BUSINESS July 16, 2012 | 10:55 AM
US retailers Target Corp. and Neiman Marcus are partnering to bring customers a limited edition, designer collection for the end-of-year holiday season in the hopes of attracting new consumers and evolving their images.
Beginning Dec. 1, both stores will sell a 50-item collection featuring products designed by 24 respected designers like Oscar de la Renta, Marc Jacobs and Band of Outsiders. The specific product list will be revealed in an advertising campaign that begins in November, and is said to include apparel and accessories for men, women and children as well home decor items, pet accessories, sporting goods and electronic accessories.Read more »
BUSINESS July 13, 2012 | 9:31 AM
Intel Corp is investing close to $4.1 billion in Dutch chip manufacturing company ASML to boost its research into next-generation semiconductor technology.
The deal serves to fund research to develop a new technology known as extreme ultraviolet (EUV) lithography that allows for greater processing power while reducing the size of the chip.Read more »
BUSINESS July 12, 2012 | 1:51 PM
Boeing has secured a $7.2 billion deal with US-based Air Lease Corp for 75 fuel-efficient 737 MAX airplanes, marking the first major order at the Farnborough Airshow, which started earlier this week in the United Kingdom.
The 737 MAX aircraft is Boeing’s answer to the popular A320neo from European rival Airbus, and newly-appointed President of Boeing Commercial Airplanes Ray Conner says Air Lease “is an ideal partner to help establish the 737 MAX in the leasing market”.Read more »
BUSINESS July 11, 2012 | 4:30 PM
WellPoint Inc., the second-largest medical insurance provider in the US, is purchasing managed healthcare provider Amerigroup Corp. for $4.9 billion.
Both companies serve Medicaid patients, a portion of the US population that is expected to grow to 17 million when President Barack Obama’s healthcare law goes into effect in 2014.Read more »
BUSINESS July 9, 2012 | 10:53 AM
In one of the automobile industry’s most important mergers, Volkswagen AG has paid $5.6 billion for the remaining 50.1% ownership stake in Porsche SE that it does not already own.
The deal puts an end to a battle that began in 2005 with a failed attempt by Porsche to takeover Volkswagen. The two companies can now officially consolidate with Volkswagen taking over the Porsche brand as well as its other automotive brands, including Bentley, Audi, Skoda, Bugatti, Seat and Lamborghini.Read more »
BUSINESS July 6, 2012 | 11:26 AM
US airplane maker Boeing has raised its 20-year forecast for the global airplane market by 1.5%, predicting sales of 34,000 jets for a total of $4.5 trillion as air travel increases throughout the world’s emerging economies.
Boeing’s latest estimate is almost double the current size of the global fleet, which counts almost 20,000 planes. Last year, the company had projected sales of 33,500 over the next two decades – an increase of 8.5% on earlier predictions.Read more »
BUSINESS July 5, 2012 | 10:44 AM
Qatar Holding LLC, the owner of the famous London-based Harrods department store, is building a chain of high-end hotels worldwide under the Harrods name with the goal of turning Harrods into a global luxury brand.
Qatar Holding vice-chairman Hussain Ali al-Abdulla says Harrods hopes to eventually define “luxury retail and leisure sectors.”Read more »
BUSINESS July 4, 2012 | 3:14 PM
Global aerospace leader Airbus SAS is building its first American factory in Mobile, Alabama, for $600 million in the hopes of taking advantage of the nation’s aging air fleet.
Airbus president and chief executive officer Fabrice Bregier says: “The US is the largest single-aisle aircraft market in the world, with a projected need for 4,600 aircraft over the next 20 years, and this (new) assembly line brings us closer to our customers."Read more »
BUSINESS July 3, 2012 | 12:10 PM
In an effort to expand its reach to international readers, The New York Times has launched a Chinese-language news website. The new site, http://cn.nytimes.com, is aimed at China’s growing middle-class or “educated, affluent, global citizens.”
The site will feature approximately 30 articles per day, focusing on national, foreign and arts-related topics as well as editorial pieces. Around two-thirds of the content will be translated from NYTimes articles, and one-third of the content will be written by Chinese editors and local freelance journalists.Read more »
BUSINESS July 2, 2012 | 12:10 PM
Belgium-based beer maker Anheuser-Busch InBev has purchased the remaining stake it does not currently own in Grupo Modelo, the manufacturer of Corona, for $20.1 billion in cash.
InBev already holds a 50% non-controlling stake in Modelo, which it gained in 2008 when it purchased Anheuser-Busch for $52 billion. The new $20.1 billion purchase is higher than the $12.1 billion AB InBev was originally rumored to pay, and signals the competitiveness of the Mexican beer market, which is the world’s sixth-largest.Read more »
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