Business

Samsung To Use Blockchain Technology In Its Logistics Operations

Samsung, the world’s largest maker of semiconductors and smartphones, has indicated that it may turn to blockchain technology to manage the company’s huge global supply network. The South Korean electronics giant is considering the use of a distributed ledger system in keeping track of worldwide shipments that are worth billions yearly. This was disclosed by […]

Nine West Seeks Chapter 11 Bankruptcy Protection

Nine West Holdings, owned by private-equity firm Sycamore Capital, is the latest retailer to file for bankruptcy. The company currently has more than $1 billion in debt owed to as many as 50,000 creditors, according to court documents filed in U.S. Bankruptcy Court in New York. Nine West Holdings CEO Ralph Schipani called the bankruptcy […]

Claire’s Latest Retailer To File For Bankruptcy

Claire’s jewelry chain is looking for help in bankruptcy court. The company has filed for Chapter 11 bankruptcy protection in Wilmington, Delaware. Claire’s chief executive Ron Marshall said in a statement, “We will complete this process as a healthier, more profitable company, which will position us to be an even stronger business partner for our […]

Toys R Us Announces More Store Closures

Toys R Us Inc. has announced plans to close more stores and lay off a significant portion of its corporate staff. The company recently announced plans to close about 180 stores, which would affect approximately 4,500 workers. The number represents about 20 percent of its U.S. store fleet. People familiar with the matter say that […]

Fujifilm To Take Control Of Xerox

Japan’s Fujifilm Holdings Corp. is taking control of Xerox Corp. (NYSE: XRX) in a deal that creates an $18 billion company. The deal has been unanimously approved by the boards of both companies, but still needs shareholder approval. Fujifilm executives said they were confident all shareholders will approve the deal. Xerox will be subsumed into […]

Italy’s Ferrero To Buy Nestle U.S. Candy Business

Italy’s Ferrero has agreed to buy the U.S. confectionery business of Swiss food group Nestle for $2.8 billion in an all-cash deal. The business has about $900 million in sales and represents roughly 3 percent of U.S. Nestle Group’s sales. The deal is expected to be completed near the end of the first quarter, Nestle […]

Macy’s Reports Strong Holiday Season

Macy’s Inc. (NYSE: M) said it had a “strong” holiday season and reported better-than-expected results for the period. Macy’s comparable sales rose 1 percent during the months of November and December compared with the same period last year. Top-selling items for the period included coats, sweaters, boots, and fragrances. Macy’s full-year sales are still expected […]

UPS Places Order For 125 Tesla Semi-trucks

United Parcel Service Inc. (NYSE: UPS) has announced it has placed an order for 125 Tesla all-electric semi-trucks. UPS chief information and engineering officer Juan Perez called the trucks “groundbreaking.” The UPS order is the largest known order for the big rig so far, with an order valuation of about $25 million. Scott Phillippi, UPS […]

Ford Announces Plan To Build Electric Cars in Mexico

Ford Motor Company (NYSE:F) has stated its plans to assemble new battery-powered cars in Mexico. Sherif Marakby, Ford’s vice president for autonomous vehicles and electrification, said that producing the electric cars in Mexico will allow Ford to improve the “fitness” of that business and take advantage of lower labor costs. In 2020, the company will […]

Volvo’s New Subscription Service Includes Insurance

Volvo is launching a new Care By Volvo program that is basically a subscription service for SUVs. The Swedish automaker announced details of the program at Wednesday’s Los Angeles Auto Show. Care By Volvo will be rolling out nationally. Pricing for Care By Volvo’s subscription plan starts at $600 a month (exclusive of tax and […]

Black Friday Strikes Hit Amazon In Germany, Italy

Some of Amazon’s (NASDAQ:AMZN) workers in Europe chose one of the biggest shopping days of the year to protest the company’s practices. Black Friday is a US tradition that has been embraced by Europeans in recent years. Retailers like Amazon offer large discounts on clothing, electronics and toys during the shopping holiday. Amazon employees were […]

Wal-Mart Adding Lord & Taylor Products To Lineup

Wal-Mart Stores Inc. (NYSE:WMT) has announced plans to add products from Lord & Taylor to its website. The companies are currently working through terms of a partnership that would make Lord & Taylor the “exclusive premium department-store partner” of Wal-Mart. Rumors of a proposed deal emerged last October. Lord & Taylor products will be available […]

