Top Headlines - part 50
BUSINESS July 16, 2013 | 11:43 AM
- Kroger buys Harris Teeter for nearly $2.5 billion to expand in mid-Atlantic and southeastern states
- Kroger to operate 2,631 supermarkets in 34 states after merger
- Deal is Kroger’s largest acquisition since Fred Meyer; marks fourth-largest takeover of a North American food retailer since 2003
The largest grocery-store chain in the US, Kroger Co., has agreed to buy Harris Teeter Supermarkets for just under $2.5 billion.
The merger with Harris Tweeter will allow Kroger to expand its reach in mid-Atlantic and southeastern states.Read more »
BUSINESS July 15, 2013 | 5:11 PM
- Walgreen, Blue Cross launch www.LearnAboutReform.com to provide education on and encourage enrollment in the Affordable Care Act
- US government to spend $212 million promoting the law, with a hotline and website as information tools
- Close to 3.7 million people may enroll during insurance expansions; 25 million people expected to have coverage by 2018
Walgreen Co., the largest US drugstore chain, is teaming up with health-insurance provider Blue Cross Blue Shield Association to educate Americans on the Affordable Care Act (ACA), a federal law designed to provide health insurance to millions of uninsured.
The companies have established an educational website called LearnAboutReform.com that is designed to encourage the uninsured to use government exchanges to shop for subsidized health plans. The website will also educate users on the benefits available through the ACA as well as penalties for not signing up for coverage.Read more »
BUSINESS July 11, 2013 | 5:15 PM
- Tribune Co. splits in two: Tribune Co (real estate holdings, internet sites and TV stations) and Tribune Publishing Co (Chicago Tribune, Los Angeles Times and 6 daily papers)
- Tribune owns 42 US market TV stations
- Details of spinoff structure not yet finalized
US media group Tribune Co. has plans to split into two companies – one for newspapers and one for television and internet – as revenue in the newspaper industry continues to decline.
The new company, called Tribune Publishing Co., would include the Chicago Tribune, the Los Angeles Times and six other daily papers. The Tribune Co. name would be maintained by the company’s other assets such as real estate holdings, stakes in internet sites and TV stations.Read more »
BUSINESS July 10, 2013 | 4:21 PM
- Japanese nuclear operators Kansai Electric Power, Hokkaido Electric Power, Shikoku Electric Power and Kyushu Electric Power apply for safety assessments to restart 10 reactors
- Nuclear Regulation Authority needs 6 months to review nuclear plants
- New safety standards require utilities provide better protection from natural disasters, security attacks and severe accidents
Japanese nuclear operators Kansai Electric Power, Hokkaido Electric Power, Shikoku Electric Power and Kyushu Electric Power have applied for safety assessments to get 10 reactors restarted following the introduction of new regulations now in effect.
The reactors would produce 19% of the total capacity possible from Japanese reactors, or 8.84 gigawatts, and supply would power 2.9 million households in Japan.Read more »
BUSINESS July 9, 2013 | 4:14 PM
- Samsung buys Boxee to develop new apps, embedded cameras and other internet-based services
- Samsung’s push to expand smart TV services represents an industry trend
- Smart TV industry expected to reach sales of 221 million units in 2017
South Korea-based Samsung Electronics, the largest TV maker worldwide, has acquired Boxee, a startup media streaming company based in New York, in order to improve overall user experience across its connected devices.
Boxee offers a set-top box with broadcast recording and online video streaming capability, based on Apple Inc. and Android operating systems as well as the software running its connected set-top box.Read more »
BUSINESS July 9, 2013 | 10:00 AM
- Yahoo to integrate Xobni services into its email and instant-messaging services
- Xobni says Yahoo understands how its services can benefit users
- Yahoo using acquisitions to improve product suite, bolster technology and increase talent
Search engine Yahoo Inc. purchased email and address book management app Xobni for an undisclosed amount as part of a plan to attract more users and add to its product line.
Yahoo’s web-based email service is in competition with Microsoft’s Outlook and Google’s Gmail, and the search engine plans to integrate Xobni services into its email and instant-messaging services.Read more »
BUSINESS July 8, 2013 | 2:04 PM
- Google said to launch Android-run videogame, smartwatch connected to smartphones using Bluetooth
- Google also planning to release new version of media-streaming device Nexus Q
- Google aims to better compete against Apple products
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
- US consumer spending up 0.3%
- Gains attributed to rise in spending on durable goods and housing
- US personal income levels up for fourth month in a row, showing largest increase since February
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 automotive sales for June 2013 hit 16 million units, compared to 14.4 million in June 2012; surge marks best monthly pace since November 2007
- Ford sales up nearly 14%, General Motors up 6.5% and Chrysler up 8%
- Demand for large pickup trucks growing fast
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
- Mitsubishi UFJ to buy 75% stake in Thailand's fifth-largest lender Bank of Ayudhya
- Deal largest in Thailand's banking history
- Japanese taking advantage of growing economy in Thailand
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 »