BUSINESS September 8, 2011 | 6:15 PM
Swedish automaker Saab has filed for bankruptcy protection as it attempts to secure funding to recommence its operations.
Production was halted several months ago when the company could no longer keep up with payments for its suppliers, with workers also having their salaries deferred. In its appeal for court protection, Saab said it would present a restructuring plan to creditors in three weeks’ time.Read more »
ECONOMY September 8, 2011 | 6:09 PM
The United States has fallen to fifth place on the list of the most competitive economies in the world, according to a survey conducted by the World Economic Forum. Switzerland topped the list for the third year in a row, with Singapore jumping ahead of Sweden to take the second spot. Finland moved up to fourth ahead of the United States.
The World Economic Forum’s survey assesses global economies based on 12 “pillars of competitiveness” such as infrastructure, innovation and macroeconomic environment.Read more »
BUSINESS September 7, 2011 | 4:20 PM
Auto sales in the US jumped 7.5% in August, fuelled by double-digit sales for Chrysler, General Motors and Nissan. Sales for Chrysler are up over 30%, with GM and Nissan securing significant gains of 18% and 19% respectively, says the New York Post.
Nissan’s Altima ranked second for sales of sedans in August. Ford sales rose more than 11% and Hyundai is up over 9%, reports cars.com.Read more »
ECONOMY September 7, 2011 | 3:32 PM
Retail sales figures in the United Kingdom declined in the month of August with consumers keeping a keen eye on their finances and jobs, according to a report by the British Retail Consortium.
Consumer confidence dropped for the third straight month while inflation continued to rise, driving spending down at the quickest rate in about four decades, reported Bloomberg. Retail figures were 0.6% lower than August 2010 in a like-to-like comparison of sales, which discounts sales from newly opened stores.Read more »
BUSINESS September 7, 2011 | 11:52 AM
Sales of Samsung’s newest tablet PC have been banned in Germany after a court granted Apple an injunction in the ongoing patent war between the two companies.
The Galaxy Tab 7.7 had not even been officially released, when the device was removed from the Samsung stand at the IFA electronics trade show in Berlin last week.Read more »
BUSINESS September 7, 2011 | 9:33 AM
It took the announcement from HP that it would be stopping the manufacture of the TouchPad tablet device for sales of the company’s would-be rival to the iPad to finally take off in a meaningful way.
Late last month, hundreds of thousands of the devices were sold within days following the news that the product was being discontinued. “All this clamouring for the TouchPad, kind of bittersweet,” HP’s social media manager Bryna Corcoran wrote on Twitter, as the last versions of the device began to fly off the shelves.Read more »
BUSINESS September 7, 2011 | 9:27 AM
Chinese non-governmental environmentalist organizations have accused Apple of breaching environmental measures, listing over 20 suppliers. Apple’s accusers have described the alleged environmental damage in a report, “The Other Side of Apple II”, supporting their claim and including supposed photographic evidence.
The NGOs diffused video footage on Chinese video hosting website ku6.com, showing river water tinged with yellow supposedly caused by two companies in the surrounding area, one of which is thought to be a supplier to Apple.Read more »
BUSINESS September 6, 2011 | 1:42 PM
Apple published two listings for product security managers Monday after an iPhone prototype went missing – the second in as many years.
The two job descriptions for Manager for New Product Security appeared soon after the news that a fifth-generation iPhone prototype had been lost, reportedly by one of Apple’s employees. It may be that the job listings are not a direct reaction to the missing prototype, though the timing strongly suggests Apple management is looking to permanently plug a recurring leak in its product security.Read more »
WORLD September 6, 2011 | 12:03 PM
Space agency officials from the United States and Russia are considering the withdrawal of all personnel from the International Space Station (ISS), following the failed launch of a Russian Soyuz rocket last week.
The unmanned Soyuz rocket was transporting supplies to the ISS last week when it suffered a malfunction and crashed in Siberia. Russian scientists have not yet identified the cause of the failure but said they were confident they could fix the problem before mid-November, when the last of the current crew onboard the ISS are scheduled to leave.Read more »
BUSINESS September 6, 2011 | 11:33 AM
The world’s biggest soft drink maker Coca-Cola is investing in bottling sites and delivery vehicles to boost per-capita purchases in China. The drinks giant will spend $4 million over 2012 to 2015 to expand operations, with funds allocated to build bottling plants, purchase trucks, increase coolers and beef up distribution.
Coca-Cola makes and sells Sprite, the number one drink in China, and currently has over 40 plants in operation in China, with nearly 50,000 employees, reports Bloomberg. Sales in China reached above 1 billion unit cases in the first half of 2011, having doubled in six years. Pacific sales jumped less than 10% to almost $5 billion in 2010, according to Bloomberg.Read more »
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