BUSINESS September 29, 2014 | 11:45 AM
- Offer values movie studio at $3.4 billon
- DreamWorks has struggled financially
- SoftBank interested in further expansion
Japan’s SoftBank Corp., the owner of U.S. wireless carrier Sprint, has made an offer to purchase Jeffrey Katzenberg’s DreamWorks Animation SKG Inc. film studio for $32 a share, according to the Hollywood Reporter. The offer values the studio at $3.4 billion.
DreamWorks Animation,which operates separately from Steven Spielberg's DreamWorks Studios, has been struggling financially and has invested heavily in television. It is the smallest Hollywood studio, producing less than four movies annually.Read more »
BUSINESS September 23, 2014 | 12:02 PM
- Healthcare a fast growing market
- Lighting will be able to better adapt to market changes
- Phillips has history of changing with the times
Dutch electronics company Royal Phillips will split into two businesses – lighting and healthcare technology – as part of a larger strategy to move into fast-growing markets.
The healthcare business, HealthTech, which manufactures hi-tech medical equipment, will merge with Phillips’s consumer lifestyle division.Read more »
BUSINESS September 22, 2014 | 4:08 PM
- Purchase increases company’s portfolio in lab supplies
- Pharmaceutical business to remain medium enterprise
- Merck has had better luck with chemical businesses
German drug and chemical manufacturer Merck KGaA is purchasing American lab supply manufacturer Sigma-Aldrich Corp. for $17 billion, boosting Merck’s chemical portfolio and reducing its dependences on pharmaceuticals.
Chemicals and services are a steadier source of income than pharmaceuticals. In recent years, Merck has had a series of drug failures and will keep its pharmaceuticals business, Serono, medium sized.Read more »
BUSINESS September 18, 2014 | 1:05 PM
- Plastics division had been underperforming
- Bayer to focus on life sciences
- Separation to benefit both businesses
Germany’s Bayer AG plans to either spin off its plastics business, Bayer MaterialScience, or list it as an initial public offering with shares sold against cash within the next 12 to 18 months. It gives the business funds needed for research and development.
The MaterialScience division has not been profitable with profit margins less than half the company average. Rising material costs have decreased profits.Read more »
BUSINESS September 17, 2014 | 1:22 PM
- Three other states have issued permits
- Self operating vehicles use sensor technology
- California put new regulations in place before issuing permits
California has become the fourth state to issue permits for testing self driving vehicles on state roads.
The California Department of Motor Vehicles permit is $150 for 10 vehicles and 20 drivers. An additional 10 drivers can be added for $50.Read more »
BUSINESS September 16, 2014 | 10:03 AM
- Airline hopes 2,100 accept offer
- Buyout helps prevent future layoffs
- United only airline to experience quarterly loss
American carrier United Airlines, a unit of United Continental Holdings Inc.,is offering flight attendants a $100,000 lump-sum buyout to prevent future layoffs.
The airline employees 23,000 flight attendants and hopes 2,100 accept the offer.Read more »
BUSINESS September 15, 2014 | 3:59 PM
- Sales 2 million more than iPhone 5
- Model not available in all nations Sept. 19
- Demand is usually greater than supply for Apple Products
Presales for the iPhone 6 and iPhone 6 Plus reached 4 million during the first 24 hours, according to Apple Inc., breaking the record set by the iPhone 5 which sold 2 million in 24 hours.
If sales kept pace all weekend, up to 10 million iPhone 6s were sold. Analysts say the volume of orders reflects customers’ demand for larger screens.Read more »
BUSINESS September 11, 2014 | 2:49 PM
- Online sales helped maintain sales levels
- Company on track to open new stores
- Dispute with company founder resolved
Canadian yoga-wear manufacturerLululemon Athletica Inc. reported better than expected earnings for the quarter ending Aug. 3.
Profit fell to $48.7 million while revenue grew 13% to $390.7 million. Sales remained stagnant. Same stores sales decreased 5% while Internet sales increased 30%.Read more »
BUSINESS September 10, 2014 | 1:15 PM
- Apple to receive cut of credit card fees
- Less than 20% of Americans use mobile payment
- Rest of world will need to wait for Apple Pay
Apple Inc.’s new Apple Pay mobile payment system will debut in October in the United States. It works by allowing users to pay for purchases with a tap of their iPhone.
The service is similar to those offered by PayPal, Amazon, Google and Facebook, and it is exclusive to the iPhone 6 and iPhone 6 Plus.Read more »
BUSINESS September 9, 2014 | 2:38 PM
- Companies accused of preventing generic version of drug
- Generic company compensated with cholesterol drug
- FTC trying to stop pay-to-delay deals
The U.S. Federal Trade Commission has filed a federal lawsuit accusing three pharmaceutical companies with preventing a generic version of testosterone replacement drug AndroGel in reaching market.
According to the lawsuit, AbbVie Inc. and its partner Besins Healthcare Inc. filed baseless patent infringement lawsuits against generic drug companies, Teva Pharmaceuticals and Perrigo Company Plc, in order to delay a generic version of AndroGel. AbbVie then entered into a pay-for-delay settlement agreement with Teva, the world’s largest generic drug company, which was given the rights to AbbVie’s cholesterol drug, Tricor.Read more »