BUSINESS May 22, 2012 | 5:16 PM
With rising fuel prices a major factor in rising airfares, airlines need to be get creative to remain profitable; Delta Air Lines has done just that by purchasing an oil refinery in Pennsylvania.
The US-based airline paid $150 million to Conoco Phillips for the 185,000 barrel-per-day-capacity facility in a deal Reuters calls “the most audacious move yet by an airline trying to save money on fuel costs.”Read more »
BUSINESS May 21, 2012 | 3:05 PM
Proposals for a $5 billion power transmission line serving wind farms off the United States East Coast have overcome an administrative obstacle, clearing the way for the next stage of the review process.
The US Department of the Interior found that the Atlantic Wind Connection project poses no conflict of interest with other activities in the area, allowing the Google-backed venture to proceed with its request for environmental approval.Read more »
BUSINESS May 16, 2012 | 1:55 PM
Canon Inc., the world’s largest digital camera manufacturer, plans to fully automate its digital camera plants over the course of the next two years. The move is aimed at helping Canon cut overall manufacturing costs.
Japanese manufacturers have faced a number of challenges resulting from the value of the yen. In recent years, many have moved their facilities overseas to increase production and efficiency.Read more »
BUSINESS May 15, 2012 | 9:19 AM
The world's largest household products manufacturer Procter & Gamble plans to move its skin care, cosmetics and personal-care units from its company headquarters in Cincinnati, Ohio, to Singapore over the next two years, with the goal of capturing business in emerging markets.
P&G is the latest in a number of European and American companies relocating to Asia to take advantage of the growing Asia-Pacific market. According to Euromonitor International, Asia-Pacific holds nearly half of the skin care market’s global value, which is at close to $97 billion.Read more »
BUSINESS May 14, 2012 | 12:02 PM
Nissan’s profits for the January to March quarter 2012 rose sharply, buoyed by record sales in major markets, which saw it outdo Japanese rivals Honda and Toyota.
The country’s second-largest automaker posted a quarterly operating profit of 118.1 billion yen ($1.48 billion), marking a 33% hike over the same period last year; net profit rocketed up 145%.Read more »
BUSINESS May 11, 2012 | 2:46 PM
Facebook is set to open a new online store where users can purchase apps and games, in a bid to maximize the company’s revenue from its enormous user base.
The announcement of the App Center from the social networking giant coincides with the company’s preparations for an initial public offering, which would value it at around $77 billion to $96 billion.Read more »
BUSINESS May 9, 2012 | 2:48 PM
The world’s largest professional networking website LinkedIn has struck a deal to purchase presentation website SlideShare for close to $119 million, a move that is expected to be mutually beneficial.
SlideShare is already one of LinkedIn’s most popular applications, according to an analyst with Needham & Co. It is not entirely clear how the two companies will integrate beyond how they are currently.Read more »
BUSINESS May 4, 2012 | 2:59 PM
US retail giant Wal-Mart Stores has introduced a new payment option to cater to more of its customers: shoppers on Walmart.com can now “pay with cash” instead with credit cards or debit cards.
The new payment option was tested in a handful of US stores before being launched nationwide. Joel Anderson, president and CEO of Walmart.com, says: "We are going to touch a segment of the American public who hasn't been able to participate online without going through a lot of hoops."Read more »
BUSINESS May 3, 2012 | 12:14 PM
After 14 years in the top spot, Finland’s Nokia has been replaced by South Korea’s Samsung Electronics Co. as the world’s largest mobile phone maker, according to recent research from by private industry firms.
Nokia previously took the top position from Motorola Mobility Inc.Read more »
BUSINESS May 2, 2012 | 3:21 PM
As the global automotive market rebounds, manufacturing leaders Chrysler, Fiat and Volkswagen recently announced significant increases in first quarter profits: Chrysler’s net profit of over $470 million is its best result in 13 years; Fiat, having increased its stake in Chrysler to over 58% in early 2012, reported a 10-fold jump in profit to over $498 million; and Volkswagen’s $4.2 billion profit is almost double its 2011 first quarter profit.
With an over 11% increase in customer deliveries to 2.2 million vehicles, Volkswagen outclassed other automotive companies globally, particularly in Russia. Meanwhile, Chrysler has recovered nicely from 2009, when it needed a government bailout to survive, with a 39% increase in first quarter sales this year.Read more »
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