Business

Business In Brief - November 14, 2007

Dolce Lusso to host after hours event

FORT MILL -- Dolce Lusso Salon & Spa will host the York County Regional Chamber of Commerce's monthly business after hours event from 5:30 to 7:30 p.m. Thursday at 985 Market St., Suite 102 in Baxter Village.

Chamber members are invited to attend the holiday-themed networking event. Reservations are not required.

For more information, call Trina Ricks at the chamber office, 324-7500.

Chamber to open Tega Cay office today

TEGA CAY -- The York County Regional Chamber of Commerce is hosting a grand opening and ribbon-cutting at 4 p.m. today to celebrate the new Tega Cay office.

The office is located at 1741 Gold Hill Road in the South Lake Center. Light refreshments will be served. The Tega Cay Area Council of the York County Regional Chamber is sponsoring the event. For more information, call Pat Pardue at 324-7500.

BofA plans to take $3 billion writedown

CHARLOTTE -- Bank of America said Tuesday it will take a $3 billion debt-related writedown in the fourth quarter and warned its losses could grow, adding to fears the nation's housing and mortgage-lending slump might exact a greater toll than in the wretched third quarter -- when industrywide writedowns topped $40 billion.

The Charlotte-based bank said it also will spend about $600 million to support a group of its money market funds because of "uncertainty around the value" of the funds' investments.

Of specific concern are the funds' holdings in structured investment vehicles, which use borrowed money to make risky but potentially high-yielding investments.

Arby's owner bids to buy Wendy's

DUBLIN, Ohio -- Billionaire investor Nelson Peltz submitted an offer to buy Wendy's International, but the proposed price is below what he previously said the nation's third-largest hamburger chain is worth, according to a regulatory filing Tuesday.

Peltz's Triarc, which owns fast-food chain Arby's, submitted the bid Monday, according to the filing by Peltz's hedge fund, Trian Fund Management LP. In April, Wendy's formed a committee to look at ways the company could boost its stock price, including a possible sale.

In July, Triarc offered to buy Wendy's for $37 to $41 per share, or $3.2 billion to $3.6 billion. The filing said Triarc's proposed price is below the range indicated over the summer.

Wal-Mart earnings beat expectations

BENTONVILLE, Ark. -- A year after its worst holiday sales season ever, Wal-Mart may rebound to have a good season after finding the right mix of merchandise and marketing to complement its return to a focus on low prices.

A whiff of this already showed up when the retailer posted third-quarter earnings Tuesday of $2.86 billion, an 8 percent rise that beat Wall Street expectations.

Home Depot profits drop 26.8 percent

ATLANTA -- A persistently bleak housing environment forced The Home Depot to diminish its financial outlook Tuesday as the nation's largest home improvement store chain posted a 26.8 percent drop in third-quarter profits.

Despite the news, the Atlanta-based company's stock climbed more than 2 percent.

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