Business News - part 9
BUSINESS November 19, 2014 | 12:07 PM
- Delay allows more time for review
- Vote now expected in late December
- Dollar General offer to buy Family Dollar closes Dec. 31
Family Dollar Stores Inc. has delayed voting on its $8.5 billion takeover of Dollar Tree Inc. as it awaits an update from antitrust regulator the Federal Trade Commission.
Voting was delayed from Dec. 11 to Dec. 23. Originally, the deal was expected to close by December. The combined company would be expected to compete against stores such as Wal-Mart, which serve low-income shoppers. In September, Dollar Tree said it was confident the FTC would approve the deal if the retailer closed as many stores as possible.Read more »
BUSINESS November 18, 2014 | 12:44 PM
- Demand outweighing supply
- Weather in Africa the largest factor in decreased supply
- Industry experts forecasted shortages earlier in decade
Barry Callebaut, the world’s largest chocolate manufacturer, and American candy manufacturer Mars Inc. warn the days of a plentiful chocolate supply are limited, according to a report by The Washington Post.
“Chocolate deficits, whereby farmers produce less cocoa than the world eats, are becoming the norm,” the Post said. “Already, we are in the midst of what could be the longest streak of consecutive chocolate deficits in more than 50 years. It also looks like deficits aren’t just carrying over from year-to-year – the industry expects them to grow.”Read more »
BUSINESS November 17, 2014 | 12:21 PM
- Social network reportedly testing business network
- Facebook entering crowded industry space
- Business network would need to solve some problems
Social network Facebook Inc. is developing a business collaboration tool, according to The Financial Times, that would compete against LinkedIn and other business sites.
Facebook at Work is in the testing stages. Like Facebook for personal use, it would allow employees to send messages, join groups and read their newsfeed. Information from Facebook at Work would be separate from personal accounts.Read more »
BUSINESS November 13, 2014 | 12:29 PM
- Purchase will be funded by exchanging shares
- Duracell has had multiple owners
- Procter & Gamble selling lower growth brands
Conglomerate Berkshire Hathaway Inc., run by the billionaire Warren E. Buffett, is purchasing Duracell from Procter & Gamble Co.,the world's top household products manufacturer, in a deal worth $4.7 billion.
Berkshire Hathaway will fund the purchase by exchanging its 52.8 million shares in Procter & Gamble. This will allow both companies to avoid significant taxes. P&G will put $1.8 billion in cash into the business before the exchange, its largest divestiture.Read more »
BUSINESS November 12, 2014 | 12:59 PM
- Same-store sales dropped 1.4%
- Company blames weather, economy
- Same-day delivery service to start in major cities
Department store giant Macy’s, which also operates Bloomingdale’s stores, reported a lackluster third quarter.
Revenue was $6.2 billion,1.3% lower than the third quarter of 2013; analysts had forecasted $6.3 billion.Read more »
BUSINESS November 11, 2014 | 12:09 PM
- New product does not contain eggs
- Unilever seeking financial damages
- Mayonnaise has strict definition in food market
Food giant Unilever is suing start-up company Hampton Creek for false advertising and fraud.
Unilever claims Hampton Creek’s eggless mayonnaise-like spread, which substitutes yellow peas for eggs, misleads customers into thinking it contains eggs. The spread’s logo shows a white egg cracked by a pea seedling.Read more »
BUSINESS November 10, 2014 | 1:12 PM
- Scandals have harmed business
- Same-store sales in China dropped 1.6%
- Chinese government’s austerity campaign harming foreign retailers
The world's largest retailer, Wal-Mart Stores Inc., is seeking increase profitability in China by addressing food safety concerns.
In recent years, there have been a number of food scandals in China, some of which involve Wal-Mart. In 2011, Wal-Mart was accused of selling expired duck meat. It also was accused of selling non-organic meat labeled as organic, forcing the retailer to close its Chongqing stores. This year, the company was accused of selling donkey meat mixed with fox meat.Read more »
BUSINESS November 6, 2014 | 1:41 PM
- Deal to close by the end of year
- Anheuser-Busch seeks better place in craft market
- Beer losing market share in alcoholic-drink market
Anheuser-Busch InBev, the largest beer manufacturer in the world, has purchased craft brewer 10 Barrel Brewing Co. for an undisclosed amount. The deal is expected to close before the end of the year, giving Anheuser-Busch a piece of growing craft-beer market.
This year, 10 Barrel expects to sell 40,000 barrels of beer. In 2013, 23,500 were sold. The brewery’s most popular beer, India pale ale Apocalypse IPA, is half of its volume.Read more »
BUSINESS November 5, 2014 | 1:01 PM
- Weather affected summer cooling season
- Utilities sold properties in Midwest for funds
- Chesapeake Energy has reached target for 2014
Duke Energy Corp., the largest U.S. power company by market value, reported a third quarter below expectations.
Revenue increased 3% to $6.4 billion, lower than analysts’ forecast of $7.2 billion.Read more »
BUSINESS November 4, 2014 | 11:29 AM
- High pharmacy sales offset loss of tobacco revenue
- Front of store sales dropped 4.8%
- Fourth quarter first without tobacco
U.S. drug store chain CVS Health Corp., the nation's second-largest drugstore chain, reported a 9.7% third-quarter revenue increase, boosted by strong pharmacy sales.
Last month, the company changed its name from CVS Caremark after it fulfilled its February promise to phase out sales of tobacco by October. It also has increased its specialty-pharmacy services, its walk-in medical clinics and its administer-benefits business.Read more »