BUSINESS August 28, 2014 | 12:09 PM
- Low sales offset by decreased costs
- Chain criticized for not keeping up with fashion
- Retailer hopes marketing strategies will help it compete
Teen apparel retailer Abercrombie & Fitch Co. reported sales fell 7% during the second fiscal quarter of 2014, the tenth straight quarterly decline.
Same store sales dropped 11%, but were balanced by direct-to-consumersales rising 11%. Net sales fell 6% to $890.6 million and profit grew to $12.9 million. The increase in profit was the result of a fall in store, distribution, administrative, marketing, and general expenses.Read more »
BUSINESS August 27, 2014 | 11:22 AM
- Amazon beat out YouTube in bidding
- Twitch to keep branding
- Twitch the most popular Web service for video game-play
E-commerce giant Amazon.com Inc. has agreed to purchase video streaming service Twitch for $970 million in cash.
Twitch has 50 million users monthly, 1.1 million of whom broadcast videos. It ranks fourth in Internet traffic behind Netflix, Google and Apple, and is the largest live-streaming website in the United States, yet it has yet to become a household name.Read more »
BUSINESS August 26, 2014 | 11:31 AM
- Combined company to be third largest globally
- Merger allows Burger King to compete in breakfast market
- Previous owner of Tim Horton was unsuccessful
Burger King, the second-largest American burger chain, has purchased Canadian coffee and doughnuts chain ,Tim Hortons, for $11.4 billion, opening up new markets for both.
The combined company will be the third-largest fast food chain globally. It will be headquarter in Canada with more than 18,000 locations in 100 countries. Corporate taxes in Canada are 46% lower than in the U.S., according to auditors KPMG. It will be listed on both the New York and the Toronto stock exchanges.Read more »
BUSINESS August 25, 2014 | 12:42 PM
- Shirt monitors bodily functions
- Ball boys to wear shirts during tournament
- Shirt the first aimed at everyday users
Luxury fashion house Ralph Lauren Corp. will debut a biometric smart shirt during the U.S. Open Tennis Association tournament, where it is the official outfitter, and enter the wearable technologies market.
The compression shirt, called the Polo Tech Shirt, was developed with proprietary technology from Canadian company OMSignal which employs experts in sports medicine, neuroscience and engineering.Read more »
BUSINESS August 22, 2014 | 12:47 PM
- Company to hold press conference to preview operating system
- Several changes are rumored to correct problems
- Windows 8 was highly criticized
Software giant Microsoft plans to reveal its next operating system at a press conference September 30, The Verge reports.
The operating system is codenamed Threshold. It is unknown whether it will be named Windows 9 before release, but computer experts expect Microsoft’s numbering scheme to continue.Read more »
BUSINESS August 21, 2014 | 12:22 PM
- Removal represents a change in Twitter policy
- Social media site faces same dilemma as journalists
- Policy change comes after highly public examples
Social media website Twitter Inc. says it will now remove videos and photos of the deceased at the request of immediate family and authorized individuals.
Only photos or video taken from when critical injury occurred to the moments before or after death will be removed. Users can submit requests via email.Read more »
BUSINESS August 20, 2014 | 12:22 PM
- VoLTE will increase voice quality
- Verizon scored highly in latest providers’ report
- Carrier making changes to attract more customers
Verizon Communications, the largest wireless provider in the U.S. by subscribers, plans to provide Voice over LTE (VoLTE) service nationwide by 2015, offering customer benefits and increasing the number of 4G subscribers. VoLTE will be launched around the same time as the carrier’s Advanced Wireless Services spectrum overlay.
Rivals T-Mobile and AT&T launched VoLTE in limited markets earlier this year.Read more »
BUSINESS August 18, 2014 | 2:09 PM
- Ban would not affect foreign factories in Russia
- Russian President Putin may consider other options
- EU imposes emergency measures to protect farmers
Russia may impose sanctions on Western car imports if the European Union and the United Stations strengthen their sanctions, Russian business newspaper Vedomosti reports.
Vedomosti did not report whether the ban would also affect buses and trucks. The ban would not affect foreign automakers, which have invested $5 billion in Russia, with factories in the nation.Read more »
BUSINESS August 15, 2014 | 2:29 PM
- Move aimed at increasing productivity
- BHP merged with Billiton in 2001
- Most demerged assets expected to come from Billiton
The board of Anglo-Australian mining company BHP Billiton, the world's largest miner, voted to spin-off unwanted assets with the goal of making the company simpler and generating stronger cash flow.
The simplified company will have four divisions – coal, copper, iron ore, and oil and gas, -- with a fifth in the planning stages.Read more »
BUSINESS August 14, 2014 | 2:36 PM
- Hundreds of consumer complaints filed against company
- Company in violation of fraud laws
- Company confident lawsuit will be dismissed
The New Jersey Department of Consumer Affairs has accused telemarketing company Telebrands of five counts of violating the Consumer Fraud Act in a complaint filed in Essex County Superior Court.
Between 2012-2014, there have been 340 consumer complaints filed against the company. Investigators from New Jersey's Division of Consumer Affairs conducted an undercover investigation purchasing products to verify consumer complaints.Read more »