Archive for David Stone

Third Point Wants Change at Nestle

Third Point LLC operated  by Daniel Loeb an activist investor unveiled on Sunday a stake of over 1% in Nestle SA the Switzerland-based confectionery and packaged foods giant. He urged the largest packaged foods maker in the world to improve its margins, buy stock back and shed its non-core businesses. The stake of 3.28 billion […]

Sexual Harassment Claims Rock Silicon Valley Yet Again

Silicon Valley was hit again by sexism claims and of women being harassed. On Friday, Justin Caldbeck a venture capital investor announced he would take an indefinite leave of absence from his company following accusations he sexually harassed women in the tech industry. Caldbeck, in a prepared statement released by his firm Binary Capital in […]

Workers Being Laid Off By Carrier Feel Betrayed by President

A promise made prior to Christmas is now becoming a summer time nightmare for some. Last December, Donald Trump, the then President-elect told scores of workers at a manufacturing plant operated by Carrier that he worked out a new deal so their jobs would be saved. However, it has not worked out the way he […]

Western Tech Companies Feel Pressure, Bow to Demands by Russia

Western tech firms including IBM, SAP and Cisco, have acceded the demands by Moscow to gain access to product security secrets that have been closely guarded, during a time when the Russian government has been accused of several cyberattacks across the West. Russian authorities have asked tech companies from the West to grant them the […]

Blackjack Popularity Down, Online Casinos Taking Charge

Classic table games at casinos have been evolving with the gambling industry over the years. But in recent years, the increase of slots and online casinos has changed how people are gambling. That means that the popularity of those iconic games has changed as well. Over the last 30 years, big changes have taken place […]

Uber CEO and Founder Resigns Amidst Revolt by Shareholders

Following several months of problems that ended in a revolt by shareholders, CEO and founder of Uber, the ride-hailing company, Travis Kalanick resigned on Tuesday. Kalanick, who in 2009 helped found Uber and established the company as one of the high-flying startups in Silicon Valley, will remain on the board of directors of Uber, confirmed […]

Barclays Charged in Qatar Fund Raising Along With Former Executives

Barclays Bank, along with a former CEO and three former senior managers were charged with criminal counts on Tuesday related to agreements reached by the bank with Qatar, as it looked to avoid a bailout by the government during the global financial crisis in 2008. The Serious Fraud Office accusations are the first criminal charges […]

Lockheed Close to Signing Deal with 11 Countries to Sell F-35 Jets

Lockheed Martin Corp. is nearing the final stages of a deal that is worth over $37 billion to sell 440 F-35 fighter jets to 11 countries including the U.S. said a pair of sources aware of the talks. It would represent the biggest deal to date for the F-35, which makes its debut at the […]

Federal Government Investigating Booz Allen Hamilton

Booz Allen Hamilton the huge U.S. contractor who is at the center of a high-profile disclosures of sensitive classified information, said late this week it was under both civil and criminal investigation for possible irregularities in billing. The consulting firm said via a post on its website that the U.S. Department of Justice informed it […]

FDA Approves Lower Cost Alternative to the EpiPen

Regulators from the U.S. Food and Drug Administration approved competition for the emergency allergy medicine EpiPen that put Mylan into the spotlight for pharmaceutical greed. This week the FDA approved a product from Adamis Pharmaceuticals Corp that should be on sale by the latter part of 2017. Symjepi is a syringe that is prefilled with […]

Nike Eliminating 2% of Global Workforce

Nike announced its new business structure that amongst other changes will involve the cutting of 2% of its global workforce. In a prepared statement on Thursday, the sports apparel retailer said that Nike’s organizational and leadership changes will help streamline as well as speed up new strategic execution. The statement also explained the plans Nike […]

Smaller Stores and VR Could Be Ikea’s Future

Swedish retailer Ikea is embarking on a number of experiments in retail along with technological innovations that it is hoping will keep its shoppers returning. The emphasis on experimenting comes as many retailers, especially those located in the U.S., are coming under heavy continual pressure from giants in e-commerce such as Amazon. The digital transformation […]

