BUSINESS February 22, 2012 | 4:25 PM
Canada’s largest investor-owned distribution utility Fortis Inc plans to purchase New York-based energy distributor CH Energy Group for around $1 billion.
In the all-cash deal, Fortis will offer shareholders $65 a share; it will also take on $500 million in debt from CH Energy.Read more »
BUSINESS February 21, 2012 | 3:00 PM
Driven by Real Estate Investment Trusts (REITS), the volume of hotel transactions in New York City reached an all-time record high last year, according to preliminary results from Jones Lang LaSalle Hotels in its report called Hotel Intelligence New York.
Eighteen transactions making up nearly $3.5 billion in assets were traded in 2011, which represented a 150% increase over 2010 volume. About 50% of the city’s acquisition volume was driven by REITS last year, says Jones Lang.Read more »
BUSINESS February 20, 2012 | 2:52 PM
Calgary-based Encana Corp. is selling part of its stake in Canada’s natural gas fields to Japan’s Mitsubishi Corp. for $2.9 billion.
The sale will help Encana shore up its balance sheet in the wake of fourth-quarter losses.Read more »
BUSINESS February 16, 2012 | 1:58 PM
The US Department of Justice and the European Commission have approved a bid from Google Inc. to purchase Motorola Mobility Holdings Inc. for $12.5 billion. Regulators concluded the purchase would not lessen competition in the market.
Google will purchase Motorola for $40 a share, which represents a 63% premium. Motorola will be operated as a separate business unit.Read more »
BUSINESS February 13, 2012 | 12:44 PM
Pepsi Co Inc. plans to cut 8,700 jobs in 30 countries as well as expand marketing in hopes of increasing sales to take back the title of the world's largest soft drink manufacturer from rival Coca-Cola Co.
The cuts represent 3% of Pepsi’s global workforce, and, combined with other cost-cutting measures, are expected to save the soft drink maker $1.5 billion by 2014.Read more »
BUSINESS February 9, 2012 | 5:46 PM
Online retailer Amazon Inc. is rumored to be taking its first steps into the real world according to various news outlets, which are reporting Amazon could open a retail location in Seattle before the end of year.
Amazon has yet to confirm or deny the reports.Read more »
BUSINESS February 9, 2012 | 2:25 PM
Despite recently releasing its 2012 Supplier Responsibility Progress Report, Apple is under scrutiny for the working conditions in manufacturing partner Foxconn's Chinese plants. Well-known sources, including the New York Times and This American Life, have published accounts of life threatening injuries at Foxconn's Shenzhen factory.
In an effort to expose these conditions, self-proclaimed Apple "super-user" and Washington, D.C. communications consultant Mark Shields decided to start a petition at Change.org upon hearing a recent radio report from This American Life. The report alleged poor working conditions at factories operated by Chinese companies that have contracts to build iPhones, iPads and other popular Apple products.Read more »
BUSINESS February 8, 2012 | 5:34 PM
The latest tourism statistics show that Hawaii’s visitor count was up by 4% in 2011 over the previous year, recording nearly 7.3 million visitors total.
During the recession, tourism in Hawaii plunged close to 15%, and though the new numbers are still short of the state’s record year in 2006, the outlook is good. "We have seen a healthy demand for Hawaii globally," says Mike McCartney, president of the state-run Hawaii Tourism Authority.Read more »
BUSINESS February 3, 2012 | 10:19 AM
In what is being dubbed the biggest fighter deal in the world since the early 1990s, French air craft manufacturer Dassault has won a contract to build 126 Medium Multi-Role Combat Aircraft (MMRCA) Rafale fighter jets for the Indian air force, totaling nearly $11 billion.
However, a defense ministry source indicated that with the necessary training and maintenance the entire deal could reach at least $15 billion. In a statement from an Indian government source: "France's Dassault has emerged as the lowest bidder, and further commercial negotiations will take place with the company before signing a formal deal.”Read more »
BUSINESS February 2, 2012 | 11:41 AM
Amgen Inc., one of the largest biotechnology firms in the world, has struck deal for over $1 billion to purchase Rockville, MD-based biotechnology firm Micromet. For $11 a share, Amgen will add Micromet pharmaceuticals such as blinatumomab, a leukemia drug in Phase 2 trials, to its repertoire of oncology treatments.
Blinatumomab is presently being tested for effectiveness at curbing non-Hodgkin’s lymphoma and lymphoblastic leukemia. June 2011 trials found 9 out of 12 patients on the drug went into full remission from acute lymphoblastic leukemia.Read more »
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