BUSINESS November 19, 2013 | 11:56 AM
Europe’s largest car manufacturer, Volkswagen, is dealing with a worldwide vehicle recall of nearly 2.6 million sport-utility vehicles, pick-up trucks and cars as it intensifies attempts to overtake Toyota and General Motors for top sales results.
Nearly 50% of recall touches vehicles in China, Volkswagen’s largest market. The automaker’s division in China will recall 640,309 vehicles starting November 25 to change the oil in several unspecified 7-speed double-clutch gearboxes. This corresponds with Volkswagen’s recommendation that 1.6 million vans and cars need to replace the synthetic oil in their dual-clutch gearboxes with mineral oil.Read more »
BUSINESS November 18, 2013 | 12:29 PM
Wal-Mart Stores Inc., the world’s biggest retailer, has cut its 2013 annual outlook for the second time in three months as its customer base faces ongoing economic challenges, including stagnant wages and higher social security charges.
During the third quarter, net sales grew 1.6% to $114.88 billion and total sales grew 2.4%. International-division sales grew 0.2% to $33.1 billion.Read more »
BUSINESS November 15, 2013 | 10:30 AM
Chinese PC manufacturer Lenovo reported a higher-than-expected 36% rise in its recent quarterly profit, with the increase linked to solid sales growth for mobile devices, including smartphones.
Over the three-month period ending September 30, Lenovo earned $220 million, with revenue up 13% to $9.8 billion.Read more »
BUSINESS November 15, 2013 | 9:30 AM
India's antitrust regulator, the Competition Commission, has approved Abu Dhabi-based Etihad Airways’ proposal to buy a 24% stake in Jet Airways for $325 million.
The commission studied whether Etihad would gain substantial control of Jet, if Jet's new position would hurt other carriers and what impact the deal would have on other Indian airlines. It ruled the deal was not likely to have an adverse effect on competition in India.Read more »
BUSINESS November 14, 2013 | 2:24 PM
International Consolidated Airlines Group SA, Europe’s third-largest airline group and the parent company of British Airways, saw third-quarter profit double thanks to British Airways and Spanish carrier Vueling.
During the quarter, operating profit was $925 million and profit after taxation was $777 million. Profit has continued to rise during the first nine months of the year, compared to a loss during the same period in 2012.Read more »
BUSINESS November 13, 2013 | 4:01 PM
Food-manufacturing business Kellogg Co., the world's largest maker of breakfast cereals, has launched a four-year cost-saving plan called Project K aimed at boosting profitability.
Some 2,000 jobs, or 7% of Kellogg’s global workforce, will be eliminated and production capacity cut. The plan also involves consolidating factories and product lines as well as increasing growth in emerging markets and emphasizing regional brands.Read more »
BUSINESS November 13, 2013 | 11:14 AM
French media and telecom group Vivendi SA is selling its 53% stake in North African phone operator Itisalat Al Maghrib, also known as Maroc Telecom, to Emirates Telecommunications Corp. or Etisalat Group, for $5.67 billion in an effort to streamline operations.
Vivendi plans to focus and strengthen its media and content activities in Universal Music Group and French pay-TV company Canal Plus, which it believes will offer greater growth potential. Vivendi also plans to pay down its debt.Read more »
BUSINESS November 8, 2013 | 2:43 PM
Consumer electronics giant Apple will build a manufacturing plant in Arizona in conjunction with technology company GT Advanced Technologies, which will produce sapphire material to be used in some Apple products.
Apple did not specify which components would be manufactured at the plant, but did indicate the new site helps furthers Apple’s domestic efforts by generating as many as 700 local manufacturing jobs and up to 1,300 construction jobs.Read more »
BUSINESS November 7, 2013 | 4:03 PM
Consumer confidence in the United States fell sharply in October to 71.2, down from 80.2 in September, according to a report by research group The Conference Board.
The decline is linked to the 16-day US government shutdown.Read more »
BUSINESS November 6, 2013 | 12:21 PM
Apple shipped 33.8 million smartphones in the third quarter of 2013, up from 26.9 million over the same period last year, but market share has still dropped 2.2% to 13.4%.
This marks Apple’s third-consecutive quarterly decline, and the latest quarter is considered a slow one for Apple. Near the end of the quarter, Apple saw a boost in shipments from the release of the new iPhone 5S and the iPhone 5C.Read more »
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