Lions Gate deal near

Lions Gate deal near

los angeles

Lions Gate is close to buying the studio that created the teen smash “Twilight” series, for about $400 million in cash and stock.

That’s according to two people familiar with the matter. They were not authorized to speak publicly and requested anonymity.

A tie-up between Lions Gate Entertainment Corp. and Summit Entertainment, producer of the “Twilight” blockbuster saga, would create one of the largest movie and TV studios in Hollywood.

Talks are in the final stages and could be finalized this week.

Chavez disputes arbitration body

caracas, venezuela

President Hugo Chavez said Sunday that his government should pull out of a World Bank-affiliated arbitration body and won’t recognize its decisions.

Exxon Mobil Corp. is one of more than a dozen companies with arbitration cases against Venezuela pending before the Washington-based International Centre for Settlement of Investment Disputes, or ICSID.

Chavez announced his decision while referring to a more than $900 million award that Exxon Mobil recently won in another arbitration case before the International Chamber of Commerce.

Group: Electronics sales drop 5.9%

las vegas

U.S. sales of consumer electronics fell 5.9 percent this past holiday season, as smartphones cannibalize sales of standalone gadgets such as cameras, cam-corders and GPS navigation devices.

The NPD Group reported Sunday that electronics sales, including TVs and PCs, totaled $9.5 billion in the five weeks ending Dec. 24.

Camcorder sales plunged 43 percent, and sales of digital picture frames fell 38 percent. GPS units slumped 33 percent. PC and TV sales slipped just 4 percent, bolstered by sales of TVs bigger than 50 inches.

Cellphone sales are not included in the report.

The figures were released as the consumer electronics industry gathered in Las Vegas for its annual trade show.

British PM backs curbs on execs’ pay

london

Britain’s government is looking to introduce laws that grant company shareholders the power to veto executive pay packages, Prime Minister David Cameron said Sunday, in a bid to address public anger at many bosses’ lavish salaries and bonuses.

Cameron blamed what he called the “merry-go-round” in which a small group of boardroom directors approve each other’s excessive packages to the detriment of their own companies.

He said he was aware that most people are furious that some top executives have received huge remuneration, despite their firms not improving performances.

“Big rewards when people fail make people’s blood boil,” Cameron told the BBC in an interview.

Vindicator wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 21.44 —.07

Avalon Holdings,2.9001.05

Clear Channel, .78 61.84 .11

Cortland Bancorp, 6.60.00

Farmers Nat.4.97 .00

First Energy, 2.20, 42.21.15

FirstMerit Corp., .64,15.45 —.44

First Niles Financial, .32,7.98.00

First Place Fin., .80.28

FNB Corp., .48,12.00.00

General Motors,22.94.77

General Electric, .68,18.65.10

Motors Liquidation, .0422.00

Huntington Bank, .16, 5.80.01

JP Morgan Chase, 1.00,35.36—.32

Key Corp, .12,7.98—.02

LaFarge, 8.48 —.17

Macy’s, .40, 34.56.64

Parker Hannifin, 1.48, 77.64—1.30

PNC, 1.40,59.91.10

RTI Intl. Metals,23.35—.21

Simon Prop. Grp.,3.60,126.82—.99

Stoneridge 9.08 .20

United Community Fin. 1.30.01

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.