Skip to main content

The Journal Gazette

Sunday, December 31, 2017 1:00 am


UPS braces for returns Wednesday

News services

Some 1.4 million packages are expected to be sent back to retailers Wednesday, according to parcel delivery company UPS, which has dubbed the massive return-to-sender day “National Returns Day.”

The anti-climactic internet retail holiday tops a record December of package returns, as consumers shipped backed more than 1 million packages per day during the month. That's an increase of 8 percent over last year, according to UPS' calculations.

People are also becoming increasingly familiar with the online order-return process, as 75 percent of consumers have sent back a package to a retailer this year, according to the company.

Digital analytics firm eMarketer is forecasting e-commerce sales for November and December to fall just shy of $107 billion, climbing 16 percent over last year's total and representing 11.5 percent of all holiday sales.

Chinese company buys more of Volvo

The Chinese owner of Sweden's Volvo Cars is buying a stake in truck manufacturer AB Volvo, expanding a portfolio of vehicle brands that includes shares in Malaysia's Proton and Britain's Lotus.

Geely Holding Group said last week the acquisition of shares from Cevian Capital, a fund manager, would give it 8.2 percent of Volvo's share capital and 15.6 percent of voting rights. Financial terms weren't disclosed, though analysts estimated the value of the deal at around $3.3 billion.

AB Volvo, which also makes buses, construction equipment and diesel engines, was the parent of Volvo Cars until 1999, when it was sold to Ford Motor Co. Geely bought Volvo Cars in 2010.

Raise, stock options enrich Apple's CEO

For Apple CEO Tim Cook, fiscal year 2017 brought good tidings in the form of a hefty 47 percent pay increase and use of a private aircraft.

Apple's CEO since 2011 saw his salary rise to about $12.8 million in fiscal year 2017, which ended in September, from about $8.7 million in the prior fiscal year, according to a SEC filing from Apple on Wednesday.

Cook's real wealth, however, comes from his stock options. He owns 560,000 shares awarded to him in 2011 that vested in fiscal 2017, valued at $89.2 million.