WASHINGTON - The Federal Reserve's monetary stimulus is helping the U.S. economy recover but the U.S. central bank needs to see further signs of traction before taking its foot off the gas, Fed Chairman Ben Bernanke said on Wednesday.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
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.
Wyndham buys Shell Vacations for $102 million
(Reuters) - Hospitality company Wyndham Worldwide (WYN.N) said one of its units has bought privately held vacation company Shell Vacations LLC for $102 million in cash.
Wyndham Vacation Ownership will also assume $153 million of Shell Vacations' debt.
Shell Vacations, founded in 1978, manages 19 resorts in North America.
The deal is expected to add to Wyndham's earnings immediately.
Shares of the Parsippany, New Jersey-based company closed at $53.97 on the New York Stock Exchange on Thursday.
(Reporting by Mridhula Raghavan in Bangalore; Editing by Sreejiraj Eluvangal)
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