Business News as of Sep 03, 2010
H-P Outguns Dell in Takeover Duel
Fri, 03 Sep 2010 03:14:33 EDT
It wasn't the biggest bidding war the tech world has ever seen, but the battle between titans H-P and Dell for a humble maker of data-storage systems certainly qualified as one of the wildest ever.
Countrywide's Case of Full Disclosure
Thu, 02 Sep 2010 23:08:55 EDT
When does a company that has made financial disclosures fail to satisfy disclosure requirements?
Retailers Top Lukewarm Forecast
Thu, 02 Sep 2010 22:21:44 EDT
Retailers delivered a late-summer surprise, with sales for the key back-to-school shopping month coming in better than expected. Same-store sales at chains like Costco, Macy's and Nordstrom beat expectations.
Bernanke Defends Record On Lehman
Thu, 02 Sep 2010 23:13:16 EDT
Fed chief Ben Bernanke told a panel that he had no options to prevent Lehman Brothers' failure in September 2008 even though he knew its downfall would be "catastrophic."
TPG Sells Ping An Stake for $1.16 Billion
Fri, 03 Sep 2010 04:10:50 EDT
TPG sold its remaining stake in Ping An Insurance for $1.16 billion in the latest example of how the U.S. company is reaping profits from its investments in Asia.
BK's Strategy: Play Catch-Up
Thu, 02 Sep 2010 23:48:53 EDT
Burger King Holdings agreed to a $3.3 billion leveraged buyout by private-equity firm 3G Capital Management that proposes to reinvigorate the struggling hamburger chain by accelerating its international expansion.
A New Digital Battlefield
Fri, 03 Sep 2010 04:07:10 EDT
TV shows are emerging as a new front in the war over digital media between Amazon.com and Apple amid their ongoing battles over electronic books and online music.
Toshiba to Launch New Tablet Computer
Fri, 03 Sep 2010 04:11:14 EDT
Toshiba said that it will release by year-end a tablet computer that runs on Google's Android operating system as the company aims to compete with Apple's iPad.
Roche Sets Cost-Costing Plan
Fri, 03 Sep 2010 03:15:03 EDT
Roche said it has launched a cost-cutting and efficiency plan in the wake of increased price pressures and a series of drug-development setbacks.
Employers Raise Workers' Share of Health Costs
Thu, 02 Sep 2010 20:11:41 EDT
Employers passed health-insurance costs onto employees at a sharply higher rate this year, and businesses' premiums grew more slowly than they have in a decade, according to an annual survey.
EU Finance Ministers Face Tough Agenda
Fri, 03 Sep 2010 03:52:55 EDT
When EU finance ministers assemble next week, an unpleasant reality will be on the agenda: Yields on the bonds of Europe's wobbliest countries have spent their vacation rising.
Manager Rejected China Potash Offer
Thu, 02 Sep 2010 21:09:20 EDT
The investment chief of a big Canadian pension fund said he turned down a request to participate in a Chinese-backed consortium interested in launching a counterbid for Potash Corp.
Baidu Unveils App Store
Fri, 03 Sep 2010 01:47:21 EDT
Baidu unveiled a platform that lets users run applications through the company's website, beating Google to the punch. Users of the service can run applications similar to those found on Facebook or Apple's App Store.
Billboards That Can See You
Thu, 02 Sep 2010 22:32:55 EDT
Japan is pioneering the use of cameras and sensors to glean more information about who is looking at signs and electronic public displays, and is incorporating cellphone technology to make them more interactive.
Disney, Time Warner Reach Deal
Thu, 02 Sep 2010 23:17:02 EDT
Disney and Time Warner Cable reached an accord after marathon negotiations over a long-term deal that will provide Time Warner Cable subscribers with a wide swath of Disney's programming.
Venezuela to Pay France's Casino $600 Million for Cativen
Thu, 02 Sep 2010 22:10:10 EDT
President Hugo Chavez said Venezuela will pay Casino Guichard-Perrachon et Cie SA $600 million for a majority stake in the French food retailer's Cativen unit.
Europe's 4-Regulator Solution
Thu, 02 Sep 2010 18:31:40 EDT
The European Union reached a preliminary deal Thursday to set up four new European regulators to strengthen supervision of the region's financial-services industry.
Abbott Abandons Sale of Unit
Thu, 02 Sep 2010 21:02:20 EDT
Abbott pulled the plug on the sale of its European flu-vaccine business when initial bids came in below the company's expectations.
Boeing Has No Plans to Finance 787 Deliveries for 2011
Thu, 02 Sep 2010 18:31:46 EDT
Boeing Co. doesn't plan to finance any of the 787 aircraft due for delivery next year, while one of its largest customers said it needs more clarity on the final delivery schedule before it can approach lenders.
Avis Raises Dollar Thrifty Bid
Thu, 02 Sep 2010 21:08:24 EDT
Avis Budget Group increased the cash portion of its offer for Dollar Thrifty to $40.75 a share, as it battles Hertz for the potential buyout.
Petrobras Share Sale Nearer
Thu, 02 Sep 2010 21:30:39 EDT
A deal between Brazil's government and oil company Petrobras has removed some doubts that the company can pull off a share sale that could hit $60 billion.
FHFA Issues Rules on MBS Purchases
Thu, 02 Sep 2010 21:00:55 EDT
Fannie Mae and Freddie Mac's regulator issued rules that will bar the mortgage-finance giants from receiving credit to meet mandates to support housing goals by purchasing mortgage-backed securities.
AIG Loads Up for Unit's IPO
Thu, 02 Sep 2010 20:55:28 EDT
AIG's application to list its main pan-Asian life insurer contained a record 11 bookrunners, a further sign that the company is determined to raise as much money as possible.