Business Briefs – August 8, 2016

Reports: Egypt Has Proposed 18-Month Reform Program to IMF

CAIRO (AP) – Three Egyptian newspapers said Monday that Cairo was proposing to IMF delegates an 18-month reform program in return for a $12 billion loan over three years to shore up its economy, but that differences remained between the two sides on how to proceed.

The reports by the privately-owned Al-Shorouk, Al-Masry Al-Youm and Al-Watan said the two sides were at odds over the size of a proposed devaluation of the Egyptian pound and the timetable for implementing some of the more politically sensitive reforms, like reducing or removing state subsidies on fuel, electricity and food staples.

Major Resort Operator Buying Largest North American Ski Area

DENVER (AP) – Vail Resorts Inc. announced Monday that it was purchasing Whistler Blackcomb Holdings Inc. for $1.06 billion, adding to its aggressive expansion.

The deal brings together the largest resort operator in North America and the continent’s biggest ski area.

It also adds to Vail Resorts’ growing portfolio. Two years ago, Vail Resorts bought Utah’s Park City Mountain Resort for $182.5 million and merged it with a neighboring resort.

Kansas Waterslide Remains Closed Amid Probe of Boy’s Death

KANSAS CITY, Mo. (AP) – A Kansas thrill ride billed as the world’s tallest waterslide remained off-limits Monday as authorities pressed to figure out how a state lawmaker’s 10-year-old son was killed on a day the park honored elected officials and their families.

Details remained murky about how Caleb Thomas Schwab died Sunday on the 168-foot-tall “Verruckt” — German for “insane” — that since its debut two years ago has been the top draw at Schlitterbahn Waterpark in Kansas City, Kansas.

In a statement Monday afternoon, Schlitterbahn said it was “deeply and intensely saddened for the Schwab family and all who were impacted by the tragic accident.”

Investor Suits Against Volkswagen Move Ahead In Germany

FRANKFURT, Germany (AP) – Investor lawsuits claiming up to 4 billion euros ($4.5 billion) in damages against Volkswagen over its diesel emissions scandal are moving ahead in German courts.

Investors claim that Volkswagen did not inform them in a timely way of the impending scandal over cars with software that enabled them to cheat on emissions tests in the United States, depriving them of a chance to decide whether to sell the stock.

China’s Imports, Exports Fall Again in July

BEIJING (AP) – China’s exports fell again in July by an unexpectedly wide margin while a decline in imports accelerated in a possible sign of weakness in the world’s second-largest economy.

Exports contracted 4.4 percent to $184.7 billion, a slight improvement over June, customs data showed Monday. Imports fell 12.5 percent to $132.4 billion, accelerating from a decline of 8.4 percent.

Weak global demand has hampered efforts to shore up Chinese trade and stave off job losses in export industries. The contraction in imports reflects possible weakness in the domestic economy, but the figures also are depressed by a decline in prices of oil and other commodities.