Top Headlines - part 50
WORLD July 10, 2012 | 2:23 PM
- Japan restarts Ohi nuclear plant reactor no. 3
- More reactors to go online to prevent blackouts
- Energy imports hurt Japan's trade deficit
Japan has reintroduced nuclear power to its economy, with the nation's Ohi nuclear plant reactor no. 3 the first to be restarted since last year’s Fukushima disaster.
To reinforce security, an on-site command center, raised sea wall and filtered vents are being constructed at the Ohi plant. The sea wall should be ready next year, and the final major safety measures are expected to be done within three years.Read more »
BUSINESS July 9, 2012 | 10:53 AM
- Volkswagen buys remaining 50.1% ownership of Porsche for $5.6 billion
- Deal lets Volkswagen control Porsche brand plus Bentley, Audi, Skoda, Bugatti, Seat and Lamborghini brands
- Volkswagen, Porsche set to launch new compact Porsche SUV in 2014
In one of the automobile industry’s most important mergers, Volkswagen AG has paid $5.6 billion for the remaining 50.1% ownership stake in Porsche SE that it does not already own.
The deal puts an end to a battle that began in 2005 with a failed attempt by Porsche to takeover Volkswagen. The two companies can now officially consolidate with Volkswagen taking over the Porsche brand as well as its other automotive brands, including Bentley, Audi, Skoda, Bugatti, Seat and Lamborghini.Read more »
BUSINESS July 6, 2012 | 11:26 AM
- Company raises global forecast by 1.5% through 2031; sales to reach 34,000 units for $4.5 trillion
- Asia to see strongest growth with demand for over 12,000 planes
- Global air traffic to rise at 5% per year
US airplane maker Boeing has raised its 20-year forecast for the global airplane market by 1.5%, predicting sales of 34,000 jets for a total of $4.5 trillion as air travel increases throughout the world’s emerging economies.
Boeing’s latest estimate is almost double the current size of the global fleet, which counts almost 20,000 planes. Last year, the company had projected sales of 33,500 over the next two decades – an increase of 8.5% on earlier predictions.Read more »
BUSINESS July 5, 2012 | 10:44 AM
- Qatar Holding aims to turn Harrods into global brand
- First hotel to open in Malaysia; others to follow in London, Paris, New York, China and Italy
- Qatar Holding paid $2.3 billion for Harrods in 2010
Qatar Holding LLC, the owner of the famous London-based Harrods department store, is building a chain of high-end hotels worldwide under the Harrods name with the goal of turning Harrods into a global luxury brand.
Qatar Holding vice-chairman Hussain Ali al-Abdulla says Harrods hopes to eventually define “luxury retail and leisure sectors.”Read more »
BUSINESS July 4, 2012 | 3:14 PM
- Airbus aims to take advantage of America’s need to replace aging aircraft
- New facility to help Airbus break Boeing’s monopoly on US market
- Airbus and Boeing compete annually for $100 billion in sales
Global aerospace leader Airbus SAS is building its first American factory in Mobile, Alabama, for $600 million in the hopes of taking advantage of the nation’s aging air fleet.
Airbus president and chief executive officer Fabrice Bregier says: “The US is the largest single-aisle aircraft market in the world, with a projected need for 4,600 aircraft over the next 20 years, and this (new) assembly line brings us closer to our customers."Read more »
BUSINESS July 3, 2012 | 12:10 PM
- New York Times Chinese-language news site aimed at China’s growing middle class
- Content will be translated from existing NYTimes articles; other articles to be written by Chinese journalists
- Newspaper will not operate as an official Chinese media company
In an effort to expand its reach to international readers, The New York Times has launched a Chinese-language news website. The new site, http://cn.nytimes.com, is aimed at China’s growing middle-class or “educated, affluent, global citizens.”
The site will feature approximately 30 articles per day, focusing on national, foreign and arts-related topics as well as editorial pieces. Around two-thirds of the content will be translated from NYTimes articles, and one-third of the content will be written by Chinese editors and local freelance journalists.Read more »
BUSINESS July 2, 2012 | 12:10 PM
- New company (Corona, Pacifico and Modelo) expected to generate $47 billion in annual sales
- Deal should save AB InBev $600 million per year
- Purchase allows AB InBev to gain sales in booming Mexican market
Belgium-based beer maker Anheuser-Busch InBev has purchased the remaining stake it does not currently own in Grupo Modelo, the manufacturer of Corona, for $20.1 billion in cash.
InBev already holds a 50% non-controlling stake in Modelo, which it gained in 2008 when it purchased Anheuser-Busch for $52 billion. The new $20.1 billion purchase is higher than the $12.1 billion AB InBev was originally rumored to pay, and signals the competitiveness of the Mexican beer market, which is the world’s sixth-largest.Read more »
BUSINESS June 29, 2012 | 5:58 PM
- Apple planning biggest iTunes overhaul since release in 2003
- Improved music sharing, iCloud services, social media among changes
- iTunes software generated $1.9 billion revenue in 2011
As the online media and applications industries grow ever larger, Apple is looking to make it easier for users to manage their lives up in the cloud with a radical makeover of its iTunes software, according to sources close to the matter.
Changes in iTunes will include improved music sharing and file storage and integration capabilities with its iCloud service. This will streamline users’ management of music, videos and applications across the various Apple devices, the anonymous sources told Bloomberg.Read more »
BUSINESS June 28, 2012 | 3:39 PM
- Apple claims Samsung infringing on iPad patents, demands action
- Injunctions in Germany, Australia and the Netherlands overturned
- 123.5 million smartphones and tablets expected to be sold by end 2012
The world’s two largest manufacturers of smartphones and tablet PCs Samsung Electronics Co. and Apple Inc. will soon face off in court over patent infringements. A US District Court Judge has placed a temporary injunction on the sale of the Galaxy Tab 10.1 after Apple claimed the Galaxy is a copy of the iPad.
The injunction does not apply to the Galaxy Tab 10.1 II.Read more »
BUSINESS June 27, 2012 | 5:26 PM
- Coca-Cola adding $3 billion investment in India; has invested $2 billion in India over past 19 years
- Coca-Cola trails rival Pepsi Co. in India
- India represents $10 billion market and one of Coca-Cola’s top-ten markets
Coca-Cola Co., the world's largest soft drinks manufacturer, plans to invest $3 billion more than previous announced in its Indian division over the next eight years. In November, Coke announced it would be investing $2 billion, but decided to up its investment after growth increased in Asia earlier this year.
Prior to this, Coke invested $2 billion in India over the past 19 years.Read more »