger data.
At 5 p.m. EDT, the 10-year Treasury note was up 63 cents per $1,000 in face value, or 0.06 points, from its level at 5 p.m. Thursday. Its yield, which moves in the opposite direction, fell to 4.62 percent from 4.63 percent.
The 30-year bond rose 0.66 point. Its yield fell to 4.89 percent from 4.93 percent.
