Business News

The New York Times (August 4, 2015)
Nokia, the Finnish telecommunications company, said on Monday that it had sold its Here digital mapping unit to a consortium of German automakers for 2.8 billion euros, or about $3 billion. The announcement signals the latest chapter in Nokia's transformation, as the company tries to rebound from the demise of its once world-leading mobile phone unit, which was sold to Microsoft last year for about $7.6 billion.   As part of the changes, the Finnish company has pared its operations to focus...
The New York Times (August 4, 2015)
TEHRAN -- Despite the smiling clown, a symbol of the Great Satan's love for meat, buns and fries, there were no angry mobs punching fists in the air, shouting ''Death to America''; nor did the smell of burned American flags permeate this Tehran neighborhood. It smelled of juicy burgers, flipped by a cheerful Iranian teenager named Jahan. His kitchen was crowned with a flashing logo that looked remarkably similar to the golden arches of McDonald's, perhaps the best-known symbol of American...
The New York Times (August 4, 2015)
The Kraft Heinz Company has recalled some of its individually wrapped cheese products over concerns that the plastic packaging could stick to the slice after being removed and cause a potential choking hazard.
The New York Times (August 4, 2015)
Britain shouldn't obsess about losing money on its Royal Bank of Scotland stake. George Osborne, the chancellor of the Exchequer, is about to get cracking on reducing the government's 79 percent holding, which will mean a short-term loss on the 46 billion pounds handed over by taxpayers in 2008 and 2009. That hit needs to be put into perspective.
The New York Times (August 4, 2015)
LONDON -- HSBC said on Monday that its second-quarter profit fell 4 percent from a year earlier as the bank overhauled its operations in an effort to cut up to $5 billion in annual costs by the end of 2017. The lender, which is based in Britain but generates more than half of its earnings in Asia, announced in June that it would shed 50,000 jobs, sell several underperforming businesses and shrink its global investment banking business.
The New York Times (August 4, 2015)
Bank of America Merrill Lynch has hired a longtime deal specialist in the consumer and retail industries to join its mergers practice. The firm said in an internal memorandum on Monday that it had hired Richard Peacock from Goldman Sachs to focus on the two industries. He will serve as a managing director and be based in New York when he joins in October.
The New York Times (August 4, 2015)
SÃO PAULO, Brazil -- Banco Bradesco of Brazil has agreed to buy all of HSBC's operations in the country for about 17.6 billion reais, or $5.2 billion, the companies said.
The New York Times (August 4, 2015)
Alpha Natural Resources, once a powerhouse of the American coal industry, filed for Chapter 11 bankruptcy protection on Monday so it may emerge from the grip of a $3 billion debt at a time when utilities are switching to natural gas and coal prices are plummeting. Alpha Natural Resources borrowed heavily in 2011 to buy Massey Energy for $7.1 billion, seeking, like many coal companies at the time, to acquire an empire of Appalachian coal mines in the hope that China would be a growth market for...
Charlotte Observer (North Carolina) (August 3, 2015)
Charlotte-based LendingTree said Monday it made a profit in the second quarter, compared with a loss a year ago, as it posted record revenue in its mortgage business.
The Washington Post (August 2, 2015)
Exxon Mobil and Chevron, the biggest U.S. energy producers, hunkered down for a prolonged stretch of weak prices after posting their worst quarterly performances in several years. Exxon reported its lowest profit since 2009, as crude prices fell twice as fast as the world's largest crude producer by market value could slash expenses. Chevron recorded its lowest profit in more than 12 years after the market rout forced $2.6 billion in asset write-downs and related charges. The companies' shares...
The New York Times (August 3, 2015)
ORLANDO, Fla. -- The Universal theme park chain was the last thing Comcast was interested in when it bought NBCUniversal four years ago. Endless upkeep? Endless spending on new rides? Endless anxiety about public safety? Thanks, but no thanks. Some analysts predicted a speedy sale.   Instead, Comcast did a public about-face, identifying Universal Orlando in particular as a growth engine and spending $100 million to build a ''Transformers'' ride here in 2013. Still, there was skepticism. Was...
USA TODAY (August 3, 2015)
Netflix Brian Stoffel Let's consider where Netflix stood when it entered 2015. Although the company's stock had fallen 25% in the last three months of 2014, it still traded for a hefty valuation. Shares were valued at 90 times trailing earnings, and Netflix hadn't produced positive free cash flow during the year. The company had just announced ambitious plans to expand to nearly every country on the map and warned that it would take a while before its investments truly paid off. Since then, the...
