BUSINESS July 8, 2013 | 2:04 PM
Search giant Google is said to be developing an Android-run videogame console and other devices in an effort to compete against rival Apple, according to a Wall Street Journal report.
The report says the console and a smartwatch are in the design stage, and could be available for sale later this year.Read more »
ECONOMY July 8, 2013 | 10:00 AM
Consumer spending in the US rose by 0.3 % in May as personal income also grew by 0.5 %, which well exceeded the estimated 0.2% increase. These gains, along with a recent drop in unemployment benefit applications, indicate moderate economic recovery in the US.
The May jump in consumer spending, reported by the US Commerce Department, follows a 0.3% spending decline in April, which marked the largest decline since the final months of 2009. The recent growth was largely aided by a 0.9 % rise in spending on durable goods, such as automobiles.Read more »
BUSINESS July 5, 2013 | 4:32 PM
US automakers Chrysler Group, Ford Motor Co. and General Motors Co. posted higher than expected sales in June, recording 16 million units sold compared to 14.4 million in June 2012. According to research from Autodata Corp., this marks the best monthly pace since November 2007.
The rise is attributed in part to higher consumer confidence, which has been boosted by an improving employment picture, a rising stock market, stable gasoline prices and low interest rates. According to Bankrate.com, the average interest rate for a four-year new-car loan is 2.7%.Read more »
BUSINESS July 4, 2013 | 5:54 PM
Japan’s biggest bank Mitsubishi UFJ Financial Group plans to purchase a majority stake in Thailand's fifth-largest lender Bank of Ayudhya Pcl for $5.6 billion, giving the bank access to Asia’s second-largest economy.
Mitsubishi UFJ will purchase a 75% stake in a tender offer, and the offer will take place from early November to December. Major shareholder, the Ratanarak Group from Thailand, will retain a 25% stake. Meanwhile, GE Capital will raise $2.41 billion selling its over 25% stake. In September, it sold a 7.6% stake for $466 million.Read more »
BUSINESS July 2, 2013 | 3:30 PM
Sprint Nextel Corp. shareholders have approved a $21.6 billion takeover bid by Japanese telecommunications company SoftBank Corp, which will now secure a 78% stake in Sprint.
Sprint is the third-largest mobile phone carrier in the United States, and by adding Sprint to its portfolio, SoftBank will be one step closer in completing Softbank CEO Masayoshi Son’s goal of turning the company into the world’s largest carrier.Read more »
BUSINESS June 28, 2013 | 5:31 PM
Major US airline Delta Air Lines recently announced that after newly acquiring a 49% stake in UK-based Virgin Atlantic Airways, the two airlines are working on a robust codeshare agreement as well as a frequent flyer partnership.
The merger between the two airline industry players will cover more than 100 routes and offer connections to 66 destinations across North American and the UK.Read more »
BUSINESS June 27, 2013 | 5:57 PM
British telecommunications company Vodafone Group Plc, the world's second-largest mobile operator, has agreed to purchase Kabel Deutschland Holding AG, Germany’s largest cable company, for over $10 billion to defend itself against competition by adding additional services.
Once the deal is finalized, Vodafone will have access to 8.5 million current and potential German customers for quad-play services, which are packages of mobile, land-line phone service, broadband internet and TV subscriptions.Read more »
BUSINESS June 26, 2013 | 4:00 PM
In a bid to expand beyond its network gear sales, Cisco Systems will acquire California-based data virtualization services and software vendor Composite Software for $180 million.
With this deal, expected to close within the first fiscal year quarter of 2014, Cisco will gain products that help companies view data from diverse sources across the network – including cloud environments and big data – in one virtual warehouse.Read more »
BUSINESS June 25, 2013 | 5:38 PM
General Motors Co. (GM) reinforced its pledge to China at its recent groundbreaking for a new Cadillac factory in Shanghai as it aims to target luxury car buyers.
In a market chiefly dominated by such brands as Audi and BMW, GM has made it a priority to increase Cadillac sales in China.Read more »
BUSINESS June 24, 2013 | 5:07 PM
Russia’s OAO Rosneft, the world's largest publicly listed oil firm, has signed a $270 billion deal with China National Petroleum Corp. to double the amount of oil to be shipped to China over the next 25 years as the company shifts from supplying Europe to supplying Asia.
Under the agreement, Rosneft will supply 300,000 barrels per day starting in the second half of the decade, which is in addition to the 300,000 bpd it already supplies.Read more »
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