Top Headlines - part 62
BUSINESS April 10, 2012 | 10:30 AM
- Cuts represent 14% of employees at company headquarters
- Pittsburgh call center to close with call volume down 30%
- J.C. Penney intends to cut $900 million in expenses in two years
US department store chain J.C. Penney Co. has laid off 900 employees in an effort to cut costs. The majority of the jobs cut where at the Plano, Texas, headquarters. The remaining 300 positions will be cut July 1 when the company’s Pittsburgh, Pennsylvania, call center closes.
The cuts represent 14% of the 4,400 employees at company headquarters. No senior executives were affected by the cuts.Read more »
BUSINESS April 6, 2012 | 9:13 AM
- 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.Read more »
BUSINESS April 6, 2012 | 9:13 AM
- 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.Read more »
BUSINESS April 6, 2012 | 9:08 AM
- 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.Read more »
FINANCE April 5, 2012 | 2:43 PM
- 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.Read more »
FINANCE April 4, 2012 | 11:42 AM
- 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%.Read more »
BUSINESS April 3, 2012 | 9:58 AM
- 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.Read more »
BUSINESS April 2, 2012 | 2:44 PM
- 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.Read more »
BUSINESS March 29, 2012 | 11:10 AM
- 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.Read more »
BUSINESS March 27, 2012 | 12:45 PM
- 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.Read more »