Macy’s rejects investment firms’ $5.8B takeover bid

Macy’s is rejecting a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management, saying they didn’t provide a viable financing plan.

Arkhouse and Brigade offered $21 per share for the stock they don’t already own. The department store chain also said there was a lack of compelling value in the non-binding proposal. The move comes a week after Macy’s announced job cuts and store closures.

Japanese carmaker faces shipping delays

A Japanese automaker that cheated on safety tests for decades said Monday it doesn’t expect to resume shipping cars any time soon.

The Japanese government ordered a subsidiary of Toyota to halt production of its entire lineup after reports of faked safety test results emerged last year.

The Daihatsu Motor Co. skipped mandatory safety tests by copying data from testing on one side of cars to the other, and used timers to ensure airbags went off in tests, a review found.

No major accidents have been reported in connection with the cheating, but the news has raised serious questions about oversight at Daihatsu, as well as its corporate parent Toyota.

Georgia lawmakers look to limit tax hikes

Some Georgia lawmakers are looking for ways to provide relief from property taxes. The proposals are coming as increases in home values have caused taxes to rise.

Georgia’s Senate Finance Committee will consider a bill Monday to limit increases in a home’s assessed value to 3% per year.

Meanwhile, Republican House Speaker Jon Burns proposes doubling the state’s homestead tax exemption. That likely would cut tax bills by nearly $100 million statewide. Georgia is far from the only state where lawmakers are reacting to voter discontent over higher levies. But some in Georgia communities that already have value caps say they create inequities.

Libya says oilfield production resumes

Libya’s state-owned oil company says production has resumed at the country’s largest oilfield, ending a more than two-week hiatus after protesters blocked the facility over fuel shortages.

The National Oil Corp. said in a terse statement it lifted the force majeure at the Sharara oil field in the country’s south on Sunday and resumed full production.

Residents of the southern town of Ubari had forced the shutdown of the field earlier this month to protest fuel shortages and worsening living conditions. Libya’s light crude has long featured in the country’s yearslong civil conflict.

Libya has been in turmoil since a NATO-backed uprising toppled and killed longtime dictator Moammar Gadhafi in 2011.

U.S. China conclude financial meeting

U.S. and Chinese officials have completed the third meeting of a working group established to cooperate on financial issues, a step that continues the trend set by the two powers last November to ease tensions.

Officials from the U.S. Department of the Treasury met with counterparts in the People’s Bank of China to discuss issues ranging from financial stability to countering money laundering.

The delegation also met with Vice Premier He Lifeng, according to a statement from the Treasury Department.