Business News - part 41
BUSINESS September 16, 2011 | 5:11 PM
- PlayStation Vita to be released on December 17 in Japan
- 26 games available at release date with over 70 more to be released in 2012
- Vita expected to rival Nintendo 3DS in Japanese handheld console market
Sony will launch its new portable gaming device, the PlayStation Vita, on December 17 in Japan, with the rest of the world following in 2012.
The next-generation Vita will hit Japanese stands with 26 games available, including some popular titles, such as Ultimate Marvel vs Capcom 3, Ridge Racer, and Uncharted: Golden Abyss. Over 70 other games are sill in development, with Final Fantasy and Metal Gear Solid among those to be released next year.Read more »
BUSINESS September 16, 2011 | 12:07 PM
- UAW extends contracts with GM, Chrysler and Ford
- Contract discussions first since 2009 US automotive bailout
- Union will vote when contract terms are determined
After missing the deadline to finalize new agreement negotiations, the United Auto Workers union extended contracts with General Motors and Chrysler Group. Contracts with Ford were prolonged earlier in the week and are still being defined.
UAW leaders said to the media: “We are hopeful that an agreement can be reached soon. While we have made significant progress, we have not been able to secure a new agreement that we would recommend for ratification.”Read more »
BUSINESS September 16, 2011 | 10:46 AM
- Facebook launches new Subscribe and Smart Lists features
- Users have more options for organizing personal and professional contacts and acquaintances
- CEO Mark Zuckerberg pushes back IPO to late 2012
Facebook has introduced a new range of features including a “Subscribe” button and Smart Lists, which give users greater control over how they organize their contacts.
The “Subscribe” button lets people share updates only with certain people, allowing them to differentiate between close friends and acquaintances. It also gives the option of following profiles of public figures like journalists, celebrities and politicians, without having to send a friend request.Read more »
BUSINESS September 15, 2011 | 6:02 PM
- Target hits bull’s-eye with Missoni collaboration, demand crashes website
- Limited-time Missoni products range from $3 to $600
- Branded credit cards and summer sales boost quarter to $705 million
Target Corp’s website crashed after customers flooded the site following the launch of a Missoni product line. It took enthusiastic shoppers just hours to clear Target of the Italian designer’s stocks of fashion and home decoration goods.
Amazon.com had been running Target’s website until the company recently took up the task. The Missoni product launch was the first prominent campaign for Target following its taking over the website. Though momentarily overwhelmed by demand, Target responded swiftly ordering in more stock to fill its emptied shelves.Read more »
BUSINESS September 15, 2011 | 4:13 PM
- 2-year partnership comes to an end over Volkswagen’s accusation that Suzuki-Fiat diesel engine order is a violation
- Shares owned by Suzuki, Volkswagen to be relinquished
- Porsche-Volkswagen merger in jeopardy
Suzuki Motor Corporation will dissolve its two-year partnership and cross-shareholding relationship with Volkswagen AG after the German carmaker accused Suzuki of breaking the agreement with a diesel engine order it made with Fiat.
Suzuki formed an alliance with Fiat in 2005 to manufacture engines in Asia and purchased diesel engines from the Italian carmaker in June 2011, which Volkswagen considers an act of infringement on its partnership agreement. In an interview, Osamu Suzuki, Chairman of Suzuki, said the company “sees no reason why Volkswagen would be upset” about Suzuki expanding its purchase of engines from Fiat.Read more »
BUSINESS September 14, 2011 | 3:01 PM
- HP introduces new security software platforms - Fortify, ArcSight and Tipping Point
- HP aims to increase its role in supplying IT security to large corporations
- HP executives hope company reputation in PC industry will boost sales of new software products
Hewlett-Packard Co. has introduced a variety of new computer security software in view of making use of the past year’s $14 billion in acquisitions.
The software, geared toward helping customers operate their data centers, includes: Fortify Software Security Centre – a product testing the susceptibility of applications to attack; ArcSight Express 3.0 – a computer hardware/software bundle searching for cyber attacks within network activity logs and users’ actions; and Tipping Point Web Application Digital Vaccine – a software detecting harmful network traffic.Read more »
BUSINESS September 13, 2011 | 3:53 PM
- Zagat buy offers reviews and deals on local restaurants, hotels and nightlife using Google maps
- Google estimates 20% of its daily searches are for neighborhood establishments
- Zagat's online home will remain a paid site
Google Inc. has purchased world-renowned dining review expert Zagat Survey in a bid to offer more local content. The acquisition will let people find local reviews and discounts for restaurants, hotels and nightclubs, using Google’s well-known online maps and mobile search engine.
Details of the deal were not released; however it is rumored that Google paid $100 million to $200 million for Zagat Survey. In a blog post, Marissa Mayer, Google vice president for local, maps and location services, said: “Zagat will be a cornerstone of our local offering, delighting people with its impressive array of reviews, ratings and insights. With Zagat, we gain a world-class team that has more experience in consumer based-surveys, recommendations and reviews than anyone else in the industry.”Read more »
BUSINESS September 13, 2011 | 1:56 PM
- McGraw-Hill increasing share repurchase to $1 billion in 2011
- McGraw-Hill Markets unit expected to generate yearly revenue of $4 billion
- Growing markets in China, India and Brazil promise double-digit growth
McGraw-Hill is to divide into two separate companies, with McGraw-Hill Markets centered on capital and commodities markets, and McGraw-Hill Education focused on digital learning and education services.
The divide is to be carried out by the end of 2012 as the first part of a new growth and value plan being implemented by the company to boost shareholder benefits through a threefold approach. The second and third parts of the plan are to cut costs to afford strong operating structures for the new companies and to push share repurchases to $1 billion in 2011. So far in 2011 the company’s share buyback has been in excess of $540 million.Read more »
BUSINESS September 12, 2011 | 11:50 AM
- Lufthansa operating margin 3% ahead of Air France in first quarter
- Air France sees red in first and second quarters, facing $6 million debt
- Air France plummets more than 50% on Bloomberg EMEA Airlines Index
Air France-KLM plans to cut costs by between €700 million and €800 million in an effort to better compete with other airlines such as Lufthansa and British Airways.
Still feeling the effects of the financial crisis and weighed down by debt, Europe's biggest airline Air France-KLM is lagging behind its competitors. The airline has directed managers to apply additional savings measures between now and the end of 2011.Read more »
BUSINESS September 9, 2011 | 8:52 AM
- GM Chevrolet Volt smart car released to Canadian consumers on September 1
- Volt named 2011 Car of the Year for technological innovation
- Volt hit US market in 2010, but struggles against competitors such as Nissan
GM Canada President Kevin Williams officiated a ceremony to mark the release of GM’s Chevrolet Volt, a hybrid-electric car, to Canadian consumers in Oshawa, Ontario, on September 1.
While the first retail shipment went to GM’s Oshawa location, the smart cars will soon be available at dealerships in Quebec City, Vancouver, Toronto, Ottawa-Gatineau and Quebec for upwards of around CDN $41,550.Read more »