Orders to U.S. factories for long-lasting manufactured goods, such as refrigerators and cars, rose 2 percent in July after a 4.1 percent gain in June, the Commerce Department said Wednesday. Orders in a category that serves as a proxy for business investment expanded 2.2 percent in July following a 1.4 percent rise in June. These orders had fallen in four of the previous five months, reflecting the soft patch that manufacturing has faced this year.
Monsanto gives up bid for Syngenta
Agricultural business giant Monsanto is abandoning its takeover bid for competitor Syngenta AG after the Swiss chemical producer rejected its latest offer of nearly $47 billion. A combination with Basel-based Syngenta would have made Monsanto the world’s largest producer of farming chemicals, on top of its market-leading seed business. But the Swiss company rejected a series of unsolicited offers from the American company.
Condor arranges loan to refinance debt
Condor Hospitality Trust said Wednesday that it is arranging a $10 million loan to refinance debt that is due to be repaid in November, completing its plan to spread out the maturity dates on money it owes on its hotel properties. The Norfolk, Nebraska-based lodging company, formerly called Supertel Hospitality, didn’t name the regional bank that has signed a nonbinding loan agreement but said the money would repay a mortgage held by Citigroup Global Markets Realty Corp. The five-year loan would carry interest of 2.25 percentage points above a benchmark rate. Four hotels in Indiana would back the new loan when the borrowing agreement is completed, in September at the earliest, said Bill Blackham, Condor’s chief executive.