Sunoco (NYSE:SUN) said Tuesday that it plans to exit its refining business and that it is conducting a strategic review to determine the best way to deliver value to shareholders. The company said that it has begun a process to sell its refineries in Philadelphia and Marcus Hook, Penn., and that it expects to record a pretax non-cash charge of between $1.9 billion and $2.2 billion in the third quarter, related to impairments of the plants and equipment. If a suitable deal for the facilities cannot be found, Sunoco said it will idle the main processing units in July, 2012.-MarketWatch
Ford Motor (NYSE:F) said Tuesday its vehicle sales in China totaled 34,916 units in August, down 7% from the previous year. For the January-August period, however, sales by Ford and its joint ventures rose 11% to 341,746 units, the company said in a statement. The August sales figure represents an 8% increase from July, when Ford announced sales of 32,320 units. Ford said its Chang’an Ford Mazda Automotive passenger-vehicle venture sold 205,855 Ford-branded vehicles in the first eight months, or an increase of 7%. -MarketWatch
Consumer technology giant Apple (NASDAQ:AAPL) is gearing up to launch its first store in Hong Kong as the company eyes sales growth in Asia, particularly in China. The move to open new retail locations will have two consequences. The first is that the market may indeed be worth billions of dollars in revenue. The second is that, as Microsoft (NASDAQ:MSFT) has found, the Chinese market can confound consumer electronics and software companies. -Daily Finance
The Greek Public Debt Management Agency sold €1.3 billion ($1.83 billion) in 26-week Treasury bills Tuesday, garnering ample demand from domestic buyers despite growing fears that Greece may default. The PDMA sold the T-bills at a uniform yield of 4.80%, down from 4.85% at the previous auction Aug. 9, far below the 4.99% yield on Greek two-year bonds on Tuesday, according to Tradeweb. -The Wall Street Journal
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