Top Headlines - part 72
ECONOMY July 17, 2012 | 12:24 PM
- China's growth slows to 2009 low of 7.6%
- Factory output and retail sales down
- China aims to reduce reliance on exports and investments
China's rapid growth rate has now slowed to a three-year low of 7.6%, according to its National Bureau of Statistics.
China’s growth has been decelerating for eight quarters, the longest steady decline since the nation’s government began reporting its gross domestic product (GDP) in 1992.Read more »
BUSINESS July 16, 2012 | 10:55 AM
- Target and Neiman Marcus partner to offer 50-item holiday season collection from 24 well-known designers
- Collection to be sold at both stores and online, expected to sell out quickly
- Both retailers say their customers overlap and that they have been trying to work together for years
US retailers Target Corp. and Neiman Marcus are partnering to bring customers a limited edition, designer collection for the end-of-year holiday season in the hopes of attracting new consumers and evolving their images.
Beginning Dec. 1, both stores will sell a 50-item collection featuring products designed by 24 respected designers like Oscar de la Renta, Marc Jacobs and Band of Outsiders. The specific product list will be revealed in an advertising campaign that begins in November, and is said to include apparel and accessories for men, women and children as well home decor items, pet accessories, sporting goods and electronic accessories.Read more »
BUSINESS July 13, 2012 | 9:31 AM
- ASML wins $4.1 billion from Intel to fund research on EUV lithography and 450mm silicon wafers
- New technologies expected to reduce manufacturing costs by up to 40%
- Intel first major semiconductor maker to ink deal under ASML's customer investment program
Intel Corp is investing close to $4.1 billion in Dutch chip manufacturing company ASML to boost its research into next-generation semiconductor technology.
The deal serves to fund research to develop a new technology known as extreme ultraviolet (EUV) lithography that allows for greater processing power while reducing the size of the chip.Read more »
BUSINESS July 12, 2012 | 1:51 PM
- Air Lease Corp orders 75 fuel-efficient 737 MAX Boeing airplanes
- Boeing expects over 1,000 737 MAX orders before end 2012
- Rival Airbus posted record margin over Boeing in 2011
Boeing has secured a $7.2 billion deal with US-based Air Lease Corp for 75 fuel-efficient 737 MAX airplanes, marking the first major order at the Farnborough Airshow, which started earlier this week in the United Kingdom.
The 737 MAX aircraft is Boeing’s answer to the popular A320neo from European rival Airbus, and newly-appointed President of Boeing Commercial Airplanes Ray Conner says Air Lease “is an ideal partner to help establish the 737 MAX in the leasing market”.Read more »
BUSINESS July 11, 2012 | 4:30 PM
- WellPoint privately offers to buy Amerigroup for $4.9 billion
- US to add 17 million Medicaid patients if new healthcare law is passed in 2014
- WellPoint aims to attract 9 million “dual eligible” Americans covered by both Medicare and Medicaid
WellPoint Inc., the second-largest medical insurance provider in the US, is purchasing managed healthcare provider Amerigroup Corp. for $4.9 billion.
Both companies serve Medicaid patients, a portion of the US population that is expected to grow to 17 million when President Barack Obama’s healthcare law goes into effect in 2014.Read more »
WORLD July 10, 2012 | 2:23 PM
- Japan restarts Ohi nuclear plant reactor no. 3
- More reactors to go online to prevent blackouts
- Energy imports hurt Japan's trade deficit
Japan has reintroduced nuclear power to its economy, with the nation's Ohi nuclear plant reactor no. 3 the first to be restarted since last year’s Fukushima disaster.
To reinforce security, an on-site command center, raised sea wall and filtered vents are being constructed at the Ohi plant. The sea wall should be ready next year, and the final major safety measures are expected to be done within three years.Read more »
BUSINESS July 9, 2012 | 10:53 AM
- Volkswagen buys remaining 50.1% ownership of Porsche for $5.6 billion
- Deal lets Volkswagen control Porsche brand plus Bentley, Audi, Skoda, Bugatti, Seat and Lamborghini brands
- Volkswagen, Porsche set to launch new compact Porsche SUV in 2014
In one of the automobile industry’s most important mergers, Volkswagen AG has paid $5.6 billion for the remaining 50.1% ownership stake in Porsche SE that it does not already own.
The deal puts an end to a battle that began in 2005 with a failed attempt by Porsche to takeover Volkswagen. The two companies can now officially consolidate with Volkswagen taking over the Porsche brand as well as its other automotive brands, including Bentley, Audi, Skoda, Bugatti, Seat and Lamborghini.Read more »
BUSINESS July 6, 2012 | 11:26 AM
- Company raises global forecast by 1.5% through 2031; sales to reach 34,000 units for $4.5 trillion
- Asia to see strongest growth with demand for over 12,000 planes
- Global air traffic to rise at 5% per year
US airplane maker Boeing has raised its 20-year forecast for the global airplane market by 1.5%, predicting sales of 34,000 jets for a total of $4.5 trillion as air travel increases throughout the world’s emerging economies.
Boeing’s latest estimate is almost double the current size of the global fleet, which counts almost 20,000 planes. Last year, the company had projected sales of 33,500 over the next two decades – an increase of 8.5% on earlier predictions.Read more »
BUSINESS July 5, 2012 | 10:44 AM
- Qatar Holding aims to turn Harrods into global brand
- First hotel to open in Malaysia; others to follow in London, Paris, New York, China and Italy
- Qatar Holding paid $2.3 billion for Harrods in 2010
Qatar Holding LLC, the owner of the famous London-based Harrods department store, is building a chain of high-end hotels worldwide under the Harrods name with the goal of turning Harrods into a global luxury brand.
Qatar Holding vice-chairman Hussain Ali al-Abdulla says Harrods hopes to eventually define “luxury retail and leisure sectors.”Read more »
BUSINESS July 4, 2012 | 3:14 PM
- Airbus aims to take advantage of America’s need to replace aging aircraft
- New facility to help Airbus break Boeing’s monopoly on US market
- Airbus and Boeing compete annually for $100 billion in sales
Global aerospace leader Airbus SAS is building its first American factory in Mobile, Alabama, for $600 million in the hopes of taking advantage of the nation’s aging air fleet.
Airbus president and chief executive officer Fabrice Bregier says: “The US is the largest single-aisle aircraft market in the world, with a projected need for 4,600 aircraft over the next 20 years, and this (new) assembly line brings us closer to our customers."Read more »