BUSINESS July 27, 2012 | 3:41 PM
Apple’s net income and revenue grew at a rate of around 20% in the third quarter of 2012, marking its lowest growth rate in over two years and underperforming against analyst earning expectations for only the second time in ten years.
In sales volume, with 26 million iPhones and 17 million iPads sold between April to June, Apple did moderately well this past quarter. While iPhone sales were at the low end of the expected range with an increase of 28%, iPad sales surged unexpectedly by 84%.Read more »
BUSINESS July 26, 2012 | 4:54 PM
Suddenlink Communications, the seventh-largest cable television provider in the United States, is to be purchased by British private equity firm BC Partners and the Canada Pension Plan Investment Board in a cash-and-debt deal for nearly $6.6 billion.
The current owners are Oaktree Capital Management, Goldman Sachs Capital Partners and Quadrangle.Read more »
BUSINESS July 25, 2012 | 12:18 PM
Chinese state-run company CNOOC has agreed to a $15.1 billion deal to acquire Canadian oil producer Nexen in the biggest overseas energy buyout by a Chinese company.
CNOOC will take over Nexen's shale gas operations in British Colombia and its oil sands projects in Alberta as well as its production and exploration ventures in the North Sea, the Gulf of Mexico and off the west coast of Africa.Read more »
BUSINESS July 24, 2012 | 3:04 PM
Ford Motor Company has launched a voluntary safety recall of its 2013 Ford Escape vehicles equipped with a 1.6-liter engine, which were still being manufactured up until July 11, 2012.
According to Ford, an estimated 11,500 model 2013 Ford Escapes were produced and sold in North America, with most of them present on the US market. The models equipped with a 2.0-liter or a 2.5-liter engine are unaffected.Read more »
BUSINESS July 23, 2012 | 12:18 PM
Dutch beer manufacturer Heineken NV has submitted a $4.1 billion bid to purchase Singapore's Asia Pacific Breweries, one of Asia’s largest brewers, in an effort to increase its presence on the continent.
Heineken offered to pay APB’s parent company Fraser & Neave $40 a share for its entire stake in APB; Heineken and F&N have been partners in Asia since 1931.Read more »
BUSINESS July 19, 2012 | 6:22 PM
Mobile equipment manufacturers worldwide expected to see profit increase as more customers switch to smartphones, but the opposite has been true. As telecom operators switch to 4G, fourth generation networks designed to carry super-fast, high-capacity data and video, equipment manufacturers are forced to cut costs and lower their budgets.
Several factors are to blame, including low-cost Chinese manufacturers, technological advances driving prices down and mobile phone operators unable to convince customers to pay for higher usage and data when they can use free service such as Skype.Read more »
BUSINESS July 18, 2012 | 11:24 AM
Sales for personal computers were down during the second quarter of 2012 as customers are increasingly attracted to smartphones and tablets, according to research from market analysts.
Reports from Gartner and IDC indicate that PC sales fell by 0.1% from 2011, down to 87.5 million units globally. In the United States, the drop was even more significant as sales dropped nearly 11% from the previous year to 15.9 million units. These recent declines mark the seventh-straight quarter of falling numbers.Read more »
ECONOMY July 17, 2012 | 12:24 PM
China's rapid growth rate has now slowed to a three-year low of 7.6%, according to its National Bureau of Statistics.
China’s growth has been decelerating for eight quarters, the longest steady decline since the nation’s government began reporting its gross domestic product (GDP) in 1992.Read more »
BUSINESS July 16, 2012 | 10:55 AM
US retailers Target Corp. and Neiman Marcus are partnering to bring customers a limited edition, designer collection for the end-of-year holiday season in the hopes of attracting new consumers and evolving their images.
Beginning Dec. 1, both stores will sell a 50-item collection featuring products designed by 24 respected designers like Oscar de la Renta, Marc Jacobs and Band of Outsiders. The specific product list will be revealed in an advertising campaign that begins in November, and is said to include apparel and accessories for men, women and children as well home decor items, pet accessories, sporting goods and electronic accessories.Read more »
BUSINESS July 13, 2012 | 9:31 AM
Intel Corp is investing close to $4.1 billion in Dutch chip manufacturing company ASML to boost its research into next-generation semiconductor technology.
The deal serves to fund research to develop a new technology known as extreme ultraviolet (EUV) lithography that allows for greater processing power while reducing the size of the chip.Read more »
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