BUSINESS December 21, 2011 | 4:23 PM
AT&T scrapped its $39 billion takeover bid for T-Mobile due to blocks thrown up by President Barack Obama’s administration preventing the company from creating the largest cellphone service provider in the US.
Both companies lose out as the deal fails to go ahead. AT&T will no longer be able to clear up its network and speed up service for cellular data coverage on devices heavily used in business, such as smartphones and iPhones, through T-Mobile’s cellular airwaves. Meanwhile, T-Mobile, which is trailing behind the three other national operators in the US - AT&T, Sprint Nextel and Verizon Wireless - has less promising prospects in absence of the deal.Read more »
BUSINESS December 21, 2011 | 2:45 PM
Supermarket operator Bi-Lo LLC has agreed to purchase food retailer chain Winn-Dixie Stores Inc. for $560 million, which will render the Jacksonville-based Winn-Dixie private.
When the merger goes through, the new grocery chain will have roughly 700 stores throughout the Southeast with approximately 63,000 employees, making it the ninth-largest supermarket chain in the US. The deal is expected to close in the next two to four months pending Winn-Dixie’s shareholder approval.Read more »
BUSINESS December 21, 2011 | 10:56 AM
Theme park followers can look forward to next month when details of new additions may be revealed as Universal Studios Hollywood film studio marks its 100th birthday. Company executives say the yearlong campaign will include news of “theme park activities,” according to the Orlando Sentinel.
Past theme park watchers certainly know of the Wizarding World of Harry Potter, which opened in Orlando, Florida, this year to create what some call “frenzied excitement among muggles worldwide.”Read more »
BUSINESS December 20, 2011 | 4:18 PM
Every US state except Hawaii and Utah has some form of legalized gambling to raise revenue, but cash-strapped states are increasingly betting that more slot machines and blackjack tables will be good bets to meet future funding needs.
“Since the national economy started its nosedive in the summer of 2008, governors and state lawmakers across the country have been pushing new and expanded gambling measures to boost revenue, either for general state coffers or particular accounts, like education funding," reports the Patriot Ledger newspaper in Boston.Read more »
BUSINESS December 19, 2011 | 4:29 PM
EU drug regulators have recommended Swiss company Roche Holding’s Zelboraf treatment of a certain kind of melanoma for approval. The drug, whose clinical name is "vemurafenib", could generate profits as high as $930 million by 2016.
Zelboraf received the go ahead for retail in the US in August. It works by blocking a protein that drives tumor progression in around 50% of patients with advanced skin cancer.Read more »
BUSINESS December 19, 2011 | 2:44 PM
ISTA Pharmaceuticals Inc. has rejected a buyout proposal from Valeant Pharmaceuticals International for $314 million, calling the offer “grossly inadequate.” Valeant's Board of Directors fully supported the buy, which includes the purchase of ISTA's $13 million debt.
In letter dated last week, ISTA's President and CEO Vicente Anido reports that Valeant's offer was not in the best interest of the company's shareholders. ISTA expects substantial revenue growth for 2012 and the foreseeable future due to its successful eye-care and allergy medicines.Read more »
BUSINESS December 19, 2011 | 2:44 PM
Coca Cola Company has signed a deal with three biotechnology companies – Virent Incorporated of Wisconsin, Gevo of Colorado and Avantium of the Netherlands – to create a plastic for use in making bottles that will be made 100% from plants.
Coca Cola’s VP of Commercial Product Supply, Rick Frazier said during the launch: “This is another big step toward our commitment to lead the industry away from the use of non-renewable fossil fuels in packaging and toward more sustainable alternatives. It will build on our innovative first-generation PlantBottle package, launched in 2009, that was made from 30% plant-based material.”Read more »
BUSINESS December 16, 2011 | 5:16 PM
In the wake of Universal Studio’s instantly successful Harry Potter attraction, Sea World Orlando has announced the biggest expansion in its almost 40-year history. But as Orlando solidifies its status as the world’s No. 1 destination for theme parks, some observers question whether there is smooth sailing ahead.
Sea World announced two major parks to open this year with an even more ambitious project set to open in 2013. This year’s new openings include:Read more »
BUSINESS December 15, 2011 | 12:28 PM
Southwest Airlines has finalized a $19 billion deal for 208 Boeing 737 jets, the biggest aircraft order in history. The deal includes 150 narrow-body 737 MAX aircraft, representing Boeing’s first order for its latest fuel-efficient jets, which cost up to around $102 million depending on the version according to company catalog prices.
Southwest took an option to buy an additional 150 737 MAX models, though didn’t specify which version of the jet it would order. The Dallas, Texas-based airline also ordered 58 Next-Generation 737 jets.Read more »
BUSINESS December 14, 2011 | 6:15 PM
The French state-controlled nuclear company Areva SA announced Dec. 13 it will be cutting up to 1,500 jobs in Germany. The decision comes after the German government’s decision to phase out the use of nuclear power in the country by 2022.
Germany accounts for 6% of Areva’s business.Read more »
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