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Business News - part 41

UK Grocery Chain Tesco Sees Sales Drop In UK, Worldwide

UK Grocery Chain Tesco Sees Sales Drop In UK, Worldwide

BUSINESS

  • Tesco home market sales drop 1.5%
  • Tesco sales in Asia dropped 5.1%; in Europe sales dropped 4%
  • Turnaround plan may not be working

Tesco, the UK's largest grocery chain, saw third-quarter sales fall in the UK and worldwide, a trend the company blames on a weak economy.

In its home market (which generates 70% of profit), Tesco saw like-for-like sales – excluding new stores and gasoline – fall 1.5%. Last year, sales for the same period fell only 0.7%.

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Prescription Drug Provider CVS To Purchase Medical Provider Coram LLC For $2.1 Billion

Prescription Drug Provider CVS To Purchase Medical Provider Coram LLC For $2.1 Billion

BUSINESS

  • Acquisition to boost CVS pharmacy benefits management division by providing low-cost niche drug distribution
  • CVS shifting focus to specialty drug market as mass-market drugs lose patent protection
  • CVS anticipates gains of $1.4 billion in revenue within first year after deal closes

CVS Caremark Corp, the largest provider of prescription drugs in the US, plans to purchase drug infusion services provider Coram LLC from Apria Healthcare Group Inc. for $2.1 billion.

This acquisition, its largest in five years, should enable CVS to boost its pharmacy benefits management division by providing low-cost niche drug distribution. 

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Australian Government Rejects Takeover Of GrainCorp By US Conglomerate

Australian Government Rejects Takeover Of GrainCorp By US Conglomerate

BUSINESS

  • Archer Daniels Midland already controls 20%
  • Deal would not have been in national interest
  • Rejection not a sign Australia is closed to foreign investment

The Australian government has blocked the $2 billion proposed takeover of GrainCorp, the nation’s largest grain merchant, by US-based global food processing conglomerate Archer Daniels Midland, saying the takeover would not be in the nation’s interest.

ADM is the world's largest processor of corn. It owns nearly 20% of GrainCorp and was attempting to control 100%. The government said it was not opposed to ADM increasing its stake to 24.9%.

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Sony Seeks A Patent In The US For Its “SmartWig” Technology Hairpiece

Sony Seeks A Patent In The US For Its “SmartWig” Technology Hairpiece

BUSINESS

  • Wig to include sensors, camera and laser pointer
  • Sony unsure whether device will be commercialized
  • Wearable technology seen as a growing market

Sony has filed a patent application with the US Patent & Trademark Office for its SmartWig hairpieces, which are wigs that include technology to communicate wirelessly and process data.

Sony has developed three prototypes: the Presentation Wig for use with PowerPoint slides, the Navigation Wig for use when traveling and the Sensing Wig for gathering medical information.

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US Media Giant Tribune Co. Cuts 700 Jobs In Its Newspaper Division

US Media Giant Tribune Co. Cuts 700 Jobs In Its Newspaper Division

BUSINESS

  • Tribune Company to cut 6% of newspaper staff to streamline non-editorial positions
  • Company to split television and newspaper assets as publishing business revenue declines
  • Tribune to expand its digital and broadcast businesses

The Chicago-based Tribune Company, owner of the Chicago Tribune and the Los Angeles Times, recently announced it would cut 700 jobs in its newspaper department to streamline its non-editorial positions across the board by laying off publishing staff, mainly in business roles such as circulation and advertising, with some editorial cuts.

These layoffs represent around 6% of Tribune’s 11,000 total staff. 

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New Jersey To Allow Online Gambling

New Jersey To Allow Online Gambling

BUSINESS

  • Casinos and European operators partner to run 17 gaming websites
  • New Jersey market expected to generate revenue of about $500 million
  • Federal law makes gambling difficult in US

Online gambling is about to launch in New Jersey, pending website tests, possibly leading the way for the rest of the US.

Atlantic City-based casinos and predominantly European-based operators will form a partnership to bring New Jersey residents 17 gaming sites in 2013. The websites will be restricted to poker and casino games.

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Retailer Home Depot Raises Outlook As Homeowners Spend More On Renovations

Retailer Home Depot Raises Outlook As Homeowners Spend More On Renovations

BUSINESS

  • Home Depot reports higher-than-expected third-quarter earnings
  • US homeowners spending more on home renovations
  • Home Depot’s recent results sign of recovery in housing market

US home-improvement retailer Home Depot has raised its revenue growth expectations for the third time in 2013 up from 4.5% to 5.6% as mounting home prices push homeowners to increase spending on renovations.

For the quarter ending at the start of November, Home Depot’s net income rose by 43% from the $947 million of the previous year to $1.35 billion.

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Online Music Service Spotify Raises $250 Million In Funding

Online Music Service Spotify Raises $250 Million In Funding

BUSINESS

  • Spotify to use funding to boost its US service and expand into international markets particularly Japan
  • Spotify now valued at $4 billion; few startups have raised more than $400 million
  • Spotify’s revenue doubled in 2012 to $571 million

Online music-streaming service Spotify has raised $250 million in funding with the aid of venture-capital firm Technology Crossover Ventures. The additional capital puts the company’s value at more than $4 billion, according to the Wall Street Journal.

Spotify will use the capital to boost its US service and expand into international markets, particularly Japan. It recently expanded into Mexico, Malaysia, Singapore and Hong Kong.

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Nokia Approves Sale Of Mobile Unit To Microsoft

Nokia Approves Sale Of Mobile Unit To Microsoft

BUSINESS

  • Nokia sells mobile unit for over $7 billion to focus on telecom equipment and services division
  • Microsoft needs to make Lumia handset profitable, has $80 billion to invest
  • Nokia had a near 14% market share in third quarter of 2013

Nokia investors have voted almost unanimously to approve selling the company’s mobile unit to software giant Microsoft for $7.35 billion.

The sale includes the Lumia smartphone trademark and technology and Asha feature phones. In 2011, then-CEO Stephen Elop abandoned Nokia’s Symbian operating system and replaced it with the Windows operating system.

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Dubai Air Show: Boeing, Airbus Secure Major Orders

Dubai Air Show: Boeing, Airbus Secure Major Orders

BUSINESS

  • Airline manufacturers secure $142 billion in orders and commitments
  • 80% of orders for Boeing
  • A total of $155 billion in orders were announced

Boeing and Airbus, the world's dominant civil aircraft manufacturers, received aircraft orders and commitments worth nearly $142 billion at the Dubai Air Show.

If commitments are confirmed, 80% of the orders will be for Boeing from Lufthansa, Emirates, Etihad Airways and Qatar Airways.

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