Business News

Sun-Sentinel (Fort Lauderdale) (April 28, 2016)
Publix CEO retiring after 42 years of service  By Miriam Valverde Staff writer Wednesday was Ed Crenshaw's last day on the job as CEO of the largest employee-owned grocery chain in the United States.  And everyone wanted a picture with him. Dozens of Publix employees cheered and applauded Crenshaw as he walked up to greet them at Calvary Chapel in Fort Lauderdale, where about 150 employees volunteered to unload trucks filled with canned tuna, peanut butter and other non-perishables destined...
Sun-Sentinel (Fort Lauderdale) (April 28, 2016)
Yahoo, hedge fund strike deal Yahoo on Wednesday announced a deal that should end a tussle with a New York hedge fund that had threatened to unseat its entire board. Starboard Value has been a vocal critic of the tech giant, which has struggled to profit from its massive online audience. Last month, Starboard called for Yahoo's entire board of directors - including Marissa Mayer, Yahoo's CEO - to be replaced. The hedge fund submitted a slate of handpicked board members to stand for election...
The Atlanta Journal-Constitution (April 29, 2016)
UPS said profit jumped 10.2 percent in the first quarter, but also warned it may face a big pension liability in the future.
USA TODAY (April 29, 2016)
Amazon swung to a surprisingly strong profit in the first three months of the year, boosted by its fast-growing cloud business and strong North American e-commerce sales. Shares soared in after-hours trading Thursday, rallying 12.5% to $678.
USA TODAY (April 29, 2016)
Health care giant Abbott Laboratories has reached a deal to acquire medical device maker St.Jude Medical in a cash-and-stock deal valued at $25 billion. The companies revealed Thursday that they had agreed to a tie-up that would create a global medical devices giant with specialties such as cardiovascular, diabetes and vision.
The New York Times (April 29, 2016)
Core Media Group, the company behind the television shows ''American Idol'' and ''So You Think You Can Dance,'' filed for bankruptcy protection on Thursday.
The New York Times (April 29, 2016)
The Royal Bank of Scotland said on Thursday that there was ''significant risk'' that it might not meet a deadline set by European regulators to spin off its Williams & Glyn branch network by the end of next year.
The New York Times (April 29, 2016)
The French drug company Sanofi said on Thursday that it had made a nonbinding offer to acquire the prostate cancer drug maker Medivation for about $9.3 billion in cash. Sanofi, based in Paris, publicly announced the offer on Thursday after it said that Medivation, a San Francisco biotechnology company, had not responded to a letter Sanofi sent nearly two weeks ago offering to acquire the company. Sanofi, which has been suffering from declines in sales of its main diabetes drugs, has said it is...
The New York Times (April 29, 2016)
LONDON -- Deutsche Bank said on Thursday that its profit fell 58 percent in the first quarter compared with a year earlier, because of challenging conditions in the financial markets at the beginning of the year and its decision to exit some businesses.
The New York Times (April 29, 2016)
United States stocks took their biggest loss in three weeks on Thursday after a late sell-off. Apple, which is in a slump, fell to its lowest price in about two months and dragged the tech sector sharply lower.   Tech stocks, which rose early on earnings gains from Facebook and PayPal, slumped after Carl C. Icahn, the billionaire investor, disclosed that he had sold his stake in Apple. Mr. Icahn was not a major shareholder in the tech giant, but his moves are closely watched by many investors.
The New York Times (April 29, 2016)
LONDON -- The European tourism company TUI Group said on Thursday that it had agreed to sell Hotelbeds Group to the private equity firm Cinven and the Canada Pension Plan Investment Board for 1.19 billion euros, or about $1.3 billion.
The New York Times (April 29, 2016)
LONDON -- The British lender Lloyds Banking Group said on Thursday that its first-quarter profit declined 44 percent from a year earlier, as the redemption of bonds it issued during the financial crisis and other charges cut into its results.
The New York Times (April 29, 2016)
LONDON -- The British bank Barclays said on Thursday that it had agreed to sell its Barclaycard credit card business in Portugal and Spain to the Spanish online bank Bancopopular-e.
The New York Times (April 29, 2016)
SAN FRANCISCO -- In Silicon Valley, being a unicorn is no guarantee of financial success. But an eight-year-old drug maker focused on novel cancer treatments has landed itself and its investors a windfall by selling itself to a bigger competitor. AbbVie said on Thursday that it would buy Stemcentrx for $5.8 billion in cash and stock. That's up about 16 percent from the $5 billion valuation that the start-up fetched during its last fund-raising round. It also appears to be one of the highest...
