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Amazon Reported Revenue of $17.09 Billion

Amazon reported revenue of $17.09 billion in the third quarter but at the same time lost money in the process. The company’s investors were happy about the report. The third quarter revenue was up 24 percent and around $400 million more than estimates made by analysts. The high volume earned by Amazon was not enough to yield a profit. The company lost $41 million or 9 cents per share. The losses were at par with the estimates made by analysts. After the release of the report, the stock went up $29 to $361 in after-hours trading. Since 2008, the... 
 

Manufacturing Sector Gets Momentum

Factory output in the United States increased in August as the rate of motor vehicles assemblies reached a six year high. These were seen as a good sign for the economy after a slow start of the third quarter. But not everything is good news. Last Monday, another report was released that showed a small decline in factory activity in New York state this month. But despite that, businesses were upbeat about their outlook. Readings of new orders and shipments in New York increased, which indicated an upward trend in manufacturing after slowing down... 
 

Private Car Dealers Get Huge Profits from Increased Sales

Privately held auto dealers have driven their sales higher for the third straight year. The pace of the increases has slowed down compared to last year. This was according to the data from Sageworks, a financial information firm. Sales at privately held auto dealers in the 12 months that ended August 31 were 8.2 percent higher compared to the same period last year. In the year that ended August 2012, it increased 12.8 percent. In the year before, the growth was 14.1 percent. The increases are vital because companies that are privately held dominated... 
 

More Data, Less Guessing on the Economy

Small businesses produce around 15 percent of the nation’s economic output but their activities are not recorded in official reports in a detailed manner. The lack of data within the small business sector can be overcome with Big Data, which is an emerging revolution. Economic measurement from the small business sector will be revolutionized by the digital signals of behaviors from purchasing on the web, browsing, and cellphone location data. It could lead to a more accurate forecasting and well-informed policy making that is more science and... 
 

Ford Introduces Warning System against Approaches

Police officers will now be safer via the new system Ford has invented that will automatically sound an alarm, lock the doors, and put the windows up if it detects a person sneaking from behind the car. Ford said that the system is the first of its kind and the company is currently applying for a patent. Ford named the system Surveillance Mode. It lets the officer use the warning system while the car is parked. It uses cameras and sensors that beam an image to the rearview mirror. This way, the police officer can keep an eye on what’s going on... 
 

American and US Airways Merger Trial to Start in November

A federal judge said that the lawsuit filed by the government to block the proposed merger of American Airlines and US Airways will begin November 25. The timetable is favored by the airlines. The US Justice Department wanted the trial to begin in March so that they can prepare for the case. The airlines said that a long delay would hurt their merger. US District Judge Colleen Kollar-Kotelly said that the March court date was too far off. American Airlines and US Airways were close to complete their merger to result into the largest airline in the... 
 

Starbucks Grows other Business Aside from Coffee

Starbucks announced that it will begin selling its Evolution Fresh juice and Evolution Harvest line of snacks in Whole Food stores across the United States. The coffee chain giant plans to have the Evolution Fresh product line in 8,000 Starbucks and grocery stores in the US. This was according to the press release from the company. According to Starbucks, the Evolution Fresh juices are cold-pressed and organic wherever it is possible. There will be 14 flavors available at Whole Foods stores, including Organic Sweet Burn and Organic Ruby Roots. The... 
 

BlackBerry Tries to Sell Itself to Save Company

BlackBerry has created a special committee that was tasked to find some strategic alternatives to save the phone maker. It has indicated that selling itself will be one of the possibilities it is willing to explore. The committee will review the possibility of joint ventures and partnerships as well. No matter what the choice of the committee will be, BlackBerry’s priority is to quicken the development of its new software, known as BlackBerry 10. According to the company, its management and the Board have focused on the launch of BlackBerry 10... 
 

US Celebrates National Farmers Market Week

The United States is celebrating the National Farmers Market Week that puts the spotlight on farmers markets across the nation. One of which is Camp Hill’s Farmers on Walnut that operates every Thursday at the parking lot of the Camp Hill borough building. Farmers on Walnut had a rocky start. It began as a one-time event but was so successful that the organizers decided to continue the market at the Cleve J. Fredricksen library parking lot. But residents opposed the plan as they were concerned about traffic, parking and trash issues. The borough... 
 

