Top Headlines - part 3

Court Orders Bank of America to Pay Couple $1 Million

Court Orders Bank of America to Pay Couple $1 Million

BUSINESS

  • Couple had fallen behind on second mortgage
  • Cease and desist letters had been sent to bank
  • Bank of America has used these tactics before

A United States federal judge has order Bank of America to pay a Florida couple $1.05 million for harassing phone calls.

The calls began when Nelson and Joyce Coniglio fell behind on mortgage payments for their second home in 2009. Over the course of a four-year period, the Coniglios received 1,050 robocalls from the bank, up to five a day. The couple also received collection letters.

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RadioShack Plans to Save $400 Million Annually in Costs

RadioShack Plans to Save $400 Million Annually in Costs

BUSINESS

  • Plan to include store closures
  • Third quarter had $161 million in losses
  • Retailer in dispute with lenders

U.S. electronics chain RadioShack Corp. plans to save $400 million annually with cost cutting measures.

The marketing department will see the largest cuts, $105 million, followed by store operations and regional management, with $100 million in cuts, and store closures and asset sales which are expected to save $90 million, according to Chief Executive Joseph C. Magnacca.

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OPEC Oil-Production Forecast Cut for 2015

OPEC Oil-Production Forecast Cut for 2015

BUSINESS

  • 300,000 barrels less than expected
  • Supply greater than demand
  • Oil production in rest of world also seeing changes

The Organization of Petroleum Exporting Countries has revised its crude-oil forecast for 2015 as supply is outpacing demand.

The new production forecast predicts 28.9 million barrels per day, 300,000 less than originally forecasted and 1.5 million less than what was produced per day in November. In 2014, 29.4 million barrels per day were produced.

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Nissan Recalls 470,000 Vehicles Worldwide

Nissan Recalls 470,000 Vehicles Worldwide

BUSINESS

  • Faulty fuel-pressure sensor can lead to fires
  • Recall affects SUVs and Infiniti cars
  • Hyundai and Jaguar also issue recalls

Nissan Motor Co. has filed papers with the National Highway Traffic Safety Administration, recalling 470,000 vehicles worldwide because of a faulty fuel-pressure sensor that could lead to a fire.

In the U.S., the models affected are Nissan's Juke sport utility vehicle, the Infiniti QX70 and QX80 SUVs and the Infiniti M56 and QX56.

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Merck Purchases Cubist for $9.5 Billion

Merck Purchases Cubist for $9.5 Billion

BUSINESS

  • Adds superbug drugs to its portfolio
  • Deal follows Merck strategy of acquiring rival companies
  • Companies again focusing on antibiotics as bacteria becomes drug resistant

Merck & Co Inc., the second-largest U.S. drug manufacturer, has purchased Cubist Pharmaceuticals Inc., which specializes in drugs for bacteria that are resistant to many antibiotics, for $8.4 billion plus $1.1 billion in debt. The deal expands Merck’s presence in the drug-resistant bacteria treatment market.

The deal is part of Merck Chief Executive Kenneth C. Frazier’s strategy to purchase drug manufacturers whose product lines complement Merck’s.

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Barnes & Nobel Buys Microsoft’s Interest in Nook for $116 Million

Barnes & Nobel Buys Microsoft’s Interest in Nook for $116 Million

BUSINESS

  • Microsoft loses $238 million from termination
  • Termination makes it easier for Nook to be spun off
  • Bookseller reports disappointing second quarter

 

Bookseller Barnes & Nobel Inc. has bought out tech giant Microsoft Inc.’s 17% stake in its Nook e-reader business for $62 million in cash and $54 million in Barnes & Nobel stock.

In April 2012, Microsoft purchased its stake for $600 million, part of which was to be paid out over five years, after Barnes & Nobel refused to pay patent royalties for its e-readers. Termination of the agreement means Microsoft has lost approximately $238 million.

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Hershey to Remove Corn Syrup from Its Products

Hershey to Remove Corn Syrup from Its Products

BUSINESS

  • Company cites customer demand
  • Switch will be made in near future
  • Corn-syrup industry claims it is as safe as sugar

 

 

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Researchers Developing Marijuana Breathalyzer

Researchers Developing Marijuana Breathalyzer

BUSINESS

  • Police have no easy way to detect drugs in the human system
  • Marijuana legal in four U.S. states
  • Device measures THC in the human system

Washington State University researchers are developing a breathalyzer test to detect marijuana in a driver’s system.

The handheld breathalyzer uses ion-mobility technology to detect tetrahydrocannabinol (THC), the chemical compound found in marijuana, but it won’t be able to tell how much marijuana a person has used.

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Nintendo Coming Soon to a Smartphone Near You?

Nintendo Coming Soon to a Smartphone Near You?

BUSINESS

  • Patent filed in June for games on mobile devices
  • Technology would emulate classic video games
  • Nintendo has said it is not moving into mobile

Video game giant Nintendo filed for a patent earlier this year with the US Patent & Trademark Office for a software emulator for Game Boy, Game Boy Colour and Game Boy Advance. The patent is an update of an earlier patent.

The technology allows games to be emulated on mobile devices. Emulation means a hardware program is mimicked on software for use with other devices. They have modern settings but the appearance of older versions.

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Apple Donating Portion of Sales to AIDS Research

Apple Donating Portion of Sales to AIDS Research

BUSINESS

  • Twenty-five special apps will be offered
  • Percentage of Black Friday and Cyber Monday sales will be donated
  • Charity has raised millions since 2006

Apple Inc. is partnering with the (RED) campaign to raise funds for AIDS research.

Between Nov. 24 to Dec. 7, the Apple app store will sell 25 (RED)-branded apps. U.S. customers also will have the ability to purchase (RED) gift cards. For each card distributed, Apple will make a donation.

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