Top Headlines - part 70
BUSINESS December 14, 2011 | 2:33 PM
- World economies to reduce global greenhouse gas emissions by 2015
- Environmentalists and representatives feel timeframe for treaty needs to be shorter
- Canada first nation to withdraw from Kyoto Protocol
At the recent United Nations-sponsored global warming meeting in Durban, South Africa, major economies agreed to a new emissions treaty by 2015. Three of the world’s largest emitters of greenhouse gases - the US, China and India – have also pledged to join the pact, despite past opposition.
The new treaty is based off the Kyoto Protocol, an agreement started in 1997 aimed at fighting global warming, but introduces approved amendments to the original plan. As part of the agreement that was set to expire in 2012, industrial nations committed to taking voluntary, but non-binding, steps to reduce their carbon emissions.Read more »
WORLD December 13, 2011 | 6:05 PM
- Controversial results of Russia’s December 4 parliamentary election put Prime Minister Vladmir Putin’s United Russia Party slightly lead with 53% of vote
- Russian authorities allowed a massive protest on Dec 10
- Putin must reinvent himself to rise above presidential opponents, including most recent candidate billionaire Mikhail Prokhorov
The results of Russia’s December 4 parliamentary election, putting Prime Minister Vladimir Putin’s United Russia Party slightly in the lead, sparked much controversy and protest.
Technically winning only 49% of votes – down from 64% four years ago, the United Russia Party was nonetheless given 53% of the vote after redistribution from the three election parties did not satisfy the 5% threshold.Read more »
BUSINESS December 13, 2011 | 2:27 PM
- Australian court lifts ban on sales of Samsung Galaxy
- French court rejects bid to prevent sales of iPhone 4S
- $5 billion business relationship between firms at risk
The complex patents battle between Samsung Electronics Co and Apple Inc is showing no signs of coming to an end.
In recent news, an Australian court lifted the ban on Samsung selling its Galaxy tablet computer in Australia, just in time for Christmas. The ruling came just one day after a Paris court rejected Samsung's attempt to prevent Apple's iPhone 4S from being sold in France.Read more »
BUSINESS December 13, 2011 | 9:48 AM
- IBM to takeove DemandTecfor $440 million
- IBM’s will expand its Smarter Commerce initiative with DemandTec price and promotion analytics software
- IBM announced last year a $20 billion budget for mergers and acquisitions through 2015
IBM Corp has validated a definitive plan for a $440 million takeover of DemandTec Inc, which will add online trend-based business tools to its services. The two companies agreed a cash buyout price of $13.20 per share, which is about 57% higher than California-based DemandTec’s closing price the day before the announcement.
The deal is expected to be concluded in the first quarter of 2012.Read more »
FINANCE December 12, 2011 | 5:32 PM
- Delta to take 3% stake in Gol along with board seat
- Gol capital boosted by 280 million reais ($160 million)
- Gol announced 844 million reais ($482 million) net loss in October
Delta Air Lines will invest $100 million in Brazilian budget airline Gol Linhas Aereas to give the company a financial boost against its Latin American rivals. The carriers agreed to a deal in which Delta will buy Gol’s American depository receipts and acquire shares for 22 reais each, equivalent to 47% more than the closing price of shares early last week.
This will boost Gol’s capital by up to 280 million reais, or $160 million.Read more »
WORLD December 12, 2011 | 5:30 PM
- Natural gas supply to increase 60% in 30 years, replacing coal in second place
- Renewable energy demand to quadruple to meet 15% of demand
- Hybrid vehicles to make up 40% of all vehicles by 2040
A new report produced by Exxon Mobil shows that the world's consumption of oil, nuclear and natural gas is set to increase over 30% in the next 30 years due to rising population and environmental measures to limit coal use.
The world’s population is also set to grow around 30% to 9 billion by 2040, matching the predicted growth in energy consumption.Read more »
BUSINESS December 12, 2011 | 5:22 PM
- Taking four reactors offline could cost $15.5 billion, potentially bankrupting Tepco
- 12,000 gallons of radioactive water seeped from Fukushima nuclear plant
- Tepco shares plummet 15% amid talk of government bailout
The Japanese government is considering plowing $13 billion into Tokyo Electric Power in 2012 to nationalize the company.
The state fund injection of $13 billion was a minimal estimate, with a higher estimate of over $25 billion, reaching as much as $38 billion over a four-year period. The company’s shares fell over 15% on the back of talk of the government bailout.Read more »
WORLD December 12, 2011 | 5:09 PM
- Saudi Arabia announces oil production of over 10 million barrels per day
- OPEC to reach oil target deal for 2012, demand estimated at 30 million bpd
- Oil stockpiles put pressure on oil futures, Brent falls $1.30 a barrel
Saudi Arabia says its oil output has reached a 30-year high of almost 10.050 million barrels per day (bpd), amid EU talks considering placing a ban on oil from Iran. The nation's oil output came close to 10 million bpd in August, and neared 9.5 million barrels in September, October and November.
Analysts are interpreting the announcement as a message to the market that demand is high and production should be in keeping with demand. The Organization of the Petroleum Exporting Countries (OPEC) will meet on December 14 in Vienna to address production policy.Read more »
FINANCE December 9, 2011 | 2:03 PM
- J.C. Penney Gains near 17% Stake, 2 Board Chairs from Martha Stewart Living
- Martha Stewart Living Shops to Open in 2013
- J.C. Penney's Holiday Sales Down, Q3 Losses
- J.C. Penney Hires PMK-BNC for Public Relations
US retail department store giant J.C. Penney has announced a partnership with Martha Stewart Living Omnimedia Inc. to the tune of $38.5 million. As part of the agreement, J.C. Penney paid $3.50 per share to own a 17% stake in the company and an additional 12% premium to Martha Stewart Living's closing price. J.C. Penney will also hold two seats on the board of the company.
In return, Martha Stewart Living and J.C. Penney are working together to open Martha Stewart Living mini-stores and an e-commerce website that are set to be launched by February 2013.Read more »
BUSINESS December 9, 2011 | 11:03 AM
- Citigroup to cut 1.5% of its global workforce
- Citigroup to continue investing in emerging markets - Brazil, China, India
- Citigroup to fill as many as 70 new positions in Asia
At an investor conference earlier this week, Citigroup Inc.’s CEO Vikram Pandit announced that the company will eliminate 4,500 more jobs to reduce costs in light of continued drops in revenue and record-low market conditions.
For severance and other charges, Citigroup have to pay out $400 million in the fourth quarter. According to Pandit, the job cuts will be made over the next few quarters and represent approximately 1.5% of its global workforce.Read more »