Home » Archive for August, 2013

Google Loses head of Android to Chinese Firm

A senior Android executive at Google is leaving the company to join a smartphone maker based in China that is up and coming in the industry. Hugo Barra, the vice president of product management of Android announced that this week he would join Xiaomi, a maker of Android smartphones, as vice president of a global team to expand the company’s product portfolio and reach around the globe. The company first developed its Android unit under the guidance of Bin Lin a former engineering director at Google. The company makes other mobile devices that... 
 

Starbucks Grows other Business Aside from Coffee

Starbucks announced that it will begin selling its Evolution Fresh juice and Evolution Harvest line of snacks in Whole Food stores across the United States. The coffee chain giant plans to have the Evolution Fresh product line in 8,000 Starbucks and grocery stores in the US. This was according to the press release from the company. According to Starbucks, the Evolution Fresh juices are cold-pressed and organic wherever it is possible. There will be 14 flavors available at Whole Foods stores, including Organic Sweet Burn and Organic Ruby Roots. The... 
 

Crisis in Syria Causing Oil and Gas to Increase

The usual drop in September that is expected for gas prices, might not take place this year. In the U.S. the national average for a gallon of gasoline is $3.55, which is down from last month’s average of $3.63. By the early part of the fall, many analysts expected the average to fall as low as $3.40 per gallon, as the seasonal demand begins to fall after the high driving season of summer. However, now some forecasters are predicting that a spike over the short-term of as much as 10 cents per gallon could take place. Oil prices as well as gas futures... 
 

Stocks in U.S. Up After Durable Goods Fall

Stocks in the U.S. increased as investors speculated on whether the report indicating a fall in orders for durable goods for July would stop cuts in the Federal Reserve stimulus program. The S&P 500 was up 0.3%, while the Dow added 23.54 points early. Stocks rebounded in last week’s sessions after two straight weeks of losses following a report of a drop in home sales that eased worries that the country’s central bank would taper its stimulus program in September. Officials have tried to weigh whether or not the economy has enough strength... 
 

Loss Widens for Sears as Sales Fall

Sears has announced that its loss widened during the second quarter as the number of overall stores operating declined and the company dealt with the remaining effects from its spinoff of the Outlet and Hometown brand. A number of retailers that included Macy’s Inc and Walmart Stores Inc reported results for the quarter that were disappointing, during August. They have also issued outlooks that were bleaker as consumers are worried about the uncertain economy. Adding to the problem was the increase of 2% in Social Security payroll tax that Americans... 
 

Rebound of U.S. Housing, beneficial to Home Depot

The housing market’s recovery in the U.S. has helped home improvement retailer Home Depot beat the projections of analysts for quarterly revenue and profit. The results prompted the largest home improvement chain in the world to increase its fiscal year outlook. Home Depot shares jumped 3.3% in premarket trading on Tuesday to $77.70. The financial results come only weeks after government data showed that home prices in the U.S. had increased in May. This gives additional evidence that the housing market is healing after a number of years of weakness. The... 
 

Growth Returns to Euro Zone

The gross domestic product in Germany, the broadest measure that is produced of goods and services across the region was up 0.7%  during this year’s second quarter. That means the economy in the euro zone had emerged from its recession stronger than was expected in the past three months ending June 30. However, the answer to its current fiscal and banking crises remains a long-term project. The official agency for statistics for the European Union, announced on Wednesday that the combined GDP of the 17 members of the common currency was 0.3%... 
 

BlackBerry Tries to Sell Itself to Save Company

BlackBerry has created a special committee that was tasked to find some strategic alternatives to save the phone maker. It has indicated that selling itself will be one of the possibilities it is willing to explore. The committee will review the possibility of joint ventures and partnerships as well. No matter what the choice of the committee will be, BlackBerry’s priority is to quicken the development of its new software, known as BlackBerry 10. According to the company, its management and the Board have focused on the launch of BlackBerry 10... 
 

Growth in Japan weighing on World Markets

Economic growth, which was weaker than had been expected in Japan, weighed on the market to start the week, on what for many will be a light day for the economical calendar worldwide. The biggest economic indicator for the day was the 2.6% second-quarter annualized rate of growth that was recorded for Japan, the third biggest economy in the world. The number was far below the 3.8% that the country recorded during the first three months of the year, and the 3.6% that analysts predicted. This in turn helped to dent worldwide sentiment Monday morning. Investors... 
 

US Celebrates National Farmers Market Week

The United States is celebrating the National Farmers Market Week that puts the spotlight on farmers markets across the nation. One of which is Camp Hill’s Farmers on Walnut that operates every Thursday at the parking lot of the Camp Hill borough building. Farmers on Walnut had a rocky start. It began as a one-time event but was so successful that the organizers decided to continue the market at the Cleve J. Fredricksen library parking lot. But residents opposed the plan as they were concerned about traffic, parking and trash issues. The borough... 
 

FlightCar Offers New Service for Car Owners and Renters

FlightCar has something for car owners who use their cars for only a couple of days a month. The company rents out travelers’ cars while they are not in town. But on Monday, FlightCar announced a new service that pays car owners $150 to $400 for allowing the company access to cars for 26 days per month. The owners are paid even if their cars are not rented out. FlightCar is looking for people living in the city who have to pay for parking in their residential area. The company said that it is a type of free parking program that comes with guaranteed... 
 

Ackman Wants J.C. Penney Chairman Ousted

Bill Ackman has won support from Perry Capital LLC the hedge fund in his attempts to oust Tom Engihous the J.C. Penney Chairman and Mike Ullman, the CEO. Perry reported a stake of 7.3% in the U.S. retailer and echoed the comments of Ackman that the board of directors should seek a quick overhaul of management. The board is not functioning effectively with major personnel decisions being made without hearing the advice of all its directors, while important financial information had been withheld. Ackman, whose company Pershing Square Capital, is... 
 

Groupon Earnings Match Forecasts

Groupon, the online coupon service reported new quarterly earnings that matched expectations and at the same time named its new permanent CEO. Groupon, which gives consumers the opportunity to prepay for goods and services that are discounted, reported its earnings of 2 cents per share. That equaled estimates. Including every charge, the company took a net loss of one penny per share, which also matched Wall Street expectations. At the same time, the company announced that Eric Lefkofsky was its new CEO and Ted Leonsis who was its co Interim CEO... 
 

Bezos to Purchase Washington Post for $250 Million

Jeff Bezos, founder and chief executive officer of Amazon.com, agreed to buy The Washington Post, which is one of the best and well-known legacy media publications in the United States. The digital billionaire will pay $250 million in cash for the newspaper. Bezos is handling the deal individually. He said that The Washington Post will not be part of Amazon.com. The sale came during a digital revolution when people are changing how they get their news. The newspaper business has been trying to cope with the transition. In a letter to staffers of... 
 

Chevron Agrees to Pay Fine, Give Natural Gas Buses and Clean Up Emissions

Chevron agreed to settle with the US Environmental Protection Agency for pollution violation at its Salt Lake City refinery. Under the deal, the company will pay $284,000 in fines and purchase four new compressed natural gas school buses for the Jordan School District. The deal is worth a total of $384,000. Mike Gaydosh, director of EPA’s enforcement program in Denver, said it is vital that companies conduct their business responsibly and get the proper permits before implementing changes to their infrastructure that increases emissions of air... 
 
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