Business News - part 42
BUSINESS December 17, 2012 | 3:40 PM
- Nissan producing lithium-ion batteries for all-electric cars in Tennessee
- Nissan to have 85% of all Nissan and Infiniti products sold in the US be produced in North America by 2015
- LEAF most successful all electric-vehicle model; new hybrids and electric vehicles planned for future
With a focus on green automotive making, Japan’s second-largest automobile manufacturer Nissan Motor Co has recently celebrated the two-year sales anniversary of its pure-electric vehicle model called LEAF, and is now manufacturing lithium-ion batteries used for all-electric cars.
Located in Smyrna, Tennessee, the new battery plant will produce up to 200,000 batteries annually, depending on demand, and is only one of three of its kind globally to be operated by a major automobile manufacturer.Read more »
BUSINESS December 14, 2012 | 11:03 AM
- Dish to compete with US wireless leaders Verizon Wireless, AT&T and Sprint Nextel
- FCC imposes restrictions on Dish airwaves within the H block
- Sprint and Dish considering partnership
Satellite TV provider Dish Network Corp.’s proposal to provide smartphone services has been approved by the US Federal Communications Commission (FCC), taking an integral step toward encouraging wireless competition in the US telecommunications market.
The new network will help eliminate the time lag in relaying signals between satellites associated with traditional wireless service.Read more »
BUSINESS December 13, 2012 | 11:33 AM
- Delta Air Lines buys 49% stake in Virgin Atlantic for $360 million
- Joint venture gives both airlines a 25% share of cross-Atlantic traffic
- Deal should be operational before 2014
Delta Air Lines, the second-largest airline in the US by revenue, has agreed to purchase a 49% stake in British airline Virgin Atlantic for $360 million, so that both airlines can better compete for passengers on the busy New York-London route.
Under the agreement, Delta and Virgin Atlantic will expand their network at London’s Heathrow airport as well as share costs and revenue generated from flights between North America and Britain.Read more »
BUSINESS December 12, 2012 | 11:44 AM
- HSBC investigated for money laundering by US Justice Department
- HSBC must reach specific goals to respect settlement deal
- Latest charges mark third time HSBC has been penalized in US
Europe’s largest bank HSBC Holdings Plc will pay a record fine of $1.92 billion to settle a probe by the US Justice Department linked to money laundering and violating sanctions laws.
HSBC is accused of handling transactions through the US to non-US banks from nations such as Mexico, Cuba, Burma, Sudan, North Korea and Iran. Bank records were also reportedly altered.Read more »
BUSINESS December 11, 2012 | 12:13 PM
- Citigroup to cut 4% of its global workforce
- Cuts should save $900 million next year and up to $1.1 billion in 2014, beyond
- Other major world banks have already laid off staff or are facing layoffs
Citigroup, the third-largest bank in the US based on assets, will cut 11,000 jobs – or roughly 4% of its current workforce – to streamline operations.
Some 6,200 job cuts will be in the consumer banking unit, and the rest of the cuts will come from the selling or downsizing of branches in Uruguay, Turkey, Romania, Paraguay and Pakistan.Read more »
BUSINESS December 10, 2012 | 10:40 AM
- Delta Air Lines to purchase up to 70 76-seat jets
- New jets more fuel efficient than older Delta aircraft
- Delta seeks to update current fleet, move to larger aircraft
Delta Air Lines Inc., the world’s second-largest airline, will purchase up to 70 regional jets from Canadian small-jet manufacturer Bombardier Inc. as part of Delta’s plans to update its aging fleet.
The order is for 40 CRJ900 NextGen aircraft, which have a list-price value of $1.85 billion. Delta has the option to buy 30 more, which would raise the price to $3.29 billion. However, it is common for airlines to negotiate list-price discounts.Read more »
BUSINESS December 7, 2012 | 11:09 AM
- Tesco reviewing options for its 200 Fresh & Easy grocery stores in US market
- Fresh & Easy slow to produce profit
- Sales at Tesco UK stores also falling
The world's third-largest retailer Tesco Plc has plans to exit the US grocery market and will instead focus on fixing struggling UK stores and emerging markets.
Tesco, the largest grocery store chain in the UK, operates in the US under the name Fresh & Easy. It operates 200 stores in California, Nevada and Arizona, employing 5,000 staff.Read more »
BUSINESS December 6, 2012 | 2:43 PM
- Baxter to pay $2.76 billion for Gambro to expand kidney equipment business
- Purchase of Gambro AB expected to close in 2013
- Rate of patients on dialysis growing by 5% every year
Drug and medical device maker Baxter International, which is the world’s second-largest dialysis-products manufacturer, will purchase Swedish dialysis product manufacturer Gambro AB for $2.76 billion to expand its renal-equipment business.
With debt included, the purchase is worth $4 billion. The two companies have been negotiating for about a year, and the deal is expected to close during the first half of 2013.Read more »
BUSINESS December 4, 2012 | 12:10 PM
- iPhone 5 on sale in China starting December 14; latest iPad and Wi-Fi version of iPad mini available December 7
- China contributes $23.8 billion to Apple revenue, or 15% of total
- Apple aims to regain market share lost to Samsung
China, the world’s most populated country, will soon be able to purchase the iPhone 5 after the nation’s Telecommunication Equipment Certification Center grants Apple a network-access license.
Regulatory approval means the iPhone 5 will be on sale in China as of December 14. Two other Apple products – the fourth-generation iPad with retina display and the Wi-Fi version of the iPad mini – will be available December 7.Read more »
BUSINESS December 3, 2012 | 2:25 PM
- Consumer Reports ranks major US mobile carriers in several categories
- AT&T at bottom for all categories except 4G service
- Smaller carriers have highest overall ranking
US product review magazine Consumer Reports has released the results of its annual report on mobile phone carriers, and for the second year in a row Verizon Wireless is at the top of the list for leading major mobile carriers, while AT&T is at the bottom.
Sprint was rated second among major carriers, while T-Mobile was third.Read more »