Business News - part 42
BUSINESS September 4, 2012 | 2:43 PM
- Valeant to buy Medicis for $2.6 billion; first takeover since failed Cephalon bid last year
- Buyout to add Botox rival Dysport to Valeant’s skin care portfolio
- Deal expected to account for 50% of total revenue
Leading Canadian drug company Valeant Pharmaceuticals has finalized a $2.6 billion deal to take over dermatology product maker Medicis Pharmaceutical Corp, reviving a buying spree that has been stagnant since a failed bid for biopharmaceutical company Cephalon Inc last year.
In recent months, the specialty pharmaceuticals company has been concentrating on building up its dermatology portfolio in North America, particularly in the United States. The acquisition of Medicis will add Botox rival Dysport to Valeant’s skin care lineup as well a range of other skin treatments, including the acne drug Solodyn.Read more »
BUSINESS September 3, 2012 | 12:29 PM
- Same-store sales for chain stores rose by 6%
- Back-to-school shopping for K-12 and college students expected to hit $84 billion
- 70% of US economic activity gained from consumer spending
US retailers posted August sales that exceeded forecasts, according to data compiled by retail analysts at Retail Metrics Inc. and the International Council of Shopping Centers. Same-store sales for chain stores on a whole rose by 6%, driven by promotions for back-to-school shopping as well as cooler weather conditions.
Sales were also aided by state sales tax holidays.Read more »
BUSINESS August 31, 2012 | 10:21 AM
- Lexmark to focus on laser printer market, software and imaging
- 1,700 jobs to be cut in restructuring
- Lexmark inkjet printers revenue down 35% compared to last year
It is the end of an era for printer maker Lexmark International as the company plans to close its inkjet printer division to focus on laser printers, software and imaging.
A key factory in the Philippines will close by 2015, and worldwide some 1,700 jobs will be eliminated, representing 13% of the company’s workforce. In January, 625 positions related to consumer ink supplies were already cut.Read more »
BUSINESS August 30, 2012 | 10:32 AM
- Ford to begin selling luxury Lincoln brand vehicle in China by 2014
- Ford invested $5 billion in China over past 6 years
- Ford aims to double its dealerships and assembly plants in China
Leading automotive manufacturer Ford will sell its Lincoln brand vehicle in China within the next two years as it vies for a share of the luxury segment of the world’s largest car market.
The company did not reveal how much it will invest in the Chinese Lincoln venture, but the announcement comes on the back of some $5 billion pumped into the Chinese market as Ford attempts to close the gap with industry leaders General Motors and Volkswagen.Read more »
BUSINESS August 29, 2012 | 5:38 PM
- Samsung ruled to have violated 6 out of 7 Apple patents, ordered to pay $1.05 billion
- Apple files paperwork to have 8 Samsung products banned
- Smartphones using Google's Android operating system may be forced to make changes to product models
Apple has won a major victory in its court battle with Samsung Electronics over patent disputes, with a US federal court ruling Samsung infringed on 6 out of 7 Apple iPhone and iPad patents. The penalty is a $1.05 billion fine for Samsung.
The verdict follows a South Korean court ruling that both companies infringed on patents.Read more »
BUSINESS August 28, 2012 | 2:29 PM
- New GE Evolution train first to meet Tier 4 emissions standards
- GE invested $600 million to design and test train
- Evolution train does not require use of urea or costly fueling centers
GE Transportation, a unit of GE and one of the world’s leading railroad industry suppliers, has unveiled its new fuel-efficient, diesel-electric Evolution locomotive, which is designed to meet the US Environmental Protection Agency's (EPA) strict new Tier 4 emissions standards.
Developed by a team of multi-disciplinary engineers as well as experts who carefully consulted with many of GE’s top rail customers, the new locomotive is said to lower particulate emissions by up to 70% and NO2 emissions by 76%, representing the largest reductions in history.Read more »
BUSINESS August 27, 2012 | 11:00 AM
- PayPal access to be offered starting 2013 in over 7 million stores
- PayPal has over 50 million customers in the US, should boost Discover transaction volume
- Discover deal to help expand PayPal offline services, offer could go global
PayPal has joined forces with Discover Financial Services to let customers make in-store purchases through smartphones or payment cards connected to their PayPal accounts. The service will launch in 2013 and be offered across 7 million “brick-and-mortar” stores that are part of Discover’s US network.
Merchants that already accept Discover cards will add PayPal as an alternate in-store payment option, and be able to accept PayPal without replacing or upgrading point-of-sale hardware or software.Read more »
BUSINESS August 27, 2012 | 10:52 AM
- Products from both manufacturers to be pulled from South Korean shelves
- Apple, Samsung must pay each other damages
- US court case not yet decided
The world’s largest smartphone manufacturers, Apple Inc. and Samsung Electronics Co., are both guilty of patent infringement, a Seoul, South Korea court ruled.
According to the ruling, Apple infringed on patents related to mobile-data transfer technologies, while Samsung infringed on patents related to the “bounce-back” touchscreen, technology that controls the touchscreen during scrolling.Read more »
BUSINESS August 24, 2012 | 12:00 PM
- Amazon partners with Indian retailer Croma to offer Kindle e-reader tablet
- India Kindle Store has over 1 million book titles
- Authors in India have access to Kindle Direct Publishing service
The world’s most popular e-reader, the Amazon Kindle, now has a billion new potential readers as Amazon and Indian electronics retailer Croma have partnered to offer the Kindle in stores across India.
Croma is the first retailer in India to offer the Kindle, and the e-reader tablet will also be available online at the India Kindle Store.Read more »
BUSINESS August 23, 2012 | 5:35 PM
- Sony to reduce mobile workforce by 15%; targets 10,000 global workforce reductions over coming years
- 650 jobs to be cut at mobile operations HQ in Lund, Sweden
- Company posted net loss of $5.8 billion for fiscal year ending March
Sony is to cut around 15% of its mobile phone workforce as it attempts to reduce costs for its struggling business. Around 1,000 jobs will be cut from Sony Mobile, as the Japanese company tries to stay in touch with smartphone industry leaders Apple and Samsung.
The bulk of the cuts – around 650 jobs – will come from Sony’s mobile headquarters in Lund, Sweden, as the company moves its base of operations to Tokyo. The relocation will begin in October, and is scheduled to be complete by March next year.Read more »