Business

Business briefs

Sears’ pain

Sears Holdings fell 16 percent to $49.17 yesterday, the most in more than 10 months, after posting a wider third-quarter loss and its 23rd straight quarterly sales drop Thursday.

Nike sheds

Nike agreed to sell its leather-shoes and bags brand Cole Haan to private-equity firm Apax Partners for $570 million.

GM’s Ally

General Motors is expected to announce a deal on Monday to buy Ally Financial’s Europe, Latin America and China lending operations for about $4 billion.

Tribune news

Tribune Co., owner of the Chicago Tribune and Los Angeles Times, received a key approval from the Federal Communications Commission needed to end its nearly four-year stay in bankruptcy.

Thanks, UPS

United Parcel Service is raising rates as of Dec. 31, on UPS Air and US-origin international services by 4.5 percent; for ground services by 4.9 percent; and on next-day, second-day and three-day air freight for shipments within and between the US, Canada and Puerto Rico by 4.9 percent.