FlightCar Offers New Service for Car Owners and Renters

FlightCar has something for car owners who use their cars for only a couple of days a month. The company rents out travelers’ cars while they are not in town. But on Monday, FlightCar announced a new service that pays car owners $150 to $400 for allowing the company access to cars for 26 days per month. The owners are paid even if their cars are not rented out. FlightCar is looking for people living in the city who have to pay for parking in their residential area. The company said that it is a type of free parking program that comes with guaranteed... 
 

Bezos to Purchase Washington Post for $250 Million

Jeff Bezos, founder and chief executive officer of Amazon.com, agreed to buy The Washington Post, which is one of the best and well-known legacy media publications in the United States. The digital billionaire will pay $250 million in cash for the newspaper. Bezos is handling the deal individually. He said that The Washington Post will not be part of Amazon.com. The sale came during a digital revolution when people are changing how they get their news. The newspaper business has been trying to cope with the transition. In a letter to staffers of... 
 

Chevron Agrees to Pay Fine, Give Natural Gas Buses and Clean Up Emissions

Chevron agreed to settle with the US Environmental Protection Agency for pollution violation at its Salt Lake City refinery. Under the deal, the company will pay $284,000 in fines and purchase four new compressed natural gas school buses for the Jordan School District. The deal is worth a total of $384,000. Mike Gaydosh, director of EPA’s enforcement program in Denver, said it is vital that companies conduct their business responsibly and get the proper permits before implementing changes to their infrastructure that increases emissions of air... 
 

Michael Dell One Step towards Approval for Buyout Deal

Michael Dell got the approval from the board’s special committee. This could lead the way for Dell to go private in a deal that was said to be worth $24.9 billion. The company’s shares increased 5 percent in trading as investors bet on the new value proposition. CEO Dell and Silver Lake Partners made the terms of the deal better. They increased their offer with the special committee of the Dell’s board, just as they face legal opposition by billionaire investor Carl Icahn. The board’s special committee agreed to change the voting rules so... 
 

Omnicom Merges with Publicis to Form Largest Ad Company

Omnicom Group and Publicis Groupe announced their merger that will form the world’s biggest advertising holding company. The combined company will have a market cap of $35 billion. The company will be known as Publicis Omnicom Group. The new company will be led by Omnicom CEO John Wren and Publicis CEO Maurice Levy. The two will be co-chief executives. The merger will bring together well-known ad companies such as Publicis’ Leo Burnett and Saatchi & Saatchi and Omnicom’s TBWA Worldwide, BBDO Worldwide, and DDB Worldwide. The new company... 
 

Starbucks to Serve Yogurt Soon

Starbucks has added something new to its menu. Aside from offering designer coffee, you can now enjoy designer yogurt at the giant coffee chain. The company announced its partnership with French yogurt maker Danone to make its own Evolution Fresh brand. The Starbucks yogurt will be known as Evolution Fresh, inspired by Dannon. It will be sold in Starbucks shops by next year and in grocery store shelves by 2015. The first product out of the deal will be the ready-to-eat Greek yogurt parfait. Greek yogurt is strained to get rid of the excess whey... 
 

McLaren Dealerships Comes to Scottsdale

Auto Gallery, which is based in Woodland Hills, California, is bringing a McLaren Automotive dealership in Scottsdale. The company has leased around 10,000 square feet of space at the corner of in Raintree Drive and 83rd Place in North Scottsdale as the location of the luxury dealership. The North Scottsdale area is already the location of other car dealerships, such as Harley Davidson. McLaren Automotive is known for its Formula One racing cars. The British auto company also makes luxurious, high performance sports cars that are priced as high... 
 

Apple Constructs Its Second Solar Farm in Nevada

Manufacturing companies are now shifting towards solar farms. Lots of companies are contracting solar panel makers to place several panels near their factories that help power the facility and keep their carbon footprint low. Placing a solar farm next to a manufacturing facility also means that power doesn’t have to travel far to reach it. Energy is lost during transmission as power lines are not perfect conductors. Having the power source next to their factory means less power is lost. Solar farms have become the norm. In the State of California... 
 

