Port strike averted
New York City — A federal mediator announced Friday that the union for longshoremen along the East Coast and Gulf of Mexico has agreed to extend its contract for 30 days.
The extension averts a potential strike that could have crippled operations at ports that handle about 40% of all U.S. container cargo, and it comes after the union and an alliance of port operators and shipping lines resolved a royalty payment issue that had held up contract resolution. Exact terms have not been made public.
Negotiations will continue until at least midnight on Jan. 28. Some important contract issues remain to be resolved, but the head of the Federal Mediation and Conciliation Service, George Cohen, said the agreement on royalties was "a major positive step forward."
Report: U.K. holiday shopping outpaces last year
London — A report released Thursday by the International Council of Shopping Centers and Path Intelligence showed that U.K. consumers stepped up their pace of holiday shopping over the week ended Dec. 23.
The Path Index—which melds shopping-center footfall and the time spent per visitor into a shopper-hours index—rose by 7.9% from the prior week to its highest reading of 2012 at 151.3 (January 8, 2012 = 100) for the period ending Sunday, Dec. 23.
The index also was 1.4% higher than the comparable week of 2011 and was the highest reading since the index inception in January 2011.
Cumulatively and compared to the prior year for the weeks of December to date, the Path Index is 3.8% below its average shopper-hours for the comparable weeks. However, given that Christmas Eve afforded consumers one-more day of shopping—even though retail centers generally close earlier than normal on Christmas Eve—that business will be captured in the index for the week ending December 30.
Barnes & Noble holiday sales miss, sells 5% stake in Nook
New York City — Barnes & Noble reported Friday that its holiday sales will likely miss internal projections as its Nook e-reader performed worse than expected during the holiday selling period.
The book seller also disclosed on Friday an investment by London-based media and education company Pearson of $89.5 million in cash in the e-reader subsidiary, representing a 5% equity stake.
Pearson joins Microsoft Inc. as an investor in the Nook subsidiary.
The deal grants Pearson the ability to purchase another 5% of Nook Media and Nook will distribute Pearson content.