Top Headlines - part 69
BUSINESS December 5, 2011 | 2:30 PM
- Microsoft Internet Explorer continues to account for 50% of browser market
- Success of Chrome thanks to aggressive release cycle
- Apple's Safari dominates mobile browser market
Analysts may disagree on the precise numbers, but one thing is clear: Google's Chrome web browser is fast catching up on the open-source Firefox browser produced by the Mozilla Foundation and will soon become the second most popular browser on the web.
Indeed, according to some researchers, it may even have done so already. Recently published figures from Irish firm StatCounter put Chrome in second place, with a market share of 25.7% compared to 25.3% for Firefox.Read more »
BUSINESS December 5, 2011 | 2:15 PM
- 917,267 vehicles added to the Honda recall list, total recalls top 2.7 million
- Models produced up to a decade ago recalled
- Over 90% of faulty vehicles shipped to US, new recall expected to take heavy toll
Honda is expanding its worldwide recall for airbag defects in popular models like the Accord and the Civic. Japan’s third-largest automaker has added another 917,267 vehicles to the recall across 10 models produced as far back as 2001 and 2002, Honda spokesman Keitaro Yamamoto said in a statement.
The company first began recalling vehicles for the airbag flaw in 2008, with some 950,000 models returned over the next two years. The new additions take the total to over 2.7 million – the largest recall for Honda for an individual defect.Read more »
BUSINESS December 2, 2011 | 5:41 PM
- Pfizer’s Lipitor patent expired November 30
- Watson Pharmaceuticals first company authorized to sell generic version of Lipitor
- Pfizer could lose $6 billion in revenue in 2012, hopes to make $4 billion from new drugs
Pfizer Inc’s U.S. patent on the cholesterol drug Lipitor expired November 30, allowing competitors to begin manufacturing and distributing generic versions of the drug. Two companies have already expressed interested in doing so.
Watson Pharmaceuticals has struck a deal with Pfizer to market and distribute a generic version of Lipitor, which is manufactured by Pfizer. Pfizer will receive a portion of the net sales, and Watson began shipping its drug on November 30. The agreement expires in November 2016.Read more »
BUSINESS December 2, 2011 | 3:34 PM
- Bank of America Merrill Lynch approves $350 million loan for new SolarStrong project
- SolarCity received 2011 Green Jobs Award for creating nearly 1,400 green jobs in 2011
- Funding announcement marks big strides in solar energy since Solyndra scandal
Despite being denied a loan guarantee from the federal government, SolarCity has been approved to borrow up to $350 million from Bank of America Merrill Lynch to support its $1 billion solar panel project destined for 120,000 military homes and office buildings over the next five years
Because of the loan guarantee loss, the project - called Solar Strong - now has higher financing costs, which has in part led SolarCity to downsize from its original 160,000 home estimate.Read more »
BUSINESS December 2, 2011 | 2:29 PM
- BMW to supply diesel engines for Toyota’s European operations
- Pair to develop lithium-ion battery technology for electric hybrid vehicles
- BMW to release new electric hybrid car in 2012
BMW has entered into a partnership with Toyota to supply diesel engines and jointly develop hybrid power batteries.
The environmentally stable technology alliance will bring together the world’s largest automaker and the world’s largest luxury carmaker, combining the two companies’ competing areas of expertise.Read more »
WORLD December 2, 2011 | 11:53 AM
- EC vice president calls for makeover of 16-year-old EU privacy laws
- Policy makers say overhaul would help boost European competitiveness
- Restrictive rules cost companies around $3.1 billion per year
European Union policy makers have put forward a proposition to harmonize privacy data protection laws to allow internet companies and other businesses deal with one protection authority, and one set of laws.
Viviane Reding, European Commission vice president and justice chief, said the new measures would allow companies to do business across the 27-nation bloc providing their privacy policies met the requirements of the member state where their headquarters are based.Read more »
BUSINESS December 1, 2011 | 5:41 PM
- Bid would include Japan’s and global e-commerce leader Alibaba
- Silver Lake-led bid for minority share values Yahoo at less than $21 billion
- Alibaba motivated to buy back 40% stake from Yahoo
Investment firms Bain Capital and Blackstone Group are set to outbid Microsoft and other contenders for Yahoo at $25 billion. The bid would include Japan’s Softbank and China’s online trade and retail company Alibaba Group.
Yahoo had originally intended to sell 20% of the company, but the bid would be for the entire company rather than a minority stake.Read more »
BUSINESS December 1, 2011 | 5:25 PM
- Deal means 2% wage increase and better pensions but higher health payments
- Workers would receive $5,000 ratification bonus and 2% to 4% incentive bonus
- Workers to cast ratification votes on December 7 to secure 4-year extension
Under a provisional deal between Boeing and its Machinists union, workers agreed to discontinue a complaint concerning Boeing’s move to open a $750 million non-union factory in South Carolina to be able to continue work on the airline’s updated 737 in the Puget Sound region.
Machinist union members in Kansas, Oregon and Washington will cast their ratification votes on December 7 over the possibility of extending the Machinists’ collective deal for four years. If validated, Boeing, plagued by strikes, would benefit from a break in labor contention, while the workers would benefit from job security.Read more »
FINANCE December 1, 2011 | 11:34 AM
- AMR lost $12 billion since 2001; analysts predict another $1 billion loss before end 2011
- AA debt is at $30 billion, while assets are $25 billion
- AA spends $800 million more in labor expenses than its competitors
American Airlines’ parent company, AMR Corp., has filed for Chapter 11 bankruptcy protection after a unanimous vote by its board members.
Worldwide, the airline industry has lost more than $20 billion in the past 10 years. American Airlines, founded in 1934, was once the world’s largest carrier, but is now the third largest in the US.Read more »
ECONOMY December 1, 2011 | 10:37 AM
- Central bank lowers banking reserve, promotes capital flow
- Global stocks improve as Chinese stocks fall
- China's real estate market, manufacturing sector drops
China is reducing its banking reserve requirements for the first time since 2008. According to the central bank's website, the reserve ratios will be cut by 50 basis points on December 5, leading to an increase of 350 billion yuan ($55 billion) to their money supply.
Bloomberg News speculates that the shift in China's monetary policy might signal that the government believes that the world's second-largest economy may be entering a deeper slowdown.Read more »