Stocks Get Mixed Results as Quarter Ends

Stocks got volatile results Friday and got mixed results as investors got a breather after the Dow Jones industrial average got its first three day winning streak since late April. It closed down 114.89 points to 14,909.60 after getting 385 points the past three days. The Standard & Poor’s 500 Index closed down 6.92 points to 1,606.28. It got its first monthly loss since October. The index finished June with its best first half of a year since 1998, when it increased 17.7 percent with dividends. The index got 13.8 percent increase so far in... 
 

Hospital Chain Tenet Acquires Vanguard Health

Tenet Healthcare, a US hospital operator, announced that it will acquire its rival Vanguard Health Systems for $1.73 billion. It would give it a better position to benefit from President Barack Obama’s healthcare reform. Investors expect revenue from hospitals to grow from treating more Americans insured under Obama’s healthcare reform law. There are speculations that major hospital chains’ acquisitions would improve the value of their stocks. Providers not only prepare for the healthcare overhaul, they are also coping with the slowdown in... 
 

Apple CEO Stock Award Tied to Performance of the Shares

Apple Chief Executive Tim Cook will have to work hard to keep the value of the company from declining. His stock award worth more than $413 million is now subject to the performance of the shares. This was the result of the discussions the company held with its biggest shareholders. Cook has seen Apple’s share price drop 42 percent since the high of $705 in September. He approached the board to implement a performance criteria on his stocks, according to a filing Friday. Under the new system, a portion of Cook’s stock grant is subject to Total... 
 

Google Wants Gag Order Lifted Regarding Internet Surveillance Program

Google asked the federal government to lift the gag order regarding its Internet surveillance program. The online search giant cited the First Amendment right to inform the public about the number of requests it gets from the government for information about its customers for the sake of national security. Google filed the motion in the Foreign Intelligence Surveillance Court. The move was aimed at repairing the company’s reputation after it was named as one of the nine US online companies that gave the National Security Agency access to data... 
 

Wholesale Prices Up in May

An increase in gas and food costs led to the rise in the measure of wholesale prices in May. Inflation was mild outside the volatile categories. The Labor Department said that the producer price index went up0.5 percent in May from the previous month. Gas prices increased 1.5 percent in May while food costs gained 0.6 percent. The increase in May came after a 0.7 percent drop in April and a 0.6 percent decline in March. Both were driven by the drops in gas prices. Core prices, excluding food and energy, increased 0.1 percent in May. It matched the... 
 

Supporters of Walmart Associates Call for Higher Pay

Walmart workers who are on strike got the support of local union members. They are asking for higher pay and other changes from the largest retailer in the United States. They went on strike as shareholders of the company held their meeting in Arkansas. Associates started their extended strike Tuesday to protest Walmart’s efforts to stop the calls for change at the company. Throughout the week, workers across the nation joined the strike. A Ride for Respect was organized. It is a week long caravan towards Bentonville. It tries to invoke the spirit... 
 

Tax Transparency to Cost Apple Billions

Last week, Apple’s tax avoidance strategies were revealed at a US Senate hearing. The company created subsidiaries in stateless nations in order to avoid paying taxes that are said to worth billions of dollars. The strategies could inspire copycats. After the hearing, the European Union leaders said they will pass a new law that would require corporations to reveal the amount of taxes they paid in each country they operate on. The officials placed the measure on a legislative fast track as they hope it would be signed into a law this summer. The... 
 

Durable Goods Increase More than Estimate in April

Orders for US durable goods went up more than the forecast in April. This was seen as an indicator that the world’s biggest economy will rebound in the second half of the year as investments strengthens. Orders for equipment meant to last for at least three years increased 3.3 percent last month after it dropped 5.9 percent in March. This was stated in the report released by the Commerce Department. The average forecast from 78 economists polled by Bloomberg was for a 1.5 percent increase. Advances in residential construction, increasing demand... 
 

