BUSINESS March 11, 2014 | 12:28 PM
American office supply retailer Staples Inc. plans to close 225 underperforming locations, representing 12% of its North American locations, and cut $500 million in annual costs by 2016.
The plan comes after a disappointing holiday season and forecasts for a further decline in business.Read more »
BUSINESS March 10, 2014 | 12:09 PM
London-based oil producer BP intends to separate its onshore US oil and gas assets into a new division that will boost the competitiveness of its shale gas portfolio there.
BP, by market value the second-largest European oil company, asserted that this separate shale division with new Houston headquarters would be more viable as a competitor against independents as it could benefit from faster cycle times and shorter decision-making times.Read more »
BUSINESS March 7, 2014 | 6:02 PM
American electronics chain RadioShack Corp. lost $400 million in 2013, and plans to close 1,100 stores as part of chief executive Joe Magnacca’s turnaround plan.
The retailer has struggled for years to compete against online retailers and changing technology. Analysts say RadioShack cannot compete in a world where people shop online and that it is too dependent on wireless technology.Read more »
BUSINESS March 6, 2014 | 5:36 PM
Automakers saw sales in the United States rise in February 0.3%, as incentives drew customers to dealerships. Last month, nearly 1.2 million vehicles were sold.
On average, incentives for February were $2,633 per vehicle, or up 5% from 2013, according to TrueCar. The average transaction price was $32,074, some 3.6% higher than 2013. It’s also the highest February average sale price since 2009.Read more »
BUSINESS March 5, 2014 | 10:35 AM
Pharma giant Bayer, creator of Aspirin, will purchase Dihon Pharmaceutical, a privately-owned company with headquarters in south west China to strengthen its position in Asia, where pharmaceutical businesses are growing, and help it reach its goal of becoming the #1 non-prescription drugs company worldwide.
Dihon focuses on traditional herbal Chinese medicine and over-the-counter (OTC) drugs—a sector in which it is a leader in China. Dihon boasts yearly sales of $168 million and has 2,400 employees.Read more »
BUSINESS March 4, 2014 | 6:18 PM
American online video on demand service Hulu LLC has entered into an agreement to sell its Japanese unit to Nippon Television Network Corp., the top Japanese television network, ending Hulu’s venture into international business.
Hulu launched its Japanese unit in September 2011; the unit offers subscriptions for unlimited viewing of premium content on internet-connected devices for a $9.60 monthly fee. It has 50 content partners and offers more than 13,000 movies, dramas and anime.Read more »
BUSINESS March 3, 2014 | 5:19 PM
BlackBerry CEO John Chen has announced plans to sell or create new products related to the BlackBerry Messenger (BBM) smartphone service to help build a stronger foundation for the company.
With Chen centering his efforts to boost the Waterloo, Ontario-based company on BBM, BlackBerry’s instant-messenger, as well as BlackBerry’s business customers, the company’s stock has risen steadily after a period of decline.Read more »
BUSINESS February 28, 2014 | 11:24 AM
Airbus Group NV, Europe’s largest aerospace company, plans to increase production of its A320 model by 10% to 46 aircraft per month by 2016.
Last year, demand for new aircraft rose 22%, and Airbus secured orders for over 1,500 new planes worth $225 billion in list prices. Growth was seen primarily in emerging markets, but also from American carriers replacing their aging fleets.Read more »
BUSINESS February 27, 2014 | 5:09 PM
Netflix Inc., the world’s largest subscription video-streaming service, has agreed to pay Comcast Corp., one of the largest US broadband providers, for faster internet speeds to provide customers with better service.
The terms of the deal were not revealed, but are rumored to be in the millions of dollars, according to Bloomberg.Read more »
BUSINESS February 26, 2014 | 4:15 PM
Media and communications giant Comcast Corp. plans to acquire Time Warner Cable Inc. at a $45.2 billion price tag; this all-stock agreement would see the two largest cable TV corporations in the US joining forces.
This deal is anticipated to close by year end once regulatory and shareholder approval is given.Read more »
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