Top Headlines - part 75
FINANCE April 5, 2012 | 2:43 PM
- Avon says offer not in best interest of company
- 80% of Avon’s revenue comes from overseas
- Purchase would allow Coty to meet its revenue goal of $7 billion
Avon Products Inc. has rejected a $10 billion bid by Coty Inc. to purchase the struggling beauty-products seller. This was the second bid by Coty, which made a first bid in March that was also rejected.
Avon says the bid is too low, and that there is no difference between it and the previous one. Coty is willing to increase its bid if Avon can prove it is worth more, but Avon says the bid is nonbinding and does not constitute a real offer.Read more »
FINANCE April 4, 2012 | 11:42 AM
- TVP to take 70% stake in TP Vision; Philips gets 30%
- 3,000 Philips TV employees to be retained in new venture
- Philips television division racked up losses of €1 billion in last 5 years
Dutch electronics company Philips has finalized terms for a joint venture with Hong Kong-based TVP Technology for the transfer of its struggling television arm.
Computer and LCD screen manufacturer TVP will have a 70% stake in the new TP Vision business, which will be based in Amsterdam. Philips will hold the remaining 30%.Read more »
BUSINESS April 3, 2012 | 9:58 AM
- Tokyo Electric Power Co. needs funds to run company, pay compensation
- Company on verge of insolvency
- Bailout could lead to reform of utility industry
Tokyo Electric Power Co., the power company behind the Fukushima Daiichi nuclear station disaster, will seek $22.2 billion from the Japanese government. Of that amount, $12 billion will be used to keep the company afloat, and $10.2 billion will be used to pay compensation claims.
Last March, the Fukushima plant suffered a meltdown caused by an earthquake and tsunami. Over 100,000 people were displaced after radiation was released into the air. Fishing and farm industries were also affected.Read more »
BUSINESS April 2, 2012 | 2:44 PM
- Android to take 31.1% market share by 2016
- Windows market share to drop to 25.1%
- iOS share to rise to 17.3%
Android will overtake Windows as the world’s most popular smart connected device platform by 2016, according to a report from the International Data Corporation.
The Windows x86 operating system is currently the leader in the smart connected device market, with 35.9% share. However, IDC predicts a sharp drop in the popularity of Microsoft’s platform over the next five years, forecasting its share to slump to 25.1% by 2016.Read more »
BUSINESS March 29, 2012 | 11:10 AM
- Canadians purchased 2.08 million BlackBerrys in 2011 compared to 2.82 million iPhones
- Research in Motion fails to aggressively market its smartphones
- Blackberry still popular in emerging markets
Research In Motion Ltd., manufacturer of the BlackBerry mobile device, is losing sales and revenue in its native Canada to Apple Inc’s star iPhone. In 2011, for the first time since the debut of the BlackBerry, the company failed to reach the top spot for smartphone sales.
According to research compiled by IDC and Bloomberg, 2.08 million BlackBerrys were sold last year compared to 2.82 million iPhones.Read more »
BUSINESS March 27, 2012 | 12:45 PM
- Construction set to begin at new Sanand plant in Gujarat
- New manufacturing facility to produce 240,000 cars, 270,000 engines
- Ford to release eight new vehicles in India by 2015
Ford has set in motion its new $1 billion manufacturing plant in Gujarat, India, despite the country’s uncertain economic forecast.
At a ceremony at the Sanand plant in western India, Ford India laid the cornerstone at the shop, which will grow into a state-of-the-art facility. Around 240,000 new cars and 270,000 engines will be manufactured per year for both domestic and export markets.Read more »
BUSINESS March 26, 2012 | 12:26 PM
- Starbucks announces new Refreshers line of energy drinks
- Refreshers drinks contain unroasted coffee extract, with less caffeine then traditional energy drinks
- Starbucks to create 150 new US jobs
Starbucks plans to break into the rapidly expanding energy drinks market with its new fruit juice and coffee extract beverage, called Starbucks Refreshers.
The plans were outlined at the coffee giant’s annual shareholder gathering in Seattle, with chief executive Howard Schultz announcing the creation of additional manufacturing jobs in the United States.Read more »
ECONOMY March 26, 2012 | 11:10 AM
- Europe's PMI falls to 48.7, further contraction will indicate recession
- Output drops in manufacturing and service industries
- ECB urges governments to make fiscal changes
Production in Europe's manufacturing and service industries fell in March, suggesting that the eurozone may be sliding back into a recession.
According to private firm Markit Economics, the purchasing managers index, or PMI, for both industries combined fell to a three-year low of 48.7 from 49.3 in February.Read more »
BUSINESS March 23, 2012 | 11:08 AM
- Source reports HP will combine divisions to save money
- New focus will be on investing savings and reinventing
- HP suffering from decline in revenue, sales
Top computer maker Hewlett-Packard Co. will combine its personal computer and printing divisions in an effort to save money and make it easier for customers to buy products, according to Reuters.
These units were previously combined but were separated in 2005. For the fiscal year 2011, both divisions had a total of $65.35 billion in revenue.Read more »
BUSINESS March 23, 2012 | 10:16 AM
- Airplanes packed, fares constantly going up
- Fuel prices contribute to more than one-third of total operating airline budgets
- US Airline growth should double in next two decades but prices to go up
The number of US airline passengers should double in the next two decades, says a government forecast.
However, airplanes are packed and fares are going up, with carriers cutting less-profitable routes.Read more »