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Business News - part 43

Amazon Founder Buying Washington Post Newspaper For $250 Million

Amazon Founder Buying Washington Post Newspaper For $250 Million

BUSINESS

  • Bezos to ‘to invent, to experiment’ after newspaper purchase
  • Decision to sell newspaper came after annual budget discussion last year
  • Newspaper industry advertising revenues down 55%

The Washington Post, DC’s leading newspaper, will be sold to ecommerce leader Amazon.com founder and chief executive Jeffrey P. Bezos for $250 million.

Included in the sale are The Washington Post and its website, the Southern Maryland newspapers, the Gazette newspapers, the Express newspaper, the Fairfax County Times, the Spanish-language newspaper El Tiempo Latino, and a production plant.

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World’s Largest Airline: $11 Billion Merger Between US Airways-American Airlines Approved in Europe

World’s Largest Airline: $11 Billion Merger Between US Airways-American Airlines Approved in Europe

BUSINESS

  • US Airways, American Airlines to give up London-Philadelphia route slots
  • Merger expected to generate $1 billion in synergies annually by 2015
  • AMR to hold 72% stake in new company, while US Airways to have 28%

The European Commission has granted approval for the $11 billion merger between US Airways Group Inc. and AMR Corp.’s American Airlines, creating the world’s largest airline.

The regulatory board was concerned with the airlines creating a monopoly on the London-Philadelphia route, and concessions will need to be made. The EU antitrust authority announced: “The decision is conditional upon the release of one daily slot pair at London Heathrow and of other commitments in order to induce entry on the London-Philadelphia route."

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McDonald’s Posts Disappointing Second Quarter

McDonald’s Posts Disappointing Second Quarter

BUSINESS

  • Sales flat compared to 2012
  • Remainder of 2013 forecasted to be challenging
  • Restaurant chain facing more competition

McDonald’s, the world’s largest fast-food chain by sales, posted a disappointing second quarter because of tougher competition and a weak economy.

In the quarter ending June 30, sales at restaurants open at least 12 months increased 1% globally.

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Network Equipment Leader Cisco Buys Cybersecurity Firm Sourcefire

Network Equipment Leader Cisco Buys Cybersecurity Firm Sourcefire

BUSINESS

  • Sourcefire deal helps Cisco add next-generation security technology
  • Sourcefire makes intrusion-detection products; 19% of its revenue comes from anti-hacking technology used by US government
  • More acquisitions expected in the IT security industry

Networking equipment manufacturer Cisco Systems has purchased cybersecurity software maker Sourcefire Inc. for $2.7 billion to add next-generation security technology to its portfolio and boost its security business.

Recently, Cisco lost market share in the network security industry to smaller rivals, and now hopes the purchase of Sourcefire will help its reputation and make it a top player in security.

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American Airlines Parent Company Posts Strong Q2 Profit

American Airlines Parent Company Posts Strong Q2 Profit

BUSINESS

  • AMR hits $220 million in profit for Q2 2013, compared to $241 million in losses for same period last year
  • American Airlines to merge with US Airways to create largest national airline
  • American Airlines boosting capacity by 2.7% this quarter

AMR Corp., the parent company of US airline American Airlines, posted $220 million in profit for the second quarter of 2013 thanks to lower fuel prices and cost-cutting measures taken during its Chapter 11 bankruptcy restructuring.

AMR posted $241 million in losses for the same period in 2012, and these new figures mark the first profit in the second quarter for the company since 2007.

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Second-Quarter Profits for Phillips Rise 30%, Thanks to Healthcare Unit

Second-Quarter Profits for Phillips Rise 30%, Thanks to Healthcare Unit

BUSINESS

  • Orders for healthcare division up 7%
  • Cost cutting strategy working better than expected
  • Other divisions also see rise in orders

Second-quarter profits for Royal Philips NV rose 30% to $418 million and sales rose 3%, boosted by a strong healthcare unit which saw orders rise 7% compared to the same quarter in 2012.

Phillips’ healthcare division is now its most profitable. The company is the leading medical equipment supplier in the United States and a top-three hospital equipment producer worldwide.

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Mobile Phone Maker Nokia Sees Sales Drop 24%

Mobile Phone Maker Nokia Sees Sales Drop 24%

BUSINESS

  • Nokia sold 7.4 million Lumia smartphones in second quarter 2013, up 32% from first quarter
  • Overall Nokia sold 27% fewer smartphones and basic mobile phones compared to same period year
  • Nokia to cut 440 more mobile phone division jobs 

Mobile phone maker Nokia reports second quarter 2013 handset sales dropped 24% to €5.7 billion, falling short of expectations and losing market share to global competitors Apple and Samsung.

Nokia managed to sell 7.4 million units of its best-selling Lumia smartphone in the second quarter, a 32% increase from the first quarter. However, analysts polled by Reuters had predicted that 8.1 million Lumia units would be sold.

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Soft Drink Giant Coca-Cola Sees Profit Fall Due To Shifting Tastes, Bad Weather

Soft Drink Giant Coca-Cola Sees Profit Fall Due To Shifting Tastes, Bad Weather

BUSINESS

  • Coca-Cola profit down 4% worldwide; global sales volume up 1% or well below expectations of 3.3% growth
  • US soda consumption at 26-year low
  • Coca-Cola sales volume fell 4% in Europe, stagnated in China

Soft drink maker Coca-Cola has reported profit is down 4% worldwide to $2.68 billion during the second quarter of 2013, with global sales volume up 1% but well below expectations of an anticipated 3.3% growth.

Coca-Cola also reported a drop in profit in the North American market, marking the fourth time in the last five quarters that the region has seen a decrease.

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Chinese Search Engine Giant Baidu Buys App Store 91 Wireless

Chinese Search Engine Giant Baidu Buys App Store 91 Wireless

BUSINESS

  • Baidu pays $1.9 billion for app store 91 Wireless to increase its share of mobile market in China
  • 91 Wireless one of China’s top third-party app stores; over 10 billion apps downloaded from 91 Wireless
  • Apps more popular than mobile sites because internet download speeds are slow in China

China’s biggest search engine Baidu Inc. will pay nearly $2 billion to purchase the nation’s leading smartphone app store 91 Wireless from NetDragon Websoft Inc., a Hong Kong-listed company, in an effort to gain a larger piece of the mobile market.

The deal should help Baidu shift its present focus on desktop computing searches, where it holds 82% of the market share in China, to mobile devices – the clear wave of the nation’s future. It is Baidu’s biggest acquisition yet.

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AT&T Purchases Prepaid Mobile Service Provider Leap Wireless

AT&T Purchases Prepaid Mobile Service Provider Leap Wireless

BUSINESS

  • Leap acquisition gives AT&T access to prepaid wireless market
  • Leap network covers 35 states, is 6th largest carrier in US
  • More wireless industry mergers likely as companies compete for larger market share

AT&T Inc., the number two mobile carrier in the US, is purchasing prepaid mobile service provider Leap Wireless International Inc. for $1.19 billion to expand into the lucrative prepaid market.

The deal is worth nearly double Leap’s worth, and Leap can no longer solicit other bids. 

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