BUSINESS May 31, 2012 | 4:42 PM
Spanish oil giant Repsol plans to invest $23.8 billion over the next four years in a strategic move to compensate for the loss of its Argentine gas and oil unit YPF to nationalization.
Most of the investment, or $15.8 billion, will go to new oil exploration projects in Spain, Russia, South America, the United States and Algeria.Read more »
BUSINESS May 30, 2012 | 4:45 PM
Hewlett-Packard, the largest technology company in the US, is preparing to lay off up to 27,000 employees as part of CEO Meg Whitman’s restructuring plan. Seen as a cost-cutting measure, the layoffs are expected to save the company up to $3.5 billion by 2014.
The layoffs comprise 8% of the company’s nearly 350,000 employees worldwide and are expected to come primarily from the printing division, which in March was merged with the personal systems division. In 2011, profit in the printing division fell 10% and sales were stagnant.Read more »
BUSINESS May 29, 2012 | 4:59 PM
The largest wireless-equipment deal in a decade is now final, with Google set as the new owner of Motorola Mobility for the purchase price of $12.5 billion.
Google Chief Executive Larry Page made the announcement on the company’s blog: "Motorola is a great American tech company that has driven the mobile revolution, with a track record of over 80 years of innovation, including the creation of the first cell phone. And as a company who made a big, early bet on Android, Motorola has become an incredibly valuable partner to Google."Read more »
BUSINESS May 28, 2012 | 5:14 PM
In the past year, Android handsets and Apple iPhones (iOS) have outshone the once-dominant BlackBerry smartphones. Research from the International Data Corporation (IDC) reveals that the first quarter of 2012 saw a more than 25% increase of Android and iOS platforms among total smartphones shipped globally over first quarter of 2011.
Smartphones using Android, Google’s operating system, accounted for 59% of all phones shipped in early 2012, or nearly 90 million units, while Apple iPhones accounted for 23%, or over 35 million units shipped.Read more »
BUSINESS May 25, 2012 | 5:04 PM
SAP AG, the world’s top business applications software company, is pushing further into cloud computing, with plans to secure a $4.3 billion acquisition deal for online commerce network group Ariba Inc.
The German company will pay $45 per share, a 20% increase on Ariba’s closing price on the previous day. The buyout is expected to be completed by the end of August.Read more »
BUSINESS May 24, 2012 | 2:29 PM
America’s largest automaker General Motors Co. has pulled its $10 million Facebook advertising campaign due to poor results as the ads failed to attract customers.
"We are reassessing our advertising, but we remain committed to an aggressive content strategy through all of our products and brands, as it continues to be a very effective tool for engaging with our customers," GM said in a statement to The Register.Read more »
BUSINESS May 23, 2012 | 2:06 PM
Google has been awarded 3 design patents for its futuristic “Project Glass” browser glasses, which is the internet giant’s first foray into wearable computing.
No longer a unique feature of a sci-fi movie, it appears Google's X Lab has been working for some time on creating Project Glass, wrap-around style eyewear that uses augmented reality to push information from the internet via the Android OS onto the lenses of the glasses.Read more »
BUSINESS May 22, 2012 | 5:16 PM
With rising fuel prices a major factor in rising airfares, airlines need to be get creative to remain profitable; Delta Air Lines has done just that by purchasing an oil refinery in Pennsylvania.
The US-based airline paid $150 million to Conoco Phillips for the 185,000 barrel-per-day-capacity facility in a deal Reuters calls “the most audacious move yet by an airline trying to save money on fuel costs.”Read more »
BUSINESS May 21, 2012 | 3:05 PM
Proposals for a $5 billion power transmission line serving wind farms off the United States East Coast have overcome an administrative obstacle, clearing the way for the next stage of the review process.
The US Department of the Interior found that the Atlantic Wind Connection project poses no conflict of interest with other activities in the area, allowing the Google-backed venture to proceed with its request for environmental approval.Read more »
BUSINESS May 16, 2012 | 1:55 PM
Canon Inc., the world’s largest digital camera manufacturer, plans to fully automate its digital camera plants over the course of the next two years. The move is aimed at helping Canon cut overall manufacturing costs.
Japanese manufacturers have faced a number of challenges resulting from the value of the yen. In recent years, many have moved their facilities overseas to increase production and efficiency.Read more »
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