BUSINESS August 21, 2013 | 11:28 AM
Giant social network Facebook has purchased speech-recognition and machine translation startup Mobile Technologies for an undisclosed amount to give users a new tool to better connect with others on the web.
Mobile Technologies makes an automatic interpretation service for lectures, and it developed a speech-to-speech translator application for mobile phones called Jibbigo. The merger is set to help Facebook compete against rivals Apple and Google, which already offer speech recognition and search products; Apple’s smartphones use a voice recognition technology program called Siri, while Google offers Google Translate, a language translation app.Read more »
BUSINESS August 20, 2013 | 2:52 PM
Retail sales in the US rose 0.2% in July, marking the fourth consecutive month of increases says the Commerce Department. Excluding automobiles, gasoline and building materials, core retail sales in July actually grew 0.5%, or the highest growth since December.
Consumer confidence was boosted by an increase in home values, jobs, stock prices and household wealth.Read more »
BUSINESS August 19, 2013 | 4:02 PM
US-based fruit and vegetable leader Dole Food Company has signed an agreement where the company’s CEO David Murdock will acquire all outstanding shares of Dole stock that he currently does not hold, totaling $1.5 billion, to take the company private.
As part of the financing commitment, Murdock offered Dole shareholders a sweetened bid that was slightly increased from his original offer in June of this year.Read more »
BUSINESS August 14, 2013 | 5:00 PM
Rockwell Collins, an American supplier of avionics and other aircraft electronic systems, is purchasing aviation-information management company Arinc from the Carlyle Group LP for $1.39 billion to expand its business beyond the cockpit.
The deal is the largest aerospace and defense deal in North America announced so far this year, and marks the largest in Rockwell Collins history. It comes after months of talks and just days after Kelly Ortberg became the company’s CEO. Ortberg previously led the company’s Government Systems unit.Read more »
BUSINESS August 14, 2013 | 11:21 AM
Pinnacle Foods Inc., the manufacturer of Hungry Man brand frozen dinners, has agreed to purchase the US market leader for Italian salad dressings, the Wish-Bone brand, from Unilever for $580 million, providing the company with tax benefits and cost savings. The sale includes liquid and dry-mix salad dressings under the Wish-Bone and Western brand names.
It does not include a Unilever production facility. Instead, Pinnacle will invest $40-$50 million to consolidate production. Also, under a third-party agreement, the Unilever factory will continue to manufacture products for Pinnacle Foods.Read more »
BUSINESS August 13, 2013 | 12:32 PM
The International Energy Agency, the Paris-based adviser to energy-consuming nations, has reduced forecast numbers for global oil demand in 2014 in light of the economy growing slower than expected.
The revised estimates show that global oil consumption should grow by 1.1 million barrels a day (or 1.2% compared to estimates for 2013) to 92 million in 2014, which is 100,000 barrels a day less than July’s estimate.Read more »
BUSINESS August 12, 2013 | 5:14 PM
Apple Inc., manufacturer of the iPhone, saw its smartphone market share drop 3.4% in the second quarter to total 13.2% after customers purchased a higher number of Android and Windows phones, according to research firm IDC.
Meanwhile, total iPhone shipments increased 20% to 31.2 million units.Read more »
BUSINESS August 8, 2013 | 3:17 PM
The Washington Post, DC’s leading newspaper, will be sold to ecommerce leader Amazon.com founder and chief executive Jeffrey P. Bezos for $250 million.
Included in the sale are The Washington Post and its website, the Southern Maryland newspapers, the Gazette newspapers, the Express newspaper, the Fairfax County Times, the Spanish-language newspaper El Tiempo Latino, and a production plant.Read more »
BUSINESS August 7, 2013 | 4:43 PM
The European Commission has granted approval for the $11 billion merger between US Airways Group Inc. and AMR Corp.’s American Airlines, creating the world’s largest airline.
The regulatory board was concerned with the airlines creating a monopoly on the London-Philadelphia route, and concessions will need to be made. The EU antitrust authority announced: “The decision is conditional upon the release of one daily slot pair at London Heathrow and of other commitments in order to induce entry on the London-Philadelphia route."Read more »
BUSINESS July 25, 2013 | 12:21 PM
Networking equipment manufacturer Cisco Systems has purchased cybersecurity software maker Sourcefire Inc. for $2.7 billion to add next-generation security technology to its portfolio and boost its security business.
Recently, Cisco lost market share in the network security industry to smaller rivals, and now hopes the purchase of Sourcefire will help its reputation and make it a top player in security.Read more »
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