Top Headlines - part 75
BUSINESS March 8, 2012 | 11:14 AM
- Blog reports Yahoo CEO plans thousands of layoffs
- Layoffs part of major restructuring aimed at increasing revenue
- Yahoo losing advertising revenue to competitors
America’s most popular Internet portal Yahoo! Inc. is on the verge of thousands of layoffs, reports The Wall Street Journal blog All Things Digital. Rumors say the layoffs are part of new chief executive officer Scott Thompson’s plan to restructure the company by finding new revenue streams and business models.
Layoffs would likely come in the product department and could begin in a few weeks. Additional layoffs also could come in the research and public relations departments.Read more »
WORLD March 7, 2012 | 10:21 AM
- Google streamlines 60+ privacy plans into one
- EU and privacy groups oppose Google sharing user information across multiple Google-owned sites
- Google aims to improve user experience across its platforms
Google is proceeding with much-publicized plans to streamline 60+ privacy policies into one overarching policy that covers various Google platforms and services. This change will allow Google to compile and share an individual’s browsing data and web history across various Google-owned sites (e.g: Blogger, gmail, Youtube, Google +) once logged into Google.
User information was not previously shared across different services.Read more »
ECONOMY March 6, 2012 | 11:15 AM
- Record 85.9 million visitors came to Florida last year
- Florida tourism continues to outpace rest of US
- Florida hotel room occupancy rates up 7% so far in 2012
Florida’s tourism marketing arm Visit Florida reports that regional tourism reached record highs in 2011, logging more visitors than ever: The “Sunshine State” lured 85.9 million travelers last year, exceeding the previous high of 84.5 million in 2007.
There were increases in travel from across the board, including US residents from in-state, from out of Florida and a jarring jump in oversea visitors. Chris Thompson, the agency’s president and chief executive, pointed out that these visitors came despite what he called “challenging economic times.”Read more »
FINANCE March 5, 2012 | 2:59 PM
- Apple shares worth over $540 per share
- Apple exceeds second place corporate giant Exxon by nearly $100 billion
- Apple CEO receives $378 million in payment package
Apple recently became one of only six US companies to ever reach the $500 billion level in market value – although none of its predecessors have managed to maintain that status for long.
Investors, however, remain hopeful after Apple's last quarter report showed over $46 billion in revenue, marking one of the largest quarterly gains in the history of any technology firm.Read more »
BUSINESS March 5, 2012 | 2:19 PM
- Unnamed buyer thought to be from Middle East
- Plane to receive modifications to turn it into “jewel of the sky”
- Boeing behind schedule for delivery of 747-8s
Boeing Co., the world’s second-largest airplane manufacturer, handed over its first passenger 747-8 Intercontinental to a secret VIP customer who is having the aircraft modified into a “jewel of the sky”.
The buyer, who is unnamed, is thought to be from either the ruling families of Qatar or the United Arab Emirates or the royal family of Kuwait.Read more »
BUSINESS March 1, 2012 | 10:13 AM
- Hotels in Dubai, Saudi Arabia outperforming other markets in Middle East
- 9 Starwood brands to branch out to Middle East in next 3 years
- Hyatt to open 3 hotels in Saudi Arabia in next 4 years
Hotels in Dubai and Saudi Arabia outshined other markets in the Middle East last year and are continuing to drive revenue, room rates, and occupancy says Ernst & Young (E&Y) in its recent Middle East Hotel Benchmark Survey.
“Dubai and Saudi hotels have held their own and continue to improve their RevPar [revenue per available room, an industry benchmark], occupancy and room rates,” Yousuf Wahbah, Partner and Head of MENA Transaction Real Estate, told Gulf News.Read more »
BUSINESS February 29, 2012 | 5:07 PM
- Sears loses $2.4 billion, to close 120 stores
- Target records profit margin down 28.4%
- Gap sees profit drop 40%, will close 189 stores
Major American retailers Sears Holding Corp., Target Corp. and Gap Inc. reported losses as high as 40% in the fourth quarter as they attempted to attract price-conscious shoppers.
Sears lost $2.4 billion, marking its largest quarterly loss in nine years. Heavily dependent on malls stores, Sears announced in December it was closing up to 120 under-performing locations.Read more »
BUSINESS February 24, 2012 | 10:11 AM
- Car makers would share manufacturing and parts
- Alliance aimed at cutting European revenue losses
- Automobile industry has poor history of alliances
The world’s largest automaker General Motors Co. and PSA Peugeot Citroen, Europe’s second-biggest automaker after Volkswagen AG, are in talks to form what the French Labor Ministry calls a strategic partnership.
The goal of the alliance is to cut losses both Peugeot and GM’s Opel division are facing due to a decrease in demand. This year is expected to be the fifth consecutive year where deliveries have dropped. After the alliance is completed, both automakers would share manufacturing and engine development.Read more »
BUSINESS February 23, 2012 | 4:47 PM
- Walmart increases ownership in Yihaodian to almost 51%
- Yihaodian hopes to better meet customer needs with Walmart’s expertise
- Walmart sees fourth-quarter profit margins fall due to its lower retail pricing strategies
Walmart Stores Inc has increased its shares in Yihaodian, a fast-growing B2C e-commerce website in China, to bring Walmart's total ownership stake to almost 51% – nearly one year after it purchased a minority share in the same e-retailer.
Yihaodian offers over 180,000 products and runs logistics centers in Shanghai, Beijing, Guangzhou, Wuhan and Chengdu, along with delivery stations in 34 cities across China.Read more »
BUSINESS February 22, 2012 | 4:25 PM
- Deal marks first steps for Fortis into regulated US gas and electricity market
- Fortis to gain control of distribution in 8 New York counties
- Fortis expected to buy more US utilities
Canada’s largest investor-owned distribution utility Fortis Inc plans to purchase New York-based energy distributor CH Energy Group for around $1 billion.
In the all-cash deal, Fortis will offer shareholders $65 a share; it will also take on $500 million in debt from CH Energy.Read more »