Business News

Firefox Replacing Google with Yahoo as Default Search Engine

Firefox Replacing Google with Yahoo as Default Search Engine

BUSINESS

  • Firefox users conduct 100 million searches yearly
  • Default search engine also changed in China, Russia
  • Yahoo hopes to return to being a large search engine

Internet browser Firefox, run by nonprofit Mozilla, is replacing Google with Yahoo as its default search engine for U.S. users.

The change will go into effect in December when Google’s $1 billion contract expires. Google has been the default Firefox search engine since 2004.

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Family Dollar Delays Vote to Buy Dollar Tree for $8 Billion

Family Dollar Delays Vote to Buy Dollar Tree for $8 Billion

BUSINESS

  • Delay allows more time for review
  • Vote now expected in late December
  • Dollar General offer to buy Family Dollar closes Dec. 31

Family Dollar Stores Inc. has delayed voting on its $8.5 billion takeover of Dollar Tree Inc. as it awaits an update from antitrust regulator the Federal Trade Commission.

Voting was delayed from Dec. 11 to Dec. 23. Originally, the deal was expected to close by December. The combined company would be expected to compete against stores such as Wal-Mart, which serve low-income shoppers. In September, Dollar Tree said it was confident the FTC would approve the deal if the retailer closed as many stores as possible.

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Candy Industry Forecasts Chocolate Shortage by 2020

Candy Industry Forecasts Chocolate Shortage by 2020

BUSINESS

  • Demand outweighing supply
  • Weather in Africa the largest factor in decreased supply
  • Industry experts forecasted shortages earlier in decade

Barry Callebaut, the world’s largest chocolate manufacturer, and American candy manufacturer Mars Inc. warn the days of a plentiful chocolate supply are limited, according to a report by The Washington Post.

“Chocolate deficits, whereby farmers produce less cocoa than the world eats, are becoming the norm,” the Post said. “Already, we are in the midst of what could be the longest streak of consecutive chocolate deficits in more than 50 years. It also looks like deficits aren’t just carrying over from year-to-year – the industry expects them to grow.”

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Facebook Testing Business Network to Compete Against LinkedIn

Facebook Testing Business Network to Compete Against LinkedIn

BUSINESS

  • Social network reportedly testing business network
  • Facebook entering crowded industry space
  • Business network would need to solve some problems

Social network Facebook Inc. is developing a business collaboration tool, according to The Financial Times, that would compete against LinkedIn and other business sites.

Facebook at Work is in the testing stages. Like Facebook for personal use, it would allow employees to send messages, join groups and read their newsfeed. Information from Facebook at Work would be separate from personal accounts.

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Warren Buffet to Buy Duracell for $4.7 Billion

Warren Buffet to Buy Duracell for $4.7 Billion

BUSINESS

  • Purchase will be funded by exchanging shares
  • Duracell has had multiple owners
  • Procter & Gamble selling lower growth brands

Conglomerate Berkshire Hathaway Inc., run by the billionaire Warren E. Buffett, is purchasing Duracell from Procter & Gamble Co.,the world's top household products manufacturer, in a deal worth $4.7 billion.

Berkshire Hathaway will fund the purchase by exchanging its 52.8 million shares in Procter & Gamble. This will allow both companies to avoid significant taxes. P&G will put $1.8 billion in cash into the business before the exchange, its largest divestiture.

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Macy’s Third Quarter Below Expectations

Macy’s Third Quarter Below Expectations

BUSINESS

  • Same-store sales dropped 1.4%
  • Company blames weather, economy
  • Same-day delivery service to start in major cities

Department store giant Macy’s, which also operates Bloomingdale’s stores, reported a lackluster third quarter.

Revenue was $6.2 billion,1.3% lower than the third quarter of 2013; analysts had forecasted $6.3 billion.

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Unilever Suing Starting-Up Company for False Advertising

Unilever Suing Starting-Up Company for False Advertising

BUSINESS

  • New product does not contain eggs
  • Unilever seeking financial damages
  • Mayonnaise has strict definition in food market

Food giant Unilever is suing start-up company Hampton Creek for false advertising and fraud.

Unilever claims Hampton Creek’s eggless mayonnaise-like spread, which substitutes yellow peas for eggs, misleads customers into thinking it contains eggs. The spread’s logo shows a white egg cracked by a pea seedling.

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Walmart to Address Safety Concerns in Chinese Market

Walmart to Address Safety Concerns in Chinese Market

BUSINESS

  • Scandals have harmed business
  • Same-store sales in China dropped 1.6%
  • Chinese government’s austerity campaign harming foreign retailers

The world's largest retailer, Wal-Mart Stores Inc., is seeking increase profitability in China by addressing food safety concerns.

In recent years, there have been a number of food scandals in China, some of which involve Wal-Mart. In 2011, Wal-Mart was accused of selling expired duck meat. It also was accused of selling non-organic meat labeled as organic, forcing the retailer to close its Chongqing stores. This year, the company was accused of selling donkey meat mixed with fox meat.

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Anheuser-Busch Buys 10 Barrel Brewing for Undisclosed Amount

Anheuser-Busch Buys 10 Barrel Brewing for Undisclosed Amount

BUSINESS

  • Deal to close by the end of year
  • Anheuser-Busch seeks better place in craft market
  • Beer losing market share in alcoholic-drink market

Anheuser-Busch InBev, the largest beer manufacturer in the world, has purchased craft brewer 10 Barrel Brewing Co. for an undisclosed amount. The deal is expected to close before the end of the year, giving Anheuser-Busch a piece of growing craft-beer market.

This year, 10 Barrel expects to sell 40,000 barrels of beer. In 2013, 23,500 were sold. The brewery’s most popular beer, India pale ale Apocalypse IPA, is half of its volume.

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Duke Energy’s Third Quarter Below Expectations

Duke Energy’s Third Quarter Below Expectations

BUSINESS

  • Weather affected summer cooling season
  • Utilities sold properties in Midwest for funds
  • Chesapeake Energy has reached target for 2014

Duke Energy Corp., the largest U.S. power company by market value, reported a third quarter below expectations.

Revenue increased 3% to $6.4 billion, lower than analysts’ forecast of $7.2 billion.

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