Business News

There are mixed emotions in the automotive industry today as German automaker Volkswagen announces a new factory in Tennessee, and General Motors launches a cost cutting plan involving the loss of thousands of jobs. 

Diversified industrial manufacturer Eaton Corp has announced a 35 percent rise in second quarter earnings, after sales were boosted by acquisitions, but has reduced its full year forecast due to the impact of higher oil prices in several markets. 

The board of Budweiser brewer Anheuser-Busch has accepted a $52 billion takeover offer from Belgium-based InBev, in a deal that will create the world's largest beer maker. The combined company will be called Anheuser-Busch InBev.  

The US financial system could be in for its biggest shake-up since the Great Depression, after comments made by two of the most powerful figures in the United States economy. 

The US government has decided to reopen bidding for a $40 billion contract to supply the US Air Force with refueling tankers, after Boeing complained about the original award of the contract to Northrop Grumman and its European partner.  

Blue jean icon Levi Strauss has reported that its second quarter profits have plummeted 98 percent as a result of weak consumer spending in the US and the cost of new software which has also disrupted supplies. 

Microsoft may reopen talks with Yahoo! about a possible takeover, if a new board of directors is elected at the forthcoming shareholder meeting, according to a statement released yesterday. 

NBC Universal, with private equity investment partners Bain Capital and Blackstone Group, agreed this past weekend to buy cable network The Weather Channel, ending a long-running auction that captured interest from several major media companies.  

Belgian-Brazilian brewer InBev is still determined to capture Budweiser brewer Anheuser-Busch after its initial $46 billion proposal was rejected ten days ago, by attempting to remove the companyÔÇÖs entire board in a hostile takeover. 

Starbucks Corporation has announced the closure of approximately 600 underperforming company-operated stores in the US, as the next step in its plan to transform the company. 

Chrysler has followed rivals Ford and General Motors by announcing plans to cut back on the production of minivans in the US, as rising fuel prices drive consumers to opt for smaller vehicles.

Steel magnate Lakshmi Mittal, the major shareholder in steelmaker ArcelorMittal, is considering entering the takeover battle for Anglo-Australian mining giant Rio Tinto, according to the Financial Times. 

Budweiser beer brewer Anheuser-Busch has rejected the $46 billion takeover proposal made by rival InBev two weeks ago, saying the suggested deal was financially inadequate. 

Research In Motion, the Canadian maker of the BlackBerry mobile phone and e-mail device, has doubled its first quarter revenue and earnings, but its shares fell overnight on a weaker than expected second quarter forecast. 

Demand for US-made durable goods remained flat in May, with higher orders for airplanes and defense goods offsetting weaker sales of machinery and metals, according to Commerce Department figures released today.

Bunge Ltd., a premier producer of fertilizer and soybean-based foods, has agreed to buy Westchester-based Corn Products International in an all stock deal worth $4.4 billion to gain access to its line of starches and sweeteners.

Oil prices rose again today, after emergency talks over the weekend between the worldÔÇÖs top oil powers and representatives from the major oil consuming nations failed to reach a concrete resolution. 

Jason 2, a joint US-French oceanographic monitoring satellite that will be critical to our understanding of climate change, was successfully launched into space last night from California's Vandenberg Air Force base. 

Boeing could well get a second chance to bid for a $40 billion US Air Force tanker contract after a ruling by a government agency. 

A federal regulator of US oil contract traders has announced steps to restrain the excessive speculation that many experts believe are driving up gasoline prices. 

Software specialist Adobe Systems has reported a 41 percent increase in second-quarter profit as strong revenue growth overseas offset flat sales in the United States. 

Japanese auto manufacturer Honda launched the first commercial production of a hydrogen fuel cell-powered car Sunday in Tochigi, Japan, and said its first customers will be in the United States.

Unable to persuade Microsoft to reconsider its purchase offer, and unwilling to sell its online search business separately, Yahoo! has agreed a deal in which Google ads will┬áappear alongside Yahoo! search results in the US and Canada.