BUSINESS December 14, 2011 | 2:33 PM
At the recent United Nations-sponsored global warming meeting in Durban, South Africa, major economies agreed to a new emissions treaty by 2015. Three of the world’s largest emitters of greenhouse gases - the US, China and India – have also pledged to join the pact, despite past opposition.
The new treaty is based off the Kyoto Protocol, an agreement started in 1997 aimed at fighting global warming, but introduces approved amendments to the original plan. As part of the agreement that was set to expire in 2012, industrial nations committed to taking voluntary, but non-binding, steps to reduce their carbon emissions.Read more »
BUSINESS December 13, 2011 | 2:27 PM
The complex patents battle between Samsung Electronics Co and Apple Inc is showing no signs of coming to an end.
In recent news, an Australian court lifted the ban on Samsung selling its Galaxy tablet computer in Australia, just in time for Christmas. The ruling came just one day after a Paris court rejected Samsung's attempt to prevent Apple's iPhone 4S from being sold in France.Read more »
BUSINESS December 13, 2011 | 9:48 AM
IBM Corp has validated a definitive plan for a $440 million takeover of DemandTec Inc, which will add online trend-based business tools to its services. The two companies agreed a cash buyout price of $13.20 per share, which is about 57% higher than California-based DemandTec’s closing price the day before the announcement.
The deal is expected to be concluded in the first quarter of 2012.Read more »
BUSINESS December 12, 2011 | 5:22 PM
The Japanese government is considering plowing $13 billion into Tokyo Electric Power in 2012 to nationalize the company.
The state fund injection of $13 billion was a minimal estimate, with a higher estimate of over $25 billion, reaching as much as $38 billion over a four-year period. The company’s shares fell over 15% on the back of talk of the government bailout.Read more »
BUSINESS December 9, 2011 | 11:03 AM
At an investor conference earlier this week, Citigroup Inc.’s CEO Vikram Pandit announced that the company will eliminate 4,500 more jobs to reduce costs in light of continued drops in revenue and record-low market conditions.
For severance and other charges, Citigroup have to pay out $400 million in the fourth quarter. According to Pandit, the job cuts will be made over the next few quarters and represent approximately 1.5% of its global workforce.Read more »
BUSINESS December 9, 2011 | 10:03 AM
Microsoft has released an update to the Xbox 360 that provides the console with an improved interface and enhanced voice-recognition controls. The changes take the Kinnect Hub of the current interface to the next level, providing users with greater ability to control the console with their hands and voice.
Visually, the interface now contains many elements already found on Windows phones and planned to be included in Windows 8. It also integrates Bing, the Microsoft search engine.Read more »
BUSINESS December 9, 2011 | 9:20 AM
An advisory committee to the Federal Drug Administrative voted 13-0 to approve Pfizer Inc.’s new kidney cancer drug axitinib. Axitinib is intended for advanced renal cancer patients whose treatment failed while using other drugs.
However, the FDA still needs to approve the drug before it can be sold, but the group normally approves drugs suggested by its advisory committee.Read more »
BUSINESS December 8, 2011 | 1:57 PM
Verizon Communications is in talks to launch a new web video service in the latest challenge to online streaming company Netflix and cable TV companies, according to a report from Reuters.
Insiders with knowledge of the plans say the company is in discussions with programming firms to create a video streaming business that would attract new customers currently outside its fiber-to-the-home broadband and TV FiOS service.Read more »
BUSINESS December 7, 2011 | 5:51 PM
Online retailers have registered a record breaking shopping surge, grossing $6 billion in US revenue during Cyber Week 2011, which followed Black Friday.
In a quote from the chairman of comScore, a leader in digital measurement and analytics, Gian Fulgoni stated: “Cyber Monday kicked the week off with a bang, but it was only the beginning of a very strong week of online holiday spending.”Read more »
BUSINESS December 7, 2011 | 5:41 PM
European Union antitrust authorities are investigating Apple along with five international publishing firms for possible price fixing of e-books. The probe launched by the European Commission will attempt to determine dealings between the iPad maker and major US publishers HarperCollins and Simon & Schuster.
Britain’s Penguin and France’s Hachette Livre are also under the spotlight, along with German publishing house Verlagsgruppe Georg von Holtzbrinck.Read more »
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