Citigroup Inc (NYSE:C), the third largest bank in the U.S.. in terms of assets, is bracing for an additional $2.7 billion in legal charges in the fourth quarter, according to CEO Mike Corbat, at an announcement made during an investor conference in New York. Another $800 million allotted for retrenching workers and closing branches makes…
Amazon.com, Inc. (AMZN) Allows Buyers to “Make an Offer” for Fine Art & Collectibles
Amazon.com, Inc. (NASDAQ:AMZN) innovates on its traditional fixed price model of internet retailing, adding a new feature to its website to allow prospective customers to haggle with the price of items sold under its fine arts and collectibles category. Amazon launched an auction site 15 years ago, but it failed to stand ground in competing…
Apple Inc. (AAPL) Building State-of-the-Art R&D Center in Japan
Apple Inc. (NASDAQ:AAPL) is set to build a new research and development center in Japan, a venture that is expected to create several dozen jobs in one of the company’s most profitable markets in the world. Apple’s plan was announced by Japan’s Prime Minister Abe Shinzo on Tuesday. Reuters reported that a London based spokesman…
Facebook Inc (FB), Apple Inc. (AAPL), and Amazon.com, Inc. (AMZN) CEOs Convene with China’s Cyberspace Chief
Apple Inc. (NASDAQ:AAPL), Facebook Inc (NASDAQ:FB), Amazon.com, Inc. (NASDAQ:AMZN) CEOs Tim Cook, Mark Zuckerberg, and Jeff Bezos, respectively, recently had played host to Lu Wei, the minister of China’s Cyberspace Administration. The visits to CEOs of the top tech giants in the U.S. by the Chinese internet regulator was reported in a post by China.com.cn,…
Apple Inc. (AAPL)’s Antitrust Dismissal Motion Denied to Protect Interest of Qualified Consumers
Apple Inc. (NASDAQ:AAPL)’s motion to dismiss the antitrust suit it is facing regarding its iPod product was declined, and U.S. District Judge Yvonne Gonzalez Rogers, who has jurisdiction over the case, noted that she has the responsibility of protecting the interests of about 8 million unnamed iPod consumers who may be eligible for damage claims.…
McDonald’s Corporation (MCD) Contends with Steep Sales Decline
McDonald’s Corporation (NYSE:MCD), the world’s largest fast food chain, announced on Monday that it is grappling with the worst decline in its global sales, way much lower than expected, and accordingly warned the decline will substantially hit fourth quarter margins. The company cited a health scare in China as among the factors that adversely affected…
Merck & Co., Inc (MRK) Responds to Superbugs Challenge with Cubist Acquisition
Merck & Co., Inc. (NYSE:MRK) is aiming to take a lead in responding to the global health challenge that the so-called “superbugs” are posing to modern medicine with its planned acquisition of antibiotics firm Cubist Pharmaceuticals Inc (NASDAQ:CBST). The buy-out deal, estimated to be worth $8.4 billion to $9.5 billion, was announced on Monday, and…
Facebook Inc (FB) CEO Tours Chinese Cyberspace Chief at Facebook Campus
Facebook Inc (NASDAQ:FB) is officially banned in China since 2009, but it is no reason for Facebook CEO Mark Zuckerberg to shy away from China’s big bosses. In a recent show of camaraderie, Zuckerberg was seen in a photograph posted on Monday in a Chinese government news website while hosting Lu Wei, China’s chief internet…
Amazon.com, Inc. (AMZN) Boosting Sales With Aggressive Discounts
Amazon.com, Inc. (NASDAQ:AMZN) is aggressively pushing its sales in time for the holidays by luring customers with up to 65% discounts on its Cuisinart items. The black Cuisinart CPB-300 SmartPower 15-Piece Compact Portable Blending/Chopping System, which is originally listed with a price of $130 is now available for only $53.99, with customers getting a 58…
BP plc (ADR) (BP) Downsizing Workforce Amidst Low Oil Prices
BP plc (ADR) (NYSE:BP) is looking towards slashing headcount of its workforce amidst challenges brought about by oil price slump, with its non operations-staff and back-office employees to be the most likely affected in the company’s efforts to reduce costs. The oil industry in general have been bracing the effects of an almost 40 percent…