Business News - part 43

Second Recall For 2013 Ford Escape

Second Recall For 2013 Ford Escape

BUSINESS

  • Ford recalls 11,500 model 2013 Ford Escapes due to faulty fuel line with fire risk
  • Second recall for Ford Escape in past month
  • Production of the Escape vehicle on track regardless of recalls

Ford Motor Company has launched a voluntary safety recall of its 2013 Ford Escape vehicles equipped with a 1.6-liter engine, which were still being manufactured up until July 11, 2012.

According to Ford, an estimated 11,500 model 2013 Ford Escapes were produced and sold in North America, with most of them present on the US market. The models equipped with a 2.0-liter or a 2.5-liter engine are unaffected.

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Heineken Aims to Branch Out In Asia With Bid For Singapore's Asia Pacific Breweries

Heineken Aims to Branch Out In Asia With Bid For Singapore's Asia Pacific Breweries

BUSINESS

  • Heineken holds 42% stake in Asia Pacific Breweries, seeks rest
  • Bids placed by Thai Beverage Co and Heineken; Japanese brewer Kirin Holdings yet to respond
  • Asia lucrative global beer market, largest market by volume

Dutch beer manufacturer Heineken NV has submitted a $4.1 billion bid to purchase Singapore's Asia Pacific Breweries, one of Asia’s largest brewers, in an effort to increase its presence on the continent.

Heineken offered to pay APB’s parent company Fraser & Neave $40 a share for its entire stake in APB; Heineken and F&N have been partners in Asia since 1931.

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Switch To 4G Costing Mobile Telecom Manufacturers Billions

Switch To 4G Costing Mobile Telecom Manufacturers Billions

BUSINESS

  • Telecoms worldwide losing money to upgrades and shrinking prices
  • 4G usage expected to increase over next five years
  • Telecoms may need to consolidate to survive

Mobile equipment manufacturers worldwide expected to see profit increase as more customers switch to smartphones, but the opposite has been true. As telecom operators switch to 4G, fourth generation networks designed to carry super-fast, high-capacity data and video, equipment manufacturers are forced to cut costs and lower their budgets.

Several factors are to blame, including low-cost Chinese manufacturers, technological advances driving prices down and mobile phone operators unable to convince customers to pay for higher usage and data when they can use free service such as Skype.

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PC Sales Suffer As Consumers Turn To Tablets, Smartphones

PC Sales Suffer As Consumers Turn To Tablets, Smartphones

BUSINESS

  • PC sales in US dropped 11%, worse than rest of world
  • Windows 8 may boost PC sales but benefits will not be seen before year end
  • Meanwhile, Apple iPad tablet sales up 151%

Sales for personal computers were down during the second quarter of 2012 as customers are increasingly attracted to smartphones and tablets, according to research from market analysts.

Reports from Gartner and IDC indicate that PC sales fell by 0.1% from 2011, down to 87.5 million units globally. In the United States, the drop was even more significant as sales dropped nearly 11% from the previous year to 15.9 million units. These recent declines mark the seventh-straight quarter of falling numbers.

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Target-Neiman Marcus US Retail Partnership Aims To Attract New Customers, Evolve Image

Target-Neiman Marcus US Retail Partnership Aims To Attract New Customers, Evolve Image

BUSINESS

  • Target and Neiman Marcus partner to offer 50-item holiday season collection from 24 well-known designers
  • Collection to be sold at both stores and online, expected to sell out quickly
  • Both retailers say their customers overlap and that they have been trying to work together for years

US retailers Target Corp. and Neiman Marcus are partnering to bring customers a limited edition, designer collection for the end-of-year holiday season in the hopes of attracting new consumers and evolving their images.

Beginning Dec. 1, both stores will sell a 50-item collection featuring products designed by 24 respected designers like Oscar de la Renta, Marc Jacobs and Band of Outsiders. The specific product list will be revealed in an advertising campaign that begins in November, and is said to include apparel and accessories for men, women and children as well home decor items, pet accessories, sporting goods and electronic accessories.

