Business News - part 42
BUSINESS January 18, 2013 | 12:04 PM
- HMV calls Deloitte to oversee final effort to save its failing business
- Over 4,000 jobs in jeopardy
- Digital music revolution appears to be biggest contributor to HMV's demise
Iconic CD and DVD retail chain HMV Group Plc (HMV) faces financial collapse and has recently appointed Deloitte LLP as its administrator to try and salvage its business.
HMV has ceased trading shares and issued a statement saying: “The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection, and in the circumstances, therefore, intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect.”Read more »
BUSINESS January 17, 2013 | 11:20 AM
- Industrial production up 0.3% in US end of 2012
- American factory output expected to be boosted by turnaround in foreign markets
- Manufacturing output up 0.8%.
Industrial output in the United States rose 0.3% in December, the second straight month to see growth, says the Federal Reserve. In November, industrial production was up 1%.
Economists had estimated anywhere between a 0.2% drop to a 0.6% rise for December.Read more »
BUSINESS January 16, 2013 | 5:13 PM
- Harry Winston acquisition to help Swatch better compete in jewelry market
- Purchase does not include Harry Winston diamond-mining operation
- Deal comes after partnership with Tiffany ends
Swiss watchmaker Swatch Group AG will purchase American watch and jewelry manufacturer HW Holdings Inc., owner of the Harry Winston luxury brand, for $750 million and assume $250 million in debt to expand in the jewelry market.
The purchase does not include Toronto-based parent company Harry Winston Diamond Corp. When the transaction is completed, it will change its name to Dominion Diamond Corp. It will focus exclusively on diamond mining. Swatch will buy diamonds from Dominion.Read more »
BUSINESS January 15, 2013 | 11:15 AM
- American Express cuts 8.5% of workforce, mostly in its travel business
- American Express aims to streamline operations, be more nimble in future
- American Express forced to pay $600 million in after-tax charges
American Express Co., the largest US credit-card issuer by purchases, will cut 5,400 jobs worldwide – or 8.5% of its workforce – to reduce costs and streamline operations.
The cuts will be made over the course of the year, and most will come from its travel business, which has seen a number of changes as customers book travel arrangements online and via their smartphones instead of with travel agents.Read more »
BUSINESS January 14, 2013 | 5:16 PM
- Ford to expand US workforce to meet rising sales
- New jobs to include mainly engineers, production and IT workers
- Ford sold 2.3 million cars in 2012, up 5% from 2011
Ford will hire an additional 2,200 new staff in the United States to meet the demand of rising car sales. Aimed at boosting the automaker’s US fleet, the aggressive hiring strategy is Ford’s biggest expansion in salaried workers in a decade.
Around three-quarters of the new positions will be in the production, engineering and information technology departments.Read more »
BUSINESS January 11, 2013 | 4:31 PM
- World tablet shipments to increase 64% in 2013, surpassing laptop shipments
- Smaller screen sizes should account for 45% of tablet market product sales in 2013
- North America to remain largest tablet market player in 2013 with 35% market share, 85 million units
Global tablet shipments are anticipated to increase 64% to exceed 240 million units in 2013, according to research in the NDP DisplaySearch Quarterly Mobile PC Shipment and Forecast report.
Meanwhile, laptop shipments should hit around 207 million by the end of the year.Read more »
BUSINESS January 10, 2013 | 2:14 PM
- Dreamliner flights cancelled due to fuel leak, braking problems
- Boeing market value falls $2.8 billion
- 800 Dreamliner orders still standing
Aerospace manufacturer Boeing has reported safety issues with its star 787 Dreamliner aircraft, causing investor confidence to fall and potentially harming the company’s image.
Security problems this week saw two Dreamliner flights cancelled – one because of a fuel leak, the other because of an error with the braking system – and an additional Dreamliner aircraft experienced a fire in its auxiliary power unit. Boeing says the problems are unrelated.Read more »
BUSINESS January 9, 2013 | 10:48 AM
- Samsung operating profit hits $8.3 billion, a 89% jump over 2011
- 70% of operating income generated by mobile division
- Samsung to become top home appliance maker by 2015 with $18 billion in sales
Samsung Electronics, the world's largest technology company by revenue, says its operating profit for the end of 2012 has set a new record with $8.3 billion, which marks an 89% jump over 2011.
Revenue was also up 18% on last year at $52.6 billion.Read more »
BUSINESS January 8, 2013 | 4:19 PM
- Barnes & Noble sales down close to 11% at end of 2012
- Nook e-reader sales down 13%
- Holiday season sales started strong but then declined
American bookseller Barnes & Noble saw combined store and online sales drop nearly 11% during the holiday season 2012 compared to 2011.
Far below expectations, sales for the Barnes & Noble Nook e-reader fell close to 13%. On a positive note, the book giant saw sales grow by over 13% for its digital books, digital newsstand and apps.Read more »
BUSINESS January 7, 2013 | 4:39 PM
- US automakers sell 14.5 million new vehicles in 2012 for a 13.4% increase over 2011
- 44.5% of US auto sales generated by General Motors, Chrysler Group and Ford Motor
- US consumers looking to replace their aging vehicles
American automobile manufacturers posted their highest sales in 2012 since the start of the 2008 recession, all combined registering some 14.5 million new vehicles sold, or a 13.4% increase from 2011, says sales tracker Autodata.
Of that total, 44.5% of sales came from the Detroit 3 – General Motors, Chrysler Group and Ford Motor.Read more »