Top Headlines - part 75
BUSINESS October 20, 2011 | 10:42 AM
- Over 4 million iPhone 4S devices sold in first three days
- Fifth Ave Apple Store sold out across all carriers
- Some users reported problems with quality of the iPhone 4S display
Apple has set up a reservation-only system for sales of its new iPhone 4S to avoid repeats of retailers selling out early and having to send buyers away empty handed.
Apple said it sold over 4 million iPhone 4S devices in the first three days, setting a new record and smashing the previous benchmark of 1.7 million sales of the iPhone 4 in June last year.Read more »
BUSINESS October 20, 2011 | 10:31 AM
- Harley sees increase in lower-end motorcycles, decrease in high-end models
- Reworking of Harley factories affecting custom-motorcycle production
- Harley expects sales outside US to increase 40% by 2014
Harley-Davidson experienced mixed reviews in its third quarter, with profit for lower-end model motorcycles are up while sales of custom-touring models are falling.
Third quarter sales increased by 13% to $1.23 billion, with retail sales in the United States up by 5.4% and 5.1% worldwide. The company earned $183.6 million compared to the third quarter of 2010 when it earned $88.8 million.Read more »
FINANCE October 19, 2011 | 3:50 PM
- Citigroup Q3 profits jump to $3.8 billion, exceed expectations
- Bad loan losses drop 41% as consumers save, pay off debt
- Citi Asia, Latin America report double-digit growth
Citigroup Inc. recorded a jump in third quarter profits of 74% to $3.8 billion, exceeding analyst predictions thanks to reduced losses on loans, overseas revenue growth and a $1.9 billion credit-valuation adjustment gain.
Third-quarter data marks seven consecutive quarters of income growth. A Bloomberg survey of 25 experts estimated an average earnings-per-share of 82 cents. When excluding the accounting benefit, earnings per share exceeded their predictions by 2 cents. Third quarter net income was $1.23 per share, up from $0.72 from the year-earlier period.Read more »
BUSINESS October 19, 2011 | 3:30 PM
- BlackBerry users offered over $100 of free apps
- Bold Touch 9900 unveiled
- Compensation expected to cost over $100 million
Research In Motion is offering free applications to millions of customers following global outages of BlackBerry services last week. The company told BlackBerry users they could download more than $100 worth of premium apps free of charge, in a move to compensate for the inconvenience.
The offer will be available until the end of 2011.Read more »
BUSINESS October 18, 2011 | 5:26 PM
- Private jet market hits turbulence but some predict it will soon soar again
- Falling economy major reason for slumping skies
- China demand among countries to drive future growth of 7% per year
The current business jet market has seen turbulence in the past three years but some observers say the market is taking off again.
Almost everyone agrees on the reasons for the cloudy skies: the economy. “Bad publicity has dovetailed with a general softening in the used aircraft market, which is trying to absorb an excess number of private planes,” wrote Roll Call. At a recent national Business Aviation Association meeting in Las Vegas, industry executives said the buoyant market took such a dive three years ago that prices fell up to 80%.Read more »
BUSINESS October 17, 2011 | 4:22 PM
- Gap Inc. to close almost 200 stores in North America
- Plans underway to triple Gap stores in China to total 45 by 2014
- Retailer to shake up business casual clothing
Gap Inc. plans to close almost 200 stores in North America by the end of 2013 due to increased competition from specialty retailers and a turbulent sales environment. The store closures will bring the total number of Gap stores in North America down to 700, a 34% drop from four years ago.
Art Peck, President of Gap North America said: “Over the next 26 months, we’ll look store by store at our specialty fleet and determine which stores meet the standards we’ve set for our brand. This is a continuation of our work since 2007.”Read more »
BUSINESS October 17, 2011 | 4:13 PM
- BP, Transocean and Halliburton face US charges for April 2010 Gulf of Mexico spill
- Implication of Transocean and Halliburton potentially good news for BP
- BP presses forward with projects in UK’s North Sea
The US government has formally charged BP, Transocean and Halliburton with safety and environmental violations for the Gulf of Mexican oil well explosion; the April 2010 disaster spilled nearly 5 million barrels of oil and killed 11 oil industry workers.
These charges were the conclusion of a September 14 Deepwater Horizon accident investigation. The verdict confirmed a breach of 15 offshore regulations, according to the newly-formed Interior Department’s Bureau of Safety and Environmental Reinforcement.Read more »
FINANCE October 17, 2011 | 4:08 PM
- Carrefour has cut its profit forecast twice over three months
- Full-year operating income is expected to plummet between 15% and 20%
- Competitor Casino sees third-quarter sales climb 20%
Retailer Carrefour saw its stock drop almost 6%, the most in nearly two months, having cut its 2011 profit predictions twice over a three month period. The company expects its full-year operating income to fall between 15% and 20% in 2011.
Carrefour, the second-biggest retailer in the world topped only by Wal-Mart Stores Inc., has forecast lower profit five times in 2011. The company is carrying out a plan to become more competitive, involving price adjustments and renovating some of its stores. One of its main competitors Casino Guichard-Perrachon SA has seen third-quarter sales rise more than 20%, due partly to growing Asian and Latin American markets.Read more »
BUSINESS October 14, 2011 | 4:32 PM
- Netflix CEO announces decision not to split company between Netflix and Qwikster
- Decision satisfies angry customers
- Company believes its future lies in online streaming, but competition is stiff
In a rare act for a corporation, Netflix listened to its angry customers and reversed its previous decision to split the company into two, which would have seen Netflix dealing with online video streaming and Qwikster taking over the DVD-by-mail business.
Netflix CEO Reed Hastings made the announcement via the company’s blog.Read more »
WORLD October 14, 2011 | 2:32 PM
- Access to energy for world’s poor will cost $48 billion per year
- Green solutions could limit carbon emissions to 0.7%
- 2012 “International Year of Sustainable Energy for All"
Access to electricity could bring about massive changes in education, health and economic prosperity for the world’s poorest nations, according to the International Energy Agency. The IEA said in a new study that at a cost of $48 billion per year, energy-deprived countries could have access to electricity within 20 years, which would make a dramatic difference to billions of people living in substandard conditions.
Some 3 billion people worldwide, mostly women and children, are exposed to high levels of indoor air pollution because they do not have access to proper cooking facilities.Read more »