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High room occupancy and strong demand in the U.S. and new properties in China and India help boost InterContinental Hotels Group’s (NYSE:IHG) Q2 net profit by 39 percent to $121 million and revenues by 3.3 percent to $469 million with average revenue per room up 6.1 percent; to repurchase shares worth $500 million starting Q4 and announces a special dividend of $500 million.
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“New GM intends to participate in the trial of the claims objection to the extent required to protect and preserve the sale order,” say lawyers of GM (NYSE:GM) regarding a $3 billion lawsuit over an important transaction over inter-company loans that helped save the company; a trust for holders of notes in an old, bankrupt part of the company, now called Motors Liquidation, seeks to have a $2.67 billion claim and a $367 million payment negotiated for the holders from hedge funds that include Fortress Investment Group (NYSE:FIG); according to GM, this could “threaten to disturb” the transaction.
AT&T (NYSE:T) strikes a tentative, three-year labor deal covering billing and utility operations with its CWA union in the Southeast region for 22,000 wireline workers – the agreement includes increases in salary and pensions; talks are in progress with the East and West regions over wireline contracts that expired April.
DreamWorks Animation (NASDAQ:DWA) hopes to build on its hit Kung Fu Panda films and rapidly growing film market in China by building a 20 billion yuan ($3.14 billion) theme park in Shanghai through a JV with Chinese partners; due to open in 2016, it will include a $350 million movie studio.
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