BUSINESS November 26, 2013 | 5:20 PM
US home-improvement retailer Home Depot has raised its revenue growth expectations for the third time in 2013 up from 4.5% to 5.6% as mounting home prices push homeowners to increase spending on renovations.
For the quarter ending at the start of November, Home Depot’s net income rose by 43% from the $947 million of the previous year to $1.35 billion.Read more »
BUSINESS November 25, 2013 | 4:55 PM
Online music-streaming service Spotify has raised $250 million in funding with the aid of venture-capital firm Technology Crossover Ventures. The additional capital puts the company’s value at more than $4 billion, according to the Wall Street Journal.
Spotify will use the capital to boost its US service and expand into international markets, particularly Japan. It recently expanded into Mexico, Malaysia, Singapore and Hong Kong.Read more »
BUSINESS November 22, 2013 | 12:26 PM
Nokia investors have voted almost unanimously to approve selling the company’s mobile unit to software giant Microsoft for $7.35 billion.
The sale includes the Lumia smartphone trademark and technology and Asha feature phones. In 2011, then-CEO Stephen Elop abandoned Nokia’s Symbian operating system and replaced it with the Windows operating system.Read more »
BUSINESS November 21, 2013 | 2:39 PM
Boeing and Airbus, the world's dominant civil aircraft manufacturers, received aircraft orders and commitments worth nearly $142 billion at the Dubai Air Show.
If commitments are confirmed, 80% of the orders will be for Boeing from Lufthansa, Emirates, Etihad Airways and Qatar Airways.Read more »
BUSINESS November 20, 2013 | 5:16 PM
Defense contracting giant Lockheed Martin plans to cut 4,000 jobs and close facilities in five states to cut costs in response to reduced US government spending.
The closures, totaling 2.5 million square feet of real estate, will be completed by mid-2015. No new work has been anticipated for these locations, and site programs will shift to other locations.Read more »
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 »
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