Yahoo Board Approves Acquisition of Tumblr

The board of Yahoo approved to purchase Tumblr, which is a popular blogging service, for around $1.1 billion in cash. The deal indicated that the company plans to get back its position as the technology industry tries to get into social media. The deal is expected to be announced as soon as Monday. It would be the largest acquisition of a social networking company in recent years. It would be higher than what Facebook paid for Instagram last year, which was $1 billion. It is a bold move for Yahoo to buy Tumblr as its chief executive Marissa Mayer... 
 

Wal-Mart First Quarter Numbers Disappoint Investors

Wal-Mart shares dropped 1.7 percent Thursday after the retailer reported its profits and revenues were below the expectations for the first quarter. Its same-store sales declined 1.4 percent, which excluded fuel. Wal-Mart expected sales to remain unchanged and the number missed the estimates made by analysts. The numbers have been disappointing for the company as it tries to stay profitable in time when consumers have shifted to online shopping. Total revenue for the first quarter was $114.2 billion, which was 1 percent higher to the same quarter... 
 

Michigan Reaps the Benefits of Healthy GM

Michigan is now enjoying the rewards of a healthy General Motors. Since 2009, almost half of the investments made by GM have benefited the state. This was according to its CEO and Chairman Dan Akerson. GM invested $8.5 billion and created around 25,000 jobs in the United States during the past four years. This came after its bankruptcy that was backed by the government. More than $3.5 billion were invested in Michigan that created or retained around 12,000 jobs in the state. One of the most recent investments made by GM that benefited Michigan is... 
 

US Postal Service Losses $1.9 Billion in 2nd Quarter

The United States Postal Service posted a loss of $1.9 billion in the second quarter as the agency slashed workers’ hours but had a hard time dealing with the drop in mail volumes. This was according to the announcement made by the agency Friday. The loss for the first quarter was an improvement from the $3.2 billion loss during the same period last year. The US Postal Service set aside twice as much for an annual retiree benefits payment in 2012. The agency relied on sales of stamps and other products instead of taxpayer dollars to fund its operations.... 
 

Casinos Prepare for Legalization of Internet Gambling

Legalized gambling is moving out of the casinos and into the internet. This is why the industry is preparing for the broadest changes in its history. Ultimate Gaming, a company based in Las Vegas, has become the first in the United States to offer online poker to players in New Jersey, Nevada, and Delaware. It legalized gambling over the Internet. The federal government allowed states to provide Internet gambling as long as they don’t involve sports betting. People inside and outside the industry said that the position could lead cash-hungry state... 
 

Intel’s Selection of New CEO Sticks to Familiar Formula

Intel selected Brian Krzanich as its next CEO. It indicated that the technology giant is sticking to a familiar formula despite the changing shift in computing that has caused some worries about the future of the company. Ever since Intel co-founders Robert Noyce and Gordon Moore relinquished their positions as the first two CEOS, the company promoted the second in-command to take the position. It started in 1987 with Andy Grove, who served as top lieutenant under Noyce and Moore. Then Craig Barrett became CEO in 1998 after he learned the ropes... 
 

Herbalife Makes Progress in Replacing KPMG

In a conference call with analysts, Herbalife said it is making progress in looking for a new accounting company. The nutritional products firm had to search for a new accounting company after KPMG resigned earlier this month after one of its senior partners was accused of insider trading in Herbalife stock. The search for a new accounting company started the day after KPMG announced its resignation. Herbalife Chief Financial Officer John DeSimone said the company has been moving fast and its search is near completion. The new accounting firm will... 
 

Has Novartis Infringe on its Corporate Integrity Agreement?

The US Department of Justice filed two lawsuits in the span of one week against Novartis for alleged paid kickbacks to improve prescriptions and caused federal healthcare programs to pay for medicines based on false claims. A complaint filed seeks damages and other civil penalties for corrupting the dispensing process with incentive programs worth several millions of dollars that were aims at doctors. The Department of Justice also claimed that Novartis gave kickbacks in form of rebates and discounts to pharmacies in exchange for switching transplant... 
 