Yahoo Deal Closed by Verizon, Mayer Ends Tenure

Verizon Communications said Tuesday that it had closed its acquisition of $4.48 billion of Yahoo Inc.’s core business. Verizon also announced that CEO of Yahoo Marissa Mayer had resigned. The completion of this acquisition represents the end for Yahoo as a standalone web company. Yahoo was a pioneer in the tech world that at one […]

Hyundai Motor Betting on Small SUV as Sales Drop in China

Hyundai Motor unveiled its first subcompact SUV Kona for its advanced markets that include Europe, the United States and South Korea. The carmaker is attempting to offset dropping sales across China and catch up to rivals in this segment. The automaker based in South Korea said it would be also launching an electric model of […]

Uber Considering Leave of Absence for CEO

The board at Uber, the ride-hailing startup, in the face of accusations that its executives turned their back to corporate misbehavior including sexual harassment, moved Sunday to shake the leadership of the company up prior to the release of findings in an investigation on its problematic culture that is due out this week. The directors […]

Michael Kors the Handbag Maker Posts Strong Growth in Sales

Michael Kors Holdings posted revenue for the quarter that increased close to 11%, its strongest growth in revenue in nearly a year, as the demand for the designers’ handbags as well as accessories increased across the Americas while the company said it would by repurchasing as much as $1 billion of its shares. Stock at […]

Profit at Scotiabank Falls by 12%, Energy Loans Hurt

The third biggest bank by assets in Canada, Bank of Nova Scotia, posted a profit for its fiscal second quarter Tuesday that was 12% lower compared to the same period one year ago because of a charge for restructuring and larger reserves for its souring energy loans. Scotiabank, based in Toronto, capped the largely better […]

France Goes After McDonald’s and Google

France will do everything in its power to ensure that the multinationals operating in the country pay taxes. The government said additional cases could follow after McDonald’s and Google were targeted with tax raids, said Michel Sapin the Finance Minister. Sapin ruled out any negotiating for a deal with Google for its back taxes, as […]

Oil Services Company Preparing Second Bankruptcy in Past Nine Months

Things have become so bad across the oil industry in 2016 that one company in the drilling services sector is preparing to file a second bankruptcy in the past nine months. Hercules Offshore filed last August for Chapter 11 bankruptcy protection, as the plunge in the price of gas and oil has sent a rippling […]

GDP for First Quarter in U.S. Revised Up

The economy in the U.S. during the first three months of 2016 experienced a slowdown that was not as pronounced as initially thought. Recent data has pointed to an increase for growth during the spring. The Gross Domestic Product is a broad measure of the goods and services the economy in the U.S. produces. It […]

Sears Exploring Its Options for Diehard, Craftsman and Kenmore Brands

The unprofitable chain of department stores company Sears Holding, controlled by Edward Lampert the manager of a hedge fund, is planning to consider its options for its Diehard, Kenmore and Craftsman brands along with its repair business Sears Home Services. The retailer posted a loss for the first quarter that was wider than expected after […]

Royal Dutch Shell Slashing 2,200 More Jobs

Royal Dutch Shell will cut a minimum of 2,200 more jobs in different parts of its company around the world. The job cuts are due in a large part to the takeover by Shell of BG Group the gas and oil exploration company and the extended period of low prices of oil, the company said. […]

Sony Annual Profit Hit by Damage from Earthquake

On Tuesday, Sony Corporation based in Japan forecast earnings for this year that were weaker than had been expected after it had to partially halt production of its image sensors in April to make an assessment of the damage in its factory caused by an earthquake The maker of electronics expects to have an operating […]

VietJet Orders 100 New Boeing Planes for over $11.2 Billion

VietJet, based in Vietnam, announced on Monday it had agreed to order 100 737 MAX 200 Boeing jets that were worth $11.2 billion at Boeing’s list prices. That makes it one of the fastest growing, Southeast Asia low cost carriers. The agreed upon deal was signed during the visit to Vietnam by United States President […]

Dick’s Sporting Goods Sees Profit Drop 10%

Dick’s Sporting Goods posted strong growth in sales in its most recently ended quarter, but gave an assessment that was downbeat for the rest of the year as it is contending with closeout sales from its rivals. Sales at its existing stores moved up 0.5% in line with the forecast by the company and reversing […]

Gap Woes Continue, Old Navy Leaves Japan

Shoppers in Japan will have to shop elsewhere. Gap Inc is shuttering every one of its 53 Old Navy stores in Japan before the end of 2016. The retailer is giving ground in the third largest economy in the world, to fashion brands from Japan such as Uniqlo and Muji. I am obviously disappointed the […]

Colombian Dispute with Novartis Could Cause Problem with U.S.

