BUSINESS September 30, 2013 | 5:29 PM
Smartphone manufacturer BlackBerry will eliminate 4,500 staff positions, or almost 40% of its workforce, following disappointing quarterly sales of $1.6 billion, which amounts to only half of predicted analyst expectations set at $3.03 billion.
A recent report says that in the second quarter the struggling Waterloo, Ontario-based smartphone company could lose up to $960 million in an inventory writedown. BlackBerry anticipates an operating loss of nearly $1000 for the same period.Read more »
BUSINESS September 27, 2013 | 4:29 PM
Applied Materials Inc, the largest chip-making equipment supplier, is buying rival Tokyo Electron Ltd for more than $7 billion, combining the two companies to increase profit.
The merged company will provide new devices and cost-effective products to customers. Both companies manufacture machines that prepare silicon wafers for imprinting but few of their other products overlap.Read more »
BUSINESS September 26, 2013 | 2:38 PM
European car sales have dropped 5%, resulting in the lowest number of deliveries on record since 1990.
Apparently, Volkswagen AG, Fiat SpA and PSA Peugeot Citroen really felt the pinch, and the European Automobile Manufacturers’ Association (ACEA) was quoted as saying that the countries noticing the biggest slump were France, Italy and Germany. However, while the ACEA acknowledged the drop across these major markets, reports indicate that Britain was the only significant market to see an upswing, reporting nearly 11% in growth as compared to the same month last year.Read more »
BUSINESS September 25, 2013 | 5:20 PM
German airline Deutsche Lufthansa AG, Europe’s largest airline by revenue, ordered 59 jets from Boeing Co. and Airbus SAS worth $19 billion in list prices with the goal of replacing its aging fleet.
The order is the largest in company history.Read more »
BUSINESS September 24, 2013 | 4:28 PM
The European Commission is looking to get rid of mobile phone roaming charges across Europe as part of its overarching telecom market reform strategy.
The Commission termed this strategy “the most ambitious plan in 26 years of telecom market reform.” These measures are pending approval by members of the European Union as well as by the governments of the member states.Read more »
BUSINESS September 23, 2013 | 5:19 PM
Boeing Co. test pilots successfully completed a test flight of the Dreamliner 787-9 and no significant problems were detected. The successful flight gives Boeing hope it has solved many of the problems that plagued the 787-8 and the 747 jumbo jet, putting them behind schedule.
Earlier this year, the 787-8 fleet was grounded for three months because of overheating batteries and electrical panel fires.Read more »
BUSINESS September 23, 2013 | 12:20 PM
Apple Inc. sold 9 million iPhone 5s and iPhone 5c models over the launch weekend, exceeding expectations. Customers waited in line for the updated iPhone 5s and less-expensive iPhone 5c across the United States, the UK, Canada, Australia, China, Hong Kong, Puerto Rico, France, Japan, Germany and Singapore.
This marks the first time Apple launched two iPhone models simultaneously. Apple did not separate the sales figures for the models, although some British sources say sales of the higher-end model far exceeded the 5c.Read more »
BUSINESS September 18, 2013 | 5:45 PM
British telecommunications company Vodafone PLC is one step closer to completing its $10.23 billion takeover of Germany's largest cable company Kabel Deutschland after shareholders met the 75% minimum-acceptance condition needed to approve the deal.
Shareholders who did not approve the offer will be given a second chance through Sept. 30.Read more »
BUSINESS September 17, 2013 | 12:24 PM
The world’s largest hotel chain Hilton Worldwide Holdings Inc plans to raise $1.25 billion in a US initial public offering to help pay down its $15.4 billion debt and to use for other corporate initiatives.
Hilton is valued at approximately $30 billion, and owns hotel brands including Hilton, Hampton Inn, DoubleTree, Waldorf Astoria and Homewood Suites. In total, the group manages or franchises 4,041 properties in 90 countries.Read more »
BUSINESS September 16, 2013 | 2:51 PM
Verizon Communications, the largest US mobile service provider, has bought out partner British telecommunications giant Vodafone for $130 billion to take full control of the wireless business unit jointly owned by the two companies.
Full ownership will give Verizon the unit’s entire profits, allowing it to better compete with rivals and build new mobile networks. The deal comes at a time when the American market is shrinking. During the second quarter, the growth rate dropped to 2.2%.Read more »
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