BUSINESS October 11, 2013 | 11:43 AM
Walmart Stores, the world's largest retailer, is ending its six-year partnership with business group Bharti Enterprises, leaving it without a domestic partner in India. The partners operate wholesale cash and carry stores under the name Best Price Modern Wholesale, and are working to finalize details of the dissolution
Walmart will purchase Bharti's 50% stake for an undisclosed amount, giving it control of 20 wholesale stores and its supply chain. Bharti, meanwhile, will purchase Walmart’s compulsory convertible debentures in Cedar Support Services, a company owned and controlled by Bharti Enterprises.Read more »
BUSINESS October 10, 2013 | 5:13 PM
Telecom equipment giant Alcatel-Lucent will eliminate a total of 15,000 jobs by 2015 year-end.
However, as part of what they are calling “The Shift Plan”, the company will also create 5,000 new positions. All efforts are aimed at repositioning Alcatel-Lucent’s focus on next-generation technologies, including IP Networking, Cloud and Ultra-Broadband Access to restore profitability and better serve the needs of its customers.Read more »
BUSINESS October 9, 2013 | 12:05 PM
French aircraft manufacturer Airbus has won an order from Japan Airlines for 31 A350 planes worth nearly $9.5 billion, with an option to add an additional 25 aircraft.
The A350 is a rival to Boeing's 787 Dreamliner, and is designed to be 25% more fuel efficient than previous models. So far 725 orders have been placed for the new model.Read more »
BUSINESS October 8, 2013 | 4:35 PM
Leading global seed company Monsanto Co will spend $930 million to buy weather data firm Climate Corp to help farmers manage risk and increase crop yields through farm modeling and weather data science.
Founded by former Google data scientists and software engineers in 2006, Climate Corp draws on data, including predictive models, and what the company’s CEO David Friedberg terms “hyper-local weather monitoring” to assist farmers in making decisions that can increase corn yields by up to 30 to 50 bushels per acre.Read more »
BUSINESS October 7, 2013 | 5:53 PM
US automotive industry sales in September fell 4.2% to total 1.14 million vehicles, marking the first year-on-year sales decline in more than two years says research firm Autodata.
What caused the drop? Compared to 2012, there were two fewer shopping days in 2013, and the Labor Day shopping weekend was included in August’s figures.Read more »
BUSINESS October 7, 2013 | 4:06 PM
Britain's largest retailer Tesco Plc. will create a retail giant in China with state-owned China Resources Enterprise Ltd. to help offset two years of losses.
Tesco will pay $558 million and have a 20% stake in the venture, while CRE will have 80%. After five years, Tesco’s share could rise to 25%.Read more »
BUSINESS October 4, 2013 | 11:57 AM
Merck & Co, the second-biggest US drugmaker by sales, is cutting 8,500 jobs in an effort to decrease its annual operating costs by as much as $3.0 billion by 2015.
Part of the cuts will touch R&D, while the other half will be jobs eliminated from its commercial arm, including its marketing and sales force. This announcement follows the company’s 2011 and 2012 job cuts, which totaled 7,500 positions.Read more »
BUSINESS October 3, 2013 | 4:02 PM
Apple Inc. is 2013’s most valuable brand in the world, pushing Coca-Cola out of the top spot according to the annual Best Global Brands report by consulting company Interbrand; Apple ranked eighth in 2011 and second in 2012.
This marks the first time in the report’s 13-year history that Coca-Cola was not the top brand. The soft drink manufacturer is now in third place.Read more »
BUSINESS October 2, 2013 | 2:52 PM
Japanese utility Tokyo Electric Power Co has filed an application with the Nuclear Regulation Authority for permission to restart two nuclear reactors in northwestern Japan. Regulators will take six months or more to review the application, and decide whether to reopen the Kashiwazaki-Kariwa facility, the world's largest nuclear plant.
Kashiwazaki-Kariwa is located on the coast of the Sea of Japan, and the site has seven reactors that were built between 16 and 28 years ago. Tepco is seeking permission to restart reactors six and seven.Read more »
BUSINESS October 1, 2013 | 4:12 PM
PayPal, owned by EBay, will purchase international payment platform Braintree for $800 million to expand into mobile payment services, which use mobile devices such as smartphones or tablets to make purchases.
The acquisition will also let PayPal access data and benefit from the Chicago-based Braintree’s very profitable transaction charges (i.e., nearly 3% commission) in a growing network of major companies such as Airbnb, LivingSocial and OpenTable Inc. (OPEN). To date, Braintree merchant purchases amount to roughly $12 billion a year, including $4 billion generated by mobile devices.Read more »
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