Haier buying GE’s appliance businessBEIJING — Haier Group, the world’s biggest home appliance maker, is buying General Electric’s appliance business for $5.4 billion to expand its U.S. and global presence.The acquisition announced today comes as Haier tries to transform itself into a premium brand. GE is shifting emphasis from traditional businesses such as appliances, in which it has been a prominent presence for more than a century, to higher-technology areas such as medical equipment and clean energy.

Best Buy shares sink on weak salesNEW YORK — Best Buy’s shares sank Thursday after the nation’s largest consumer electronics chain reduced its sales outlook for the fourth-quarter as it reported weak holiday business in mobile phones and personal devices.The Minneapolis-based company said it now expects a larger drop in fourth-quarter revenue, though the company improved its outlook for operating income. Best Buy shares tumbled almost 12 percent in morning trading.