Business news briefs: H&M clothier pulls 'offensive' headdress

Share with others:

Print Email Read Later

H&M clothier pulls 'offensive' headdress

Swedish fashion chain H&M stores across Canada have pulled faux feather headdresses from their shelves after receiving complaints the items are offensive to aboriginals. A Toronto-based spokeswoman for the Swedish chain said Friday that the hair pieces -- patterned head bands with bright pink and purple flowers -- were part of the company's summer music festival collection called "H&M Loves Music."

Apple wins U.S. import ban over Samsung

Apple Inc. won an order against Samsung Electronics Co. that prevents U.S. imports of devices that infringe two Apple patents, a victory that may nonetheless have limited impact on their global fight. Some Samsung devices infringe two Apple patents for multitouch features and headphone jack detection, while newer devices work around those patents, the U.S. International Trade Commission said in a notice posted on its website Friday. The trade agency cleared Samsung of infringing patents for the design of the iPhone. The ruling is unclear how many of Samsung's phones would be affected by the import ban, which is subject to review by the Obama administration. Samsung can import all of its phones during that review period, while Apple can argue to U.S. customs officials that Samsung's new models copy the inventions. Apple says Samsung products emulate the iPhone's unique look and features.

American Greeting goes private

The card company American Greeting is no longer trading on the New York Stock Exchange after being taken private by the family that has run the company for more than a century. The Weiss family said it would acquire the Cleveland company in April, along with a group of investors. The deal, which closed Friday, values the company at about $580 million, or $878 million including assumed debt and the settlement of stock options.

Amid Cohen criminal case, SEC delays civil action

The Securities and Exchange Commission is delaying its civil action against billionaire hedge fund manager Steven A. Cohen while federal prosecutors' criminal case against his firm, SAC Capital Advisors, proceeds. The chief administrative law judge at the SEC, Brenda Murray, had been scheduled to hear the agency's case against Mr. Cohen later this month. But she ruled Thursday to grant the Justice Department's request for a delay. The SEC filed the action July 19 against Mr. Cohen, alleging he failed to prevent illegal insider trading by some portfolio managers at SAC Capital, one of the biggest U.S. hedge fund companies.

Seamless, GrubHub complete merger

Rival online takeout services Seamless North America and GrubHub have completed their combination into one company. The new company will operate under the name GrubHub Seamless, continue to include both brands and cover about 25,000 restaurants. Financial terms of the deal were not disclosed. Online takeout ordering services such as Seamless and GrubHub operate by signing contracts with restaurants to list themselves on the websites.



Create a free PG account.
Already have an account?