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Foxconn Planning Investment of $5 Billion into Maharashtra Plant
Foxconn, based in Taiwan, is the largest contract electronics maker in the world and a key supplier for Apple Inc. On Saturday, the company signed a new pact with Maharashtra for an investment of $5 billion over a period of five years... More of this article »
Super Bowl Ads Reach New Record High of $5 Million
The controversial almost hilarious Deflatgate has not let any air out of the sales of the Super Bowl advertising prices, which have reached yet another record high. Advertising for the Super Bowl was already more lucrative than ever... More of this article »
Shire Attempts Hostile Takeover of Baxalta for $30 Billion
Shire launched a $30 billion hostile takeover of all stock for Baxalta, a drug maker based in the U.S. that was spun off recently from Baxter, after its first proposal to the board at the company was rebuffed. Shire, based in Dublin... More of this article »
USPS Increasing its On-Demand Delivery Services
When one thinks about deliveries from e-commerce purchases, the focus always seems to turn to FedEx or UPS. However, the United States Postal Service is now delivering close to 40% of the nationwide orders at Amazon, which is more... More of this article »
Exxon Mobil Profit Lowest in Six Years on Oil Price Drop
Exxon Mobil Corp posted the worst quarterly performance by the company in six years as the worldwide glut in oil collapsed the prices quicker than explorers were able to cut costs. Net income was down to over $4.19 billion equal to... More of this article »
Twitter Falls on Worries Over User Growth
Twitter Inc shares were down steeply on Wednesday as much as 13.3% during the first few minutes of trading due to investors digesting the micro-blogging company’s earnings for the second quarter and its weak growth in users. That... More of this article »
CurrentC a Rival to Apple Pay Rolling Out in August
Electronic payment system CurrentC backed by a number of the largest U.S. retailers, will start a limited rollout to the public in August, and says a national business news agency. The technology which is smartphone based is intended... More of this article »
Charges for Restructuring Eliminate Nearly All Profit at Xerox
Xerox Corp hardly managed to end the second quarter with any profit after the copier and printer maker took a huge charge related to a revamping of its business, which provides care-management and administrative services to government... More of this article »
All-Day Breakfast to Appear on Menu at McDonald’s
After completing successful tests in selected restaurants in San Diego, McDonald’s will be soon serving its McMuffins, Hash Browns and other breakfast menu items all day. The behemoth of fast food companies is said to be going forward... More of this article »
A&P the Grocery Store Chain Files For Bankruptcy
Great Atlantic & Pacific Tea Co the chain of supermarkets known more popularly as A&P has filed for Chapter 11 bankruptcy for a second time in the past five years. It said it was currently holding discussions with buyers for... More of this article »
Google Comments Lift Etsy
On Thursday, during an earnings call, Omid Kordestani the Chief Business Officer for Google said just a single flattering thing about e-commerce company Etsy, which caused its stock to soar by over 38% in trading on Friday. While that... More of this article »
Revenue at Domino’s Misses Analysts Estimates
Domino’s Pizza Inc posted revenue for the quarter that missed estimates by analysts for just the first time in the past two years due to the strong dollar and added that CFO Michael Lawton would retire on August 31. Shares of the... More of this article »
JPMorgan Beats Estimates on Profit as Expenses Fall
Kicking off the earnings season for banks in the U.S. for the second quarter, JPMorgan Chase & Co reported an increase in profit that was better than had been expected on Tuesday, boosted by a drop in its restructuring and legal... More of this article »
Puerto Rico Cost of Living Soars as Debt Crisis Continues
In a recession for 9 years, the Caribbean island is battling as items in supermarkets that are 21% higher than the average in the U.S. even as more than 41% of the population lives amidst poverty. Puerto Rico is going through a severe... More of this article »
PC Shipments Drop Almost 12%, Apple Surges
PCs are being purchased by fewer and fewer people, unless they have the Apple logo on them, shows the lasted data from the industry. Global shipments of PCs plunged to 66.1 million units, which was worse than had been expected during... More of this article »
United Airlines Flights Resume after Being Grounded Two Hours
United Airlines has resumed flights after a glitch in its computers halted all of its departures in the U.S. for close to two hours. The glitch disrupted travel for thousand of United passengers in its second similar setback in less... More of this article »
Amazon Ready to Launch Prime Day
Amazon.com Inc is planning to leave behind Black Friday in its wake. On Monday, the company announced that Black Friday would have to step aside because Prime Day was here. The e-commerce behemoth revealed that July 15 would be the... More of this article »
JetBlue Flying to Cuba with Regularly Scheduled Flights
The United States has resumed diplomatic relations once again with Cuba for just the first time in over 50 years. That has caused airlines to seize a huge opportunity to carry Americans to the Caribbean island nation that for the majority... More of this article »
CEOs at Whole Foods Apologize For Overcharging
Executives of Whole Foods are admitting that the chain has overcharged New York City customers, but promised that if it were to happen against they will give the food away for free to customers. Walter Robb and John Mackey, Whole Foods... More of this article »
Greece Says It Will Not Make Loan Payment to IMF
Yanis Varoufakis the Finance Minister of Greece announced on Tuesday that Greece would not be making its debt payment owed the International Monetary Fund by a deadline of midnight on Tuesday. This sets the stage for a very tense showdown... More of this article »
Aetna Closing in on Acquisition of Humana
Aetna Inc the health insurer based in the U.S. is near to acquiring its rival Humana Inc. A deal might be signed as soon as this weekend, reported a national news agency, citing people close to the situation. Humana also received another... More of this article »
Consumer Sentiment Up to High of Five Months
Consumers adopted a brighter attitude toward the U.S. economy during June, according to a survey released on Friday that followed an upward trend during this week of economic reports. The consumer sentiment index was up 6% during June... More of this article »
Ahold Acquisition of Delhaize Creates Huge Grocery Chain in U.S.
