Page 25 - Aruba Today

BUSINESS A25
Friday 18 September 2015

Wal-Mart says it will hire 60,000 holiday season workers

NEW YORK (AP) — Wal-Mart ployees will have the first pany after the holidays The company hopes to panies are getting ready
says it will hire 60,000 em- choice to pick up addi- ended. improve its customer ser- for the increase in busi-
ployees to meet increased tional hours. Earlier this year Wal-Mart vice with an eye toward ness that comes with
shopping demand over The Bentonville, Arkansas- raised its minimum wage encouraging shoppers to the busy shopping period.
the holiday season. based company also hired to $9 an hour from $7.25, spend more. Retailers Kohl’s Corp. and
The world’s largest retailer 60,000 people for holiday giving a raise to about The company has about Toys R Us and shipping
said Thursday it will have season jobs last year, but 500,000 employees. Wal- 1.4 million workers in the companies FedEx Corp.
more employees in stores says it has more employ- Mart also said it would give U.S. as of Jan. 31. and United Parcel Service
and more registers open ees working more hours in employees more control A spate of companies Inc. all announced their
during peak hours, and it its stores than it did in 2014. over their schedules, im- have disclosed their holi- plans in the last few days.
plans to add department The company says most of prove training and give day hiring plans this week, Shares of Wal-Mart Stores
managers at 3,500 stores. its holiday-season employ- employees more oppor- as Black Friday is about Inc. added 1 cent to $64.70
Wal-Mart says current em- ees stayed with the com- tunities for advancement. 10 weeks away and com- in afternoon trading.q

Europe’s Altice buying Cablevision as it expands in US

The Cablevision pre-market price appears on a screen above the floor of the New York Stock tems Corp. jumped $4.32, recTV.
Exchange, Thursday, Sept. 17, 2015. European telecommunications and cable company Altice or 15.1 percent, to $32.86 Altice SA is controlled by
has agreed to buy New York cable operator Cablevision for $17.7 billion, including debt. in late afternoon trading. founder and French bil-
Altice said the deal will be lionaire Patrick Drahi, who
(AP Photo/Richard Drew) financed with $14.5 billion has a long track record
of debt at Cablevision plus of expanding business-
TALI ARBEL its aggressive expansion in lands-based Altice’s plan cash from both compa- es through aggressive ac-
AP Business Writer the U.S. to broaden its business in nies. Altice said it hopes quisition campaigns.
NEW YORK (AP) — Euro- Altice announced the deal the U.S. It bought Sudden- to complete the deal in At a Goldman Sachs inves-
pean telecommunications Thursday and Cablevision link, a smaller cable com- the first half of next year, tor conference in New York
and cable company Altice said the family-controlled pany based in St. Louis, for though it remains subject on Thursday, Drahi said
has agreed to buy New company considered that $9.1 billion in May after try- to regulatory approval. there is room to improve
York cable operator Ca- “the time is right for new ing to take over the much U.S. cable companies overhead costs at Ca-
blevision for $17.7 billion, in- ownership of Cablevision.” larger Time Warner Cable. have been in a merger blevision and complained
cluding debt, as it pursues The move is part of Nether- Shares of Cablevision Sys- frenzy over the past few the salaries are high at the
years as people increas- company. He added he
ingly drop their TV packag- was committed to hav-
es and watch video online ing a presence in the U.S.
from competitors like Netf- for the long term, and said
lix, while cable companies’ European and U.S. compa-
costs for sports and other nies could learn from each
channels rise. other. The goal is “to bring
Charter Communications, the U.S. (average revenue
backed by cable pioneer per user) to Europe and Eu-
John Malone, is trying to rope’s cost structure to the
buy Time Warner Cable U.S.,” he said.
and Bright House for $67.1 Drahi cut his teeth by set-
billion. That comes after ting up regional cable TV
Comcast walked away operators in France in the
from a combination with mid-1990s that he sold to
Time Warner Cable be- big U.S. corporations. He
cause of regulatory push- then helped the same U.S.
back. AT&T recently closed companies buy up smaller
on a $48.5 billion purchase rivals in Europe before set-
of satellite TV company Di- ting up Altice in 2002.q

Cheaper oil lowers US current account deficit in 2nd quarter

C. S. RUGABER trade in goods and ser- expanded. But the smaller have slowed. The strong first time in nine years. But
AP Economics Writer vices but also investment deficit in the second quar- dollar is another challenge. many analysts believe that
WASHINGTON (AP) — flows. ter contributed to a much It has increased about global financial turmoil,
Cheaper oil imports and Falling oil prices helped faster expansion. 14 percent in value in the spurred largely by weak-
greater U.S. exports low- reduce the value of oil im- The economy grew at a past year compared with er growth in China, may
ered the deficit in the ports, lowering the trade 3.7 percent annual pace overseas currencies. That cause them to hold off until
broadest measure of U.S. deficit to $130 billion from in the April-June quarter, makes U.S. goods more ex- a future meeting.
trade in the April-June $134.3 billion in the first after growth of just 0.6 pensive overseas, and im- U.S. investors and compa-
quarter. quarter. Exports of goods percent in the first three ports cheaper in the U.S. nies also earned more on
The Commerce Depart- and services increased to months of the year. The Federal Reserve is their foreign holdings in the
ment said Thursday that $564.7 billion from $561.7 But the improvement in keeping a close watch on second quarter, the gov-
the current account defi- billion. the current account deficit slowing global growth as it ernment said. The surplus
cit shrank to $109.7 billion, The trade gap was a big may not last. U.S. exporters finishes a two-day meeting on investment income rose
down from $118.3 billion in drag on growth in the first have seen their overseas Thursday. It may decide to to $50.6 billion in the sec-
the first quarter. The current three months of the year, sales struggle as econo- raise the short-term inter- ond quarter from $49.7 bil-
account tracks not only when the economy barely mies from Europe to China est rate it controls for the lion in the first.q