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Sears chairman prevails in bankruptcy auction for retailer with $5.2 billion bid: sources

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NEW YORK Sears Holdings Corp Chairman Eddie Lampert prevailed in a bankruptcy auction for the U.S. department store chain with an improved takeover bid of roughly $5.2 billion, allowing the 126-year-old retailer to keep its doors open, people familiar with the matter said Wednesday.

U.S. start-up CommonGrounds raises $100 million, unveils 'hackable' shared office

NEW YORK CommonGrounds, a California start-up trying to carve out a niche in the crowded flexible workspace sector with movable office walls, has raised $100 million from three investors, including the Emirati developer of Dubai's Burj Khalifa, the world's tallest skyscraper.

8:02am EST

Bank of England sees UK current account risk from Brexit

LONDON The Bank of England warned on Wednesday that Britain's large current account deficit remained a big risk ahead of Brexit, and that a jump in sterling after parliament crushed Prime Minister Theresa May's Brexit plan should not give too much comfort.

7:17am EST

Vacant offices plus housing crunch: U.S. cities try to solve a riddle

WASHINGTON (Thomson Reuters Foundation) - From his office in downtown Washington, D.C., half a mile from the White House, architect Michael Wiencek can see something most people cannot: vacancies.

7:07am EST

Marketing spending growth hits wall at UK companies on Brexit fears: survey

A six-year run of marketing spending growth at British companies ended in the final quarter of 2018 as uncertainty over Britain's impending exit from the European Union led companies to clamp down on costs, a survey showed on Wednesday.

5:15am EST

Exclusive: Modi's party wants expansionary economic policy ahead of India election

NEW DELHI Indian Prime Minister Narendra Modi's ruling party is in favor of an expansionary economic policy and does not consider the government's plan to keep the fiscal deficit to 3.3 percent of GDP as "sacrosanct", a party spokesman told Reuters.

4:10am EST

London's blue chip stocks fall as pound weighs after Brexit vote defeat

LONDON Britain's blue chip stocks were lower in early deals as the stronger pound pushed multinationals lower after Prime Minister Theresa May's deal to leave the European Union suffered an overwhelming defeat and weak results from Pearson weighed.

4:08am EST

In Asia's space-starved cities, urban planners bring 'dead' land to life

BANGKOK (Thomson Reuters Foundation) - Urban planners and authorities in fast expanding Asian cities are increasingly turning to unused land underneath bridges, flyovers and viaducts to create much-needed public spaces.

2:10am EST

Snap CFO Tim Stone to resign, shares drop 8 percent

Chief Financial Officer Tim Stone will be leaving Snap Inc less than a year after taking the job, the company said on Tuesday, the latest in a string of executive departures from Snap over the past year.

Jan 15 2019

Ralph Winter office to invest $300 million in Medici U.S. shared housing

NEW YORK Medici Living Group said on Tuesday the family office of German real estate investor Ralph Winter has agreed to invest $300 million over three years to develop 1,300 U.S. units of Medici's Quarters brand of shared housing for young professionals.

Jan 15 2019