Estimated read time: 2-3 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Stocks are down on Wall Street, following sharper drops in Europe and Asia as Greeks overwhelmingly voted to reject terms of the country's latest bailout package. U.S. government bond prices rose as investors sought safe places to park money. Oil drillers and other energy companies fell as the price of oil dropped 6 percent. The market declines weren't as bad as many had feared. Analysts are crediting that to the resignation of the Greek finance minister, which might help bailout talks resume. The International Monetary Fund says it will help the country if asked.
UNDATED (AP) — Credit ratings agency Fitch says Greece's 'no' vote in Sunday's austerity referendum "dramatically increases" the risk of the country leaving the eurozone. Fitch says a deal between Greece and its creditors remains possible but that there's little time. The agency says the resignation of Finance Minister Yanis Varoufakis signals the Greek government's desire to again start talking with its creditors. Meantime the leaders of Germany and France-- the Eurozone's two largest economies -- say the door remains open to negotiations to keep Greece in the eurozone.
NEW YORK (AP) — Seritage Growth Properties, the real estate spinoff of Sears Holdings Corp., has made its debut on the New York Stock Exchange and raised about $1.6 billion from the offering. Sears, which is dealing with slumping retail sales, formed the real estate investment trust (REIT) to extract more revenue from its properties. It plans to sell and lease back about 235 properties to the REIT. The company is one of several retailers and chain restaurant operators choosing this strategy as real estate prices gain ground.
ATLANTIC CITY, N.J. (AP) — Atlantic City's efforts to recapture some of the tourism dollars it's lost to casino competition in recent years finally appear to be working. Over the past nine years, the city's casinos have doubled down on expensive investments that have nothing to do with gambling-- like additional hotel towers, restaurants, pools, spas and nightclubs. Now, cash sales at non-gambling outlets within casinos represent 28.5 percent of revenue, up from 22.3 percent two years ago. Bars have increased their payrolls by nearly 39 percent in the past two years.
OMAHA, Neb. (AP) — Investor Warren Buffett has given more than $2.8 billion worth of Berkshire Hathaway stock to five charities as part of his plan to gradually give away his fortune. Buffett, Berkshire's chairman and CEO, says he made his annual gifts last week. He's has been giving away blocks of Berkshire stock since 2006 with the biggest share going to the Bill and Melinda Gates Foundation.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
