BUSINESS April 27, 2012 | 10:47 AM
The world’s largest biotechnology company Amgen has purchased close to 96% of Turkish Mustafa Nevzat Pharmaceuticals for nearly $700 million as part of its goal to expand into emerging markets.
The deal, which has been approved by both Amgen and MN Pharmaceutical senior management boards, creates a company capable of expanding regionally and attracting new markets. In a statement released to the press, Amgen said the purchase will boost its image in Turkey and is part of a broad international expansion strategy.Read more »
BUSINESS April 26, 2012 | 6:30 PM
Royal Dutch Shell has agreed to a $1.8 billion deal for the buyout of gas exploration company Cove Energy as it pushes to gain access to huge gas reserves in East Africa.
Shell’s Exploration and Production subsidiary upped an earlier bid by 10% for the Mozambique-focused natural gas explorer, which recommended that the Anglo-Dutch oil giant match an offer from Thai state-run PTT Exploration and Production.Read more »
BUSINESS April 25, 2012 | 4:18 PM
The world’s largest food company Swiss-based Nestle SA is buying Pfizer’s infant nutrition unit for $11.9 billion, once given the green light from antitrust regulators.
Nestle beat out an $11 billion offer by Groupe Danone, and Mead Johnson Nutrition Co. also bid unsuccessfully. The deal is approximately 19.8 times greater than the unit’s 2012 estimated pretax profit.Read more »
BUSINESS April 24, 2012 | 9:41 AM
China Mobile has begun its foray into the 4G market with the launch of next-generation high-speed data services in Hong Kong.
China Mobile, which is the world’s largest mobile phone carrier by subscriber base, has also begun testing wireless data technology in mainland China, with hopes pinned on having its service up and running within two years.Read more »
BUSINESS April 23, 2012 | 9:05 AM
Coca-Cola Co is maintaining its leadership in the global soft drink market by growing its global reach to target emerging markets and adding smaller drink sizes to its product offering.
The company reported better-than-expected results for first quarter 2012, recording 8% net profit growth. Volume was also up 9% in Russia, India, the Middle East and Africa. North America was slightly behind, with volume growing 2%.Read more »
BUSINESS April 20, 2012 | 2:42 PM
Tesco, Britain’s largest retailer, will spend $1.6 billion revamping stores to win back market share.
Tesco currently holds 30% of the UK retail market but recently has found profit slipping compared to competitors J Sainsbury Plc., William Morrison Supermarkets Plc. and Asda, which is owned by Wal-Mart Stores Inc.Read more »
BUSINESS April 19, 2012 | 12:08 PM
US automaker Ford has rolled out its Focus Electric without much fanfare, and it may be paying the price as in the first quarter of 2012 only two dozen vehicles were sold.
So far, the Focus Electric has been launched in New York, New Jersey and California. It will next debut in 19 metropolitan areas before being sold nationwide.Read more »
BUSINESS April 18, 2012 | 10:03 AM
Online travel booking site Expedia is modifying its review system after recent controversial hotel ratings. The driving factor behind this initiative is increased pressure from the hotel industry, which is trying to fight against unfavorable ratings from competitors and sometimes fake or paid-for review writers.
Expedia.com says it will conduct a “thorough overhaul” of its hotel reviews feature. “As part of this overhaul, Expedia will incorporate all verified reviews from its sister company, Hotels.com, into its collection, which will bring the total number of verified reviews available to Expedia customers to total more than 7.5 million,” writes Hotel Online.Read more »
WORLD April 17, 2012 | 11:01 AM
Currently, the US Transportation Security Administration (TSA) has an $8 billion annual budget and a 70% failure rate detecting threats related to weapons and bomb components in random tests, according to the Economist magazine.
These findings beg the question of whether the multi-billion dollar airport security measures in the US are doing more harm than good.Read more »
BUSINESS April 16, 2012 | 11:06 AM
Japanese electronics giant Sony Corp plans to cut 10,000 jobs and restructure the company in an effort to reduce costs and revitalize itself. The layoffs represent 6% of the company’s global workforce.
At a press conference, Chief Executive Officer and President Kazuo Hirai explained a strategy intended to make Sony profitable again. In addition to reducing employees, Sony will spend $1 billion on restructuring.Read more »
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