Top Headlines - part 75
BUSINESS January 19, 2012 | 9:58 AM
- Swiss pharmaceutical company Novartis to cut US workforce by nearly 2000 in 2012
- Charges from restructuring and discontinuation of unsafe experimental drugs equal around $1.2 billion
- Novartis should save $450 million/year from layoffs beginning in 2013
Swiss-based pharmaceutical leader Novartis will reduce its US workforce in the second quarter 2012 in response to the expiration of the patent for Diovan, its top-selling hypertension drug, as well as the subpar results of other drugs still in development.
Novartis employs over 120,000 people globally, and according to Bloomberg data cuts will equal over 1.5% of its current workforce. The plan is to eliminate 1,630 sales positions, and another 330 medical sales management positions in the US.Read more »
FINANCE January 18, 2012 | 3:55 PM
- Pembina and Provident merger creates company worth $8 billion
- Deal blends together Pembina’s gas processing with Provident’s extraction and storage
- Companies combining now while production of oil sands and shale gas is increasing
Pembina Pipeline Corp will purchase Provident Energy Ltd. for CAD$3.2 billion in stock, creating a publicly traded infrastructure company worth $7.9 billion.
The merger will blend together the services each company offers: Pembina provides gas processing and energy transportation along a 7,500 kilometer network, while Provident offers logistics, fractionation, extraction, transportation and storage.Read more »
BUSINESS January 17, 2012 | 4:46 PM
- Flagship store in Beijing not open due to safety concerns
- Angry customers pelt store with eggs
- Apple products routinely bought and sold by scalpers
Apple Inc. angered Chinese customers when it announced the temporarily suspension of iPhone 4S sales in China on the day the phones were scheduled for release.
A crowd of 350 customers waiting outside the Apple flagship store in the Beijing district of Sanlitun turned violent when the store failed to open as scheduled at 7 a.m. Overnight the crowd had numbered as many as 2,000 but most left when the store did not open.Read more »
BUSINESS January 16, 2012 | 5:48 PM
- Delta Air Lines to sell passengers more than transportation tickets
- Too early to gauge customer reaction to attempts to “upsell”
- Other carriers expected to follow suit
Delta Air Lines wants to sell its passengers more than transportation tickets: it will begin serious marketing to customers to offer them various alternative services.
Critics of that plan wonder whether the American air carrier will provoke the type of protest its European counterpart Ryanair encountered when it floated the idea of paying to use the bathroom.Read more »
BUSINESS January 16, 2012 | 2:10 PM
- Prius c said to be more compact for city drivers with better fuel economy
- Toyota Prius was Japan’s top-selling vehicle in 2011
- US automakers question long-term viability of hybrid electric cars
Amid the era of greener, more environmentally conscious automobiles, Toyota recently rolled out its latest hybrid vehicle, called the Prius c. The Japanese automaker's new vehicle is smaller and more affordable than its predecessor, and targets city-dwelling, first-time buyers.
Toyota debuted its latest Prius addition at the recent Detroit Auto Show, following introduction on the Japanese market in Tokyo last year. The "c", which stands for city, is being hailed for its small size and record-setting fuel economy for a conventional hybrid in city driving.Read more »
BUSINESS January 13, 2012 | 3:32 PM
- New Lumia 900 among first Windows Phone handsets to feature LTE technology
- Handset expected for US release within next few months on AT&T network
- HTC also unveils new LTE Windows Phone device
Nokia and Microsoft unveiled their new Lumia Windows Phone handset this week at the Consumer Electronics Show in Las Vegas, as the pair step up their smartphone campaign to haul in Android and Apple.
The new Lumia 900 4G LTE will be among the first Windows-powered handsets to feature the next-generation long-term evolution, or LTE, technology, Nokia chief executive Stephen Elop and Microsoft boss Steven Ballmer said at the event.Read more »
BUSINESS January 12, 2012 | 5:00 PM
- Alcoa closing smelters in Portovesme (Italy); La Coruna and Aviles (Spain)
- Up to 1,500 employees affected
- Closures reduce global smelting by 5%
The world’s largest aluminum company US-based Alcoa Inc plans to close three European smelters. The closures affect two smelters in Spain and one in Italy, and are part of the company’s strategy to restructure its global primary products unit.
Alcoa plans to close the Portovesme in Italy facility permanently, while the La Coruna and Aviles in Spain facilities would be closed partially and temporarily. The closures affects 1,500 employees. The company told reporters in a written statement that the total number of employees who would lose their jobs would not be determined until consultations are completed.Read more »
BUSINESS January 11, 2012 | 4:26 PM
- Space travel could be launched this year for eager participants
- Virgin, XCOR Aerospace are set to offer space travel
- Participants should not expect journeys similar to walks on the moon
For those who have been nearly everywhere, there is a new tourist destination to visit. While it might seem light years ahead, travelers can reportedly head into space starting this year.
Virgin Galactic will take interested travelers into space for $200,000, according to various media reports. No concerns about booking a ticket, either, since the process is similar to buying a travel voucher right here on earth, according to The New York Times.Read more »
BUSINESS January 10, 2012 | 5:44 PM
- Ford announces overhauled hybrid Fusion sedans, pulls plug on petrol-electric sport-utility
- New Fusion Energi Ford’s first plug-in hybrid car
- Energi to deliver over 100 MPGe on plug-in power
Ford will change direction for its hybrid-electric vehicle program, unveiling completely overhauled versions of its Fusion sedan at the Detroit auto show.
The new Ford Fusion will come in a petrol-electric hybrid and a petrol-only model, as well as the new Fusion Energi model – Ford’s first venture into the plug-in hybrid vehicle market.Read more »
BUSINESS January 9, 2012 | 5:36 PM
- Starbucks raises prices in Northeast and Sunbelt by 1%
- Starbucks hopes price increase will offset costs of coffee and fuel
- Marks first across the board increase since 2007
Seattle-based Starbucks Corp plans to raise prices by 1% in the Northeast and the Sunbelt states. This is the first across-the-board price increase since 2007.
In November, Starbucks raised its prices in cafes located in the Midwest, Hawaii and the Pacific Northwest as well as California and Florida. And while Starbucks has yet to release a list of all the locations affected by the increase, the regions targeted include major metropolitan areas such as New York City, Boston, Washington D.C., Dallas and Atlanta.Read more »