Wal-Mart said Wednesday it is pulling an entire line of Miley Cyrus-brand necklaces and bracelets from its shelves after tests performed for The Associated Press found the jewelry contained high levels of the toxic metal cadmium. In a statement issued three hours after AP’s initial report of its findings, Wal-Mart said it would remove the jewelry, made exclusively for the world’s largest retailer, while it investigates. The company issued the statement along with Cyrus and Max Azria, the designer who developed the jewelry for the 17-year-old “Hannah Montana” star. Wal-Mart Stores Inc. had learned of cadmium in the Miley Cyrus jewelry, as well as in an unrelated line of bracelet charms, back in February, based on an earlier round of testing conducted at AP’s request, but had continued selling the items. It said as recently as last month that it would be too difficult to test products already on its shelves.
Steel company may buy Vancouver site
The Port of Vancouver says it plans to sell up to 22 acres of industrial land to a steel distribution company, a move that could result in up to 225 jobs. The Columbian in Vancouver reports that Farwest Steel Corp. would pay the port about $5 million for the land, then spend up to $30 million to build a facility. Port officials said Tuesday that the Eugene, Ore.-based company could start construction by the end of June. The port says Farwest plans to relocate 100 jobs to the port from other operations in Vancouver and Tualatin, Ore., and make up to 125 new employees.
Target earnings rise 29 percent
Target Corp. reported a 29 percent increase in first-quarter net income, as its customers, feeling better about their finances, treated themselves to small indulgences, such as clothing, that carry fat profit margins for retailers. Rising sales also provided a sign that the retail chain is winning customers from competitors such as Wal-Mart Stores Inc., which reported its fourth straight quarter of declines in a key revenue measure Tuesday. Improvement in Target’s credit-card business also boosted profits. The company, based in Minneapolis, offered second-quarter and full-year profit outlooks in line with Wall Street expectations, but said a key sales measure is running below expectations so far in May. Shares slipped 35 cents to $53.87 in afternoon trading.
Foreclosures remain drag on economy
The mortgage crisis is dragging on the economic recovery as more homeowners fall behind on their payments. Analysts expect improvement soon, but the number of homeowners in default or at risk of foreclosure will have a lingering effect on the broader economy. More than 10 percent of homeowners with a mortgage had missed at least one payment in the January-March period, the Mortgage Bankers Association said Wednesday. That’s a record high and up from 9.1 percent a year ago.
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