Business News

The Boston Globe (October 30, 2014)
Fired: CEO Christopher Viehbacher Sanofi SA's sudden decision Wednesday to fire chief executive Christopher A. Viehbacher sent the company's stock tumbling as the impact on its US subsidiary, Genzyme, remained unclear. Sanofi bought the Cambridge biotech Genzyme Corp. in 2011, and Genzyme, which makes treatments for rare genetic diseases, has been a major money maker and one of the fastest growing units for the French company. Viehbacher, who helped engineer the takeover of Genzyme, even...
The Boston Globe (October 30, 2014)
Facebook recently bought WhatsApp, a messaging service, and Oculus, a maker of virtual reality headsets. Facebook Inc. fell the most since March after predicting the slowest revenue growth since early 2013. The social network's costs could rise as much as 75 percent next year as it hires more people and invests in newer products. It projected fourth-quarter sales that fall short of the highest analysts' predictions. "For the next 10 years," CEO Mark Zuckerberg says, "our focus is on driving the...
The Boston Globe (October 30, 2014)
FORT WORTH, Texas — RadioShack has hired former Treasury Department adviser Harry J. Wilson to help with its turnaround efforts.
The Boston Globe (October 30, 2014)
A UPS driver checked boxes on his truck. UPS expects to handle 585 million packages worldwide in December. ATLANTA — UPS expects to deliver more than 34 million packages on the busiest day of the holiday season, double the amount on a normal day.
The New York Times (October 30, 2014)
SEOUL, South Korea -- Samsung Electronics reported on Thursday that its July-September quarterly profit fell to the lowest level in more than three years, as a decline in earnings from its smartphone business put the South Korean giant on track for its worst year since 2011.
The New York Times (October 30, 2014)
Amazon introduces new gadgets the way a guerrilla army prepares for attack: unsteadily at first, and then with unexpected ferocity. The company usually begins by putting out feelers to test the market. In 2007, it started selling its first e-reader, the Kindle, a device that went for $399 and was as ugly as a naked mole rat. But Jeff Bezos, Amazon's chief executive, is known for patience and a willingness to experiment. At some point, because Amazon's data showed that Kindle owners purchased...
The New York Times (October 30, 2014)
PARIS -- After the French drug maker Sanofi abruptly fired its outspoken chief executive, Christopher A. Viehbacher, on Wednesday, its chairman said the company would continue its international strategy -- a focus that Mr. Viehbacher was often criticized for in France. Serge Weinberg, the chairman, told reporters and analysts that the board members did not disagree with Mr. Viehbacher on strategy but rather were unhappy with his execution and failure to communicate with them.
The New York Times (October 30, 2014)
Facing pressure from supporters of Apple's new mobile payment system, the consortium of major retailers creating a rival system said on Wednesday that it might adjust its strategy.
Los Angeles Times (October 30, 2014)
CBRE Group Inc., the world's largest commercial real estate brokerage, reported a 31% jump in revenue during the third quarter to $1.7 billion, led in part by a surge in property sales around the globe.
The Seattle Times (October 29, 2014)
T-Mobile US, the country's fourth-largest wireless carrier, outpaced its two biggest competitors in net customer additions this quarter, but it came at a price. The Bellevue company added 2.3 million net customers from July to September, 1.2 million of which were postpaid phone users - considered the most lucrative customers in the telecom industry. That is more than double what the company saw last quarter. To compare, Verizon said last week that it gained 1.5 million net customers last...
The Boston Globe (October 29, 2014)
DUBAI, United Arab Emirates — The Middle East is getting the world's first Macy's department store outside the United States, plus its second Bloomingdale's.
The Boston Globe (October 29, 2014)
NEW YORK — Lowe's is testing whether robots can ­improve customer service, like helping a shopper find something as simple as a nail.
The Boston Globe (October 29, 2014)
Strong earnings reports from Amgen, AutoNation, and engine maker Cummins pushed stocks higher. Investors were also cheered by news that a key gauge of US consumer confidence rebounded, an encouraging sign for retailers heading into the holiday shopping season. 'We're predicting Christmas is going to be very strong,' said one equity strategist. In other economic news, orders for long-lasting manufactured goods fell in September. Investors will be looking to the news on Wednesday for insight from...