Profits up, Revenue down for Burger King

Burger King Worldwide on Friday announced that its first quarter profit more than doubled because of less expenses, which helped to offset negative sales in their same-stores and revenue that was lower. The company went public back in June of 2012 after it was acquired by 3G Capital a Brazilian private equity company in October of 2010. Since last June, Burger King has been making changes to its menu to help it better compete with its biggest rival McDonald’s. Burger King’s first quarter profit was $35.8 million or $0.10 per share compared to... 
 

Profits increase at GE for 2013 First Quarter

General Electric, the largest industrial conglomerate by market capitalization in the U.S. announced its profits had increased by 14% during the first quarter of 2013. That increase was obtained even though the company’s results in Europe ended the quarter with worse numbers that originally anticipated. GE’s earnings equaled 35 cents a share, which was an increase of 17% and in line with Wall Street expectations. GE announced that the emerging economies and the U.S. demand were in line with what it had expected, but that Europe continued to... 
 

Nevada Wind Farm Under Investigation for Death of Eagle

The US Fish and Wildlife Service is conducting a probe on the death of a golden eagle at the Spring Valley Wind Farm, which is near the Utah border. Pattern Energy owns the 152 megawatt wind energy facility that sells power to Las Vegas-based NV Energy. The company turned over the eagle carcass to federal officials within 36 hours of its discovery. Critics of the newly built Nevada wind farm said that it was placed in the flight path of endangered golden eagles. The company doesn’t have a federal take permit that would allow the incidental death... 
 

VW Targets 60% increase in China Production by 2018

Europe’s largest automaker, Volkswagen AG, announced on Thursday its plans to increase its production of vehicles in China by over 60% in the next five years. The Germany automobile giant last year saw its earnings in China increase by close to a half. A new plant has been approved by the company’s supervisory board that could build as many as 300,000 vehicles each year in China. That plant will start its operations sometime in 2016, said Martin Winterkorn the CEO of Volkswagen. The capacity of production in China for Volkswagen will increase... 
 

European Auto Market to be weak for Years to Come

Sales of new cars in Europe will remain weak for up to another 60 months at minimum said executives in the industry on Tuesday. The auto executives said due to the implementation of austerity programs in the region car buyers would refrain from purchasing many automobiles. At a car show taking place in Geneva, Ford’s European Business head Stephen Odell said sales of cars in Europe would continue to be near the bottom of the U.S. carmakers forecasts over the next six months of 2013, after experiencing a very weak two months to start the year. German... 
 

MasterPass unveiled in Barcelona by MasterCard

At the Barcelona Mobile World Congress on Monday, MasterCard announced its entrance into the mobile payment market. The new unveiling has been awaited for some time and MasterPass was finally made public for the first time today. The new payment system will incorporate a merchant’s mobile friendly checkout and a consumer digital wallet for purchases both online and in-store. For years, payment services have been offered by MasterCard online, but they always revolved around their own cards, with the numbers being filled out individually by the... 
 

Sequester Deadline Worrisome for Businesses

Only five days remain before the deadline for the White House and Congress to reach an agreement avoiding cuts across the board totally $85 billion divided between domestic programs and defense. The Congressional Budget Office announced it believes the cuts would make over 750,000 people lose their jobs. Little sign of movement from both Republicans and Democrats is taking place after a week’s recess on Capitol Hill. The Federal Aviation Administration, in a detailed warning over the sequestration said that starting sometime in April, people traveling... 
 

Office Depot negotiating with OfficeMax over Merger

Office Depot, Inc is in merger talks with OfficeMax said people who are close to the situation. The two paper, pen and other office accessories retailers are trying to find a way to fend off the tough competition that rivals such as Staples and Amazon.com have produced over recent years. The deal being negotiated is said to be just a straight stock for stock merger, but the terms are unknown as to what percentage of the new group will be held by Office Depot and OfficeMax. Those who are aware of the deal said it was not completed and there always... 
 

European Shares Lower thanks to Carlsberg

Denmark’s Carlsberg A/S, the owner of the biggest brewer in Russia scrapped its goal of medium term profitability amid higher costs for brewing beer and expenses for changes made in logistics and product buying. The target set in February of 2010 to increase the operating profit by 20% of sales over a three to five year period has proved to be difficult, the company, based in Copenhagen said on Monday. The company statement added that a number of events, both within company control and beyond it, have and will impact margins on a continuing basis. In... 
 