Uber Expanding Its Flying Taxi Plans

Jeff Holden, head of projects for Uber, has announced that the company intends to add to its growing list of pilot cities for flying taxis. By 2020, the company hopes to launch the service in Dubai, Dallas-Fort Worth, and now Los Angeles. The updated plans were revealed during a speech at the Web Summit, held […]

Sears Ends Partnership With Whirlpool

Sears Holdings Corp. (NASDAQ:SHLD) has announced that it will no longer be selling Whirlpool appliances. Sears told employees in a memo sent to stores last week. Sears is also pulling Whirlpool-made KitchenAid, Maytag and Jenn-Air products from its floor. The end of the Sears-Whirlpool partnership is effective immediately. The move comes after a pricing dispute […]

Hundreds Of Tesla Workers Let Go

Palo Alto, Calif.-based Tesla (NASDAQ:TSLA) has reportedly fired hundreds of employees after what the company described as “an annual performance review” of its more than 33,000 employees. The firings reportedly included engineers, managers, salespeople and factory employees. According to reports, an estimated 400 to 700 people were dismissed this week, representing between 1 percent and […]

Coach Inc. Becomes Tapestry Inc. October 31

Iconic luxury handbag maker Coach Inc. (NYSE:COH) will be changing its corporate name to Tapestry Inc, at the end of October. When the name change goes into effect, the company will start trading under the ticker symbol “TPR” on the New York Stock Exchange. Its new website, tapestry.com, is already live. Tapestry will be the […]

Tesla’s Model 3 Production Misses Target

Tesla (NASDAQ:TSLA) has reported missing its production goal for the new Model 3 by a wide margin. The company only produced 260 Model 3 cars from late July through September 30. The company had set a goal of producing 1,500 units during the period. The Palo Alto, California-based company delivered just 220 Model 3 sedans […]

Ryanair Announces More Flight Cancellations

Ryanair (NASDAQ:RYAAY) has canceled flights for hundreds of thousands more customers due to a shortage of pilots. The company said it will cancel 18,000 flights scheduled between November and March. Ryanair previously said that it would cancel 40 to 50 flights a day up until the end of October. It also said it would temporarily […]

Equifax Under Fire For Linking To Fake Site

Equifax Inc. (NYSE:EFX) is under fire after it was found to be linking to a fake website as part of its efforts to inform consumers about a cyberattack the company disclosed in early September. As many as eight public tweets has sent potential victims to the same false address since September 9th. The tweets were […]

Northrop Grumman Announces Bid For Orbital ATK

U.S. defense contractor Northrop Grumman (NYSE:NOC) has announced plans to buy missile and rocket maker Orbital ATK (NYSE:OA) for about $7.8 billion in cash. Northrop will also assume $1.4 billion in Orbital’s net debt. Orbital ATK shareholders will receive $134.50 per share, a 22 percent premium to the company’s Friday closing price of $110.04. Orbital […]

Olive Garden Pasta Pass Is Back With New Twist

Darden Restaurant’s (NYSE:DRI) Olive Garden is once again selling its unlimited Pasta Passes. The Pasta Pass lets pasta lovers indulge in Never Ending Pasta Bowls for eight weeks for $100. Pasta Pass holders will have from Sept. 25 through Nov. 19 to eat unlimited pasta, soup, salad and breadsticks. The Pasta Pass will be sold […]

Target Enters Price War With Amazon and Walmart

Earlier this year, Target (NYSE:TGT) announced to investors that it planned to lower prices to better compete with Walmart and Amazon. That plan is now in effect. In its blog post, Target said it has “lowered our prices on thousands of items, from cereal and paper towels to baby formula, razors, bath tissue and more.” […]

Time Inc Increases Investment In Video As Print Declines

Magazines publisher Time Inc is increasingly shifting towards video content in a bid to bolster revenues as a result of a decline in print advertising. Some of the magazines that Time Inc publishes include Sports Illustrated, People, Time and Fortune. The digital video executive director of Time Inc, David Flumenbaum, revealed that a new cooking-competition […]

Best Buy Beats Estimates For Earnings And Sales

Best Buy Co. Inc. (NYSE:BBY) reported better-than-expected quarterly earnings and sales for the second quarter of its fiscal year. Best Buy earned $209 million in the quarter ended July 29, up 6 percent from $198 million in the same quarter of last year. On an adjusted basis, the company earned 69 cents per share in […]

