CUSHMAN & WAKEFIELD DEAL: Cushman & Wakefield has reached an agreement to acquire Burnham Real Estate, a large commercial real estate services firm based in San Diego. Financial terms were not disclosed. C&W said the deal is scheduled to close in January and will position it as the leading commercial real estate firm in San Diego. Burnham Real Estate, founded in 1891, has provided traditional brokerage, asset, capital markets and advisory services, and strategic corporate consulting and project management.
This story first appeared in the December 20, 2007 issue of WWD. Subscribe Today.
U.S. PASSES ON CHINA MOVE: The Treasury Department again resisted taking punitive action against China’s currency policies, declining to accuse the economic giant of currency manipulation Wednesday despite pressure in Congress. In its semiannual review sent to Congress, the Treasury concluded that China did not meet the technical requirements for the designation of currency manipulation. Lawmakers repeated their calls for a bill aimed at China’s currency next year. Congressional critics and domestic manufacturing groups contend that China keeps its currency artificially low, making goods 15 to 40 percent cheaper on the world market, putting U.S. producers at a competitive disadvantage and driving up the trade deficit.
VF OUTLOOK: VF Corp. reaffirmed its fourth-quarter revenue and earnings guidance on Wednesday. The company said it expects quarterly revenue to jump 18 percent. Earnings per share from continuing operations are forecast to grow more than 13 percent. VF initially provided guidance on Oct. 18. The fourth-quarter results will be released on Feb. 5. A review of its five-year growth plan and targets as well as guidance for 2008 will be released on Jan. 9. Mackey McDonald, chairman and chief executive officer, said VF’s strength lies in the diversity of its brands, distribution channels and product categories.