BUSINESS August 9, 2012 | 4:28 PM
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
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
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 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
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
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’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 »
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