In brief: Xbox One will be able to play used games
NEW YORK – Microsoft’s upcoming Xbox One gaming console will be able to play used games, clearing up a worry among gamers and video game retailers such as GameStop, which trade in used games.
That means video game discs users buy will not be limited to one Xbox One device and players can share or trade in the games they have bought for other used games, just as they have been able to do in the past.
Microsoft Corp. said in a blog post Thursday that it will not charge a fee to retailers, publishers or gamers for transferring their old games.
The Xbox One, which goes on sale later this year, will need to be connected online at least once every 24 hours to work. Some players had been concerned that the console was going to require a constant Internet connection.
Users will be able to access their games from other consoles through an online library after installing them on their primary device, but they will need to connect to the Internet at least every hour. They will be able to watch live TV and Blu-ray and DVD movies on the Xbox One without an Internet connection, Microsoft said.
Microsoft will give more details about the Xbox One next week at the E3 video game conference in Los Angeles.
Tennessee bank closed by federal regulators
WASHINGTON – Regulators closed a small bank in Tennessee, bringing the number of U.S. bank failures to 16 this year.
The Federal Deposit Insurance Corp. said Friday that it seized Mountain National Bank, based in Sevierville, Tenn.
The lender, which operated 12 branches, had about $437.3 million in assets and $373.4 million in deposits as of March 31.
First Tennessee Bank, NA, based in Memphis, Tenn., agreed to assume all of the failed bank’s deposits and to buy essentially all its assets.
The failure of Mountain National Bank is expected to cost the deposit insurance fund $33.5 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
In 2007, only three banks went under. That number jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009.
In 2010, regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago.
J.C. Penney promotes new home departments
J.C. Penney wants you to come home.
The struggling department store this week launched its newly revamped home departments in 500 of its 1,100 stores, which feature splashy displays of new lines by designers and celebrities like Jonathan Adler, Michael Graves and Martha Stewart. The aim is to use the new home lines – which will each be displayed in a store-within-a store format grouped together in the center of the store – to attract customers back into its stores after a bold attempt to remake the department store chain failed.
But it won’t be easy. CEO Mike Ullman, who took over in April, told the Associated Press that the company has let its home department slip in recent years as it stopped offering catalogs in favor of online sales.
Textura’s market debut brings in $75 million
NEW YORK – Textura Corp. shares rose in their trading debut after the software company raised $75 million in its initial public offering of stock.
Textura sold 5 million shares for $15 each, the high end of its expected price range of $13 to $15. The banks managing the deal may buy another 750,000 shares, increasing the proceeds from the IPO.
The Deerfield, Ill., company provides project management software for the construction industry.
The shares, which trade on the New York Stock Exchange under the symbol “TXTR,” rose 40 percent to close at $20.94 Friday.