BUSINESS March 14, 2012 | 9:33 AM
Starbucks Corp. plans to soon unveil the Verismo, a new machine that allows people to make single-cup coffee drinks at home.
The Verismo is the last component of Starbucks’ strategic three-year plan to infiltrate the single-serve market. The Verismo lets customers make espresso drinks such as lattes, as well as brew coffee, and is expected to pit Starbucks against Green Mountain, which presently dominates the US single-cup coffee market.Read more »
BUSINESS March 13, 2012 | 4:09 PM
Toyota Motor Sales USA recently announced a recall on nearly 700,000 vehicles due to safety concerns. These recalls affect nearly 116,000 Venzas from 2009-11, approximately 71,000 Camrys from 2009, as well as about 495,000 Tacoma pickups from 2005-9.
According to Toyota, there is concern that during the installation of the contact-type stop lamp switch silicon grease may have reached the inside of the switch, causing an increase in electrical resistance.Read more »
BUSINESS March 12, 2012 | 3:44 PM
The American Food and Drug Administration is mulling a change in policy that would make drugs for many chronic conditions available without a prescription and also would speed up approval for new drugs.
The recently announced proposal involves drugs sold for high blood pressure, cholesterol, diabetes, asthma and migraines. The goal is to reduce the amount patients spend on pharmaceuticals as well as reduce the time doctors spend on routine visits.Read more »
BUSINESS March 9, 2012 | 2:53 PM
According to recent industry rumors, video streaming giant Netflix Inc. chief executive Reed Hastings has been in talks with several US cable providers about establishing a partnership. The partnership would allow Netflix to compete against its rivals, while allowing customers the option of bundling Netflix with their cable service.
Speaking at the Morgan Stanley technology conference last month, Hastings said: "It's not in the short term, but it's in the natural direction for us in the long term. Many (cable service providers) would like to have a competitor to HBO, and they would bid us off of HBO."Read more »
BUSINESS March 8, 2012 | 11:14 AM
America’s most popular Internet portal Yahoo! Inc. is on the verge of thousands of layoffs, reports The Wall Street Journal blog All Things Digital. Rumors say the layoffs are part of new chief executive officer Scott Thompson’s plan to restructure the company by finding new revenue streams and business models.
Layoffs would likely come in the product department and could begin in a few weeks. Additional layoffs also could come in the research and public relations departments.Read more »
BUSINESS March 5, 2012 | 2:19 PM
Boeing Co., the world’s second-largest airplane manufacturer, handed over its first passenger 747-8 Intercontinental to a secret VIP customer who is having the aircraft modified into a “jewel of the sky”.
The buyer, who is unnamed, is thought to be from either the ruling families of Qatar or the United Arab Emirates or the royal family of Kuwait.Read more »
BUSINESS March 1, 2012 | 10:13 AM
Hotels in Dubai and Saudi Arabia outshined other markets in the Middle East last year and are continuing to drive revenue, room rates, and occupancy says Ernst & Young (E&Y) in its recent Middle East Hotel Benchmark Survey.
“Dubai and Saudi hotels have held their own and continue to improve their RevPar [revenue per available room, an industry benchmark], occupancy and room rates,” Yousuf Wahbah, Partner and Head of MENA Transaction Real Estate, told Gulf News.Read more »
BUSINESS February 29, 2012 | 5:07 PM
Major American retailers Sears Holding Corp., Target Corp. and Gap Inc. reported losses as high as 40% in the fourth quarter as they attempted to attract price-conscious shoppers.
Sears lost $2.4 billion, marking its largest quarterly loss in nine years. Heavily dependent on malls stores, Sears announced in December it was closing up to 120 under-performing locations.Read more »
BUSINESS February 24, 2012 | 10:11 AM
The world’s largest automaker General Motors Co. and PSA Peugeot Citroen, Europe’s second-biggest automaker after Volkswagen AG, are in talks to form what the French Labor Ministry calls a strategic partnership.
The goal of the alliance is to cut losses both Peugeot and GM’s Opel division are facing due to a decrease in demand. This year is expected to be the fifth consecutive year where deliveries have dropped. After the alliance is completed, both automakers would share manufacturing and engine development.Read more »
BUSINESS February 23, 2012 | 4:47 PM
Walmart Stores Inc has increased its shares in Yihaodian, a fast-growing B2C e-commerce website in China, to bring Walmart's total ownership stake to almost 51% – nearly one year after it purchased a minority share in the same e-retailer.
Yihaodian offers over 180,000 products and runs logistics centers in Shanghai, Beijing, Guangzhou, Wuhan and Chengdu, along with delivery stations in 34 cities across China.Read more »
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