Officials in Colombia have become concerned that their dispute with Novartis the Swiss drug maker over the price and patent of a groundbreaking new cancer treatment might escalate and could threaten funding from the United States for its pending peace plan that could end over 50 years of war in the country. This information was […]

Suzuki Admits to Improper Tests on Fuel Economy, Denies Cheating

On Wednesday, Suzuki Motors announced that it used methods, to determine fuel economy of 16 different vehicles that was improper. The vehicles were all for the Japan market. The admittance adds to a growing list of automakers, which have come under heavy scrutiny for the way in which they perform in tests set up by […]

Profit Climbs at Vodafone, While Revenue Slips

Vodafone Group’s £19 billion or $27.4 billion bet is beginning to finally pay off. Vodafone, the second largest worldwide mobile carrier trailing only China Mobile, posted on Tuesday its first organic growth for the full year in both its revenue and its core earnings in 8 years. The company, based in the UK, said it […]

Berkshire Hathaway Now Holds Position of $1 Billion in Apple

Berkshire Hathaway, the company owned and operated by Warren Buffet the legendary investor took a position of $1 billion in Apple, during the first quarter of 2016. The move comes as shares of the technology giant were battered amidst a drop in sales of its iPhone. The investor’s firm posted that it owned 9.81 million […]

Trian Fund Management Sells Its Stake in PepsiCo

Nelson Peltz the activist investor who operated Trian Fund Management LP has sold Trian’s stake in PepsiCo three years after attempting an unsuccessful effort to break apart the snack and beverage behemoth. Peltz is the CEO at Trian and he and the company were rebuffed on a number of occasions, but PepsiCo stock has increased […]

J.C. Penney Stock Tanks on Unexpected Drop in Sales

Even the receive comeback retailer J.C. Penney was not spared from being slammed this spring by shoppers. The chain of department stores was the most recent to report weak comparable sales for the first quarter, posting a drop of 0.4%, while Wall Street was expecting an increase of much more or 3.3%. It is the […]

Ralph Lauren Beats Expectations, Buyback of Stock Announced

On Thursday morning, Ralph Lauren Corporations posted a profit that dropped by 77% during its most recent quarter as sales and margins at the apparel company were hit by a move of clearing inventories in its business in the U.S. However, company shares were up over 3.5% in early premarketing trading as earnings per share, […]

Macy’s Sales for First Quarter Hurt on Weak Spending by Tourists

Macy’s started this calendar year announcing the slashing of 4,500 jobs after a highly unusual weak holiday shopping season. Now it appears as if customers did not want to shop at the chain of department stores during the recently ended quarter. The retailer, based in Cincinnati continues experiencing poor sales because of a huge drop […]

Krispy Kreme to Be Taken Over by Coffee Giant

Krispy Kreme shareholders were given a caffeine boost on Monday after JAB Beech the coffee giant announced it was acquiring the doughnut maker. The investment firm based in Luxembourg, which owns Peet’s Coffee & Tea, Caribou Coffee and Keurig Green Mountain said it was taking the doughnut company, based in North Carolina, private in a […]

Gains in U.S. Payrolls Slow Down During April

The labor market in the U.S. decelerated during April, a new sign that employers might be becoming cautious after the slowdown in the economy earlier this year. During April nonfarm payrolls increased 160,000, said the Labor Department on Friday. It was the country’s weakest gain in seven months. The rate of unemployment remained the same […]

AB InBev Starts 2016 Weak Due to Slump in Beer Across Brazil

Anheuser-Busch InBev, the largest brewer in the world, is set to grow its global leadership in beer even more through its acquisition of SABMiller, reported earnings that were lower than had been expected during its first quarter after 10% less beer was sold in Brazil, its second biggest market. Shares of AB InBev fell by […]

