Money

Panasonic said Monday it would buy Hussmann, a US-based food refrigeration systems company, for $1.54 billion as part of its drive to expand in the US food retail sector. Missouri-based Hussmann, which would become a fully-owned subsidiary of Panasonic, makes and maintains refrigerated display cases used in supermarkets. “This agreement will allow Panasonic to expand its display case business and ... Read More »

Spain’s El-Gordo lottery, one of the biggest in the world, is set to pay out more than 2 billion euros in prizes on Monday night. Long lines formed Saturday as people hoped to buy a winning share in Spain’s Christmas lottery, known as El Gordo (the Fat One), which will hand out 2.24 billion euros ($2.43 billion). Read More »

The Canadian dollar plunged below 72 cents U.S. for the first time since May 2004 on Thursday, and forecasters expect the slump to continue. The value of the Canadian dollar has been hurt by a number of factors, many related to the strength of the American dollar as well as weak global market conditions for key commodity exports, including oil. Read More »

Hilcorp has given each of its employees a $100K bonus this year. Employees of this Houston company are having a very merry holiday season. Everyone at Hilcorp — all 1,381 employees — received a $100K Christmas bonus, according to KDFW. “It’s just a true gift,” receptionist Amanda Thompson told the station. Read More »

Canadian household debt compared to income rose to a record in the third quarter as the rate of borrowing outpaced growth in disposable income, data from Statistics Canada showed on Monday. The latest set of figures likely reinforce concerns government and central bank officials harbor about the risk posed to the economy by high levels of consumer debt. Read More »

Interest rates have fallen throughout 2015, making borrowing more attractive, and Canadian households have responded by increasing debt levels to an all-time high. Statistics Canada says household debt in the third quarter hit record highs rising to 163.7 percent. Put in real terms the average household has about $1.64 in debt for every dollar of disposable income. Read More »

Urban Outfitters, purveyors of skinny jeans and casual beanies, announced this morning it had acquired a majority of The Vetri Family group of restaurants. One of the city’s most well-regarded chefs, Marc Vetri and his business partner Jeff Benjamin established the restaurant group, which includes Pizzeria Vetri, Osteria, Amis, Alla Spina, Vetri and Lo Spiedo, which is located in the ... Read More »

Education Management Corp.’s new CEO hopes Monday’s settlement of federal charges will help the for-profit education company move forward. The Education Management Corporation will pay $95.5 million to settle a 2007 lawsuit asserting that it illegally received federal student aid by paying admissions recruiters on the basis of how many students they enrolled while lying about it to the Education ... Read More »

The rare and flawless Blue Moon Diamond has sold for $48.4 million to a buyer from Hong Kong, setting a world record for the sale of a gemstone at auction. The 12.03-carat “Blue Moon” diamond, set in a ring, was said to be among the largest-known fancy vivid blue diamonds and was the showpiece gem at the Sotheby’s jewelry auction. ... Read More »

US-based discount retailer Target is closing 13 stores across the US due to reduced profitability over the past few quarters. Following months of layoffs and a bungled Canadian expansion—and two years after a massive customer credit card data breach—the company has decided to close 13 stores, including locations in Austin, Texas; Columbus, Ohio; Louisville, Kentucky; and Milwaukee, Wisconsin. This follows ... Read More »

One of Canada’s largest telecommunications companies will slash its workforce. Vancouver-based Telus will cut 1,500 positions to save an estimated $125 million per year. “While TELUS is one of the largest and most important infrastructure investors in Canada and has established a track record for leveraging these capital decisions, the generational investments we make also come with parallel investments in ... Read More »