Top Headlines - part 50

Molson Coors Signs $3.54 Billion Deal for StarBev

Molson Coors Signs $3.54 Billion Deal for StarBev

BUSINESS

  • Molson Coors to take over StarBev’s nine breweries in eastern and central Europe
  • Deal should boost profit within first year of transfer
  • Molson Q4 profits up 35% after poor third quarter

Denver brewing company Molson Coors has agreed to a $3.54 billion deal for the acquisition of European brewer StarBev.

Molson Coors, the exclusive brewer of Carling larger in the United States, will now add beer brands such as Staropramen, Ozusko, Bergenbier and Borsodi to its line-up, taking control of StarBev’s nine breweries in eastern and central Europe.

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Hard Times At Yahoo See 14% of Global Workforce Cut

Hard Times At Yahoo See 14% of Global Workforce Cut

BUSINESS

  • Nearly 2,000 employees to be cut
  • Move expected to save $375 million annually
  • Skype hiring 400 more staff

For the sixth time in four years, one of the world’s most popular websites Yahoo has laid off more employees. This time approximately 2,000 staff were given severance packages and told to leave, which accounts for 14% of Yahoo’s global staff.

It is anticipated the company’s product division suffered the greatest losses although layoffs were expected in all departments. 

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Japan Automakers See Dramatic Boost in Vehicle Sales

Japan Automakers See Dramatic Boost in Vehicle Sales

BUSINESS

  • Automobile sales in Japan jumped 78% in March
  • Japan’s surge in vehicle sales attributed primarily to government subsidies for energy efficient vehicles
  • Honda sees increase in sales domestically and internationally

The Japan Automobile Dealers Association recently announced that new vehicle sales in Japan jumped 78% in March, in part due to local government subsidies for energy efficient cars.

According to the association, new auto sales reached nearly 500,000 vehicles last month, up over 200,000 vehicles from March 2011 when Japan was struck by a massive earthquake and tsunami, dramatically impacting vehicle production and sales.

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Buyout Bid: Avon Rejects Coty’s Second Offer Of $10 Billion

Buyout Bid: Avon Rejects Coty’s Second Offer Of $10 Billion

FINANCE

  • Avon says offer not in best interest of company
  • 80% of Avon’s revenue comes from overseas
  • Purchase would allow Coty to meet its revenue goal of $7 billion

Avon Products Inc. has rejected a $10 billion bid by Coty Inc. to purchase the struggling beauty-products seller. This was the second bid by Coty, which made a first bid in March that was also rejected.

Avon says the bid is too low, and that there is no difference between it and the previous one. Coty is willing to increase its bid if Avon can prove it is worth more, but Avon says the bid is nonbinding and does not constitute a real offer.

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Joint Venture: Philips Finalizes TV Spin-Off With TPV Technology

Joint Venture: Philips Finalizes TV Spin-Off With TPV Technology

FINANCE

  • TVP to take 70% stake in TP Vision; Philips gets 30%
  • 3,000 Philips TV employees to be retained in new venture
  • Philips television division racked up losses of €1 billion in last 5 years

Dutch electronics company Philips has finalized terms for a joint venture with Hong Kong-based TVP Technology for the transfer of its struggling television arm.

Computer and LCD screen manufacturer TVP will have a 70% stake in the new TP Vision business, which will be based in Amsterdam. Philips will hold the remaining 30%.

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Tepco Seeks $22 Billion Bailout from Japanese Government

Tepco Seeks $22 Billion Bailout from Japanese Government

BUSINESS

  • Tokyo Electric Power Co. needs funds to run company, pay compensation
  • Company on verge of insolvency
  • Bailout could lead to reform of utility industry

Tokyo Electric Power Co., the power company behind the Fukushima Daiichi nuclear station disaster, will seek $22.2 billion from the Japanese government. Of that amount, $12 billion will be used to keep the company afloat, and $10.2 billion will be used to pay compensation claims.

Last March, the Fukushima plant suffered a meltdown caused by an earthquake and tsunami. Over 100,000 people were displaced after radiation was released into the air. Fishing and farm industries were also affected.

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Android to Leapfrog Windows in Smart Connected Device Market By 2016

Android to Leapfrog Windows in Smart Connected Device Market By 2016

BUSINESS

  • Android to take 31.1% market share by 2016
  • Windows market share to drop to 25.1%
  • iOS share to rise to 17.3%

Android will overtake Windows as the world’s most popular smart connected device platform by 2016, according to a report from the International Data Corporation.

The Windows x86 operating system is currently the leader in the smart connected device market, with 35.9% share. However, IDC predicts a sharp drop in the popularity of Microsoft’s platform over the next five years, forecasting its share to slump to 25.1% by 2016.

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RIM BlackBerry Losing Ground in Native Canada to Apple iPhone

RIM BlackBerry Losing Ground in Native Canada to Apple iPhone

BUSINESS

  • Canadians purchased 2.08 million BlackBerrys in 2011 compared to 2.82 million iPhones
  • Research in Motion fails to aggressively market its smartphones
  • Blackberry still popular in emerging markets

Research In Motion Ltd., manufacturer of the BlackBerry mobile device, is losing sales and revenue in its native Canada to Apple Inc’s star iPhone. In 2011, for the first time since the debut of the BlackBerry, the company failed to reach the top spot for smartphone sales.

According to research compiled by IDC and Bloomberg, 2.08 million BlackBerrys were sold last year compared to 2.82 million iPhones.

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Ford Lays Cornerstone for $1 Billion Automotive Manufacturing Plant in India

Ford Lays Cornerstone for $1 Billion Automotive Manufacturing Plant in India

BUSINESS

  • Construction set to begin at new Sanand plant in Gujarat
  • New manufacturing facility to produce 240,000 cars, 270,000 engines
  • Ford to release eight new vehicles in India by 2015

Ford has set in motion its new $1 billion manufacturing plant in Gujarat, India, despite the country’s uncertain economic forecast.

At a ceremony at the Sanand plant in western India, Ford India laid the cornerstone at the shop, which will grow into a state-of-the-art facility. Around 240,000 new cars and 270,000 engines will be manufactured per year for both domestic and export markets.

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Starbucks Expands Into Energy Drinks Market with Refreshers Drink

Starbucks Expands Into Energy Drinks Market with Refreshers Drink

BUSINESS

  • Starbucks announces new Refreshers line of energy drinks
  • Refreshers drinks contain unroasted coffee extract, with less caffeine then traditional energy drinks
  • Starbucks to create 150 new US jobs

Starbucks plans to break into the rapidly expanding energy drinks market with its new fruit juice and coffee extract beverage, called Starbucks Refreshers.

The plans were outlined at the coffee giant’s annual shareholder gathering in Seattle, with chief executive Howard Schultz announcing the creation of additional manufacturing jobs in the United States.

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