Home » Archive for September, 2013

Apple Passes Coca-Cola as Most Valued Brand

Cupertino, California based Apple has taken over first place from Coca-Cola as the No. 1 brand in the world. The company, originally founded by the late Steve Jobs, is now the leader in performance and design, according to a recent study of the world’s top 100 commercial brands. The brand value for Apple jumped 28% to over $98.2 billion, while Google took over second place with a value of $93.3 billion. Coca-Cola, which held the top place for 13 consecutive years, fell to third with $79.2 billion. The study, held annually, is closely watched and... 
 

Silver Market Probe Ended in U.S.

Last week regulators in the United States closed an investigation of five years into the alleged manipulation of prices in the silver market. Regulators said the 7,000 hours its staff had worked on the investigation did not produce any evidence of any wrongdoing. The final decision to end the probe by the Commodity Futures Trading Commission resulted in a defeat for silver investors and commentators who had urged the commission for the probe, saying that big banks had used options and futures to hold down the price of the metal. Big Traders however... 
 

Exxon Offering Health Care to Same-Sex Married Couples

After drawing a great deal of criticism for its policies in relation to its lesbian and gay workers, Exxon Mobil Corporation, announced on Friday that it is extending its health insurance along with other benefits for employees to its same-sex married couples, with an effective date of October 1. This move is a big about face from the company’s prior policies, which had defied human rights groups, shareholders and pension funds pressure asking it to protect lesbian and gay employees from being discriminated against in the U.S. However, the latest... 
 

Blackberry Announces Huge Loss for Second Quarter

The earnings results, which followed the preliminary ones of a week ago, showed that the struggling smartphone maker lost $965 million on $1.6 billion in revenue for the quarter ending August 31. The company also said it was going through its cash at a very high rate of speed, as it attempts to close the tentative deal taking it private. Last year during the same quarter, revenue for the company was $2.9 billion and the loss was $229 million or approximately 44 cents per share. The loss turned out being on the low side of the estimated 47 to 51... 
 

Alibaba Wants Listing in U.S.

The most valuable Chinese e-commerce company, Alibaba Group Holding, will hold a highly anticipated U.S. initial public offering after it failed to agree with the stock exchange in Hong Kong over having a listing there, according to insiders familiar with the company. The deal is estimated to value the business at more than $70 billion based on estimates by analysts and would make it the biggest in the tech sector since last year’s Facebook IPO. It would also test the global investor’s appetite for China’s consumer market that is quickly growing. The... 
 

Fiat Threatening Pullback with Chrysler with IPO

Majority owner Fiat SpA has threatened to pull back from any commitments in the future to Chrysler Group its American carmaker if a new healthcare trust is successful in selling its share in an IPO. Chrysler in a prepared statement said Fiat had informed them they were reconsidering the costs and benefits of additional expanding of its relationship with them. This, said the statement, could include its decision on capital allocation and preservation, investments and the locations of facilities for production. Sergio Marchionne, who operates both... 
 

Apple iPhone 5S Launch Sells Millions

Over the past weekend, Apple, Inc. sold nine million of its newest iPhones setting a new sales record for their first three days in retail outlets in the U.S. The initial supplies of the high-end model have sold out. Apple also announced that over 200 million devices that were running on the iOS, are now operating on its new system the iOS7, the fastest software upgrade ever. The new iOS7 is the first design overhaul of Apple’s mobile operating system that was first offered in 2007, that gave rise to the very popular apps industry. Apple’s stock... 
 

Goodyear Paying Dividend in 2013

After dealing with plant closures, record low prices of stock, cuts in jobs, business unit sales and work stoppages, Goodyear Tire & Rubber announced it would restore its stock dividend. The tire maker announced it would pay a dividend of 5 cents per common stock share effective December 1. The last dividend that Goodyear paid out was in December of 2002. Along with the new dividend, Goodyear also announced a repurchase of up to $100 million of outstanding common stock. The buyback program would offset new issuing of shares under its equity... 
 

FedEx Reports Profit for Quarter Increased

FedEx, the courier company, said its profit for the quarter had increased by 7%. That came despite a fall off in revenue in the FedEx Express unit. The company also announced a rate increase would take place starting in January. FedEx Express, said company officials, would increase the rates in the U.S. by nearly 3.9% starting January 6. Later this year, FedEx would also announce the ground shipment prices for 2014. After the earnings report was released, shares of FedEx were trading 3% higher during premarket trading. On Wednesday, FedEx Corp announced... 
 

Manufacturing Sector Gets Momentum

Factory output in the United States increased in August as the rate of motor vehicles assemblies reached a six year high. These were seen as a good sign for the economy after a slow start of the third quarter. But not everything is good news. Last Monday, another report was released that showed a small decline in factory activity in New York state this month. But despite that, businesses were upbeat about their outlook. Readings of new orders and shipments in New York increased, which indicated an upward trend in manufacturing after slowing down... 
 

Auto Sales in Europe Fall to New Low

In Europe, car sales continue to fall despite a modest amount of economic growth returning to the region. Over the first eight months of this year in the European Union, sales of passenger cars were down 5.2% to 7.83 million in comparison to the same time frame in 2012, said the Auto Manufacturer’s Association in Europe on Tuesday. The figure was the lowest for January through August since records were kept track by the association starting in 1990. In August, registrations of new cars dropped by 5% from the same month a year ago and ended the... 
 

Private Car Dealers Get Huge Profits from Increased Sales

Privately held auto dealers have driven their sales higher for the third straight year. The pace of the increases has slowed down compared to last year. This was according to the data from Sageworks, a financial information firm. Sales at privately held auto dealers in the 12 months that ended August 31 were 8.2 percent higher compared to the same period last year. In the year that ended August 2012, it increased 12.8 percent. In the year before, the growth was 14.1 percent. The increases are vital because companies that are privately held dominated... 
 

HTC Cutting Jobs in U.S.

HTC announced today it would be eliminating over 20% of its workforce in the U.S. the smartphone manufacturer based in Taiwan announced it would reduce its workforce in the U.S. as it attempts to optimize and streamline its operations. The job cuts would affect close to 30 employees that represents 20% of the 150 strong HTC workforce in the U.S. The reduction in workforce today is a dramatic action taken by the arm of HTC in the U.S. the company said in a prepared statement. Optimizing and organizing the efficiencies were needed following several... 
 

U.S. Inventories Increase in July

U.S. companies increased inventories during July more than had been forecasted, trailing a sales gain that signals an uptick in factory orders. Inventory stockpiles increased by 0.4%, the biggest increase in the past six months, after it climbed 0.1% (revised) in June, said a report released on Friday by the Commerce Department. The average estimate by economists projected an increase of 0.2% for July. In July, sales were up 0.6%. Merchants had sufficient enough goods to last approximately 1.28 months at the current pace of sales, the least amount... 
 

Retail Sales Miss Estimates in the U.S.

A senior economist in the U.S. says consumers have lost enthusiasm, saying retail sales are maintaining their growth, though not like before. With limited opportunities in employment, higher taxes on payrolls and restrained growth in income, consumers’ desire to go out and shop is being tested. The new data from a leading group studying retail sales followed an August report that showed smaller than anticipated increases. That helped to send Treasuries higher on thoughts the Federal Reserve policy makers next week will not pull back as much as... 
 
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