Ahold the supermarket operator based in the Netherlands and Delhaize Group based in Belgium announced on Wednesday they had reached an agreement to an all-share merger, which would create one of the largest chains of supermarkets in... More of this article »
Noodles & Co Executive Dropping Soup for Hot Dogs
Noodles & Co the fast casual restaurant operator is losing a top executive to one of its competitors. The executive is reportedly to run Portillo’s Restaurant Group a seller of hot dogs that is backed by private equity money. Noodles... More of this article »
Mylan Following Tax Inversion Does Not Want to be Foreigner
Mylan NV moved its corporate domicile overseas earlier this year in order to lower the amount of U.S. taxes it pays, but it is now asking the government in the U.S. for help in fighting off a hostile takeover. Thus far, there has been... More of this article »
Rite Aid Cuts Profit Outlook
On Thursday, Rite Aid Corp lowered its profit outlook for the full year after reporting earnings for its first quarter that were worse than had been expected, hurt by taxes related to an acquisition that is pending and interest costs. The... More of this article »
Profits at Airlines Soar as Prices of Fuel Drop
At a top airline, executives’ meeting this past week in Miami the word every executive had on his or her lips was discipline, which translates to few seats, high ticket prices, and larger profits. Despite plunging fuel costs, the... More of this article »
Twitter CEO Stepping Down July 1
Twitter Inc has announced that CEO Dick Costolo will step down from his position July 1. Investors received the announcement with optimism as shares were up in both premarket trading and midday trading for the 140-character micro-blogging... More of this article »
Supplier of Eggs for Costco Accused of Animal Abuse
The Human Society is alleging inhumane practices at the Hillandale Farms located in Gettysburg, Pennsylvania. The group said that an activist who was undercover was hired as an employee at the farm and recorded video in April and May... More of this article »
McDonald’s Comparable Sales in May Drop Less Than Expected
McDonald’s Corp posted a drop in its worldwide sales at comparable stores that were less than had been expected during May, as European sales were able to offset a drop in the U.S. Shares at the biggest burger chain in the world... More of this article »
Greg Penner Takes Over as Walmart Chairman of the Board
At Walmart, an era ended this week, when founder Sam Walton’s son Rob Walton stepped down from his position as board chairman of the retailer turning that position over to son in law Greg Penner. The change was announced during the... More of this article »
Jobless Claims in U.S. Dropped Last Week
Fewer people last week filed for unemployment benefits, which signaled the job market in the U.S. remains strong, ever after a plunge in growth at the beginning of the year. Claims for jobless benefits dropped by 8.000 down to 276,000... More of this article »
Euro Strengthens on Greek Deal Optimism
The euro has strengthened on Tuesday versus the U.S. dollar, which was headed on Tuesday to post its largest loss of one day against one currency since the middle of March, on the expectation that Greece was close to reaching a deal... More of this article »
Bank of America Paying $30 Million Fine for Debt Collection Methods
Bank of America is to be fined $30 million for the violation of the consumer’s protection with regard to collecting debt from military personnel. Treasury Department division, the Office of the Comptroller of the Currency made the... More of this article »
Eli Lilly and AstraZeneca Testing New Combination of Cancer Drug
Eli Lilly and AstraZeneca are combining two cancer drugs in a clinical trial against tumors that are solid in the latest sign such cocktails might be what lies ahead in fighting the deadly disease. The experimental AstraZeneca antiPD-L1... More of this article »
Cyber Attack Exposes Tax Returns at IRS
Criminals used data that was stolen to get access to prior tax returns for over 100,000 people through an application on the website of the Internal Revenue Service, said the agency on Tuesday. Using social security numbers, birth... More of this article »
Charter Communications Closing in on Time Warner Cable Deal
Charter Communications is closing in on a deal to acquire Time Warner Cable for $55 billion that would boost the cable operator up to the rank of one of the largest pay television and broadband companies in the U.S., creating a potent... More of this article »
Richest Man in China Loses $15 Billion in An Hour
Li Hejun the richest man in China had a bad week this past week. The chairman of Hanergy the solar panel company lost over $15 billion Wednesday when company shares dropped by 47% in trading on the Hong Kong exchange in just over an... More of this article »