Elon Musk, Tesla Motors CEO, tells the Reuters Global Tech Summit that he'll talk to politicians who back local car dealers trying to keep Tesla from selling directly to consumers. Video
TOKYO/SYDNEY - Asian markets buckled badly on Thursday after the Federal Reserve heralded an eventual end to free money and China turned the screw on credit even as factory activity in the world's second largest economy hit a nine-month low.
DETROIT - A new company hopes to make the car-buying process easier for consumers and more efficient for dealers by bringing cars to buyers for test drives, avoiding the need to spend hours at a dealership.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Best Buy CEO eyes bankrupt retailer locations
DAVOS, Switzerland |
DAVOS, Switzerland (Reuters) - U.S. electronics retailer Best Buy Co could take advantage of bankruptcies in the sector by snapping up vacant store locations, but remains cautious as consumer spending continues to slide.
"We are looking at some of those (stores), but our first priority is to stay cash strong," Chief Executive Brad Anderson told Reuters on Thursday, on the sidelines of the World Economic Forum in Davos, Switzerland.
"We would be more cautious than we would (be) in most environments and take advantage of less of that than we would have a year or two ago," Anderson, who plans to retire in June, said.
Best Buy's top competitor, bankrupt Circuit City Stores Inc , said earlier this month it would liquidate its assets and shutter hundreds of U.S. stores after failing to reach a deal to sell itself.
On the subject of the U.S. economy, Anderson said he thought "we are probably close to a bottom," but sees the "risk of another real estate move down."
Consumer spending, he said, could see "a little further drift down as we go into the year."
On Wednesday, Best Buy said it would begin involuntary layoffs at its Minneapolis headquarters in an effort to cut costs.
The move follows similar actions at retailers across the United States as a deepening recession and soft housing market pressure consumer wallets.
(Reporting by Nichola Groom; editing by Simon Jessop)
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