cut 1,100 jobs
Supervalu is eliminating about 1,100 positions nationwide, or about 3 percent of its workforce, less than a week after it completed the sale of five of grocery chains. The supermarket operator said cuts will occur at nearly all company offices and across most departments but there will be more emphasis on eliminating corporate and store support center positions.
Sales of new homes fell 4.6 percent to a seasonally adjusted annual rate of 411,000 in February after climbing to 431,000 a month earlier, the strongest pace since September 2008. While sales remain below the 700,000 level considered healthy, the housing recovery is gaining strength with sales still 12.3 percent higher than a year ago. Steady job creation and record-low mortgage rates are spurring sales.
Feds to Citi: Beef
up your controls
The Federal Reserve has ordered Citigroup to improve its plans for preventing money laundering. The Fed said Citi agreed to fix "deficiencies" in its anti-money laundering controls. The bank has two months to submit a written plan addressing steps such as policies and funding for personnel.
Banks across Cyprus remain firmly padlocked after financial authorities extended the country's bank closure, fearing worried depositors will rush to drain their accounts. The shut-down is hammering businesses, which have been without access to their funds for more than a week.
Revel casino files
for Chapter 11
Atlantic City's only smoke-free casino, Revel, has filed for Chapter 11 bankruptcy and as part of its reorganization plans to allow smoking on the gambling floor. The $2.4 billion resort was the only non-smoking casino in town, but that prohibition was seen as one of the reasons it got into trouble. It listed $1.1 billion in assets and $1.5 billion in liabilities.
Yahoo is strengthening its capabilities on smartphones and tablets. It has agreed to buy a top-selling mobile application developed by 17-year-old British entrepreneur Nick d'Aloisio. The app, Summly, works by condensing content so readers can scroll through more information more quickly useful for the small screens of smartphones.