BUSINESS September 23, 2013 | 12:20 PM
Apple Inc. sold 9 million iPhone 5s and iPhone 5c models over the launch weekend, exceeding expectations. Customers waited in line for the updated iPhone 5s and less-expensive iPhone 5c across the United States, the UK, Canada, Australia, China, Hong Kong, Puerto Rico, France, Japan, Germany and Singapore.
This marks the first time Apple launched two iPhone models simultaneously. Apple did not separate the sales figures for the models, although some British sources say sales of the higher-end model far exceeded the 5c.Read more »
BUSINESS September 18, 2013 | 5:45 PM
British telecommunications company Vodafone PLC is one step closer to completing its $10.23 billion takeover of Germany's largest cable company Kabel Deutschland after shareholders met the 75% minimum-acceptance condition needed to approve the deal.
Shareholders who did not approve the offer will be given a second chance through Sept. 30.Read more »
BUSINESS September 17, 2013 | 12:24 PM
The world’s largest hotel chain Hilton Worldwide Holdings Inc plans to raise $1.25 billion in a US initial public offering to help pay down its $15.4 billion debt and to use for other corporate initiatives.
Hilton is valued at approximately $30 billion, and owns hotel brands including Hilton, Hampton Inn, DoubleTree, Waldorf Astoria and Homewood Suites. In total, the group manages or franchises 4,041 properties in 90 countries.Read more »
BUSINESS September 16, 2013 | 2:51 PM
Verizon Communications, the largest US mobile service provider, has bought out partner British telecommunications giant Vodafone for $130 billion to take full control of the wireless business unit jointly owned by the two companies.
Full ownership will give Verizon the unit’s entire profits, allowing it to better compete with rivals and build new mobile networks. The deal comes at a time when the American market is shrinking. During the second quarter, the growth rate dropped to 2.2%.Read more »
BUSINESS September 13, 2013 | 12:15 PM
Suntory Beverage & Food Ltd, Japan's second-largest drinks manufacturer by sales, is purchasing iconic drink brands Lucozade and Ribena from GlaxoSmithKline Plc for $2.1 billion as part of the company’s long-term plan to expand beyond domestic markets.
Suntory will acquire global rights to energy drink Lucozade and Ribena juice brands plus a Coleford, UK, manufacturing site. Both brands are more than 70 years old, and will give Suntory a foothold in Britain, the second-largest European beverage market, as well as other markets GSK serves.Read more »
BUSINESS September 11, 2013 | 2:19 PM
Danish toy maker Lego has reported a 13% sales increase, or $1.8 billion, for the first half of 2013, securing its place as the second-leading international toy marker over US-based Hasbro Inc.
The sales increase was driven by demand in Asia, which helped the company bypass the challenges plaguing US rivals. However, modest US sales results tempered the company's overall growth compared to 2012 results, when Lego attained an increase of 24% from January to June.Read more »
BUSINESS September 10, 2013 | 6:02 PM
The automotive industry in the US, the world's second-biggest car market, posted a 17% increase in August compared to 2012, marking the strongest growth since November 2007.
In August, new car sales totaled 1.5 million, and are on pace to reach 15.8 million by the end of the year.Read more »
BUSINESS September 9, 2013 | 2:25 PM
Switzerland is the world’s most competitive economy for the fifth year in a row, says the World Economic Forum’s annual Global Competitiveness Report. Switzerland ranked in the top spot for its high standards in innovation, public institutions and labor market, among other factors.
The top 10 nations in the report are the same as last year, but the order has changed, with Singapore and Finland maintaining their second and third place rankings, as in 2012.Read more »
BUSINESS September 5, 2013 | 5:18 PM
Microsoft is buying Nokia Oyj’s handset business for $7.17 billion so it can better compete with rivals Google and Apple in the mobile phone market.
The deal, the second largest for a wireless device manufacturer, includes licenses, patents and feature phone models. The licenses for low-end phones will be valid for 10 years. Approximately 32,000 Nokia employees will transfer to Microsoft.Read more »
BUSINESS September 4, 2013 | 11:07 AM
After a recent downward revision, PC shipments are now forecast to fall 9.7% to total 315.4 million units this year compared to 2012, according to data from market research company IDC. In May, IDC had forecast a 7.8% drop.
PC shipments – including laptops, desktops and netbooks – are expected to drop until 2017, and it is predicted that PCs will never regain their 2011 shipment levels, IDC says.Read more »
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