GM Cuts Korean Jobs, Penney’s Shares See Takeover Chatter: Consumer Business Report

Reuters reports that the General Motors Company’s (NYSE:GM) South Korean division will decrease the number of its employees there via a “voluntary retirement” plan. Although a total number of reductions was not released, the plan is available to its 7,000 office workers, say sources.

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The United Kingdom’s pay-telly major British Sky Broadcasting (BSYBY.PK) announced on Tuesday that it has raised $800 million in a debt agreement that affords it capital for general corporate purposes and the refinancing of its existing debt under more attractive conditions along with possible purchases. Rupert Murdoch’s News Corporation (NASDAQ:NWS) holds a 39 percent interest in Sky.

Shares of J.C. Penney & Co. (NYSE: JCP) closed up almost 3 percent on the day as chatter raged on in regards to a possible takeover. Some observers think that there is no credability in the rumors, but shares behaved as if there is.

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