Top Headlines - part 6

Automotive Update: GM Recalls 3 Million More Vehicles

Automotive Update: GM Recalls 3 Million More Vehicles

BUSINESS

  • Latest recall related to tail-light failure
  • GM to take $200 million charge this quarter
  • Model years affected back to 2004

General Motors Co., the top US automaker, recalled 3 million vehicles worldwide in five separate recalls, due to various manufacturer defects.

The majority of the recalls are for faulty tail lights. There have been 13 crashes and hundreds of complaints. The National Highway Traffic Safety Administration received complaints about break lights turning off when the brake was applied and turning on when the pedal wasn’t depressed. Vehicles were recalled in 2009 for the same defect.

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Coca-Cola to Become Keurig’s Top Shareholder with 16% Stake

Coca-Cola to Become Keurig’s Top Shareholder with 16% Stake

BUSINESS

  • Coca-Cola to combat decreased demand for its sodas in more health-conscious market by increasing investment in Keurig Green Mountain Inc.
  • Keurig and Coca-Cola in 10-year agreement to produce single-cup cold beverage system Keurig Cold using Coca-Cola branded carbonated and non-carbonated drinks
  • Coca-Cola continuing pattern of purchasing stakes in rising brands as main revenue source fails

Coca-Cola Co., the largest multinational beverage company, recently revealed its decision to up its stake in Keurig Green Mountain Inc.—producer of Keurig coffee brewers—to 16%.

In February, Coca-Cola purchased a 10% stake in Keurig with an option of increasing to 16%. At that time, the Atlanta, Georgia-based corporation purchased 16.7 million shares in Keurig for around $1.25 billion.

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Yahoo Purchases Blink App For Undisclosed Amount

Yahoo Purchases Blink App For Undisclosed Amount

BUSINESS

  • Acquisition latest by Yahoo as it moves into mobile
  • Blink used for self destructing instant messages
  • Many rivals have been bought out

Internet web portal Yahoo Inc. has purchased mobile messaging app Blink for an undisclosed amount. This is the latest acquisition by Yahoo as it turns toward mobile and hopes to generate more advertising revenue.

Since becoming CEO two years ago, Marissa Mayer has bought 40 start-ups.  

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Bayer Buying Merck Consumer Unit for $14 Billion

Bayer Buying Merck Consumer Unit for $14 Billion

BUSINESS

  • Deal will make Bayer top in North and Latin American market
  • Bayer also purchasing trademarks in deal
  • Drug manufacturers to partner in clinical test

Bayer AG is purchasing U.S. pharmaceutical company Merck & Co Inc.’s consumer care business for $14.2 billion.

The deal also includes the trademarks for nasal spray Afrin and allergy treatment Claritin. It also includes the brands Coppertone, MiraLAX and Dr. Scholl, among other brands.

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GE Oil & Gas Partnering With Devon Energy to Produce New Technologies

GE Oil & Gas Partnering With Devon Energy to Produce New Technologies

BUSINESS

  • Technologies to be quickly tested in the field
  • Focus to center on three technologies: water treatment and processing, drilling technologies and artificial lift systems
  • GE opening Oklahoma City tech facility

GE Oil & Gas has established a technology collaboration agreement with Oklahoma City, OK, energy exploration and production company Devon Energy Corporation to develop unconventional oil and natural gas technologies.

Under the agreement, the companies will focus on three technologies: water treatment and processing, drilling technologies and artificial lift systems.

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BMW First-Quarter Profit Rises 2.6%

BMW First-Quarter Profit Rises 2.6%

BUSINESS

  • Auto manufacturer close to meeting its goal of 2 million cars
  • Sales picking up in Europe
  • Rivals also see healthy quarter

Bayerische Motoren Werke AG, the world's largest luxury carmaker, reported a better than expected first quarter thanks for rebounding markets and new models.

Profit rose 2.6% and car sales rose 8.7%. Earnings were $2.03 billion.

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Nintendo Sees Third Straight Fiscal Year of Losses

Nintendo Sees Third Straight Fiscal Year of Losses

BUSINESS

  • Annual sales were revised in January but losses still greater than forecast
  • Wii U not selling well
  • Company sees bright future for 2014

Nintendo, the world’s oldest console gaming company, posted $457 million in losses for the fiscal year ending March 31, the third consecutive year of losses. Revenue was only $5.63 billion, down from $6.26 billion in fiscal year 2013.

Poor sales of the Wii U are to blame. In January, the company revised its expected sales to 2.8 million units, down from 9 million, but only 2.72 million sold. Since debuting in November 2012, 6.17 million units have been sold.

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Fiat Chrysler Unveils Strategy to Increase Sales by 2018

Fiat Chrysler Unveils Strategy to Increase Sales by 2018

BUSINESS

  • Fiat Chrysler unveiled ambitious sales targets and product strategies to achieve a 60% sales increase through 2018 at recent meeting.
  • Plan to boost global competitiveness includes updating Chrysler’s Town and Country minivan and dropping Dodge sedans to focus on a sportier Dodge model.
  • Investors showing doubt about plan’s achievability by withdrawing funds.

Fiat Chrysler Automobiles recently announced an aggressive $77 billion plan to boost Maserati, Jeep and Alfa-Romeo sales and refresh its Chrysler line.

Five years ago US-based Chrysler Group and Fiat SpA of Italy entered a partnership but only officially joined forces in January, when Fiat’s acquisition of Chrysler was complete; at a day-long conference held at Chrysler’s Auburn Hills, MI headquarters, Chrysler and Fiat together revealed their product strategies and prospective sales targets for the next five years.

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Coach Sales Fall 7% in Third Quarter

Coach Sales Fall 7% in Third Quarter

BUSINESS

  • Sales falling sharpest in handbag division
  • North American sales weak compared to rest of world
  • Coach facing fierce completion from rivals

 

Luxury handbag manufacturer, Coach, saw sales decline 7% and profit fall 20% in the third quarter, thanks to weak North American sales and increased competition. Revenue dropped to $1.1 billion, below analysts’ expectations.

In North America, Coach operates nearly 600 retail stores and plans to open 20 more.

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Toyota’s US Headquarters Moving to Texas from California

Toyota’s US Headquarters Moving to Texas from California

BUSINESS

  • Move affects thousands of employees
  • California home to numerous foreign auto headquarters
  • Texas has been attempting to lure businesses

The world’s largest automaker, Toyota Motor Corp., has plans to move its U.S. sales headquarters from Torrance, CA, where it has been since 1957 to Plano TX, a Dallas suburb, to save money.

The move would put manufacturing and quality, service, marketing, advertising and sales all in one location and affect 5,300 employees.  Three subsidiaries, Toyota Engineering and Manufacturing North America, Toyota Financial Services and Toyota Motor Sales USA, also would make the move, affecting more than 9,400 employees.

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