Top Headlines - part 3

U.S. Telemarketer Accused of Deceptive Practices

U.S. Telemarketer Accused of Deceptive Practices

BUSINESS

  • Hundreds of consumer complaints filed against company
  • Company in violation of fraud laws
  • Company confident lawsuit will be dismissed

The New Jersey Department of Consumer Affairs has accused telemarketing company Telebrands of five counts of violating the Consumer Fraud Act in a complaint filed in Essex County Superior Court.

Between 2012-2014, there have been 340 consumer complaints filed against the company. Investigators from New Jersey's Division of Consumer Affairs conducted an undercover investigation purchasing products to verify consumer complaints.

Read more »

Deere & Co. Sees Drop in Third Quarter Sales, Income

Deere & Co. Sees Drop in Third Quarter Sales, Income

BUSINESS

  • Sales of agricultural equipment fall in North America
  • Forestry sales increase worldwide
  • Crop prices to blame for agricultural equipment drop

Deere & Co., the world’s largest agricultural-equipment manufacturer, reports sales and income fell during the third quarter, ending July 31, after market conditions affected farmers’ incomes.

Third-quarter company income fell to $851 million, compared to $996.5 million in 2013, and equipment sales to $8.72 billion.

Read more »

Brazilian Companies Make Bid for Chiquita for $610 Million

Brazilian Companies Make Bid for Chiquita for $610 Million

BUSINESS

  • Chiquita had been in talks with Irish fruit company
  • Headquarters could move overseas
  • A move out of U.S. poses problems for home city

Brazilian investment firm Safra Group and Brazilian juice company Cutrale have offered to buy American fruit company Chiquita Brands International Inc. for $610.5 million in cash in an attempt to block an all-stock deal from a rival.

In March, Chiquitaannounced it was attempting to close a merger with Irish tropical fruit company Fyffes Plc. The combined company would be the world's biggest banana seller and have a value of $1 billion.

Read more »

Vizio Recalls 245,000 Televisions for Tipping Hazard

Vizio Recalls 245,000 Televisions for Tipping Hazard

BUSINESS

  • To date, 51 incidents have been reported
  • Televisions sold from December 2013-June 2014
  • Safety groups say flat-screen TVs pose danger

American consumer electronics company Vizio Inc. is recalling 245,000 of its E-series Full-Array LED flat-panel televisions after 51 reports of the TVs accidently tipping over because of a defective stand.

The affected E-series models are E390-B0, E390i-B0 and E420i-B0 with specific serial numbers. The serial numbers are listed on Vizio’s website and in the official recall report. Customers can find their unit’s model and serial number on the lower-right corner of the front panel.

Read more »

Russia Imposes Sanctions on Western Farmers

Russia Imposes Sanctions on Western Farmers

WORLD

  • Ban on food from countries which imposed sanctions against Russia
  • EU responds to protect farmers
  • U.S. says Russian hurting it's own people

 

The Kremlin, following a decree issued by Russian President Vladimir Putin, has issued a ban on foods originating in nations which issued sanctions against Russia for punishment for its actions in Ukraine.

Russian import up to 50% of its food.

Read more »

Sprint Makes CEO Change, Abandons T-Mobile Bid

Sprint Makes CEO Change, Abandons T-Mobile Bid

BUSINESS

  • Sprint to focus on future
  • Sprint has made costly decisions in the past
  • T-Mobile bid would have faced regulatory opposition

Sprint Corp., the third-largest wireless carrier in the U.S., has replaced it chief operating officer and abandoned its bid on rival T-Mobile US Inc. and will instead focus being more successful.

Marcelo Claure takes over from Dan Hesse in mid-August. Claure is from mobile phone distributor Brightstar Corp., a subsidiary of SoftBank Corp., Sprint’s majority stake holder.

Read more »

McDonald’s Hopes to Go Back to Full Menu in China

McDonald’s Hopes to Go Back to Full Menu in China

BUSINESS

  • Restaurants face shortages two weeks after food scandal
  • Japanese and Hong Kong businesses also affected
  • Six arrested in connection with spoiled meat

McDonald's Corp., the world's largest restaurant chain, plans to return to a full menu in Beijing, Guangzhou and other Chinese cities two weeks after a food scandal left restaurants with meat shortages.

In many restaurants customers were limited to fish, fries and dessert while some locations also ran out of fish.

Read more »

P&G Cutting 90-100 Brands to Slash Costs

P&G Cutting 90-100 Brands to Slash Costs

BUSINESS

  • Brands account for only 10% of sales
  • Remaining products make up 90%-95% of sales
  • Many brands have struggled for years

Procter & Gamble, the world’s largest manufacturer of consumer products by sales, announced it will be eliminating or divesting 90-100 brands to focus on products that make the company profitable.

The brands being cut were not disclosed, but represent 10% or less of company revenue. In comparison, the top brands account for 90% of sales and 95% of profit. The top 23 brands include Tide laundry detergent, Pampers diapers, Crest toothpaste and Head & Shoulders shampoo and account for $1 billion-$10 billion in global sales annually.

Read more »

Tesla, Panasonic Partnering to Produce Ion Battery Factory

Tesla, Panasonic Partnering to Produce Ion Battery Factory

BUSINESS

  • Investment could be a much as $5 billion
  • Locations in five U.S. states being considered
  • Factory expected to help lower cost of Tesla models

Electric vehicle pioneer Tesla Motors Inc. and Japanese electronics giant Panasonic Corp.have agreed to partner to build a cylindrical lithium-ion cell battery factory, nicknamed the Gigafactory, allowing Tesla to cut the cost of production.

According to the agreement, Tesla will provide, prepare, and manage the land and facilities while Panasonic, which owns 1.1% of the automaker, will provide tools, machinery and other equipment.

Read more »

Hyundai Recalls 883,000 Sonatas in North America

Hyundai Recalls 883,000 Sonatas in North America

BUSINESS

  • Cars were sold in the United States and Puerto Rico
  • Transmission error to blame
  • Hyundai sales increased 4.4% during first half of 2014

South Korean automaker Hyundai Motor Co. recalled 883,000 Sonata mid-sized sedans model years 2011 to 2014 in the United States and Puerto Rico because of gear-shift defects.

According to documents posted by the National Highway Traffic Safety Administration, the transmission-shift cable could detach from the shift-lever pin, which means the gear selection would not to match the indicated gear and the car could move in an unexpected or unintended direction. Cars in park may not be in park and could roll away.

Read more »

Share

Follow

Browse our categories

Browse our archives

ReportLinker is an award-winning market research solution that finds, filters and organizes the latest industry data so you get all the market research you need - quickly, in one place.