Business News - part 6
BUSINESS March 14, 2013 | 4:03 PM
- Cathay sees largest drop in profit since 2003 due to high fuel prices, increased competition and weak demand; Cathay air cargo business revenue down 5.5%
- Cathay has 84 aircraft on order for delivery before 2020
- IATA forecasts airline industry profit will rise in 2013
Hong Kong-based airline Cathay Pacific reports profit fell 83% in 2012 to $118 million due to a number of economic factors, marking Cathay’s largest drop in profit since 2003.
Christopher Pratt, chairman of Cathay Pacific, says the airline’s drop in profit can be attributed to high fuel costs, increased competition in Asia-Pacific, a decline in consumer and corporate travel, and weak cargo demand.Read more »
BUSINESS March 13, 2013 | 4:10 PM
- Time Inc. to be spun off as separate publicly held company by year end
- Time Warner, Meredith Corp deal unsuccessful
- Time Inc. revenue down from $5.4 billion to $3.4 billion in past decade
Media conglomerate Time Warner is offloading Time Inc., its nine-decade-old, US-leading magazine unit that publishes Sports Illustrated, Fortune, Time, People and many other popular magazines.
Time Inc. will be spun off as a separate publicly held company by year end.Read more »
BUSINESS March 12, 2013 | 2:44 PM
- Increase in China automobile sales may be a sign of economic recovery
- Auto sales in China to hit 20.8 million units in 2013, up from 19.3 million last year
- German brands hold largest market share in China among foreign manufacturers
Automotive sales in China, the largest vehicle market in the world by number of units sold, rose 19.5% in January and February compared to the same period in 2012, which may be a sign of economic recovery.
This comes after two years of modest market growth.Read more »
BUSINESS March 11, 2013 | 4:05 PM
- Google cutting 10% of workforce in Motorola Mobility Holdings due to poor performance
- Cuts mostly to affect employees in China, India
- Motorola Mobility to exit unprofitable markets, focus efforts on a few cell phones rather than many low-end devices
Search engine giant Google Inc. will be laying off 1,200 employees in its Motorola Mobility Holdings Inc. unit because it is losing money and not competitive, according to a company email published in the Wall Street Journal.
Motorola Mobility also is said to be unable to keep costs down.Read more »
BUSINESS March 8, 2013 | 3:55 PM
- Microsoft issued $733 million fine for not complying with European Commission
- Microsoft upgrade does not offer choice of internet browsers
- Microsoft has over $2.8 billion in fines related to antitrust regulations
The European Commission has recently fined Microsoft Corporation $733 million for not complying with the computer giant’s previous commitment to offer users a browser choice screen that would enable them the ability choose their preferred web browser easily and expeditiously.
Based on the original agreement between the two parties back in 2009, these commitments imposed by the Commission were legally binding on Microsoft until 2014. However, through an investigation the Commission found that Microsoft failed to include the browser choice screen with its Windows 7 Service Pack 1 from May 2011 until July 2012. As a result, 15 million Windows users did not have access to the choice screen during this period.Read more »
BUSINESS March 8, 2013 | 3:12 PM
- Volkswagen Golf wins Car of the Year award for second time
- Golf model key to help Volkswagen surpass Toyota as world’s largest vehicle manufacturer
- Redesigned Nissan LEAF offers cut-in-half charging time
The Volkswagen Golf has been named Europe’s Car of the Year at the Geneva Motor Show. The Golf previously won the award in 1992.
The winner of the prestigious Car of the Year is decided by automotive journalists from more than 20 countries. The Volkswagen Golf received 414 votes this year, with the Subaru BRZ following in second with 202 votes and the Volvo V40 in third with 189 votes.Read more »
BUSINESS March 7, 2013 | 4:59 PM
- Samsung invests in Sharp to gain technology, improve focus on OLED TV screens
- Funds to help introduce new LCD technology
- Investment makes Samsung largest foreign shareholder in Sharp
South Korean electronics giant Samsung Electronics Co. has made a $110 million investment in struggling Japanese television manufacturer Sharp Corp, providing benefits to both companies.
Samsung will benefit by gaining access to Sharp’s technology for manufacturing high-resolution indium gallium zinc oxide screens, thinner than conventional LCDs. The investment will also allow Samsung to focus on organic light-emitting diode (OLED) TV screens.Read more »
BUSINESS March 6, 2013 | 2:54 PM
- LG aims to nearly double smartphone sales in 2013, shift to high-end devices
- LG shipped 26.3 million smartphones in 2012
- LG hopes to become a top-tier smartphone brand
LG Electronics Inc., the world’s fifth-largest handset maker, plans to increase smartphone sales worldwide and reach a sales goal of 40 million units in 2013.
It also plans to shift its focus from basic to high-end devices.Read more »
BUSINESS March 6, 2013 | 2:11 PM
- US Air Force orders 20 A-29 Super Tucano turboprop aircrafts from Sierra Nevada Corp to use in Afghan Air Force training exercises
- Deal helps Sierra Nevada subcontractor Embraer boost its defense unit
- Sierra Nevada Corp beat out competitor Beechcraft Corp, who tried to win the deal twice
The United States Air Force has awarded a $427 million contract to defense contractor Sierra Nevada Corp related to light air support aircraft, maintenance and training to the Afghan Air Force.
Sierra Nevada beat out Beechcraft Corp for the deal.Read more »
BUSINESS March 5, 2013 | 2:15 PM
- Foxconn Technology Group launches hiring freeze at plants in China because of increase in employee retention
- Apple iPhone has taken hit against cheaper Android-based smartphones produced by competitors
- “iPhone mini” for Chinese market could drive growth for Apple
Taiwan’s Foxconn Technology Group – the world’s biggest contract assembler of electronics, including Apple, Sony, Nokia and Hewlett-Packard products – has announced a hiring freeze at its plants in China.
The company says no single customer factored into its hiring decisions, refuting a Financial Times report linking the freeze to a decline in iPhone5 orders.Read more »