ECONOMY September 28, 2011 | 12:03 PM
New home sales in the US fell to the lowest point in six months, hitting close to 2.5% for a yearly total of 295,000. The median new home price for August 2011 fell almost 8% from the same month last year, marking a drop unseen since July 2009.
After the most dramatic fall in prices in a two-year period, homebuyers are seeking the cheaper option of buying distressed homes or previously owned homes with lower prices due to foreclosures.Read more »
BUSINESS September 27, 2011 | 2:11 PM
Amazon.com is preparing for the launch of the latest version of its Kindle, which experts predict may provide the biggest challenge yet to Apple’s iPad. The new Kindle is expected to be unveiled on September 28 at an Amazon press conference in New York. The e-book device will also function as a tablet PC, featuring a new interface and a high-definition LCD touch screen, GreenCrest Capital Management analyst Anupam Palit told Bloomberg.
Amazon’s links with various multimedia partners will enable the Seattle-based e-commerce giant to load up its Kindle with e-books, music and video content, which may give it the edge in the tablet market that the likes of Hewlett-Packard and Research In Motion failed to produce.Read more »
BUSINESS September 27, 2011 | 11:42 AM
Already a leader in the global soft drinks market, PepsiCo has created two new marketing initiatives: the Power of One Americas Council and the Global Snacks Group.
The Power of One Americas Council aims to expand the company’s complementary beverage and snack businesses in North, South and Central America, further building its global brand. While coordinating the food and beverage systems, the Power of One Americas will also examine different areas of both industries, including packaging, marketing, sales, office operations, distribution and manufacturing.Read more »
BUSINESS September 27, 2011 | 11:09 AM
After months of speculation and rumor, it is starting to look increasingly likely that Apple will launch the iPhone 5, the latest version of its successful smartphone, at some point during the month of October.
Whatever date is finally chosen, this will be the first major product launch for Apple under the leadership of Tim Cook, who took over as CEO of the firm when Steve Jobs stepped down last month. The event will also almost certainly be held on the company's home turf, in the Town Hall auditorium of its Cupertino campus.Read more »
BUSINESS September 27, 2011 | 10:48 AM
Boeing has delivered its first 787 Dreamliner to Japanese airline All Nippon Airways (ANA) for $200 million, three years later than its original due date.
Boeing has received just over 820 Dreamliner orders to date. ANA is to use its recent delivery for domestic flights before venturing toward international flights. Though it uses only 80% fuel flying similar distances in relation to the Boeing 767, the Dreamliner outflies the Boeing 767 by more than 50%.Read more »
FINANCE September 27, 2011 | 9:30 AM
Nintendo Co., home of the Super Mario character, has launched a series of new titles that, the Japanese company claims, is among the biggest ever seen by the video games industry.
However, it was not enough to impress investors. The announcement failed to rally the firm’s share price, which has fallen by more than 45% since January this year.Read more »
BUSINESS September 26, 2011 | 4:21 PM
The United and Continental Airlines merger has not only created the world’s largest airline but also the biggest frequent flier program anywhere.
In recent news of what is next for the combined programs of both airlines, the initial move perhaps paraphrases the old saying “the rich get richer.” Or in this case, the heaviest users of such programs will get the most perks, according to virtually all commentators on the move, as the new program essentially raises rewards for the most expensive ticket-buyers.Read more »
BUSINESS September 26, 2011 | 4:11 PM
GE Energy, one of the world’s largest providers of power-generation equipment and services, has secured orders totaling over $3 billion to provide energy technology for a range of power-related projects in Brazil, Australia and Egypt. The projects involve everything from natural gas production to electrical grid technologies.
Iraq, China and several other nations are also slated for orders with GE Energy.Read more »
FINANCE September 26, 2011 | 2:18 PM
Aerospace and construction technology provider United Technologies Corp. has agreed to purchase aerospace manufacturing company Goodrich Corp. for $16.5 billion, allowing United Technologies to capitalize on growing numbers of commercial planes commissions.
Non-military orders for planes are rising as military orders fall in light of decreased defense spending worldwide.Read more »
BUSINESS September 23, 2011 | 4:44 PM
Alstom has secured $4.1 million in government grants along with three United States research institutions to advance wind power technology. The project aims to develop innovative control systems and sensors to boost energy capacity and decrease the cost of manufacturing, particularly for offshore turbines and those based on floating systems.
The grant was awarded as part of a $43 million push by the US Department of Energy (DOE) to cut the cost of power generation while improving the capacity and efficiency of wind energy.Read more »
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