CBL tileCBL raises dividend 8.2 percent
CBL & Associates Properties Inc. will raise its dividend 8.2 pecent in January for shareholders of record as of Dec. 30.
The Chattanooga-based shopping center firm on Thursday announced that its board of directors has declared a quarterly cash dividend of 26.5 cents per share for the quarter ending December 31.
The increased quarterly dividend represents an annualized dividend rate of $1.06 per share compared with the previous annualized dividend rate of 98 cents per share.
CBL is one of the largest owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 148 properties, including 89 regional malls/open-air centers. Hamilton Place mall and Northgate Mall are among its holdings.
Judge sticks to BP gross negligence ruling
A federal judge in New Orleans is sticking to his ruling that said BP's conduct in the 2010 Gulf of Mexico oil rig disaster amounted to "gross negligence." It could mean close to $18 billion in federal penalties for the oil giant.
U.S. District Judge Carl Barbier on Thursday rejected BP's call to either amend his Sept. 4 judgment or hold a new trial on the issue.
BP attorneys filed a motion in October arguing that Barbier's ruling was based on expert testimony that had been excluded from the earlier trial.
Barbier disagreed in an 11-page ruling that included excerpts from the testimony. Barbier said there was no basis for BP's claim that the testimony was unfair or prejudicial.
Oil prices drop to 4-year low
The price of oil took another sharp tumble Thursday as it appeared increasingly unlikely that OPEC members will cut production to reverse a plunge that is entering its fifth month.
The lower oil prices are squeezing the revenue and profit of oil companies, but are still expected to give a lift to the U.S. economy because airlines, shippers, and consumers are paying much less for fuel.
"Gasoline is an input to almost everything that is made in this economy," said Michael Noel, an economist at Texas Tech University.
Benchmark U.S. crude fell $2.97, or 4 percent, to close at $74.21 Thursday afternoon. It is down 31 percent since late June to its lowest level since September of 2010.
Brent crude, a benchmark for international crudes that is closely correlated with the price of gasoline in the U.S., fell $2.46 to close at $77.92, also its lowest level in four years.
Amazon, Hachette end dispute
One of publishing's nastiest, most high-profile conflicts, the monthslong standoff between Amazon.com and Hachette Book Group, is ending.
Amazon and Hachette announced a multiyear agreement Thursday. With e-book revenues reportedly the key issue, Amazon had removed pre-order tags for Hachette books, reduced discounts and slowed deliveries, hurdles that should be gone well before the crucial holiday shopping season.
"This is great news for writers," Hachette CEO Michael Pietsch said. "The new agreement will benefit Hachette authors for years to come. It gives Hachette enormous marketing capability with one of our most important bookselling partners."
The agreement takes effect early next year. Restrictions on Hachette books are being lifted immediately, according to the announcement, although delays on Carlos Santana's "The Universal Tone," J.D. Salinger's "Nine Stories" and other works remained in place two hours after the news broke.
Amazon.com warehouse in Goodyear, Ariz. (AP Photo/Ross D. Franklin)David Naggar, an Amazon vice president, said the company was pleased that the agreement "includes specific financial incentives for Hachette to deliver lower prices, which we believe will be a great win for readers and authors alike."
Under the new agreement, Hachette will set prices for e-books, "and will also benefit from better terms when it delivers lower prices for readers."
Hachette sales on Amazon.com, the country's biggest bookseller and dominant e-book seller, had dropped sharply. Amazon, meanwhile, issued a disappointing earnings report last month, although the impact of Hachette books was unclear.
Douglas Preston, a Hachette writer who had organized a public campaign against Amazon, wrote in an email Thursday that he was relieved by the news and hoped that "if disagreements arise in the future between Amazon and publishers, Amazon will never again seek to gain leverage by sanctioning books and hurting authors."
Hachette was among five publishers sued in 2012 by the U.S. Justice Department for allegedly fixing e-book prices. The publishers, who had worried that Amazon was charging too little for e-books, settled and were required to negotiate new deals with Amazon and other retailers.
Mortgage rates drop to 4.01 percent
Average U.S. long-term mortgage rates edged lower this week, approaching their lows for the year. The benchmark 30-year loan rate hovered near 4 percent.
Mortgage company Freddie Mac said Thursday the nationwide average for a 30-year mortgage slipped to 4.01 percent from 4.02 percent last week. The 30-year rate, which stood at 4.53 percent back in January, now is close to its 52-week low of 3.92 percent.
The average for a 15-year mortgage, a popular choice for people who are refinancing, ticked down to 3.20 percent from to 3.21 percent.
Jobless claims climb to 290,000
More people sought U.S. unemployment benefits last week, but the increase wasn't sharp enough to disrupt the job market's positive momentum.
The Labor Department said Thursday that weekly applications rose 12,000 to a seasonally adjusted 290,000. The four-week average, a less volatile measure, increased 6,000 to 285,000, up slightly from what had the lowest average in more than 14 years.
Applications are a proxy for layoffs. The four-week average has plunged 17.2 percent in the past year, a sign that businesses feel more confident about their prospects, are holding onto workers and potentially looking to amplify hiring.
Thursday's report marked the ninth straight week of applications below 300,000. That level suggests to economists that the steady gains in jobs this year should continue.
Declining layoffs have been matched by a substantial increase in hiring. Employers added 214,000 jobs last month as the unemployment rate slid to 5.8 percent from 5.9 percent, the Labor Department said last week.