BUSINESS January 28, 2014 | 4:10 PM
China-based PC maker Lenovo will purchase International Business Machine Corp’s (IBM’s) low-end server division for $2.3 billion, marking China’s largest technology transaction to date.
The deal follows Lenovo’s acquisition of the struggling ThinkPad business in 2005 at a $1.75 billion price tag, a move that eventually boosted Lenovo to global PC leader by 2012.Read more »
BUSINESS January 27, 2014 | 5:55 PM
In 2013, Toyota Motor Corp. retained its position as the world’s largest auto seller, although the gap between it, General Motors Co. and Volkswagen Group is shrinking.
Toyota sold 9.98 million vehicles in 2013, a 2.4% increase from 2012. The company expects sales to surpass 10.3 million this year, with sales in its native Japan dropping and worldwide sales growing.Read more »
BUSINESS January 24, 2014 | 2:46 PM
Intel Corp., the multinational producer of semiconductor chips, is selling its internet TV division to broadband and telecommunications company Verizon Communications for a confidential figure believed to be $200 million rather than the desired $500 million.
The transaction—expected to close in the first quarter of 2014—will let Verizon offer TV services for consumer devices across the US.Read more »
BUSINESS January 23, 2014 | 3:07 PM
Anheuser-Busch InBev NV, the world's largest brewer, has agreed to purchase the leader in the South Korean beer market Oriental Brewery for $5.8 billion, marking Asia's largest sale for a private equity.
The deal will allow AB InBev to drive premium growth and improve efficiencies, the company said.Read more »
BUSINESS January 22, 2014 | 3:44 PM
Texas Instruments Inc., the world’s largest analog-chip maker, is slashing 1,100 jobs worldwide, or equivalent to 3% of the workforce, as part of a restructuring plan expected to save $130 million by 2015.
The cuts will be made in Japan, India and the United States. The action will reduce expenses in the embedded-processing division. In Japan, sales and customer support positions will also be cut.Read more »
BUSINESS January 22, 2014 | 2:53 PM
These cuts are in addition to the loss of 40,000 jobs in February 2013.
The Plano, TX-based J.C. Penney, which runs roughly 1,100 mid-range US department stores, is attempting to rebound from the losses incurred by a few years of upheaval. This instability included the replacement of chief executive Ron Johnson with Myron E. Ullman III, his predecessor, the company’s unsuccessful effort to become an upscale retailer and a drastic 80% decline in stock since 2012.Read more »
BUSINESS January 21, 2014 | 5:50 PM
International Business Machines Corp., the world’s largest provider of technology services, plans to invest $1.2 billion to expand its cloud computing business and open cloud centers around the world.
The company did not specify how it was budgeting for the expense or how soon it will make the investmentRead more »
BUSINESS January 20, 2014 | 3:09 PM
Search engine giant Google has paid $3.2 billion for Nest, a Palo Alto, California company that produces high-tech fire alarms, thermostats and other internet-connected home equipment.
Under the Google umbrella, Nest will maintain its brand name and existing operations. However, it is expected that Google will merge its expanding range of services with Nest products, making Google even more ubiquitous in our home lives.Read more »
BUSINESS January 16, 2014 | 10:59 AM
China Mobile Ltd., the world’s largest mobile network by users, will begin offering the latest iPhones to its more than 760 million users this month.
In December, Apple and China Mobile reached an agreement after six years of negotiations. Meanwhile, China Telecom and China Unicom already offer the new iPhones. Pre-orders started December 24, and 1.4 million iPhone 5Ss handsets have been shipped to China. Volume, however, does not necessarily represent total sales.Read more »
BUSINESS January 15, 2014 | 2:42 PM
Genzyme Corp., the biotech unit of French drug manufacturer Sanofi SA, has agreed to purchase a 12% stake in American biopharmaceutical company Alnylam Pharmaceuticals Inc. for $700 million, to strengthen its drug portfolio.
Together the companies will develop and market drugs for rare genetic diseases. In the deal, Genzyme gains marketing rights to four drugs with an option, until at least 2020, to develop and sell outside of North America and Western Europe, all of Alnylam’s medications which have yet to be tested on humans.Read more »
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