BUSINESS April 18, 2012 | 10:03 AM
Online travel booking site Expedia is modifying its review system after recent controversial hotel ratings. The driving factor behind this initiative is increased pressure from the hotel industry, which is trying to fight against unfavorable ratings from competitors and sometimes fake or paid-for review writers.
Expedia.com says it will conduct a “thorough overhaul” of its hotel reviews feature. “As part of this overhaul, Expedia will incorporate all verified reviews from its sister company, Hotels.com, into its collection, which will bring the total number of verified reviews available to Expedia customers to total more than 7.5 million,” writes Hotel Online.Read more »
BUSINESS April 16, 2012 | 11:06 AM
Japanese electronics giant Sony Corp plans to cut 10,000 jobs and restructure the company in an effort to reduce costs and revitalize itself. The layoffs represent 6% of the company’s global workforce.
At a press conference, Chief Executive Officer and President Kazuo Hirai explained a strategy intended to make Sony profitable again. In addition to reducing employees, Sony will spend $1 billion on restructuring.Read more »
BUSINESS April 13, 2012 | 9:19 AM
Apple’s domination of the tablet PC market is set to continue through 2012, with Android unable to reproduce the success it enjoyed in the smartphone sector, according to information technology research group Gartner.
In its recent global sales report, the research firm estimates that global tablet sales will jump to close to 119 million by the end of the year, nearly doubling last year’s figure of 60 million units.Read more »
BUSINESS April 10, 2012 | 11:27 AM
US automotive giant Ford will invest $600 million into its Chongqing, China, manufacturing base in hopes of profiting from the world’s largest automotive market. Funding from Ford and venture partner Changan Ford Automobile will enable the Chongqing plant to produce 950,000 vehicles each year, or up by 350,000 vehicles for a nearly 60% production increase.
The $600 million will raise the total amount invested in the Chongqing facility to over $4 billion. With this investment Ford hopes to keep pace with Volkswagen and General Motors, the top foreign auto manufacturers in China. In 2011, Ford’s sales in China came in at around 20% of General Motors, which sold 2.5 million vehicles and continues to boast record sales.Read more »
BUSINESS April 10, 2012 | 10:30 AM
US department store chain J.C. Penney Co. has laid off 900 employees in an effort to cut costs. The majority of the jobs cut where at the Plano, Texas, headquarters. The remaining 300 positions will be cut July 1 when the company’s Pittsburgh, Pennsylvania, call center closes.
The cuts represent 14% of the 4,400 employees at company headquarters. No senior executives were affected by the cuts.Read more »
BUSINESS April 6, 2012 | 9:13 AM
Denver brewing company Molson Coors has agreed to a $3.54 billion deal for the acquisition of European brewer StarBev.
Molson Coors, the exclusive brewer of Carling larger in the United States, will now add beer brands such as Staropramen, Ozusko, Bergenbier and Borsodi to its line-up, taking control of StarBev’s nine breweries in eastern and central Europe.Read more »
BUSINESS April 6, 2012 | 9:13 AM
For the sixth time in four years, one of the world’s most popular websites Yahoo has laid off more employees. This time approximately 2,000 staff were given severance packages and told to leave, which accounts for 14% of Yahoo’s global staff.
It is anticipated the company’s product division suffered the greatest losses although layoffs were expected in all departments.Read more »
BUSINESS April 6, 2012 | 9:08 AM
The Japan Automobile Dealers Association recently announced that new vehicle sales in Japan jumped 78% in March, in part due to local government subsidies for energy efficient cars.
According to the association, new auto sales reached nearly 500,000 vehicles last month, up over 200,000 vehicles from March 2011 when Japan was struck by a massive earthquake and tsunami, dramatically impacting vehicle production and sales.Read more »
BUSINESS April 3, 2012 | 9:58 AM
Tokyo Electric Power Co., the power company behind the Fukushima Daiichi nuclear station disaster, will seek $22.2 billion from the Japanese government. Of that amount, $12 billion will be used to keep the company afloat, and $10.2 billion will be used to pay compensation claims.
Last March, the Fukushima plant suffered a meltdown caused by an earthquake and tsunami. Over 100,000 people were displaced after radiation was released into the air. Fishing and farm industries were also affected.Read more »
BUSINESS April 2, 2012 | 2:44 PM
Android will overtake Windows as the world’s most popular smart connected device platform by 2016, according to a report from the International Data Corporation.
The Windows x86 operating system is currently the leader in the smart connected device market, with 35.9% share. However, IDC predicts a sharp drop in the popularity of Microsoft’s platform over the next five years, forecasting its share to slump to 25.1% by 2016.Read more »
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