The Boston Globe (October 29, 2014)
WASHINGTON — Three years ago, AT&T warned smartphone customers with "unlimited" data plans that their connections might be slowed if they used a lot of data. On Tuesday, the Federal Trade Commission said AT&T's disclosure was deceptive because it was not specific enough.
The Boston Globe (October 29, 2014)
Alere Health, a unit of Waltham-based Alere Inc. that provides well-being services in areas like tobacco cessation and home obstetrics, agreed to be acquired by Optum, a health services arm of the insurer UnitedHealth Group, for $600 million in cash.
The New York Times (October 29, 2014)
The Swiss bank UBS remains bogged down by unsettled regulatory investigations, even as it reported healthier third-quarter profit on Tuesday. The company said its profit for the quarter that ended Sept. 30 increased 32 percent, to 762 million Swiss francs ($804 million), up from 577 million francs in the period a year earlier. The strong results came even as the bank took a nearly $2 billion charge for legal costs. Still, the firm faces myriad legal issues. The bank said it did not expect the...
The New York Times (October 29, 2014)
HONG KONG -- For the past several years, China has been throwing its weight around the South China Sea, a body of water studded with coral reefs that laps at the shores of not only China but also Vietnam, Malaysia, the Philippines, Brunei and Taiwan. China has sent ships to stake claims across the area, notably when a flotilla that included the country's most advanced amphibious assault vessel arrived at James Shoal, 50 miles east of Malaysia's coast, in 2013.
The New York Times (October 29, 2014)
DETROIT -- General Motors hopes to invigorate sales of its slow-selling Chevrolet Volt by introducing a new version of the plug-in hybrid sedan next year, with more of its parts production taking place in Michigan.
The New York Times (October 29, 2014)
Strong corporate earnings and an increase in consumer confidence elevated stocks across industries on Tuesday, with the energy sector and small companies leading the gains. The Dow Jones industrial average climbed back above 17,000, while the Standard & Poor's 500-stock index approached its nominal record closing high. The stock market rose from the start of trading, then built on the momentum as investors were encouraged by the latest earnings reports. Whirlpool, AutoNation and the engine...
The New York Times (October 29, 2014)
Discovery Communications announced on Tuesday that it had tapped the longtime Hollywood executive Rich Ross as president of its marquee Discovery Channel network in the United States. Mr. Ross will take the reins of the nonfiction network that is home to programs such as ''Naked and Afraid,'' about a pair of strangers trying to survive in the wilderness for 21 days with no clothes, the annual ''Shark Week'' programming event and the auto shop-themed reality show ''Fast N'
The New York Times (October 29, 2014)
Shares of Sanofi and Gilead Sciences fell on Tuesday after they reported lower-than-expected sales of their most important drugs. Sanofi, the French pharmaceutical giant, delivered the greatest surprise. It said that its biggest-selling drug, the Lantus insulin product, had been hit by sharp price competition in the United States, slowing its sales growth.
The New York Times (October 29, 2014)
LONDON -- BP said on Tuesday that earnings for the third quarter fell about 18 percent on lower oil prices and declining profit from its stake in Rosneft, the Russian state oil company. Despite the fall in income, the company said it would increase its dividend by 5.3 percent from a year earlier, to 10 cents a share, payable in December. There was at least one bright spot in the BP results: Oil production in the United States, which is very profitable for the company, rose from a year earlier....
The Seattle Times (October 28, 2014)
Vulcan CEO Jody Allen is taking a sabbatical with no specified return date. In a memo to employees on Monday, Allen said she wanted to focus on "new philanthropic
USA TODAY (October 29, 2014)
First, there was good news. Facebook had topped estimates for the sixth straight quarter fueled by mobile advertising. Then, came the bad news. Facebook warned that costs would increase dramatically in 2014 and revenue in the fourth quarter would slow.
Los Angeles Times (October 29, 2014)
Premium channel HBO this week plans to lay off approximately 150 people, nearly 7% of its workforce. The cuts are part of parent company Time Warner Inc.'s initiative to reduce staffing levels to bolster its bottom line and free up dollars to invest in original programming.
Last Updated: 2014-10-31 @7:50
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