Tag: Business News

Amazon Names Top 20 Finalists In Second Headquarters Race

Amazon named 20 finalists in the race to win its second headquarters Thursday, narrowing the pool of cities and states competing to secure an expected 50,000 jobs and $5 billion in investment. They are: Atlanta, GA Austin, TX Boston, MA Chicago, IL Columbus, OH Dallas, TX Denver, CO Indianapolis, IN Los Angeles, CA Miami, FL…

Discovery Communications Is Buying Scripps Networks In $14.6 Billion Deal

Discovery Communications is acquiring Scripps Networks Interactive for $14.6 billion in a deal that is expected to boost the combined company’s negotiating leverage with pay TV operators at a time when more people watch video online, the companies said on Monday. The acquisition, which was completed last night, brings together Scripps’ largely female audience of…

Jeff Bezos Surpasses Bill Gates as World’s Richest Person

Amazon.com founder Jeff Bezos has surpassed Bill Gates to become the richest person in the world, Bloomberg News reported. A Thursday morning surge in Amazon’s share price pushed Bezos’ net worth to $90.9 billion, compared to $90.7 billion for Gates. The Microsoft founder had held the top spot on the Bloomberg Billionaire Index since May…

Amazon To Buy Whole Foods For $13.7 Billion

Amazon announced that it will buy upscale supermarket chain Whole Foods for $13.5 billion. Under the proposed deal, Amazon will pay $42 a share, a 27 percent premium to Thursday’s closing price. It will open the door to Amazon, which has been experimenting with food and grocery delivery, as well as billions of products from…

J.C. Penney To Close Up To 140 Stores, Offer Buyouts

J.C. Penney plans to close up to 140 stores and offer buyouts to 6,000 workers as the department-store industry sags in competition with online sellers and nimble niche retailers. The company said Friday that it would shutter 13% to 14% of its stores, representing about 5% of its annual sales, and two distribution centers. The…

Yahoo To Be Renamed Altaba, CEO Mayer To Resign [VIDEO]

Yahoo CEO Marissa Mayer will leave the company’s board after the proposed sale of the internet pioneer’s core web properties to Verizon, according to a filing Monday. Five other directors also will go. The move was not a surprise, as the new company will essentially be an investment company holding the remaining Yahoo assets, which…

Lockheed Drops as Trump Tweets F-35 Costs Are ‘Out of Control’

Lockheed Martin Corp. shares drop after President-elect Donald Trump tweeted that costs for the F-35 fighter-jet program, the Pentagon’s most expensive weapons system, are “out of control.” “Billions of dollars can and will be saved on military (and other) purchases after January 20th,” the Monday post continued, referring to inauguration day. The tweet followed similar…

Bayer To Buy Monsanto For $66B [VIDEO]

Germany-based health and agricultural giant Bayer reached a deal to acquire seed and pesticide firm Monsanto for $66 billion in yet another jolt to a global agricultural sector that has been rocked by sluggish crop prices. Bayer said Wednesday that it agreed to pay $128 per share in cash for St. Louis-based Monsanto after months…

Samsung Recalls Galaxy Note 7 Phones Over Exploding Batteries

Samsung on Friday recalled its new Galaxy Note 7 smartphones over a battery problem that can cause the devices to catch fire. The company has sold 2.5 million of the waterproof phones, which only made their debut on Aug. 19. Samsung said it had found 35 cases of faulty devices globally. The South Korean company’s…

Pfizer to Buy Medivation for $14 Billion

Pfizer Inc. said Monday it has agreed to buy biotech Medivation Inc. for $81.50 a share, valuing the total company at about $14 billion, in a move that adds one of the crown jewels of the multibillion-dollar market for cancer drugs to Pfizer’s portfolio. It ends months of bidding for San Francisco’s Medivation, one of…

Verizon Buys Yahoo For 4.83 Billion [VIDEO]

Verizon confirmed Monday that it had reached a deal to buy Yahoo’s land holdings and core internet operations for $4.83 billion. Yahoo was once an internet behemoth valued at as much as $125 billion. The takeover will end months of uncertainty about Yahoo’s future, which began in February with an announcement the company would review…

Activision To Buy Candy Crush For 5.9 Billion [VIDEO]

Activision Blizzard is purchasing King Digital, maker of the popular mobile game Candy Crush, for a total equity value of $5.9 billion. The deal is all cash. Activision Blizzard will pay $18 per share, nearly a 20% premium over King’s recent price.

5 Banks Plead Guilty To Global Currency Manipulation [VIDEO]

5 Banks Plead Guilty To Global Currency Manipulation in a scheme set up in online chat rooms by forex dealers & traders on a massive global scale. Authorities fined five of the world’s largest banks, including JPMorgan Chase & Co and Citigroup inc, roughly $5.7 billion, and four of them agreed to plead guilty to…

Apple Becomes 1st $700 Billion Company [VIDEO]

On Tuesday afternoon, Apple became the first U.S. company to close with a value of $700 billion or more. Shares of the company closed up $2.29, or 1.9%, to $122.01. “It shouldn’t be surprising that record breaking market (valuations) follow record-breaking earnings,” says Walter Piecyk, analyst at BTIG.

Apple receives record pre-orders for new iPhones

Apple Inc said it received a record four million first-day pre-orders of its new iPhone 6 and iPhone 6 Plus, meaning many customers will have to wait until October for their new phones. Apple said a significant number of orders will be delivered to customers beginning Friday, but many will be shipped in October as…

Microsoft agrees to buy the video game developer behind Minecraft for $2.5 billion

Microsoft Corp. today announced it has reached an agreement to acquire Mojang, the celebrated Stockholm-based game developer, and the company’s iconic “Minecraft” franchise. The Mojang team will join Microsoft Studios, which includes the studios behind global blockbuster franchises “Halo,” “Forza,” “Fable” and more. Microsoft’s investments in cloud and mobile technologies will enable “Minecraft” players to…

Netflix, AT&T sign interconnection deal

AT&T is the latest company to sign a deal with Netflix to ensure streaming videos get to consumers with lagging or delay. Earlier this year, Netflix had signed interconnection deals with Comcast and Verizon amid controversial negotiations that are the subject of an ongoing probe by the Federal Communications Commission. Photo: CEO of Netflix Reed…

GM profit 2Q falls 85 pct. on recall costs

Recall costs chopped $1.5 billion from General Motors’ bottom line in the second quarter, cutting its net income by 85 percent. The automaker, which is in the midst of the worst recall crisis in its history, posted a net profit of $190 million, or 11 cents per share. A year ago GM made $1.26 billion,…

StubHub victim of international cyber fraud ring

eBay’s online ticket resale service StubHub announced late Tuesday that it was the victim of a massive international cyber fraud ring. The company’s head of global communications said his firm had been working with law enforcement around the world for the last year on the case, which authorities plan to disclose details of on Wednesday…

Obama To Raise Minimum Wage For Federal Contractors @ His Fifth State Of The Union Address

While President Barack Obama’s attempts to increase the nation’s minimum wage through legislation have stalled in Congress, the White House announced plans on Tuesday to use the president’s executive powers to partially address the problem. Just hours before the President is scheduled to deliver his fifth State of the Union address, the White House revealed…