Today in business: 5 things you need to know

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last updated 11 January 2015

1. KROGER FORKS OUT $2.4 BILLION FOR HARRIS TEETER

The Kroger Company grocery chain has agreed to buy Harris Teeter Supermarkets for $2.4 billion, or $49.38 per share, and $100 million in debt. With 212 supermarkets across the Southern and Mid-Atlantic states, Harris Teeter will give Kroger a greater presence in a region touted for "high-growth markets, vacation destinations, and university communities," according to a company statement. [Forbes]

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Data service Thompson Reuters is suspending the practice of releasing consumer confidence survey information early to clients who pay extra. New York State Attorney General Eric T. Schneiderman has been investigating the practice, in which some high-speed traders pay to receive potentially market-moving data two seconds before competitors. Schneiderman said Monday, "The securities markets should be a level playing field for all investors and the early release of market-moving survey data undermines fair play in the markets." [The Los Angeles Times]

In a summer update to its World Economic Outlook, The International Monetary Fund said it expects a 3.1 percent rise in global GDP, down from the 3.3 percent it originally predicted in April. The organization's lead economist Oliver Blanchard attributed some of the change to U.S. policy, rapping Congress for moving too quickly to reduce the budget deficit. "If fiscal consolidation had been weaker, then growth in the US would be substantially higher," he said. [The Washington Post]

Late Monday night, NASDAQ announced that Tesla Motors will be joining its NASDAQ-100 Index, as well as the NASDAQ-100 Equal Weighted Index, replacing Oracle, which will move to the New York Stock Exchange. The NASDAQ-100 is a modified list of 100 of the largest non-financial companies listed on the NASDAQ. Though Tesla is the best-performing automotive stock in the world this year, joining the list is still unique for such a young company. Stocks rose 3.08 percent to $125.35 on the news. [Bloomberg]

Following news that losses from the Nook e-reader more than doubled in the quarter ending April 27, Barnes & Noble CEO William Lynch has retired after more than three years leading the company. Though Barnes & Noble was able to sell e-books, Nooks struggled to compete with the Kindle and iPad tablets, leading to sharp discounts and enormous losses. The bookseller has appointed its chief financial officer, Michael Huseby, as chief executive of Nook Media LLC and president of Barnes & Noble, but has not yet named a new CEO. [The Wall Street Journal]

Carmel Lobello is the business editor at TheWeek.com. Previously, she was an editor at DeathandTaxesMag.com.

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