BMW reports strong sales increases in September
FRANKFURT, Germany German luxury automaker BMW says sales rose 6.7 percent in September thanks to stronger demand in the United States and Asia. BMW – which has its North American headquarters in Greer – said Wednesday that sales including its Mini and Rolls-Royce brands rose 18 percent in Asia, supported by a 20.8 jump in China from the same month a year ago. U.S. sales rose 8.3 percent. Sales in Europe’s tough car market barely rose, by 0.7 percent. The European car market has been hard hit by slow growth and high unemployment in the 17-country euro currency union. The company sold 189,675 vehicles worldwide.
Jos. A. Bank rebuffed in bid to buy Men’s Wearhouse
NEW YORK Nothing like getting the brush-off. Jos. A. Bank proposed to acquire its bigger rival Men’s Wearhouse in a $2.3 billion deal that would create a men’s wear juggernaut with close to 2,000 stores. But the leaders at Men’s Wearhouse rejected the offer about two hours after it was disclosed, calling it “opportunistic” and “inadequate.” Jos. A. Bank Clothiers said Wednesday it made the unsolicited proposal in September to buy Men’s Wearhouse for $48 per share in cash, a 42 percent premium.
Wal-Mart scrapping plan to open retail stores in India with partner
MUMBAI, India Wal-Mart Stores said Wednesday it is splitting from its Indian business partner and suspending plans for its own retail stores in India because strict government regulations on sourcing from local small businesses make it impossible. The move by the world’s largest retailer represents a blow to India’s attempts to attract foreign investment in the huge but underdeveloped retail sector. Wal-Mart already runs a wholesaling joint venture in India and will continue that business.
Chinese drywall maker wants court to overturn ruling on defective product that wrecked homes
NEW ORLEANS A Chinese drywall manufacturer has asked a federal appeals court to overturn a judge’s ruling that U.S. courts have jurisdiction over claims that its defective product wrecked thousands of homes. A three-judge panel from the 5th U.S. Circuit Court of Appeals in New Orleans heard arguments Wednesday by lawyers for Taishan Gypsum Co. Ltd. and a group of Virginia homeowners who sued the foreign company. Company attorney Joe Cyr argued there is no evidence that Taishan knew its drywall would be used in Virginia.
The Associated Press contributed.