SABMiller and Coca-Cola Reach Deal Over Bottling Merger in South Africa

Coca-Cola and SABMiller struck a new deal with the government of South Africa to help push a long pending merger through of their bottling operations across Africa. In November of 2014, Coca-Cola entered into a deal with SABMiller to combine bottling assets along with Gutsche Family Investments a privately held company to form a joint […]

BMW Posts Drop in Profit As Prices Fall Due to Competition

BMW AG posted a drop in profit by 2.5% during its first quarter as prices of its cars fell amidst a battle with Germany luxury carmaker Mercedes Benz to keep its status as the biggest maker of luxury vehicles in the world. The price of vehicles made by BMW dropped by 5.9% to 33,700 euros […]

CEO of Chobani Ensures Employees Will Share in Success of Company

Chobani Greek yogurt has been said to be rich in protein and flavor and now some of its employees could become rich. CEO and founder of Chobani Hamdi Ulukaya has announced that he was giving all 2,000 of his full time workers awards which could be worth as much as 10% of the future value […]

Microsoft Says Cortana is for Bing and Edge Searches Only

This week Microsoft started blocking rival browsers as well as search providers from using the Cortana search box in Windows 10. Cortana is the prime search area for the operating system. Microsoft on a post to its company blog said that to ensure it can deliver integrated search engine experiences designed for the operating systems […]

Sanofi Offers to Buy Medivation for $9.3 Billion

Sanofi the French drugmaker went public on Thursday with its offer of $9.3 billion to acquire U.S. cancer company Medivation after the company had rebuffed original approaches. The plan to target Medivation returns Sanofi the biotech company to the takeover trail as it looks for new treatments for cancer to add to its portfolio and […]

Mitsubishi Motors: Used Mileage Methods that Were Non-Compliant for 25 Years

On Tuesday, Mitsubishi Motors announced that it has been using testing methods for fuel economy that did not comply with regulations in Japan for the past 25 years. That was much longer than originally thought. The automaker said it would investigate the matter by using an external committee. The sixth largest Japanese automaker has lost […]

Microsoft and Google Agree To Stop Their Regulatory Battles

Microsoft and Google have come to an agreement to end their regulatory battles that have been going on for years and to stop making complaints to government agencies with regard to the other. Microsoft has been one of the companies that took the lead in calling for different governments to investigate Google for potential violations […]

Mitsubishi Motors Stock Ready to Drop to New Record Low

On Thursday, shares of Mitsubishi Motors were not traded as they were swamped with massive sell orders and were ready to hit a new record low after the automaker based in Japan admitted to manipulating data on fuel economy. The sixth largest Japanese automaker announced on Wednesday that it had manipulated the test data to […]

Amazon Launches Monthly Memberships for Prime Video

For a number of years, Amazon has been building its credentials in Hollywood with acclaimed shows like Mozart in the Jungle and Transparent in its effort to unseat the king of TV streaming – Netflix. Now the giant of e-commerce is taking a big, bold step in its challenge to Netflix. The company, based in […]

Skype and Nokia Top Executives Invest in Finland Food App

Even with huge billion dollar players already in the food delivery industry, the food delivery app Wolt based in Helsinki has be able to raise over $11 million fresh funding from wealthy Nordic investors that include the Skype founder and the Nokia chairman as the business announced its launch in Stockholm on Friday. We now […]

Vine Releases Watch Button Since Scrolling is Harder Work

Twitter’s social network Vine that has turned into an entertainment platform, has announced a new way of see content on its app. The company has introduced the “watch” button, which allows users to watch an account or channel without needing to do any scrolling. When the watch button is pressed by a user on a […]

Chrysler Furloughing 1,300 at Factory Near Detroit as Sales Fall

Dropping sales of the main midsize vehicle of Fiat Chrysler have pushed to the automaker into indefinite layoffs of 1,300 employees at a factory near Detroit. Workers at the second shift at the assembly plant of Fiat Chrysler located in Sterling Heights, Michigan, starting on July 5 will be furloughed as the Chrysler 200 is […]

Fashion Retailer H&M to Open 4,000 More Stores

Karl-Johan Persson the CEO at Hennes & Mauritz forecast that the clothier would more than double the number of stores it has, to close the gap between itself and it bigger rival Spain’s Inditex, and as online giant increases the competition in the fast fashion industry. Persson said he thought the company would reach […]