Los Angeles Times (April 29, 2016)
In Hollywood's animation business, all eyes are now on one man: Chris Meledandri. Meledandri, 56, was already riding high as head of Illumination Entertainment, the main supplier of animated family movies such as "Minions" and "Despicable Me" to Universal Pictures. Now, with NBCUniversal buying DreamWorks Animation, he will also have creative oversight over that Glendale studio. Jeff Shell, chairman of Universal Filmed Entertainment, called Meledandri "one of the most important and valuable...
Los Angeles Times (April 29, 2016)
Billionaire business magnate Carl Icahn, whose investment decisions can influence the stock market, said Thursday that he dumped what was left of his nearly 1% stake in Apple Inc. on fears that Chinese authorities would bully the iPhone maker.
The San Francisco Chronicle (California) (April 28, 2016)
Potentially speeding the sale of one of Silicon Valley's best-known companies, Yahoo announced Wednesday that it has reached a settlement with activist investor Starboard Value to give the New York hedge fund four seats on the board. The move, which will initially expand Yahoo's board to 13 members, avoids a high-stakes proxy fight between the struggling Internet search pioneer and Starboard, its most vocal critic.
The Philadelphia Inquirer (April 28, 2016)
Comcast Corp. could leverage such popular characters as Shrek and Kung Fu Panda's Po for theme parks and boost the cable giant's animated-movie business if it closes on a $3 billion deal for the Hollywood studio DreamWorks Animation SKG Inc., analysts said Wednesday.  Comcast's Universal would likely combine DreamWorks' studio with an animation unit at Universal Studios that made such blockbusters as Despicable Me and Minions.
The Baltimore Sun (April 27, 2016)
Mitsubishi: Fuel data tampering dates to '91 TOKYO - Mitsubishi Motors, the Japanese automaker that acknowledged last week that it had intentionally lied about fuel economy data for some of its models, said an internal investigation found such tampering dated to 1991.
The Baltimore Sun (April 27, 2016)
T. Rowe Price's profits dip 5 percent Baltimore-based money manager reports declines for third straight quarter By Natalie Sherman The Baltimore Sun Profits at T. Rowe Price Group fell 5 percent in the first three months of 2016 amid a turbulent period in the stock market, the firm said Tuesday. It was the third consecutive quarter that the Baltimore-based money manager reported declines, which it has attributed to broader volatility, including an upheaval in oil prices.
The Atlanta Journal-Constitution (April 28, 2016)
Six years ago, Coca-Cola went into the bottling business when it bought the North American operations of Coca-Cola Enterprises. At Wednesday's annual shareholder meeting, Coke CEO Muhtar Kent and company President James Quincey said that era is nearing its close.
The New York Times (April 28, 2016)
The billionaire investor William A. Ackman has become the unofficial leader of a thundering herd that has lost billions of dollars betting on Valeant Pharmaceuticals over the past year. The 49-year-old founder of Pershing Square Capital Management, the $12.5 billion hedge fund, found himself going to bat again for Valeant on Wednesday when he testified before Congress about Valeant's controversial drug pricing policies, which have included inflating the prices of vital heart medicines right...
The New York Times (April 28, 2016)
LONDON -- Banco Santander of Spain said on Wednesday that its profit declined 5 percent in the first quarter as fluctuations in the British pound and other currencies, as well as a deterioration in lending and fee income, weighed on its results.
The New York Times (April 28, 2016)
LONDON -- Barclays continues to pare back its operations as it accelerates a strategy shift announced last year, while first- profit took a hit from the industry-wide slowdown in investment banking and markets. James E. Staley, who joined Barclays as chief executive in December, is seeking to turn around the bank by accelerating the sale of businesses it does not consider core operations and by focusing its strategy around two divisions: the British consumer bank, and the corporate and...
The New York Times (April 28, 2016)
DETROIT -- In an unusual alliance between a traditional automaker and a technology company, Ford Motor and Google on Wednesday joined to lead a coalition of companies that advocate federal approval of driverless cars in the near future. By teaming up to promote regulations that favor fully-autonomous vehicles, Ford and Google may be moving toward closer cooperation on the actual development of driverless models.   Ford's chief executive, Mark Fields, has said in recent months that his company...
Last Updated: 2016-05-01 @6:30
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