Business News - part 8
BUSINESS August 14, 2014 | 2:36 PM
- Hundreds of consumer complaints filed against company
- Company in violation of fraud laws
- Company confident lawsuit will be dismissed
The New Jersey Department of Consumer Affairs has accused telemarketing company Telebrands of five counts of violating the Consumer Fraud Act in a complaint filed in Essex County Superior Court.
Between 2012-2014, there have been 340 consumer complaints filed against the company. Investigators from New Jersey's Division of Consumer Affairs conducted an undercover investigation purchasing products to verify consumer complaints.Read more »
BUSINESS August 13, 2014 | 2:34 PM
- Sales of agricultural equipment fall in North America
- Forestry sales increase worldwide
- Crop prices to blame for agricultural equipment drop
Deere & Co., the world’s largest agricultural-equipment manufacturer, reports sales and income fell during the third quarter, ending July 31, after market conditions affected farmers’ incomes.
Third-quarter company income fell to $851 million, compared to $996.5 million in 2013, and equipment sales to $8.72 billion.Read more »
BUSINESS August 11, 2014 | 3:06 PM
- Chiquita had been in talks with Irish fruit company
- Headquarters could move overseas
- A move out of U.S. poses problems for home city
Brazilian investment firm Safra Group and Brazilian juice company Cutrale have offered to buy American fruit company Chiquita Brands International Inc. for $610.5 million in cash in an attempt to block an all-stock deal from a rival.
In March, Chiquitaannounced it was attempting to close a merger with Irish tropical fruit company Fyffes Plc. The combined company would be the world's biggest banana seller and have a value of $1 billion.Read more »
BUSINESS August 8, 2014 | 2:48 PM
- To date, 51 incidents have been reported
- Televisions sold from December 2013-June 2014
- Safety groups say flat-screen TVs pose danger
American consumer electronics company Vizio Inc. is recalling 245,000 of its E-series Full-Array LED flat-panel televisions after 51 reports of the TVs accidently tipping over because of a defective stand.
The affected E-series models are E390-B0, E390i-B0 and E420i-B0 with specific serial numbers. The serial numbers are listed on Vizio’s website and in the official recall report. Customers can find their unit’s model and serial number on the lower-right corner of the front panel.Read more »
BUSINESS August 6, 2014 | 2:51 PM
- Sprint to focus on future
- Sprint has made costly decisions in the past
- T-Mobile bid would have faced regulatory opposition
Sprint Corp., the third-largest wireless carrier in the U.S., has replaced it chief operating officer and abandoned its bid on rival T-Mobile US Inc. and will instead focus being more successful.
Marcelo Claure takes over from Dan Hesse in mid-August. Claure is from mobile phone distributor Brightstar Corp., a subsidiary of SoftBank Corp., Sprint’s majority stake holder.Read more »
BUSINESS August 4, 2014 | 2:30 PM
- Restaurants face shortages two weeks after food scandal
- Japanese and Hong Kong businesses also affected
- Six arrested in connection with spoiled meat
McDonald's Corp., the world's largest restaurant chain, plans to return to a full menu in Beijing, Guangzhou and other Chinese cities two weeks after a food scandal left restaurants with meat shortages.
In many restaurants customers were limited to fish, fries and dessert while some locations also ran out of fish.Read more »
BUSINESS August 1, 2014 | 2:22 PM
- Brands account for only 10% of sales
- Remaining products make up 90%-95% of sales
- Many brands have struggled for years
Procter & Gamble, the world’s largest manufacturer of consumer products by sales, announced it will be eliminating or divesting 90-100 brands to focus on products that make the company profitable.
The brands being cut were not disclosed, but represent 10% or less of company revenue. In comparison, the top brands account for 90% of sales and 95% of profit. The top 23 brands include Tide laundry detergent, Pampers diapers, Crest toothpaste and Head & Shoulders shampoo and account for $1 billion-$10 billion in global sales annually.Read more »
BUSINESS July 31, 2014 | 1:45 PM
- Investment could be a much as $5 billion
- Locations in five U.S. states being considered
- Factory expected to help lower cost of Tesla models
Electric vehicle pioneer Tesla Motors Inc. and Japanese electronics giant Panasonic Corp.have agreed to partner to build a cylindrical lithium-ion cell battery factory, nicknamed the Gigafactory, allowing Tesla to cut the cost of production.
According to the agreement, Tesla will provide, prepare, and manage the land and facilities while Panasonic, which owns 1.1% of the automaker, will provide tools, machinery and other equipment.Read more »
BUSINESS July 30, 2014 | 2:31 PM
- Cars were sold in the United States and Puerto Rico
- Transmission error to blame
- Hyundai sales increased 4.4% during first half of 2014
South Korean automaker Hyundai Motor Co. recalled 883,000 Sonata mid-sized sedans model years 2011 to 2014 in the United States and Puerto Rico because of gear-shift defects.
According to documents posted by the National Highway Traffic Safety Administration, the transmission-shift cable could detach from the shift-lever pin, which means the gear selection would not to match the indicated gear and the car could move in an unexpected or unintended direction. Cars in park may not be in park and could roll away.Read more »
BUSINESS July 28, 2014 | 2:38 PM
- Family Dollar had been struggling
- Combined company will compete against Walmart
- Investors encouraged Family Dollar to sell
Discount retailer Dollar Tree Inc. purchased Family Dollar Stores Inc. for $8.5 billion in cash and stock.
Family Dollar has struggled in recent months. In April, in response to profit falling more than 30% in the second quarter, the company announced it was closing 370 underperforming stores, cutting jobs and lowering the prices of nearly 1,000 items.Read more »