BUSINESS December 9, 2013 | 3:20 PM
Chrysler Group and General Motors Co. were leaders in US automotive sales for the month of November, reporting an increase of 8.9% or the fastest rate of increase since 2007. The increase, which exceeds the year-to-date gain of 8.4%, is significant as US sales are generally lower in November.
Research firm Autodata Corp reports that in November, when adjusted for seasonal patterns, the US automotive manufacturing industry recorded an annual sales rate of 16.4 million vehicles. Light truck and car deliveries increased by 16% and 14% for Chrysler and GM, respectively, and over 10% for Nissan and Toyota.Read more »
BUSINESS December 6, 2013 | 4:26 PM
For the first time two years, Saab Automobile, owned by investment group National Electric Vehicle Sweden (NEVS), has begun production of its 9-3 model sedan at the Trollhattan factory in western Sweden.
The vehicle is gas powered, and will be similar to the 2011 version. The sedan will be sold in Sweden and China for $42,550, starting Dec. 10 on NEVS’s website.Read more »
BUSINESS December 5, 2013 | 5:34 PM
Tesco, the UK's largest grocery chain, saw third-quarter sales fall in the UK and worldwide, a trend the company blames on a weak economy.
In its home market (which generates 70% of profit), Tesco saw like-for-like sales – excluding new stores and gasoline – fall 1.5%. Last year, sales for the same period fell only 0.7%.Read more »
BUSINESS December 3, 2013 | 5:36 PM
CVS Caremark Corp, the largest provider of prescription drugs in the US, plans to purchase drug infusion services provider Coram LLC from Apria Healthcare Group Inc. for $2.1 billion.
This acquisition, its largest in five years, should enable CVS to boost its pharmacy benefits management division by providing low-cost niche drug distribution.Read more »
BUSINESS December 2, 2013 | 10:58 AM
The Australian government has blocked the $2 billion proposed takeover of GrainCorp, the nation’s largest grain merchant, by US-based global food processing conglomerate Archer Daniels Midland, saying the takeover would not be in the nation’s interest.
ADM is the world's largest processor of corn. It owns nearly 20% of GrainCorp and was attempting to control 100%. The government said it was not opposed to ADM increasing its stake to 24.9%.Read more »
BUSINESS November 29, 2013 | 2:34 PM
Sony has filed a patent application with the US Patent & Trademark Office for its SmartWig hairpieces, which are wigs that include technology to communicate wirelessly and process data.
Sony has developed three prototypes: the Presentation Wig for use with PowerPoint slides, the Navigation Wig for use when traveling and the Sensing Wig for gathering medical information.Read more »
BUSINESS November 28, 2013 | 12:15 PM
The Chicago-based Tribune Company, owner of the Chicago Tribune and the Los Angeles Times, recently announced it would cut 700 jobs in its newspaper department to streamline its non-editorial positions across the board by laying off publishing staff, mainly in business roles such as circulation and advertising, with some editorial cuts.
These layoffs represent around 6% of Tribune’s 11,000 total staff.Read more »
BUSINESS November 27, 2013 | 3:14 PM
Online gambling is about to launch in New Jersey, pending website tests, possibly leading the way for the rest of the US.
Atlantic City-based casinos and predominantly European-based operators will form a partnership to bring New Jersey residents 17 gaming sites in 2013. The websites will be restricted to poker and casino games.Read more »
BUSINESS November 26, 2013 | 5:20 PM
US home-improvement retailer Home Depot has raised its revenue growth expectations for the third time in 2013 up from 4.5% to 5.6% as mounting home prices push homeowners to increase spending on renovations.
For the quarter ending at the start of November, Home Depot’s net income rose by 43% from the $947 million of the previous year to $1.35 billion.Read more »
BUSINESS November 25, 2013 | 4:55 PM
Online music-streaming service Spotify has raised $250 million in funding with the aid of venture-capital firm Technology Crossover Ventures. The additional capital puts the company’s value at more than $4 billion, according to the Wall Street Journal.
Spotify will use the capital to boost its US service and expand into international markets, particularly Japan. It recently expanded into Mexico, Malaysia, Singapore and Hong Kong.Read more »
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