FINANCE April 28, 2011 | 2:07 PM
Retail stocks in the United States fell on Thursday following poor results and forecasts from big names such as OfficeMax, Urban Outfitters and label Liz Claiborne, according to analysts at FactSet Research.
Office supplies giant OfficeMax reported lower than expected first quarter profits of 13 cents a share, well short of the estimated 27 cents. Share prices plummeted 12% as a result.Read more »
FINANCE April 28, 2011 | 11:19 AM
European automakers bounced back strongly in the first quarter of 2011, as Volkswagen continued on from last year’s strong performance and Fiat closed in on the world’s top carmakers.
Europe’s largest carmaker Volkswagen posted first quarter profits of $2.5 billion, three times higher than the same time last year. It sold an unprecedented two million cars, another milestone for the German group, after its record profits of $9.8 billion in 2010.Read more »
FINANCE April 28, 2011 | 11:13 AM
Hyundai has reached an agreement over terms for a $557 million joint venture with China’s Sichuan Nanjun Automobile Group. The venture will be an equal share partnership between the South Korean and Chinese carmakers that aim to manufacture 160,000 vehicles per year by 2013.
The operation will be based in Ziyun in China’s southwest province of Sichuan and will get underway in late 2011. Talks began earlier last year with Hyundai agreeing to an initial proposal for the joint venture in October.Read more »
FINANCE April 27, 2011 | 2:02 PM
The world’s largest online retailer Amazon.com announced that sales from its North American sites jumped nearly 45% to $5.47 billion in the first quarter of 2011, with global sales totaling $9.86 billion.
The US and Canada saw the strongest growth of all Amazon sites, with electronic goods and merchandise sales totaling $3.3 billion, a 63% increase compared to the same period last year. Media sales, particularly books and DVDs, increased by 18% to $1.89 billion.Read more »
FINANCE April 21, 2011 | 12:15 PM
Finnish mobile phone company Nokia is connecting with Microsoft in a partnership that is expected to boost its diminishing market share.
The deal between the smartphone and software giants comes as Nokia posted a 1.4% fall in profit to $503 million for the first quarter of 2011. The figures were better than expected though, with initial forecasts predicting much lower earnings, or even a loss in Q1.Read more »
FINANCE April 21, 2011 | 11:41 AM
Profits for US tech giant Apple have exceeded expectations, boosted by an unprecedented number of iPhone sales.
Apple reported net profit of just under $6 billion in its fiscal second quarter, which almost doubles the figure from last year. Revenue was up 83% totaling $24.7 billion, nearly $1.30 billion more than highest expectations, according to business intelligence group Thomson Reuters.Read more »
FINANCE April 19, 2011 | 12:45 PM
Walmart has acquired social media company Kosmix for the sum of $300 million in a bid to create a mobile and social shopping experience to draw in new customers.
California-based Kosmix built a social media platform that helps filter online updates by topic. It drives TweetBeat, a real-time live events filter, and medical search engine RightHealth, providing users with detailed and personalized information.Read more »
FINANCE April 12, 2011 | 4:08 PM
Zacharon Pharmaceuticals has announced a $210 million deal with drug powerhouse Pfizer to develop treatments for orphan diseases.
The small San Diego-based biotechnology firm will provide Pfizer with access to its drug identification technology to target treatments for rare diseases, including lysosomal storage disorders. These conditions can cause progressive deterioration in physical and mental state, and can also lead to early death.Read more »
FINANCE April 11, 2011 | 5:08 PM
The price tag of rescuing Ireland’s battered banking sector is barely conceivable: €70 billion ($99 billion). That is not far off the €70 billion that Britain spent bailing out its own banks. But in the Republic of only 4.4 million people, the burden will be significantly heavier.
Late last month, the Central Bank of Ireland said four banks required a further cash injection of €24 billion, as revealed in a capital and liquidity stress test. These tests, a condition of the €85 billion EU-International Monetary Fund (IMF) bailout loan, are designed to determine if Irish banks could withstand another severe crisis over the next three years.Read more »
FINANCE April 1, 2011 | 5:28 PM
Today global food giant Kraft Foods Inc. added to its Board of Directors Dr. Peter B. Henry, 41, who is Dean of the New York University Stern School of Business and a recognized international economist. The company also confirmed that current directors Frank G. Zarb and Deborah C. Wright will not stand for re-election.
Kraft previously announced on March 14 that current Executive Vice President of Operations David Brearton, 50, will replace Executive Vice President and Chief Financial Officer Timothy McLevish, 55, after Kraft files its first quarter financial statements this year. McLevish will leave the company mid-2011.Read more »
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