Top Headlines 2012 - part 10
BUSINESS August 9, 2012 | 4:28 PM
- Spyker claims GM blocked Saab sale to Chinese company to force Saab into bankruptcy
- Saab now being bought out by National Electric Vehicle Sweden AB consortium
- Analysts say it will be difficult for Spyker to prove its case
Dutch automaker Spyker NV has filed a lawsuit on behalf of its subsidiary Saab against General Motors for $3 billion, claiming GM blocked Saab’s sale to the Chinese to force Saab into bankruptcy.
Filed with United States District Court in Michigan and intended to cover compensatory and punitive damages as well as legal fees and interest, the lawsuit says: “When Saab found a way to secure liquidity and continue as a going concern with the help of Chinese investors, GM was determined to scuttle the deal by any means necessary, including the publication of false information about its rights under the parties' contracts."Read more »
BUSINESS August 8, 2012 | 11:51 AM
- IAG, holding company to Spain’s Iberia, creates crisis management plan
- IAG saw $482 million pre-tax loss in Q1 2012 due to Iberia's $325 million operating loss
- IATA anticipates industry net income loss of 62%
International Airlines Group (IAG) - the world’s largest airline group and holding company to Spain’s Iberia airline - is developing a contingency plan for Spain’s possible withdrawal from the Eurozone.
A crisis management group is reviewing possible impact and will seek input from external advisors.Read more »
BUSINESS August 7, 2012 | 12:00 PM
- Kraft increases product prices to offset rising price of commodities (corn, other)
- Kraft using Cadbury for overseas distribution
- Kraft to split in two as of October; Kraft Foods Group Inc. to oversee business in North America, while Mondelez International Inc. to focus on snacks abroad
One of the world’s best-known food companies Kraft Foods Inc. has exceeded analyst predictions for second quarter profit by raising the prices of its food products as part of a larger strategy for the business’s future success.
Kraft increased product prices in an attempt to offset the rising price of commodities in light of this summer’s drought in the Midwest, which is expected to impact the cost of Kraft products for the rest of the year as corn prices rise.Read more »
BUSINESS August 6, 2012 | 2:54 PM
- Samsung sees profit nearly double from 2011
- Samsung phone shipments in second quarter nearly doubled number of iPhones sold
- Sales in emerging markets key to Samsung’s continued growth
Samsung Electronics Co., the world’s largest technology company by revenue, has reported a record-setting second quarter thanks to its Galaxy line of smartphones, allowing it to overtake rivals.
The majority of Samsung’s sales come from its mobile division, which includes networking equipment, smartphones and personal computers. In addition, Samsung remains the world’s top television and memory-chip manufacturer.Read more »
BUSINESS August 3, 2012 | 11:37 AM
- Sales of Merck diabetes drugs Januvia and Janumet soar
- Asthma drug Singulair generates $5 billion per year for Merck
- Generic drug competition looms for Singulair, Maxalt and other top Merck brand drugs
- Osteoporosis, insomnia drugs expected to be new star products
Pharmaceutical leader Merck & Co second-quarter revenue rose 1.3% to $12.3 billion, beating industry forecasts as sales of its diabetes drugs Januvia and Janumet soared.
Analysts predicted tough generic competition for Merck’s asthma medicine Singulair to have a bigger impact on its financials, but a rise in sales of its vaccines, diabetes and HIV treatments proved the stronger factor.Read more »
BUSINESS August 2, 2012 | 5:16 PM
- Q1 sales down 9.7% at 84.8 billion yen
- 3DS sales top 1.86 million units, Wii sales at 710,000 units
- 3DS XL due for release, Wii U to be released before Christmas
Nintendo posted a net loss of 17.2 billion yen ($221 million) for the first quarter ending June 2012 as the company continues to struggle with the strong yen and stiff competition.
The figures show an improvement on the same period last year, when Nintendo reported a loss of 25.5 billion yen, buoying hopes of a return to profit this year.Read more »
BUSINESS July 27, 2012 | 3:41 PM
- Apple net income and revenue slow to rate of 20% in 3Q, lowest growth in over 2 years
- Apple sells 26 million iPhones, 17 million iPads from April to June
- Apple faces tough competition from Samsung's Galaxy S3 and HTC's One X smartphones
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 services 1.4 million customers in 6 states, offers world-class infrastructure
- Other recent cable buyouts launched by Canadian cable provider Cogeco Cable, Time Warner Cable
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
- Deal allows CNOOC to take over Nexen shale gas operations in British Colombia, oil sands projects in Alberta and overseas production/ exploration ventures
- Current domestic oil production in China limited; CNOOC has only 9 years of reserves accumulated
- Nexen deal to boost CNOOC reserve levels by 30%
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 recalls 11,500 model 2013 Ford Escapes due to faulty fuel line with fire risk
- Second recall for Ford Escape in past month
- Production of the Escape vehicle on track regardless of recalls
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 »