Business News - part 36
BUSINESS June 13, 2013 | 4:47 PM
- US oil production increased by 1 million barrels a day for largest-ever yearly increase in 2012
- Net oil imports to US down by 930,000 barrels a day
- Global oil production grew 2.2% in 2012
The US oil industry reported an increase in output of 1 million barrels per day in 2012, marking the largest-ever yearly rise according to The BP Statistical Review of World Energy 2013, the 62nd annual report by oil giant BP Plc.
The increase is attributed to unconventional oil extraction methods, such as fracking, and caused net oil imports to the US to fall by 930,000 barrels a day, marking a 36% drop below their peak in 2005.Read more »
BUSINESS June 12, 2013 | 4:51 PM
- AstraZeneca pays over $1 billion for Pearl Therapeutics to add respiratory disease treatments to its portfolio
- Market for dual bronchodilators to hit $8 billion in sales by 2021
- Pearl Therapeutics developing new respiratory drugs
UK-based pharmaceutical giant AstraZeneca is purchasing US respiratory drug specialist Pearl Therapeutics for up to $1.15 billion to add respiratory disease treatments to its portfolio.
Initially, AstraZeneca will pay $560 million and, if specific development milestones are met, up to $450 million will be paid, with another $140 million to be added for sales-related payments.Read more »
BUSINESS June 11, 2013 | 4:59 PM
- Chrysler recalling nearly 630,000 Jeep sport-utility vehicles worldwide due to airbag, seatbelt and transmission cooler line problems
- Recall affects Jeep Compass and Jeep Patriot SUV models from 2010 to 2012; and Wrangler SUVs
- Chrysler Automaker refuses to recall older Jeep vehicles despite government request
American automaker Chrysler Group LLC is recalling close to 630,000 Jeep sport-utility vehicles worldwide because of mechanical problems and transmission leaks.
The recall affects 409,000 Jeep Compass and Jeep Patriot SUV models sold from 2010 to 2012 as well as 221,000 Wrangler SUVs. The Compass and Patriot models are recalled because of airbag and seat-belt problems, while the Wranglers have reported transmission cooler line leaks.Read more »
BUSINESS June 10, 2013 | 5:55 PM
- IBM aims to better compete in cloud services arena with SoftLayer acquisition
- IBM to combine existing offer with SoftLayer to form global platform division called Cloud Services
- IBM cloud business up 70% in 2013
Technology giant IBM plans to purchase cloud computing company SoftLayer Technologies for an undisclosed amount to better compete in the cloud services market against rivals Amazon Inc. and Rackspace Hosting Inc.
A number of companies, including IBM, have been in talks with SoftLayer since March, and the deal is expected to close in the third quarter.Read more »
BUSINESS June 7, 2013 | 5:02 PM
- Salesforce buys ExactTarget to better capitalize on social media marketing demand
- ExactTarget marks Salesforce’s largest acquisition to date
- Salesforce anticipates annual revenue of over $100 million from ExactTarget and other online-marketing acquisitions
Customer relationship management software and cloud computing giant Salesforce.com is set to purchase marketing software producer ExactTarget for $2.5 billion in a major push to capitalize on the demand for social media marketing.
With an expected end of July approval, the acquisition is Salesforce’s largest to date.Read more »
BUSINESS June 6, 2013 | 5:05 PM
- Singapore Airlines buys 60 new jets to better compete against regional airlines
- New aircraft should help save fuel and modernize fleet
- Competitor airlines have placed large orders for jets
Singapore Airlines Ltd., with the third-highest cash reserves of any airline globally, has purchased 60 new airplanes from Airbus and Boeing for $17 billion in an attempt to compete against other regional airlines.
The order is one of the largest ever for the airline, and includes 30 Boeing 787-10X variants, the redesigned Dreamliner, and 30 Airbus A350-900s. The airline also has an option to purchase 20 Airbus aircraft.Read more »
BUSINESS June 5, 2013 | 5:44 PM
- China’s largest pork firm Shuanghui International bids $4.7 billion for Smithfield Foods in the US; deal could be largest Chinese takeover of a US company
- Deal fuelled by 10-fold increase in demand for American meat among growing middle class in China
- Committee on Foreign Investment in the United States (CFIUS) to investigate food safety concerns
China’s largest pork firm Shuanghui International has bid $4.7 billion to purchase Virginia-based Smithfield Foods, the biggest US producer of pork. The deal is fuelled by a 10-fold increase in demand for American meat, particularly protein-rich pork, among the growing middle class in China.
If successful, this deal would be the most significant buyout of an American company by a Chinese competitor, valued at slightly more than $7 billion, including debt.Read more »
BUSINESS June 4, 2013 | 5:54 PM
- TUI Travel buys Boeing 737 MAX aircraft to modernize its fleet
- TUI Travel previously purchased Dreamliners, but problems have postponed flying
- TUI Travel operates six European airlines: Corsair, Arkefly, TUIfly, TUIfly Nordic, Jetairfly and Thomson Airways
Global travel leader TUI Travel is buying 60 narrow-body Boeing 737 MAX aircraft for $6.1 billion in an effort to begin modernizing its fleet.
TUI Travel also has the option to purchase an additional 60 737 MAX planes on the same terms.Read more »
BUSINESS June 4, 2013 | 5:21 PM
- Tablet computer shipments predicted to grow 59% in 2013
- Customers choosing smaller, cheaper tablets
- PC market shrinking faster than expected
Tablet computers are forecast to outsell the entire personal computer market by 2015, according to market research firm IDC reports.
This year alone tablet shipments are expected to reach 229.3 million units, marking a 59% increase. The figure beats the number of laptops predicted to be shipped by end 2013.Read more »
BUSINESS June 3, 2013 | 12:32 PM
- Mercedes new A-Class series targets young, first-time luxury car buyers in India
- Mercedes A-Class hits sales of over 90,000 worldwide after launch
- Competition remains high within the untapped luxury vehicle market in India
High-end carmaker Mercedes-Benz has launched its smallest and most affordable offering in India, the A-Class luxury hatchback.
The new A-Class series is designed to target primarily young, first-time luxury car buyers in India. Still considered an untapped market, the introduction of the A-Class is part of the company's plans to offer new products in India this year, focusing on the compact luxury-car segment.Read more »