RSS
Today in business: 5 things you need to know
Jay-Z partners with Universal, Herbalife halts trading, and more in our roundup of the business stories that are making news and driving opinion
 
Jay-Z's label, Roc Nation, was founded in 2008.
Jay-Z's label, Roc Nation, was founded in 2008. Andrew H. Walker/Getty Images

1. J.C. PENNEY SHAKEN BY CEO'S FIRING
J.C. Penney shares fell by 2 percent in early trading on Tuesday, after the company's board of directors pushed out CEO Ron Johnson in the middle of his overhaul of the struggling retailer's stores. Penney poached Johnson from Apple 17 months ago, hoping that he could turn the chain around. His renovations and new product lines, such as Joe Fresh, were well received, but his sharp reduction of clearance sales alienated once loyal customers. Penney sales fell by 25 percent in the 12 months ending Feb. 2. Johnson's predecessor, Mike Ullman, is getting his old job back. Retail investors and corporate governance experts harshly criticized the move, saying that Ullman was the one who created the problems Johnson was hired to fix. [Reuters]
………………………………………………………………………………

2. GOOGLE FACES EUROPEAN ANTITRUST COMPLAINT OVER ANDROID
Google's rivals have filed a complaint with antitrust regulators in Europe, accusing the internet search giant of using its Android software "as a deceptive way to build advantages for key Google apps." The complaint, which was filed by Fairsearch Europe, a group of competitors including Nokia and Microsoft, says that Google forces phone makers that use Android to place Google-branded apps, such as YouTube, in prominent positions. The European Union's antitrust chief, Joaquín Almunia, declined to comment on the complaint, but said regulators have been examining Android independently of an inquiry into whether Google had used its internet search dominance to squeeze out rivals. [New York Times]
………………………………………………………………………………

3. HERBALIFE HALTS TRADING
Trading in Herbalife's stock was halted on Tuesday after the California-based nutritional supplement maker's auditor, KPMG, fired a senior partner allegedly linked to an alleged insider-trading scheme. KPMG said the partner had leaked information to a third party, and the tips were used in stock trades involving several West Coast companies. The New York Times is reporting that KPMG is resigning as Herbalife's auditor. [Bloomberg]
………………………………………………………………………………

4. FORD SAYS FOCUS WAS WORLD'S TOP-SELLING CAR LAST YEAR
Ford Motor Co. reported Tuesday that its Focus model was the world's best-selling car in 2012. Ford sold 1,020,410 of the compact cars last year, the company said, citing data from consulting firm Polk. Roughly a quarter of the sales were in China, which has become the world's biggest auto market. Ford launched the Focus in China last March. The company's U.S. sales rose by 40 percent in 2012. [Reuters]
………………………………………………………………………………

5. JAY-Z BECOMES LATEST HIP-HOP MOGUL TO JOIN UNIVERSAL
Universal Music Group announced Tuesday that it's partnering up with Roc Nation, the label hip-hop superstar Jay-Z founded in 2008 as part of a $150 million deal with concert promoter Live Nation. The deal marked a win for Universal over Sony Music, which had been distributing Roc Nation's music. Jay-Z has more No. 1 albums — 11 — than any other solo artist. Now that Universal, the world's largest record company, has him on board, it has all five of hip-hop's wealthiest stars — Diddy, Jay-Z, Dr. Dre, Birdman, and 50 Cent — on labels under its umbrella. [Forbes]

 
Harold Maass is a contributing editor at TheWeek.com. He has been writing for The Week since the 2001 launch of the U.S. print edition. Harold has worked for a variety of news outlets, including The Miami HeraldFox News, and ABC News.

THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER

Subscribe to the Week