Archive for June, 2015
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 with international creditors ahead of a national referendum regarding its membership of the common currency […]
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 offer from the Cigna Corporation but the board at Humana preferred the offer […]
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 from last month reaching 96.1, said officials at the University of Michigan. These results have not put […]
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 the U.S. This deal would combine Belgium’s Delhaize, which is the owner of Hannaford and Food Lion supermarket […]
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 & Co, which operates more than 450 restaurants that sell noodle- and pasta-based dishes, said […]
10,000 Dogs to be Slaughtered and Eaten for Chinese Festival
The Yulin Dog Festival, an annual festival held in the Chinese province of Guangxi, has been the target of moral outrage for years. On June 21st, over 10,000 dogs will be killed, cooked and eaten for the festival, which is held on solstice. Much of the outrage stems from the fact that the festival is […]
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 no answer from the government. The maker of generic drugs relocated […]
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 drugstore operator cut its forecast for profit to between 14 cents and 22 cents […]
Prime Minister of Greece Rips into Country’s Lenders
Alexis Tsipras the Prime Minister of Greece has lashed out at his country’s creditors Tuesday accusing them of attempting to humiliate the Greeks as he has defied a number of warnings that Europe is preparing for Greece to leave the common currency euro. His address to Greek lawmakers following the collapse of bailout talks with […]
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 single biggest airline cost, little of the savings is getting passed on to passengers, but instead, […]
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 social media site. However, analysts said the company had a future that is uncertain unless it is able […]
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 of chickens being force to live in conditions that were not sanitary. The manager of the […]
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 by revenue were up 0.5% during early morning trading on Monday. The May […]
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 annual meeting of the company. Though the move’s timing was a bit unexpected, Penner, […]
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 for the week ending May 30 from the revised 284,000 during the prior period., said […]
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 with creditors. The creditors are near finishing a new draft agreement that would […]
