Top Headlines - part 3

Warren Buffet to Buy Duracell for $4.7 Billion

Warren Buffet to Buy Duracell for $4.7 Billion

BUSINESS

  • 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.

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Macy’s Third Quarter Below Expectations

Macy’s Third Quarter Below Expectations

BUSINESS

  • 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.

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Unilever Suing Starting-Up Company for False Advertising

Unilever Suing Starting-Up Company for False Advertising

BUSINESS

  • 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.

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Walmart to Address Safety Concerns in Chinese Market

Walmart to Address Safety Concerns in Chinese Market

BUSINESS

  • 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.

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Anheuser-Busch Buys 10 Barrel Brewing for Undisclosed Amount

Anheuser-Busch Buys 10 Barrel Brewing for Undisclosed Amount

BUSINESS

  • 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.

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Duke Energy’s Third Quarter Below Expectations

Duke Energy’s Third Quarter Below Expectations

BUSINESS

  • 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.

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CVS Grows 10% in Third Quarter

CVS Grows 10% in Third Quarter

BUSINESS

  • 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.

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Online Tech Magazine CNET Debuts Print Version

Online Tech Magazine CNET Debuts Print Version

BUSINESS

  • Available at retailers throughout U.S. and Canada
  • Editors say market is underserved
  • Future beyond spring issue uncertain

Online technology magazine CNET is entering the publishing world with a print, quarterly edition premiering this month in the U.S. and Canada.

Debuting nearly 20 years ago, CNET is one of the oldest tech magazines.

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Time Warner Loses 184,000 Households in Third Quarter

Time Warner Loses 184,000 Households in Third Quarter

BUSINESS

  • Customers turning to services like Netflix
  • Broadband services still strong
  • Comcast deal to purchase Time Warner still under regulatory review

Time Warner Cable Inc., the second largest U.S. cable TV company, lost 184,000 household video customers during the third quarter, higher than analysts expected.

Market research firm StreetAccount had forecast a loss of 136,000 households. During the second quarter, 152,000 customers were lost.

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Google Fit Launches, Competes with Apple

Google Fit Launches, Competes with Apple

BUSINESS

  • Free app uses sensors to track activity
  • Works with third-party apps
  • Google Fit to compete against Apple HealthKit

Technology giant Google Inc. has released its free fitness app Google Fit, competing against Apple Inc. and other tech companies.

The app is available for download on the Google Play Store for smartphones operating on Android 4.0 and up, and on Android Wear devices.

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