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Business News - part 10

Kellogg's “Project K” Cuts 2,000 Jobs To Reduce Costs

Kellogg's “Project K” Cuts 2,000 Jobs To Reduce Costs

BUSINESS

  • Kellogg job cuts part of savings plan called Project K
  • Project K expected to save $425 million to $475 million per year by 2018
  • Kellogg facing increased competition from generic brands, changing consumer habits

Food-manufacturing business Kellogg Co., the world's largest maker of breakfast cereals, has launched a four-year cost-saving plan called Project K aimed at boosting profitability.

Some 2,000 jobs, or 7% of Kellogg’s global workforce, will be eliminated and production capacity cut. The plan also involves consolidating factories and product lines as well as increasing growth in emerging markets and emphasizing regional brands.

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Vivendi Sells Stake In Maroc Telecom To UAE’s Etisalat

Vivendi Sells Stake In Maroc Telecom To UAE’s Etisalat

BUSINESS

  • Vivendi sells stake as part of strategy to streamline
  • Purchase may not be wisest for Etisalat
  • Vivendi to spin off SFR business

French media and telecom group Vivendi SA is selling its 53% stake in North African phone operator Itisalat Al Maghrib, also known as Maroc Telecom, to Emirates Telecommunications Corp. or Etisalat Group, for $5.67 billion in an effort to streamline operations.

Vivendi plans to focus and strengthen its media and content activities in Universal Music Group and French pay-TV company Canal Plus, which it believes will offer greater growth potential. Vivendi also plans to pay down its debt.

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Apple & GT Advanced Technologies Open New Manufacturing Facility In Arizona

Apple & GT Advanced Technologies Open New Manufacturing Facility In Arizona

BUSINESS

  • Apple manufacturing plant to be shared with GT Advanced Technologies
  • GT Advanced Technologies to provide sapphire crystal technologies for Apple products
  • New plant to generate 700 local manufacturing jobs and up to 1,300 construction jobs

Consumer electronics giant Apple will build a manufacturing plant in Arizona in conjunction with technology company GT Advanced Technologies, which will produce sapphire material to be used in some Apple products.

Apple did not specify which components would be manufactured at the plant, but did indicate the new site helps furthers Apple’s domestic efforts by generating as many as 700 local manufacturing jobs and up to 1,300 construction jobs.

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US Consumer Confidence Drops In October

US Consumer Confidence Drops In October

BUSINESS

  • US consumer confidence falls to 71.2 in October, down from 80.2 in September
  • Confidence reached 82.1 in June, the highest level in 5.5 years
  • 17.5% of US consumers expect economy to get worse in next 6 months

Consumer confidence in the United States fell sharply in October to 71.2, down from 80.2 in September, according to a report by research group The Conference Board.

The decline is linked to the 16-day US government shutdown.

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Apple Losing Smartphone Market Share Battle To Samsung

Apple Losing Smartphone Market Share Battle To Samsung

BUSINESS

  • Apple smartphone market share slips to 13.4% despite shipment increases
  • Samsung shipped 88.4 million smartphones, accounting for 35% of total worldwide shipments in third quarter 2013
  • Worldwide smartphone shipments at 251.4 million for third quarter 2013, up 45% year-on-year

Apple shipped 33.8 million smartphones in the third quarter of 2013, up from 26.9 million over the same period last year, but market share has still dropped 2.2% to 13.4%.

This marks Apple’s third-consecutive quarterly decline, and the latest quarter is considered a slow one for Apple. Near the end of the quarter, Apple saw a boost in shipments from the release of the new iPhone 5S and the iPhone 5C.

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Google+ Unveils Updated Image-Management Services

Google+ Unveils Updated Image-Management Services

BUSINESS

  • Google launches Auto Awesome Movie feature to create movies from uploaded images and videos
  • Some 300 million people stream shared content on Google+ per month
  • Google adds over 18 photo, video-enhancing features to compete against Facebook

Google has introduced a technology called Auto Awesome Movie that produces movies by using collections of photos and video clips uploaded onto its social network Google+.

This move is seen as a bid to better compete with main rival Facebook, and aims to attract both more users and more advertising revenue.

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Online Retail: Strong Third-Quarter Sales For Amazon Help Offset Losses

Online Retail: Strong Third-Quarter Sales For Amazon Help Offset Losses

BUSINESS

  • Amazon reported revenue up 24% to $17 billion
  • Amazon’s online sales to grow 15.5% to $83.2 billion before end of 2013, says EMarketer
  • Amazon taking short-term losses with future growth in mind

Third-quarter revenue increased 24% to $17.1 billion, beating analyst estimates of $16.8 billion. Meanwhile, the company’s gross profit margin was 27.6%, and sales by third parties made up 40% of sales.

Net losses were $41 million as fulfillment expenses grew 35% to $2.03 billion, and technology and content expenses grew 45% to $1.73 billion. This is the third consecutive quarter the company has posted a net loss.

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Medical Device Maker Boston Scientific Cuts Jobs To Trim Operating Expenses

Medical Device Maker Boston Scientific Cuts Jobs To Trim Operating Expenses

BUSINESS

  • Boston Scientific Corp. recently announced job cuts of between 1,100 and 1,500
  • Third restructuring in last two years

Boston Scientific, one of the world’s largest medical device manufacturers, plans to cut 1,100 to 1,500 jobs globally until 2015 to help trim between $150 million and $200 million in operating expenses and increase operating income margins from up to 25%.

The company further cites the purpose of this move, its third restructuring since 2011, as addressing financial pressure and streamlining production.

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Smartphone Maker Samsung Reports Profit Up 26%

Smartphone Maker Samsung Reports Profit Up 26%

BUSINESS

  • Samsung financial results boosted by smartphone, semiconductor sales
  • Samsung’s consumer electronics, display panel units report decreases
  • Samsung expects to see growth

Samsung Electronics, Asia’s largest technology company and the world's largest smartphone manufacturer, reported a 26% increase in third-quarter profit from 2012, boosted by smartphone and semiconductor sales. Net profit was $7.6 billion.

This marks the sixth quarter out of the past seven that Samsung has posted record operating profit.

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Streaming Video Service Netflix Secures 40 Million Subscribers

Streaming Video Service Netflix Secures 40 Million Subscribers

BUSINESS

  • Netflix US subscriber base hits over 30 million
  • Netflix international subscriber base rises to nearly 9.2 million
  • Netflix attributes subscriber growth to success of its original series “Orange is the New Black”

US-based TV and video internet streaming service Netflix has announced impressive third quarter 2013 earnings, with global subscribers now totaling 40 million.

In the US, Netflix added 1.3 million subscribers, bringing it to over 30 million domestic paid subscribers. These numbers have now put Netflix ahead of rival HBO, whose last subscriber count was just under 29 million.

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