Volvo's sale to firm from China done
BEIJING -- Geely Holding Group completed its acquisition of Ford Motor Co.'s Volvo unit Monday in a $1.5 billion deal that gives the small-but-ambitious Chinese automaker a global brand and huge management challenges.
The legendary Swedish automaker is China's biggest foreign auto acquisition and an unusually large deal for a private Chinese company.
Analysts say Geely, barely known abroad, will face a struggle in integrating the two corporate cultures and turning around Volvo Cars, a perennial money-loser in a country with strong labor unions.
Geely agreed in March to buy Volvo from Ford, which sold its European brands to raise cash and focus on its core units.
Ailing Newsweek lines up purchaser
NEW YORK -- The Washington Post Co. is selling Newsweek magazine to Sidney Harman, the 91-year-old founder of audio equipment maker Harman International Industries. The sale marks the close of a nearly 50-year chapter for Newsweek as part of the Post Co.
The magazine has been struggling to find a profitable niche amid poor economic conditions and a flood of online competition. Declines in circulation and advertising led to a nearly $30 million loss in 2009, and Newsweek expects to lose money again this year. Harman has pledged to keep most of the magazine's staff.
Boeing to move 2 Calif. units to Okla.
OKLAHOMA CITY -- Boeing Co. says it is relocating two programs from Long Beach, Calif., to Oklahoma City, a move expected to bring 550 engineering jobs to the state.
Boeing is moving its C-130 Avionics Modernization program to Oklahoma City beginning in the first quarter of 2011. The move of the B-1 program is expected toward the end of 2012.
MM&U Vice President and General Manager Mark Bass said the relocation will help Boeing "provide a more competitive cost structure for customers."
Comcast, CBS ink 10-year show deal
NEW YORK -- Comcast Corp. has locked in access to CBS Corp. programming for the next decade and will be able to expand on-demand access to the company's shows in a deal announced Monday.
The agreement is unusual because most of these agreements between broadcasters and cable TV providers are negotiated every few years.
The deal, which covers the CBS television network, Showtime Networks and the CBS College Sports channel, could head off the kind of dispute that flared earlier between the Fox television network and Time Warner Cable.
That dispute left millions of people wondering if they'd be able to see a college football bowl game and other shows. Only a last-minute deal kept Fox programming on Time Warner's slate of channels.
Vehicle maker gets $19.9M work order
Armored-vehicle maker Force Protection Inc. has received a $19.9 million modification to an existing contract for upgrades and maintenance services on its Cougar blast-resistant trucks.
The Ladson-based company said the work will be performed in Afghanistan, Kuwait and the continental United States by August 2011.