Top Headlines - part 70
BUSINESS May 15, 2012 | 9:19 AM
- Procter & Gamble to move skin care, cosmetics, personal-care businesses to Singapore
- Move part of restructuring plan aimed at saving company $10 billion by 2017
- Asia-Pacific holds nearly half of global skin care market value, which totals almost $97 billion
The world's largest household products manufacturer Procter & Gamble plans to move its skin care, cosmetics and personal-care units from its company headquarters in Cincinnati, Ohio, to Singapore over the next two years, with the goal of capturing business in emerging markets.
P&G is the latest in a number of European and American companies relocating to Asia to take advantage of the growing Asia-Pacific market. According to Euromonitor International, Asia-Pacific holds nearly half of the skin care market’s global value, which is at close to $97 billion.Read more »
BUSINESS May 14, 2012 | 12:02 PM
- Nissan net profit up 145%
- Nissan operating profit up 33%; forecast to rise 28% over coming year
- Nissan sees record sales of 4.8 million vehicles for last year
Nissan’s profits for the January to March quarter 2012 rose sharply, buoyed by record sales in major markets, which saw it outdo Japanese rivals Honda and Toyota.
The country’s second-largest automaker posted a quarterly operating profit of 118.1 billion yen ($1.48 billion), marking a 33% hike over the same period last year; net profit rocketed up 145%.Read more »
BUSINESS May 11, 2012 | 2:46 PM
- App Center announced as company prepares initial public offering
- Rising number of mobile device users contributing to slowing revenue
- 200 social apps on Facebook each have over 1 million users
Facebook is set to open a new online store where users can purchase apps and games, in a bid to maximize the company’s revenue from its enormous user base.
The announcement of the App Center from the social networking giant coincides with the company’s preparations for an initial public offering, which would value it at around $77 billion to $96 billion.Read more »
WORLD May 10, 2012 | 4:11 PM
- Bailout puts Tokyo Electric Power Co under temporary state control
- 10-year restructuring plan includes cost cutting measures, new management and increased energy costs
- Japanese public distrustful of nuclear power in the wake of the Fukushima Dai-ichi nuclear plant meltdown in 2011
The Japanese government has agreed to pay Tokyo Electric Power Co., one of the world’s largest utilities, a $12.5 billion bailout as part of a 10-year restructuring plan that will save TEPCO from bankruptcy; it also places TEPCO under temporary state control.
TEPCO has been in financial crisis since the March 11/11 Fukushima Daiichi nuclear plant meltdown, which followed a 9.0 magnitude earthquake. The company still owes billions of dollars in compensation claims and must pay cleanup expenses. It is expected to take decades to stabilize the Fukushima reactors and cleanup the area.Read more »
BUSINESS May 9, 2012 | 2:48 PM
- SlideShare one of LinkedIn’s most popular applications
- SlideShare buy marks LinkedIn’s fifth acquisition in two years
- LinkedIn to expand mobile technology in hopes of attracting advertisers, members to its subscriptions services
The world’s largest professional networking website LinkedIn has struck a deal to purchase presentation website SlideShare for close to $119 million, a move that is expected to be mutually beneficial.
SlideShare is already one of LinkedIn’s most popular applications, according to an analyst with Needham & Co. It is not entirely clear how the two companies will integrate beyond how they are currently.Read more »
BUSINESS May 4, 2012 | 2:59 PM
- Only 15% of purchases made by Wal-Mart target audience paid for by credit card
- Wal-Mart first major retailer to offer “pay-in-cash” option for online purchases
- 25% of US households have little or no access to credit cards, bank accounts
US retail giant Wal-Mart Stores has introduced a new payment option to cater to more of its customers: shoppers on Walmart.com can now “pay with cash” instead with credit cards or debit cards.
The new payment option was tested in a handful of US stores before being launched nationwide. Joel Anderson, president and CEO of Walmart.com, says: "We are going to touch a segment of the American public who hasn't been able to participate online without going through a lot of hoops."Read more »
FINANCE May 4, 2012 | 10:02 AM
- PF Chang saw price increases drive away customers
- PF Chang marks largest food chain acquisition since Burger King was purchased in 2010 for $3.3 billion
- Buyout latest in series of restaurant chains purchased by investors
PF Chang’s China Bistro Inc, the largest US full-service Asian restaurant operator, has agreed to a takeover by private equity firm Centerbridge Partners LP for $1.1 billion.
PF Chang’s accepted the deal after four quarters of slumping sales, where the chain had difficulty competing against competitors that offer both quality food items and low prices.Read more »
BUSINESS May 3, 2012 | 12:14 PM
- Samsung registers highest profit since 2008 with sales 36% higher over Q1 last year
- Together Samsung and Nokia hold 48% of smartphone market
- Global smartphone shipments forecast to grow 33%
After 14 years in the top spot, Finland’s Nokia has been replaced by South Korea’s Samsung Electronics Co. as the world’s largest mobile phone maker, according to recent research from by private industry firms.
Nokia previously took the top position from Motorola Mobility Inc.Read more »
BUSINESS May 2, 2012 | 3:21 PM
- Chrysler Q1 net profit of over $470 million best result in 13 years
- Fiat announces 10-fold jump in Q1 profit to over $498 million
- Volkswagen reports $4.2 billion profit, nearly double its 2011 first quarter profit; plans to launch production in China
- Honda Q1 profit up by over 60% from 2011 to $883 million
As the global automotive market rebounds, manufacturing leaders Chrysler, Fiat and Volkswagen recently announced significant increases in first quarter profits: Chrysler’s net profit of over $470 million is its best result in 13 years; Fiat, having increased its stake in Chrysler to over 58% in early 2012, reported a 10-fold jump in profit to over $498 million; and Volkswagen’s $4.2 billion profit is almost double its 2011 first quarter profit.
With an over 11% increase in customer deliveries to 2.2 million vehicles, Volkswagen outclassed other automotive companies globally, particularly in Russia. Meanwhile, Chrysler has recovered nicely from 2009, when it needed a government bailout to survive, with a 39% increase in first quarter sales this year.Read more »
BUSINESS April 27, 2012 | 10:47 AM
- Amgen currently markets two products in Turkey
- Deal to offer both companies strategic edge in acquiring new markets
- Turkish market for pharmaceuticals expanding as its economy grows; Turkey third-fastest growing country among Group of 20
The world’s largest biotechnology company Amgen has purchased close to 96% of Turkish Mustafa Nevzat Pharmaceuticals for nearly $700 million as part of its goal to expand into emerging markets.
The deal, which has been approved by both Amgen and MN Pharmaceutical senior management boards, creates a company capable of expanding regionally and attracting new markets. In a statement released to the press, Amgen said the purchase will boost its image in Turkey and is part of a broad international expansion strategy.Read more »