Pharmaceuticals Give Large Sums of Money to Physicians

Most patients are unaware that different pharmaceutical companies give doctors thousands of dollars for each patient that they enrol in experimental drug trials. Even though the motive’s of the doctor’s may be pure and the medications are what is best for the patient’s sickness, patients need to be know about such payments to discuss them with the doctor and then decided for themselves if the participation by the doctor in the trial might cause his medical advice to be compromised. The healthcare reform legislation has a provision that should... 
 

Profit at Merck Falls in Fourth Quarter

Merck, the pharmaceutical giant based in Whitehouse Station, New Jersey, announced that profits fell in the fourth quarter of 2012 by 7%. Company officials said that was due in part to sales of Singulair, its best selling asthma medication, dropping because of competition from generic medications. The company also announced that it was postponing an attempt to have its osteoporosis medication approved by the U.S. Food and Drug Administration. The new drug had been highly anticipated. Merck officials release the fourth quarter as well as full year... 
 

Merger between Two Beer Giants Blocked by Feds

On Thursday, the U.S. Department of Justice filed a suit in federal court to stop the merger between Mexico’s largest brewery, Grupo Modelo and Anheuser-Busch InBev. The Justice Department argues that consumer pricing will suffer along with competition in the beer market if the two merge. The deal is worth an estimated $20.1 billion and would bring together the largest and the third largest beer makers the U.S. had. It would add to the already huge portfolio of Anheuser that includes Beck’s, Stella and of course Budweiser. Grupo Modelo would... 
 

Microsoft-Dell Partnership Advantageous for Both Companies

There are speculations that Dell is buying back stock and become a private company again. There are also new rumors that Microsoft will be involved in it. According to reports, Microsoft is planning to invest up to $3 billion for a stake in the private Dell. Michael Dell asserts that Dell is not just a PC company anymore and it has expanded in various areas of technology. But the company is still synonymous with PC and its fortunes have dwindled as the PC industry got anemic sales. By going private, Dell would be free to do risky things that it... 
 

GE Gets Sharp 4th Quarter Profit

General Electric released its profits report Friday that showed better than expected increase of 7.5 percent in its fourth quarter profit as well as a sharp increase in its backlog of equipment orders. GE got strong earnings growth at units that make equipment used in oil and gas; and jet engines. Chief executive Jeffrey R. Immelt said that the company worked hard to expand its presence in the energy industry in recent years. The order backlog is seen by investors as a vital sign of future sales growth. It hit a record high $210 billion in the last... 
 

eBay Says 2012 was its best Year

Internet commerce is becoming more and more common and eBay, the e-commerce pioneer, says that it enjoyed its best year to date in 2012. The company said shoppers flocked to its site in search of bargains and used its payment service, which helped lift eBay to fourth quarter earnings that exceeded Wall Street projections. The results helped to give eBay its best year since it was founded in 1995. At that time, the thought of purchasing merchandise via the Internet seemed somewhat absurd. However, since that time, e-commerce has become an every second... 
 

Profits at FedEx Fall

FedEx announced on Wednesday that its profits had dropped 12% during their fiscal second quarter. However, the drop was not as much as investors had feared as the shipping company struggled for better results in the airfreight sector of its business. The demand for air express shipments had dropped since many customers have turned to methods that are slower and on the ground that cost less to have their goods delivered. The fall off in those shipments however were offset by a stronger than expected increase in the segment of the company that uses... 
 

Samsung to Become Top Maker of Phones Worldwide

South Korea based Samsung Electronics has overtaken Nokia, the Finnish phone maker, for just the time since 1998 as the world’s top maker of phones for 2012. At year’s end, Samsung will account for close to 29% of all shipments of mobile phones across the globe. That is 8% higher than last year when the electronics giant had a market share of 21%. With their 21% last year, Samsung was second to Nokia. The fastest growing segment of the mobile handset market is smartphones, as they now are nearly 50% of all wireless handset devices that are... 
 
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