Business News - part 43
BUSINESS November 30, 2012 | 4:26 PM
- Sale part of BP‘s overall strategy to raise funds to cover costs related to Deepwater Horizon spill in Gulf of Mexico
- Deal includes assets in Devenick, Harding, Maclure fields; non-operated assets in Brae, Braemar fields
- BP to invest $10 billion in North Sea oil production over next 5 years
British energy giant BP will sell its interests in a number of central North Sea oil and gas fields to Abu Dhabi national energy company TAQA for close to $1.1 billion plus future payments of about $250 million.
The sale is part of BP‘s overall strategy to raise funds to cover expenses incurred as a result of the 2010 Deepwater Horizon disaster in the Gulf of Mexico.Read more »
BUSINESS November 29, 2012 | 12:07 PM
- Enbridge to connect Edmonton and Hardisty oil hubs with $1.8 billion pipeline
- 570,000 barrels of oil to be transported per day
- Northern Alberta oil sands production to reach 3.1 million barrels/day in 2020
Canadian energy leader Enbridge will use its subsidiary Enbridge Pipelines to construct a new 111-mile-long pipeline worth $1.8 billion to link two Alberta oil hubs in Edmonton and Hardisty. Hardisty is where many Enbridge and competitor TransCanada’s US-bound pipelines begin.
The pipeline is needed to accommodate rising production of oil sands, and will transport 570,000 barrels per day, with potential to increase to 800,000 barrels. Additional terminal and tank facilities are also planned.Read more »
BUSINESS November 28, 2012 | 11:54 AM
- US online sales to increase 17% in 2012
- 10% of online shopping over US holiday weekend done via iPad, 8.7% by iPhone
- Sales using mobile devices should account for 9.5% of sales by 2015
American online retailers should see their best holiday season ever, with online sales in the US expected to grow 17% this year compared to 2011.
Already holiday sales are off to a strong start: Cyber Monday sales alone should total $1.5 billion, while sales for the entire season are expected to reach $43.4 billion.Read more »
BUSINESS November 27, 2012 | 10:25 AM
- North America to ship 21.5 million tablets vs. 14.6 million laptops
- Global tablet shipments to reach nearly 276 million units by 2015
- Apple iPad hits over $1 billion in Black Friday e-commerce sales
In the fourth quarter of 2012, tablet sales in North America will exceed laptop sales for the first time – recording 21.5 million units sold vs. 14.6 million units – says leading global marketing firm NPD Display Search.
In 2013, North American sales should total 80 million units for tablets versus around 64 million laptops.Read more »
BUSINESS November 26, 2012 | 2:17 PM
- Japanese vehicle sales fall 40% to 70% in China last month
- Japanese manufacturers to regain lost sales in 2013 by offering discounts, service packages, more models
- Survey says 33.8% of Chinese consumers would buy Japanese-brand vehicles
Japanese automobile manufacturers are trying to win back Chinese customers in the wake of September’s anti-Japanese protests, where protesters upset over a territorial dispute attacked Japanese symbols, damaging cars and dealerships.
As a consequence, sales of Japanese cars in the world's largest car market dropped dramatically: for October, Japanese-made vehicle sales in China fell between 40% to 70% compared to the same month last year.Read more »
BUSINESS November 22, 2012 | 5:26 PM
- Manufacturer, union agree to mediation
- Hostess seeking permission to pay management bonuses
- Potential bidders may be interested in Hostess brands
Hostess Brands Inc, the manufacturer of Wonder bread and Twinkies snack cakes, agrees to mediation at the urging of US Bankruptcy Judge Robert Drain who hopes to prevent the loss of nearly 18,500 jobs.
Hostess blames the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union strike, which began in early November, for the company’s bankruptcy. The union blames management.Read more »
BUSINESS November 21, 2012 | 11:03 AM
- Teavana largest acquisition in aggressive Starbucks expansion plan
- Starbucks to capitalize on increasing popularity of tea
- Consumers in India drinking 7 times more tea than coffee; consumers in China drinking 16 times more
Coffee chain leader Starbucks will acquire Teavana Holdings Inc., a premium loose-leaf tea company, for around $620 million as part of its expansion plan. With Teavana the largest of its acquisitions to date, Starbucks is moving to maintain revenue in the face of rising competition from fast-food chains that now sell specialty coffees.
The takeover should be complete by the end of 2012, allowing Starbucks immediate access to Teavana’s 300 storefronts, consumer base and popular product line.Read more »
BUSINESS November 20, 2012 | 10:40 AM
- AT&T rolls out ultra-fast network in eight US cities
- Verizon to offer 4G coverage across all US wireless networks by next year
- Sprint Nextel to add nine more cities to network in coming months
- Global 4G subscriptions to soar to over 560 million by 2016
Top wireless network providers in the United States are expanding their 4G LTE networks, switching on their ultra-fast data connections in new cities across the country.
AT&T, the largest wireless operator in the US, has fired up its 4G network in eight more cities across the United States in key hubs such as Denver, Louisville, Milwaukee and Daytona Beach as well as in several smaller centers in Pennsylvania, Maryland, Washington and Utah.Read more »
BUSINESS November 19, 2012 | 10:56 AM
- Sales at US Walmart stores disappoint in third quarter
- Target reports rise in sales
- Sam’s Clubs sees drop in sales, traffic
Walmart Stores Inc., the world’s largest retailer, saw disappointing third quarter sales for US Walmart stores and Sam’s Club locations as its customer base was hurt by unemployment and high gas prices.
Meanwhile, Target Corp., the second-largest US retail discounter, reported gains.Read more »
BUSINESS November 16, 2012 | 12:00 PM
- Nearly one fifth of Panasonic operating units losing money
- Panasonic to spend $5.5 billion on restructuring costs
- Panasonic could post losses of $10 billion by year end
As the Japanese consumer electronics industry continues to feel the effects of a troubled economy, Panasonic plans to cut 10,000 jobs by the end of March 2013.
According to Panasonic officials, most of the cuts will be at its overseas subsidiary Sanyo. This new announcement follows Panasonic's massive layoff of 36,000 workers in 2011.Read more »