Finance News

Walmart to Offer Customers Checking Accounts

Walmart to Offer Customers Checking Accounts

FINANCE

  • Accounts intended for low-income customers
  • Walmart previously has tried to get into banking industry
  • Account waives some fees, requires others

Walmart Stores Inc., the largest retailer in the U.S., has partnered with Green Dot Corp. to offer checking accounts to customers nationwide by November.

The accounts, called GoBank, will be available to anyone over 18 who can pass an identity check. Customers will not have to go through the traditional credit score screen process.

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Credit Suisse Making Changes After Largest Quarterly Loss

Credit Suisse Making Changes After Largest Quarterly Loss

FINANCE

  • Bank to withdraw from commodities trading
  • Many large banks also are withdrawing
  • Bank settled with U.S. government over tax evasion

Bank Credit Suisse Group AG has announced it will withdraw from commodities trading and make cuts to its investment bank after a $776 million net loss in the second quarter to divert funds to other parts of the business and save an estimated $75 million in costs.

The second-quarter loss is the largest since the collapse of Lehman Brothers in 2008.

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Online Security Breaches Don’t Phase Investors

Online Security Breaches Don’t Phase Investors

FINANCE

  • Hackers have no affect on investors faith in a company
  • Some companies benefit long term after a hack
  • eBay breach under investigation

Cyber attacks on major retailers and financial institutions have no significant impact on investors and in some cases may do the opposite effect.

As more and more companies have had security breaches, a trend has emerged. Stocks barely change after a hack is announced, or if they do drop, they quickly rebound.

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US Food Chain PF Chang Bought For $1.1 Billion

US Food Chain PF Chang Bought For $1.1 Billion

FINANCE

  • PF Chang saw price increases drive away customers
  • PF Chang marks largest food chain acquisition since Burger King was purchased in 2010 for $3.3 billion
  • Buyout latest in series of restaurant chains purchased by investors

PF Chang’s China Bistro Inc, the largest US full-service Asian restaurant operator, has agreed to a takeover by private equity firm Centerbridge Partners LP for $1.1 billion.

PF Chang’s accepted the deal after four quarters of slumping sales, where the chain had difficulty competing against competitors that offer both quality food items and low prices.

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AT&T Sells Majority of Yellow Pages Print Unit To Focus on Mobile

AT&T Sells Majority of Yellow Pages Print Unit To Focus on Mobile

FINANCE

  • AT&T maintains 47% stake in Yellow Pages, rest sold to private equity firm Cerberus
  • Yellow Pages saw sales fall 16% in 2011
  • AT&T to focus on mobile, TV and internet

US phone carrier AT&T Inc. is selling its majority stake in its Yellow Pages Unit (YP Holdings LLC) to private-equity firm Cerberus Capital Management LP for $950 million.

The deal includes 1,200 print Yellow Pages directories, the online directory yp.com, AT&T’s local ad network and the YPmobile app. It does not include AT&T AdWorks. The print version of the Yellow Pages reaches 150 million homes and businesses in 22 states.

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Buyout Bid: Avon Rejects Coty’s Second Offer Of $10 Billion

Buyout Bid: Avon Rejects Coty’s Second Offer Of $10 Billion

FINANCE

  • Avon says offer not in best interest of company
  • 80% of Avon’s revenue comes from overseas
  • Purchase would allow Coty to meet its revenue goal of $7 billion

Avon Products Inc. has rejected a $10 billion bid by Coty Inc. to purchase the struggling beauty-products seller. This was the second bid by Coty, which made a first bid in March that was also rejected.

Avon says the bid is too low, and that there is no difference between it and the previous one. Coty is willing to increase its bid if Avon can prove it is worth more, but Avon says the bid is nonbinding and does not constitute a real offer.

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Joint Venture: Philips Finalizes TV Spin-Off With TPV Technology

Joint Venture: Philips Finalizes TV Spin-Off With TPV Technology

FINANCE

  • TVP to take 70% stake in TP Vision; Philips gets 30%
  • 3,000 Philips TV employees to be retained in new venture
  • Philips television division racked up losses of €1 billion in last 5 years

Dutch electronics company Philips has finalized terms for a joint venture with Hong Kong-based TVP Technology for the transfer of its struggling television arm.

Computer and LCD screen manufacturer TVP will have a 70% stake in the new TP Vision business, which will be based in Amsterdam. Philips will hold the remaining 30%.

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Chinese Video Giants Youku and Tudou to Merge

Chinese Video Giants Youku and Tudou to Merge

FINANCE

  • Rivals to combine for $1 billion in stock
  • Ends lengthy court battle over copyright infringement
  • New company to hold one-third share of crowded Chinese market

Youku Inc. and Tudou Holdings Ltd., China’s two largest online video companies will merge in a $1 billion all stock deal.

The new company, to be called Youku Tudou Inc., will hold a one-third market share in the crowded Chinese video market. It will be headed by Youku chairman and CEO Victor Koo.

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Apple World's Most Valuable Company Worth $500 Billion

Apple World's Most Valuable Company Worth $500 Billion

FINANCE

  • Apple shares worth over $540 per share
  • Apple exceeds second place corporate giant Exxon by nearly $100 billion
  • Apple CEO receives $378 million in payment package

Apple recently became one of only six US companies to ever reach the $500 billion level in market value – although none of its predecessors have managed to maintain that status for long.

Investors, however, remain hopeful after Apple's last quarter report showed over $46 billion in revenue, marking one of the largest quarterly gains in the history of any technology firm.

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Kellogg To Pay P&G $2.7 Billion For Pringles Brand

Kellogg To Pay P&G $2.7 Billion For Pringles Brand

FINANCE

  • Pringles buy puts Kellogg in number two global position for savory snacks 
  • Pringles expected to bring Kellogg annual sales of $1.5 billion
  • Diamond Foods offer to Pringles was terminated earlier this month

Kellogg will buy Pringles-brand snack chips from Procter & Gamble for $2.7 billion after a previous deal with Diamond Foods fell through.

Kellogg will pay nearly $2.70 billion in cash and take on $2 billion in debt, which adds to the $5 billion it already has in long-term debt. The food giant is known globally for its cereal products, but is also known for its snack products.

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