RETAIL
Sears closing 100 more stores
On Thursday, Sears announced that it would continue the “right-sizing’’ of its retail footprint by closing 103 unprofitable stores, including the Sears store on Middlesex Turnpike in Burlington and a Kmart in Rochester, N.H. The company told its associates that 64 Kmart stores and 39 Sears stores would cease operations between March and April of this year. Liquidation sales will begin at those stores as early as Jan. 12. The company reported losses of $558 million in its third quarter earnings report in November, making it the seventh year in a row that the company has lost money. — JANELLE NANOS
MOBILE PHONES
AT&T aims to be first carrier with 5G
AT&T Inc. aims to be the first US carrier to provide fifth-generation, or 5G, mobile service to phone customers this year, pitting the wireless giant against Verizon Communications Inc. and T-Mobile US Inc. in a costly network upgrade race to spur revenue growth. Unlike current trials using 5G technology to beam signals between stationary antennas, AT&T said in a statement it will introduce mobile services in more than a dozen US cities later this year. The company didn’t offer specifics. The faster connections will help carriers sell advanced services like virtual reality and 4K video, and enable self-driving cars. Verizon, T-Mobile, and Sprint Corp. also intend to offer mobile 5G services but haven’t elaborated on their plans, though Verizon expects to introduce fixed service this year in a bid to replace cable and phone modems. — BLOOMBERG NEWS
LABOR
Iceland to require companies to prove wage fairness
A new law in Iceland is requiring all companies to prove that their wage practices don’t discriminate against women, in what is thought to be a global first in the effort to reduce gender pay gaps. The law, which was passed with a large majority by parliament in June, took effect at the New Year. It seeks to erase a current pay gap between men and women of about 5.7 percent that can’t be explained by differing work hours, experience, or education levels, as measured by Statistics Iceland. While other countries, and the state of Minnesota, have equal-salary certificate policies, Iceland is believed to be the first to make it mandatory for both private and public firms. The North Atlantic island nation, which has a population of about 330,000, wants to eradicate the gender pay gap by 2022. The country has a female prime minister, Katrin Jakobsdottir, and ranks first on the World Economic Forum’s global gender equality index. — ASSOCIATED PRESS
AVIATION
Putin OKs resumption of air travel to Cairo
Russia’s President Vladimir Putin has approved the resumption of commercial passenger flights to Cairo more than two years after they were halted due to security concerns following the deadly bombing of a Russian airliner. The attack by the local Islamic State group affiliate brought down the airliner over the Sinai Peninsula in October 2015, killing all 224 people aboard. The bombing was a severe blow to Egypt’s tourism industry. Authorities spent millions of dollars to upgrade airport security. — ASSOCIATED PRESS
TELECOMMUNICATIONS
Sprint hires former Altice executive
Sprint Corp. hired former Altice NV chief executive Michel Combes as president and chief financial officer, tapping an industry veteran and turnaround specialist to help revive the telecommunications company. Combes, 55, left Altice in November after little more than a year in the job as investors grew unsettled over that company’s profit outlook and debt load. Sprint, a unit of SoftBank Group Corp., is searching for a new path to growth after deal talks with T-Mobile US Inc. fell apart in November. — BLOOMBERG NEWS
REAL ESTATE
London housing market down
London was the worst-performing home market in the United Kingdom last year for the first time in more than a decade and may be stuck there. Nationwide Building Society said values in the capital fell 0.5 percent —the first full-year decline since the 2009 recession — lagging behind a 2.6 percent increase nationally. It’s the first time since 2004 that the city has ended the year as the slowest-growing region. — BLOOMBERG NEWS
RETAIL
Macy’s and J.C. Penney report holiday sales growth
Macy’s and J.C. Penney both reported holiday sales growth, offering encouraging signs that if department stores struggling to hold their own against online retailers had a decent period, other retailers did as well. The results, announced Thursday, came after both retailers focused on improving their online services while highlighting more exclusive offerings. Low unemployment, a strong stock market, and other factors set the stage for a good holiday season. The National Retail Federation believes retail sales could exceed its forecast for growth of 3.6 percent to 4 percent from a year ago and mark the best performance since 2014. — ASSOCIATED PRESS
MORTGAGES
Rates fall slightly
Long-term US mortgage rates fell this week, making it slightly more affordable to borrow for a home. Mortgage buyer Freddie Mac says the average rate on 30-year fixed-rate mortgages slipped to 3.95 percent from 3.99 percent last week. The average has tumbled from 4.20 percent a year ago. The average rate on 15-year fixed-rate mortgages fell to 3.38 percent from 3.44 percent in the prior week. This same rate averaged 3.44 percent last year. The interest charged on US Treasury notes dropped from a week ago, causing mortgage rates to slip in response. The average on five-year adjustable-rate mortgages slipped to 3.45 percent from 3.47 percent last week. — ASSOCIATED PRESS
INTERNATIONAL
Indian court clears way to take over tycoon’s business
A New Delhi court on Thursday declared India’s flamboyant tycoon Vijay Mallya a ‘‘proclaimed offender’’ for failing to appear to answer allegations of money laundering by flouting foreign currency laws. The order paves the way for the government to take over Mallya’s businesses and real estate holdings. Mallya is currently in London where a court is hearing whether he should be extradited as sought by India. Mallya was once hailed as India’s version of British tycoon Richard Branson for his investments in a brewing and liquor company, an airline, a Formula One team, and an Indian Premier League cricket club. Investigators have accused the 61-year-old of paying $200,000 to a British firm for displaying his company Kingfisher’s logo during the Formula One World Championships in London and some European countries in the 1990s. — ASSOCIATED PRESS
HOME SHARING
Airbnb bans renter after raucous New Year’s party
Airbnb says it has permanently banned a man who threw a huge New Year’s party at a house in suburban Cleveland where he was renting a room. Police say about 250 people were crammed inside the home in Seven Hills, Ohio, when officers arrived. They reported seeing partygoers vomiting and breaking windows. Investigators say the man advertised the party online and charged $5 to enter. He was renting a room for $40 a night. The homeowner locked himself in his bedroom and called police as the party spiraled out of control. He says the renter had agreed not to throw a party. Police say the party thrower faces charges including disorderly conduct. — ASSOCIATED PRESS
