Business News - part 8
BUSINESS September 9, 2014 | 2:38 PM
- Companies accused of preventing generic version of drug
- Generic company compensated with cholesterol drug
- FTC trying to stop pay-to-delay deals
The U.S. Federal Trade Commission has filed a federal lawsuit accusing three pharmaceutical companies with preventing a generic version of testosterone replacement drug AndroGel in reaching market.
According to the lawsuit, AbbVie Inc. and its partner Besins Healthcare Inc. filed baseless patent infringement lawsuits against generic drug companies, Teva Pharmaceuticals and Perrigo Company Plc, in order to delay a generic version of AndroGel. AbbVie then entered into a pay-for-delay settlement agreement with Teva, the world’s largest generic drug company, which was given the rights to AbbVie’s cholesterol drug, Tricor.Read more »
BUSINESS September 8, 2014 | 2:19 PM
- Sales moves GE closer to its business goals
- Electrolux to better compete against Whirlpool
- Electrolux to make future purchases
Swedish appliance company AB Electrolux has purchased GE Appliances for $3.3 billion, moving GE closer to its goal of streamlining and focusing solely on its core infrastructure business.
Electrolux is the parent company of the brands Electrolux, Hotpoint, Eureka and Frigidaire.Read more »
BUSINESS September 4, 2014 | 1:32 PM
- Sept. 10 to be slow Internet day
- Net neutrality to be decided soon by Federal Communications Commission
- Dozens of activist groups protesting in Washington D.C.
Several major websites and net neutrality activist groups are partnering together for a day of action Sept. 10 over what could potentially become a slower, divided Internet.
Websites taking part include WordPress, Mozilla, iFixIt, Kickstarter, Vimeo, Reddit, Etsy, Tumblr and Foursquare, according to Internet advocacy group Fight for the Future. Visitors to those sites will be asked to make their opinion known to policy makers.Read more »
BUSINESS September 3, 2014 | 12:51 PM
- Name change reflects commitment to health
- Drug store chains adding services to gain customers
- Tobacco sales ending nearly a month early
CVS, the United States’ second-largest drugstore chain, is changing its name from CVS Caremark to CVS Health, effective immediately, to better reflect the chain’s commitment to consumer health.
The retail business will continue to be known as CVS/pharmacy, and signage won’t change.Read more »
BUSINESS September 2, 2014 | 3:08 PM
- Acquisition adds to company’s gift offerings
- Harry & David had rebounded from bankruptcy
- New company to be worth $1 billion
Online florist 1-800-Flowers Inc., one of the largest providers of flower deliveries,has agreed to purchase gift basket retailer Harry & David Holdings Inc. for $142.5 million in cash, adding to its gift offerings.
The deal includes not only Harry & David’s brands, website and retail locations but its orchards and its Medford, OR, headquarters and manufacturing-and-distribution facilities. A warehouse-and-distribution facility in Hebron, OH, also is included in the deal.Read more »
BUSINESS September 1, 2014 | 4:27 PM
- Market saturated where sales strongest
- Laptop sales expected to grow
- Customers will determine whether bigger tablets are better
The slowing tablet market is expected to hurt Apple iPad sales, analysts predict.
iPad sales have slowed in Europe and North America, markets where sales have historically been the strongest, and are expected to be flat compared to 2013. Analysts expect iPad sales to contract for the fourth consecutive quarter with shipments totaling 65.5 million.Read more »
BUSINESS August 28, 2014 | 12:09 PM
- Low sales offset by decreased costs
- Chain criticized for not keeping up with fashion
- Retailer hopes marketing strategies will help it compete
Teen apparel retailer Abercrombie & Fitch Co. reported sales fell 7% during the second fiscal quarter of 2014, the tenth straight quarterly decline.
Same store sales dropped 11%, but were balanced by direct-to-consumersales rising 11%. Net sales fell 6% to $890.6 million and profit grew to $12.9 million. The increase in profit was the result of a fall in store, distribution, administrative, marketing, and general expenses.Read more »
BUSINESS August 27, 2014 | 11:22 AM
- Amazon beat out YouTube in bidding
- Twitch to keep branding
- Twitch the most popular Web service for video game-play
E-commerce giant Amazon.com Inc. has agreed to purchase video streaming service Twitch for $970 million in cash.
Twitch has 50 million users monthly, 1.1 million of whom broadcast videos. It ranks fourth in Internet traffic behind Netflix, Google and Apple, and is the largest live-streaming website in the United States, yet it has yet to become a household name.Read more »
BUSINESS August 26, 2014 | 11:31 AM
- Combined company to be third largest globally
- Merger allows Burger King to compete in breakfast market
- Previous owner of Tim Horton was unsuccessful
Burger King, the second-largest American burger chain, has purchased Canadian coffee and doughnuts chain ,Tim Hortons, for $11.4 billion, opening up new markets for both.
The combined company will be the third-largest fast food chain globally. It will be headquarter in Canada with more than 18,000 locations in 100 countries. Corporate taxes in Canada are 46% lower than in the U.S., according to auditors KPMG. It will be listed on both the New York and the Toronto stock exchanges.Read more »
BUSINESS August 25, 2014 | 12:42 PM
- Shirt monitors bodily functions
- Ball boys to wear shirts during tournament
- Shirt the first aimed at everyday users
Luxury fashion house Ralph Lauren Corp. will debut a biometric smart shirt during the U.S. Open Tennis Association tournament, where it is the official outfitter, and enter the wearable technologies market.
The compression shirt, called the Polo Tech Shirt, was developed with proprietary technology from Canadian company OMSignal which employs experts in sports medicine, neuroscience and engineering.Read more »