BUSINESS July 25, 2013 | 12:21 PM
Networking equipment manufacturer Cisco Systems has purchased cybersecurity software maker Sourcefire Inc. for $2.7 billion to add next-generation security technology to its portfolio and boost its security business.
Recently, Cisco lost market share in the network security industry to smaller rivals, and now hopes the purchase of Sourcefire will help its reputation and make it a top player in security.Read more »
BUSINESS July 24, 2013 | 5:56 PM
AMR Corp., the parent company of US airline American Airlines, posted $220 million in profit for the second quarter of 2013 thanks to lower fuel prices and cost-cutting measures taken during its Chapter 11 bankruptcy restructuring.
AMR posted $241 million in losses for the same period in 2012, and these new figures mark the first profit in the second quarter for the company since 2007.Read more »
BUSINESS July 23, 2013 | 1:50 PM
Mobile phone maker Nokia reports second quarter 2013 handset sales dropped 24% to €5.7 billion, falling short of expectations and losing market share to global competitors Apple and Samsung.
Nokia managed to sell 7.4 million units of its best-selling Lumia smartphone in the second quarter, a 32% increase from the first quarter. However, analysts polled by Reuters had predicted that 8.1 million Lumia units would be sold.Read more »
BUSINESS July 22, 2013 | 5:37 PM
Soft drink maker Coca-Cola has reported profit is down 4% worldwide to $2.68 billion during the second quarter of 2013, with global sales volume up 1% but well below expectations of an anticipated 3.3% growth.
Coca-Cola also reported a drop in profit in the North American market, marking the fourth time in the last five quarters that the region has seen a decrease.Read more »
BUSINESS July 19, 2013 | 11:25 AM
China’s biggest search engine Baidu Inc. will pay nearly $2 billion to purchase the nation’s leading smartphone app store 91 Wireless from NetDragon Websoft Inc., a Hong Kong-listed company, in an effort to gain a larger piece of the mobile market.
The deal should help Baidu shift its present focus on desktop computing searches, where it holds 82% of the market share in China, to mobile devices – the clear wave of the nation’s future. It is Baidu’s biggest acquisition yet.Read more »
BUSINESS July 18, 2013 | 6:03 PM
AT&T Inc., the number two mobile carrier in the US, is purchasing prepaid mobile service provider Leap Wireless International Inc. for $1.19 billion to expand into the lucrative prepaid market.
The deal is worth nearly double Leap’s worth, and Leap can no longer solicit other bids.Read more »
BUSINESS July 17, 2013 | 5:37 PM
Some 76 million PC units were shipped globally in the second quarter of 2013, marking a decrease of nearly 11% over the same period in 2012, as reported by research firm Gartner. The PC market has now experienced five successive quarters of decreasing shipments, its longest period of decline to date.
Separate research by firm IDC also indicated an 11.4% decrease in PC shipments worldwide from second quarter 2012.Read more »
BUSINESS July 16, 2013 | 11:43 AM
The largest grocery-store chain in the US, Kroger Co., has agreed to buy Harris Teeter Supermarkets for just under $2.5 billion.
The merger with Harris Tweeter will allow Kroger to expand its reach in mid-Atlantic and southeastern states.Read more »
BUSINESS July 15, 2013 | 5:11 PM
Walgreen Co., the largest US drugstore chain, is teaming up with health-insurance provider Blue Cross Blue Shield Association to educate Americans on the Affordable Care Act (ACA), a federal law designed to provide health insurance to millions of uninsured.
The companies have established an educational website called LearnAboutReform.com that is designed to encourage the uninsured to use government exchanges to shop for subsidized health plans. The website will also educate users on the benefits available through the ACA as well as penalties for not signing up for coverage.Read more »
BUSINESS July 11, 2013 | 5:15 PM
US media group Tribune Co. has plans to split into two companies – one for newspapers and one for television and internet – as revenue in the newspaper industry continues to decline.
The new company, called Tribune Publishing Co., would include the Chicago Tribune, the Los Angeles Times and six other daily papers. The Tribune Co. name would be maintained by the company’s other assets such as real estate holdings, stakes in internet sites and TV stations.Read more »
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