The New York Times (August 2, 2015)
Linda Fisch stopped at the A.&P. on Riverdale Avenue in the Bronx on Thursday and bought eight prepackaged containers of cottage cheese and fruit. She did not realize the store had become a footnote to history. That A.&P. is the last in New York City, where the once-mighty chain was born just before the Civil War. Now the company has filed for bankruptcy protection for the second time in five years. Once its plan for liquidating is approved, the store's A.&P. signs will come down. And the A.&P....
The Boston Globe (August 2, 2015)
US stocks closed modestly lower Friday as oil titans Exxon Mobil and Chevron led a slump in energy stocks. It was a seesaw week for the market, but all three major indexes closed higher by roughly 1 percent.
Journal of Commerce (July 31, 2015 Friday 9:22 PM) YRC Worldwide's second quarter profits may not seem large compared with its earnings a decade ago. But after eight years of losses and a long, hard struggle to return to profitability, that income is pure gold to the less-than-truckload holding company's managers, employees, shareholders and shipper customers. YRC Worldwide reported $26 million in net profit -- not non-GAAP-adjusted EBITDA, but real income -- in...
The Detroit News (Michigan) (August 1, 2015)
The Detroit News Detroit - General Motors Co. has granted its first stock options to 300 executives, including CEO Mary Barra, the first stock options granted by the automaker since it emerged from bankruptcy as a new company in 2009.
Daily News (New York) (August 1, 2015)
UNIted Parcel Service is spending $1.8 billion to avoid being a Christmas Grinch again. The world's largest package delivery company said it would buy Coyote Logistics, a Chicago-based freight brokerage, for $1.8 billion.
The Boston Globe (August 1, 2015)
The phase-out of CVS's film developing service began four years ago, as consumers began switching to digital cameras. The "1-Hour Photo" signs have come down outside CVS Pharmacy stores in Boston and throughout the United States, as the Woonsocket, R.I., drugstore chain is now no longer developing photographic film for customers while they wait. A phase-out that began four years ago concluded at the end of July with CVS removing the last of its one-hour film processing stations from its 3,000...
The San Francisco Chronicle (California) (August 1, 2015)
It's as though Comcast and Sling TV are saying to each other: "neener neener neener."  Four Comcast-owned TV stations, including KNTV in San Jose, refused to air rival Internet television service Sling TV's commercials depicting employees of a fictional cable company resembling Comcast as mean-spirited schoolyard bullies.
The New York Times (August 1, 2015)
Yahoo has once again gotten the urge to go shopping -- and this time the Internet company has acquired a social shopping site. Yahoo announced late on Friday that it had agreed to acquire Polyvore for an undisclosed price.
The New York Times (August 1, 2015)
Microsoft has agreed to invest in Uber, according to people with knowledge of the matter, as part of a funding round that values the ride-hailing company at around $51 billion.
The New York Times (August 1, 2015)
LONDON -- The Lloyds Banking Group said on Friday that its profit had risen 18 percent in the first half of 2015, but its results were again dragged down by provisions for a contentious loan insurance product that has cost the industry billions of dollars.
The New York Times (August 1, 2015)
LONDON -- BNP Paribas, France's biggest bank, said on Friday that it swung to a profit in the second quarter because of higher revenue in its investment bank and international financial services business, less than a year after being hit by a huge settlement for doing business with countries that face United States sanctions.
Journal of Commerce (July 30, 2015 Thursday 11:49 AM) LONDON - Lufthansa Cargo's five-year winning streak ended abruptly in the second quarter as it slumped to a 68 million euros ($74.8 million) operating loss from a 20 million euro profit a year ago.
San Antonio Express-News (July 31, 2015)
Valero Energy Corp. pounced on higher demand for gasoline in the second quarter, processing ample, cheaper crude oil to make the fuel while earning higher margins on the gas it sold. That helped lead the San Antonio-based refiner to more than double its net income from continuing operations to $1.4 billion, or $2.66 per share, compared to $651 million, or $1.22 per share, in the second quarter of 2014 . That result clobbered analysts' estimates that Valero would earn $2.14 a share in the period...
Last Updated: 2015-08-05 @5:33
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