Jacob “Jack” Lew, US treasury secretary.   Mr Lew has urged members of Congress  to pass legislation immediately to stop US companies from shifting their legal addresses overseas

The Obama administration has added its voice to the growing chorus of criticism of US companies shifting their legal addresses overseas, in many cases(...)

Penney shares were up 7 per cent to $9.32 in afternoon trading.

JC Penney Co said November sales were encouraging and popular house brands were lifting gross profit margin, suggesting the struggling department stor(...)

The lingering impact of JC Penney’s failed efforts to remake itself into a more upscale destination in 2012 under previous chief executive Ron Johnson continued to weigh on results and chief executive Myron Ullman said the retailer still had a lot of work to do to steady itself. Photograph: Reuters/Mike Blake

JC Penney yesterday reported quarterly sales tumbled again last quarter, even as reinstated chief executive Myron Ullman worked to roll back his prede(...)

“The factors that attracted motor vehicle producers to Detroit a century ago – excellent access to resources and transport links, followed by local skills and specialist suppliers – are no longer competitive advantages in car-making nor, indeed, in other industries.” Photograph: Spencer Platt/Getty Images

The Financial Times has carried an unusual number of obituaries and stories of terminal illness this summer. There was the bankruptcy of Detroit and t(...)

 William Ackman: founder and chief executive  of Pershing Square Capital Management LP.   Photograph: Scott Eells/Bloomberg

Hedge fund billionaire William Ackman has quit the board of troubled department store group JC Penney, ending three years of acrimony.The company anno(...)

Starbucks chairman Howard Schultz spoke out after Bill Ackman, a JC Penney board member, urged fellow directors to find a new chief executive quickly and released it to the media. Photograph: Reuters/Anthony P. Bolante

Howard Schultz, chief executive of Starbucks, has accused the hedge fund manager, Bill Ackman, of being a “destroyer of companies” as he stepped into (...)

Procter and Gamble is replacing chief executive Bob McDonald with his predecessor, A.G. Lafley, as the world’s largest consumer products maker(...)

Serious Money: Directors of some high-profile public companies are coming under scrutiny this proxy season. Shareholder advocates say it’s about ti(...)

The board of JC Penney is facing scathing criticism from investors and corporate governance experts after ousting chief executive Ron Johnson a(...)

Copies of US president Barack Obama's budget proposal for FY 2014 at a printing press at the Government Printing Office yesterday in Washington DC. Photograph: Alex Wong/Getty Images

President Barack Obama will soon release a new budget, and the commentary is already flowing fast and furious. Progressives are angry (with goo(...)