BUSINESS September 5, 2012 | 11:24 AM
Italian aperitif manufacturer Gruppo Campari will purchase Jamaican rum maker Lascelles de Mercado & Co for $415 million in an effort to expand in the North American market.
The Milan-based company will purchase an 81.4% majority stake from Caribbean conglomerate CL Financial Ltd, which is run by the government of Trinidad and Tobago who took over management of the company after a 2009 bailout.Read more »
BUSINESS September 4, 2012 | 2:43 PM
Leading Canadian drug company Valeant Pharmaceuticals has finalized a $2.6 billion deal to take over dermatology product maker Medicis Pharmaceutical Corp, reviving a buying spree that has been stagnant since a failed bid for biopharmaceutical company Cephalon Inc last year.
In recent months, the specialty pharmaceuticals company has been concentrating on building up its dermatology portfolio in North America, particularly in the United States. The acquisition of Medicis will add Botox rival Dysport to Valeant’s skin care lineup as well a range of other skin treatments, including the acne drug Solodyn.Read more »
BUSINESS September 3, 2012 | 12:29 PM
US retailers posted August sales that exceeded forecasts, according to data compiled by retail analysts at Retail Metrics Inc. and the International Council of Shopping Centers. Same-store sales for chain stores on a whole rose by 6%, driven by promotions for back-to-school shopping as well as cooler weather conditions.
Sales were also aided by state sales tax holidays.Read more »
BUSINESS August 31, 2012 | 10:21 AM
It is the end of an era for printer maker Lexmark International as the company plans to close its inkjet printer division to focus on laser printers, software and imaging.
A key factory in the Philippines will close by 2015, and worldwide some 1,700 jobs will be eliminated, representing 13% of the company’s workforce. In January, 625 positions related to consumer ink supplies were already cut.Read more »
BUSINESS August 30, 2012 | 10:32 AM
Leading automotive manufacturer Ford will sell its Lincoln brand vehicle in China within the next two years as it vies for a share of the luxury segment of the world’s largest car market.
The company did not reveal how much it will invest in the Chinese Lincoln venture, but the announcement comes on the back of some $5 billion pumped into the Chinese market as Ford attempts to close the gap with industry leaders General Motors and Volkswagen.Read more »
BUSINESS August 29, 2012 | 5:38 PM
Apple has won a major victory in its court battle with Samsung Electronics over patent disputes, with a US federal court ruling Samsung infringed on 6 out of 7 Apple iPhone and iPad patents. The penalty is a $1.05 billion fine for Samsung.
The verdict follows a South Korean court ruling that both companies infringed on patents.Read more »
BUSINESS August 28, 2012 | 2:29 PM
GE Transportation, a unit of GE and one of the world’s leading railroad industry suppliers, has unveiled its new fuel-efficient, diesel-electric Evolution locomotive, which is designed to meet the US Environmental Protection Agency's (EPA) strict new Tier 4 emissions standards.
Developed by a team of multi-disciplinary engineers as well as experts who carefully consulted with many of GE’s top rail customers, the new locomotive is said to lower particulate emissions by up to 70% and NO2 emissions by 76%, representing the largest reductions in history.Read more »
BUSINESS August 27, 2012 | 11:00 AM
PayPal has joined forces with Discover Financial Services to let customers make in-store purchases through smartphones or payment cards connected to their PayPal accounts. The service will launch in 2013 and be offered across 7 million “brick-and-mortar” stores that are part of Discover’s US network.
Merchants that already accept Discover cards will add PayPal as an alternate in-store payment option, and be able to accept PayPal without replacing or upgrading point-of-sale hardware or software.Read more »
BUSINESS August 27, 2012 | 10:52 AM
The world’s largest smartphone manufacturers, Apple Inc. and Samsung Electronics Co., are both guilty of patent infringement, a Seoul, South Korea court ruled.
According to the ruling, Apple infringed on patents related to mobile-data transfer technologies, while Samsung infringed on patents related to the “bounce-back” touchscreen, technology that controls the touchscreen during scrolling.Read more »
BUSINESS August 24, 2012 | 12:00 PM
The world’s most popular e-reader, the Amazon Kindle, now has a billion new potential readers as Amazon and Indian electronics retailer Croma have partnered to offer the Kindle in stores across India.
Croma is the first retailer in India to offer the Kindle, and the e-reader tablet will also be available online at the India Kindle Store.Read more »
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