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In brief: Wal-Mart to buy former Canadian Target stores

From Wire Reports

NEW YORK – Wal-Mart, already Canada’s biggest retailer, wasted little time in cementing that title after its rival Target retreated back to the U.S.

The company is buying 13 former Target stores and one distribution center and said it will hire 3,400 new employees. It is spending $290 million to buy and renovate the stores and said that will create 1,500 construction jobs.

Target Corp. closed the last of its 133 Canadian stores in April after a rough two-year venture into the country. It laid off more than 17,000 people and took more than $5 billion in charges.

A number of retailers have struggled in Canada because of regulatory pressures and competition from Wal-Mart and others. Big Lots Inc. and Best Buy Co. have both closed stores in Canada. Sony Corp. closed all of its 14 stores.

AAA predicts rise in Memorial Day travel

AAA expects more than 37 million Americans to travel for Memorial Day, the most since 2005.

AAA said Friday that the number of Americans taking a trip of 50 miles or more will rise 4.7 percent to 37.2 million over the period from May 21 to May 25. Nearly nine of 10 travelers, or 33 million, will drive to their destination, making for crowded highways.

Gasoline should be around $1 cheaper this Memorial Day. The average price for a gallon of gas Friday was $2.66. Last year on the holiday it was $3.66.

AAA says the number of people flying should rise 2.5 percent.

The total number of travelers and the number opting to drive should be the highest since 2005, when 44 million people traveled, 37.3 million of them by car.

Home loan modification programs get extension

The federal government is extending for another year two programs designed to help homeowners who are at risk of defaulting on their mortgage or still owe far more on their loans than the properties are worth.

The Home Affordable Modification Program and the Home Affordable Refinance Program will be extended until the end of 2016, Mel Watt, director of the Federal Housing Finance Agency, said Friday. The programs were scheduled to end Dec. 31.