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Intel Invests In ASML To Develop New Chip-Making Technology

Intel Invests In ASML To Develop New Chip-Making Technology

BUSINESS

  • ASML wins $4.1 billion from Intel to fund research on EUV lithography and 450mm silicon wafers
  • New technologies expected to reduce manufacturing costs by up to 40%
  • Intel first major semiconductor maker to ink deal under ASML's customer investment program

Intel Corp is investing close to $4.1 billion in Dutch chip manufacturing company ASML to boost its research into next-generation semiconductor technology.

The deal serves to fund research to develop a new technology known as extreme ultraviolet (EUV) lithography that allows for greater processing power while reducing the size of the chip.

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Boeing Lands $7.2 Billion Order For Fuel-Efficient 737 MAX Aircraft

Boeing Lands $7.2 Billion Order For Fuel-Efficient 737 MAX Aircraft

BUSINESS

  • Air Lease Corp orders 75 fuel-efficient 737 MAX Boeing airplanes
  • Boeing expects over 1,000 737 MAX orders before end 2012
  • Rival Airbus posted record margin over Boeing in 2011

Boeing has secured a $7.2 billion deal with US-based Air Lease Corp for 75 fuel-efficient 737 MAX airplanes, marking the first major order at the Farnborough Airshow, which started earlier this week in the United Kingdom.

The 737 MAX aircraft is Boeing’s answer to the popular A320neo from European rival Airbus, and newly-appointed President of Boeing Commercial Airplanes Ray Conner says Air Lease “is an ideal partner to help establish the 737 MAX in the leasing market”.

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WellPoint Targets US Medicaid-Medicare Patients With Amerigroup Acquisition

WellPoint Targets US Medicaid-Medicare Patients With Amerigroup Acquisition

BUSINESS

  • WellPoint privately offers to buy Amerigroup for $4.9 billion
  • US to add 17 million Medicaid patients if new healthcare law is passed in 2014
  • WellPoint aims to attract 9 million “dual eligible” Americans covered by both Medicare and Medicaid

WellPoint Inc., the second-largest medical insurance provider in the US, is purchasing managed healthcare provider Amerigroup Corp. for $4.9 billion.

Both companies serve Medicaid patients, a portion of the US population that is expected to grow to 17 million when President Barack Obama’s healthcare law goes into effect in 2014.

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Automotive Merger: Volkswagen Is Porsche's New Parent

Automotive Merger: Volkswagen Is Porsche's New Parent

BUSINESS

  • Volkswagen buys remaining 50.1% ownership of Porsche for $5.6 billion
  • Deal lets Volkswagen control Porsche brand plus Bentley, Audi, Skoda, Bugatti, Seat and Lamborghini brands
  • Volkswagen, Porsche set to launch new compact Porsche SUV in 2014

In one of the automobile industry’s most important mergers, Volkswagen AG has paid $5.6 billion for the remaining 50.1% ownership stake in Porsche SE that it does not already own.

The deal puts an end to a battle that began in 2005 with a failed attempt by Porsche to takeover Volkswagen. The two companies can now officially consolidate with Volkswagen taking over the Porsche brand as well as its other automotive brands, including Bentley, Audi, Skoda, Bugatti, Seat and Lamborghini.

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Boeing: Global Airplane Market To Hit Sales Of 34,000 Jets In 20 Years

Boeing: Global Airplane Market To Hit Sales Of 34,000 Jets In 20 Years

BUSINESS

  • Company raises global forecast by 1.5% through 2031; sales to reach 34,000 units for $4.5 trillion
  • Asia to see strongest growth with demand for over 12,000 planes
  • Global air traffic to rise at 5% per year

US airplane maker Boeing has raised its 20-year forecast for the global airplane market by 1.5%, predicting sales of 34,000 jets for a total of $4.5 trillion as air travel increases throughout the world’s emerging economies.

Boeing’s latest estimate is almost double the current size of the global fleet, which counts almost 20,000 planes. Last year, the company had projected sales of 33,500 over the next two decades – an increase of 8.5% on earlier predictions.

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