Sears Trimming Its Store List Even Further

U.S. retailer Sears Holdings Corp. (NASDAQ:SHLD) is embarking on another round of store closures. The company announced it would close another 28 Kmart stores later this year. This is in addition to the 150 Sears and Kmart stores it already announced it was closing by the end of its third quarter. All of the stores […]

Retailers of Footwear Run Over By Price Wars

Stock for sporting goods retailers plunged on Friday as quarterly results that were poor posted by Foot Locker and Hibbett increased concerns by investors about a glut in supply that could intensify price wars across the industry. The most recent results followed those of Dick’s Sporting Goods a larger rival, which warned earlier in the […]

President Trump Rips Into Amazon Over Taxes

U.S. President Donald Trump ripped into Amazon via social media on Wednesday, saying the giant in e-commerce was hurting retailers and causing job losses in the U.S. Shares of Amazon were down 1% in trading before the opening bell following Trump’s blasting tweet. Amazon stock was down 0.5% at the close of business Wednesday. A […]

Target Buying Facilitator of Quick Deliveries

Target Corp. is increasingly more aware shoppers want their purchases online to be delivered promptly. To maintain as quick a delivery time as possibly, Target is acquiring a transportation technology company based in San Francisco that facilitates same-day deliveries. The retailer announced on Monday it agreed to purchase Grand Junction a tech startup whose software […]

Facebook Attempts to Enter China Unnoticed

In an attempt to explore the ultra-high potential of the online market in China, Facebook authorized the release this week of a new app that does not use its name. The app is Colorful Balloons and is for photo-sharing. It shares the look, function as well as feel of the Moments app from Facebook, showed […]

ESPN New Streaming Service Will Fill a Void, But More is Needed

It has been known ESPN was in the midst of developing its own streaming service since last year, when Disney, its parent company, acquired a share of 33% in BAMtech, a company specializing in streaming video that was created in 2015 by Major League Baseball. Disney on Tuesday announced it will exercised the option it […]

Netflix Acquires Millarworld for its TV and Film Content

Netflix Inc. announced Monday that he acquired Millarworld the comics publisher that brings aboard a renowned comic book writer in Mark Millar and a host of different character franchises that it can use for its television shows and movies. This is Netflix’s first acquisition in the 20 years it has been the pioneer for streaming […]

Ex-Official with Volkswagen Admits to Role in Emissions Scandal

A former compliance executive at Germany-based Volkswagen AG pleaded guilty this week to criminal charges that stem from the role he played in the automaker’s emissions cheating scandal. Germany citizen Oliver Schmidt, who for a number of years headed the engineering and environment offices for Volkswagen in Michigan, filed a guilty plea in a federal […]

Fitbit Beats on Revenue, Smartwatch Ready for Holiday Season

Fitbit the maker of wearable devices posted a drop in revenue for the quarter that was less than expected, and said everything was on track for the launch of its much-anticipated smartwatch for the upcoming holiday season. Fitbit, which sells wristbands in an array of colors that monitor heartrate, tracks steps count, calories and sleep […]

Honda First Quarter Results Strong, Eyes Higher Profit for Year

Honda Motor Co. moved up its forecast for profit for the full year citing favorable exchange rates for currency, after posting a rise in its quarterly earnings thanks to a weaker yen and strong demand across Asia. The third largest automaker in Japan continues struggling in North America its largest overall market, that represents one […]

Wells Fargo Facing Difficult Questions As New Abuses Discovered

New revelations were made that Wells Fargo & Co. spent many years enrolling borrowers in expensive auto insurance without the customer’s knowledge or consent. The new discovered sales abuses have put Wells Fargo back under heavy pressure to answer for a scandal over its sales practices that was harmful to millions of people in the […]

Twitter Stock Plunges As Investors Disappointed Over User Growth

Twitter Inc. shares began the trading day on Thursday 10% lower after the social media microblogging platform disappointed its investors with flat monthly user growth during the just ended second quarter. Despite its ongoing appeal amongst public figures and celebrities, Twitter has been struggling to keep its user growth even as it added to available […]

McDonald’s Initiatives in U.S. Help Global Sales Top Expectations

McDonald’s Corp posted its largest rise in sales at same-restaurants worldwide in the past five years, driven by more traffic and successes in its U.S. initiatives that included promotions on beverages and the launching of its signature crafted sandwiches. Now two years into its turnaround under CEO Steve Easterbrook, the burger chain giant is attempting […]

Sears Selling Kenmore Appliances Through Amazon

Sears at one time was the store that sold everything, but that was then and now Amazon is the everything store. With its huge inventory of toys, tools and firearms, it toppled local retailers. With its catalog-type model and its delivery systems that was nationwide, Sears at one time promised to bring everything to people’s […]

Chipotle Shares Plunge Following Norovirus Report

Analysts have become split over whether investors should avoid or buy Chipotle after shares of the burrito maker plunged following news that customers became sick after eating in one of its restaurants. The burrito-chain’s stock has struggled to recover from outbreaks of food-borne illnesses during 2015. In premarket trading early Wednesday, share prices for the […]

Trian Wants Peltz on P&G Board, Starts Public Proxy Fight

Trian Fund Management announced on Monday that it was seeking to have a seat on the board of directors at Proctor & Gamble for its CEO, as it is looking to push P&G to take more dramatic steps trying to revive sales and profit. The announcement by Trian marks its official launch of its biggest […]

Uber Forms Partnership with Russian Rival Yandex

Uber loves to fight its competition. However, in a few of the countries the ride-hailing company is in business, it has taken a path that is more conciliatory. The most recent example of this is that on Thursday Uber announced that it formed a partnership with Russian Internet Yandex operator of a search giant and […]

Paris and Los Angeles Ready to Host Olympics

In all likelihood Paris and Los Angeles will get the 2024 and 2028 Summer Olympics. It is not clear however, which city will be given which year. On Tuesday, a vote is expected by the International Olympic Committee to break with its tradition and award two Olympic Games at the same time. Paris and Los […]

Jobs Growth in U.S. Accelerates During June

Job growth in the United States surged more than had been expected during June while employers increased the number of hours for their workers, signs of strengthening in the labor market that might keep the U.S. Federal Reserve on line for its third hike in the interest rate this year despite wage gains being sluggish. […]

Owner of QVC Taking Over Big Rival HSN for $2.1 Billion

Liberty Interactive is set to consolidate two powerhouses of home shopping with its CEO Greg Maffei calling the deal a way to enhance the position of QVC as the global leader of video e-commerce retail. Liberty Interactive, controlled by John Malone, already owns QVE a powerhouse in home shopping and has agreed in principle to […]

Worldpay Attracts Interest of Rival in U.S. and Banking Behemoth

On Tuesday, British payments processor company Worldpay Group said it received two different preliminary approaches from Vantiv its rival in the U.S. and JPMorgan Chase over the possibility of a takeover. The news helped send shares higher. The area of payments processing is much more fashionable of late as more payments continue to move online, […]

Keep Moving, Stay Healthy!

It’s now official: your desk is slowly killing you. Medical reports state that you should gt up and walk around or at least do some stretches once every hour to counteract the strain on the circulatory system that is caused by sitting. Many companies are becoming proactive in this area in order to cut down […]

Price of Gas on Fourth of July Sets Low of 12 Years

Gasoline prices have hit new lows for the Fourth of July as for the first time in the past 12 years the oil glut has held the price down. Consumers driving to their destination for the four-day weekend will be paying on average $2.21 a gallon, which is less than the $3.14 a gallon ten-year […]

Walgreens Drops Bid for Rite Aid, Will Buy Stores

Walgreens Boots Alliance has ended its bid to takeover Rite Aid Corp, and will instead buy a smaller part of its rival’s drugstore chain, as the original deal was blocked due to antitrust problems in the U.S. The new deal will end a saga that has dragged on over 18 months as the two companies […]

Sprint Shares Up After Talk of Wireless Partnerships

Sprint Corp shares were up 3% Tuesday morning after reports surfaced that the fourth-largest wireless service provider in the U.S. was holding talks with Comcast Corp and Charter Communications about a partnership. Sprint, which is controlled by Japan-based SoftBank Group, is in a period of two-months of exclusive talks with Comcast and Charter, while putting […]

Federal Probe at SeaWorld Related to Documentary “Blackfish”

On Friday, SeaWorld revealed through one of its public filings that a pair of federal agencies are investigating it for matters that are related to the documentary film “Blackfish” produced by CNN. SeaWorld said the probes are separate involving one with the Securities and Exchange Commission and the other with the Department of Justice. The […]