Corporate Business News
Corporate Governance News
Being updated about corporate news can give entrepreneurs valuable input on how big players manage their business towards growth, and how they successfully react to changes in government policies, the economy, and internal developments.
So if you want to be big, study how the big guy think and act and learn from their successes and failures.
Jobless Claims to End for Many in January
A nonprofit organization on Friday said that more than one million Americans will run out of benefits by January if the Obama administration will fail to reinstate the jobless benefits for those who have lose their jobs during the recession.
Wal-Mart Offers Clothing Vendors Faster Payment Scheme
Wal-Mart Inc over the weekend unveils its new payment option for ailing vendors and retailers. Unlike the old payment scheme, which could take 60 to 90 days, clothing vendors can now get payment after 10 to 15 days from the delivery date.
Yahoo Q3 Profit Soars High
A new data released on Tuesday showed that Internet giant Yahoo Inc. has made an outstanding third quarter number by increasing revenue by more than three times.
Wal-Mart Declares Price Cut War against Amazon
Wal-Mart, the largest retail store chain in the United States, on Thursday has launched a “price cut” war against its biggest online competitor, Amazon.com over prices of highly-anticipated hardbound book titles.
Boeing 878 Dreamliner Delivery Deferred Until 2010
Airlines giant Boeing announced the delay of the delivery date for its 878 Dreamliner due to workers' strike that lasted for two months.
Student Sues Amazon for Deleting Digital Book Copies
Amazon.com was sued by a high-school student for allegedly violating its own terms and conditions with users by deleting one of his homework that tackles the danger of totalitarianism.
Yahoo! Reported Increase in Income despite Drop in Revenue
Cost-cutting has helped internet giant Yahoo! from further downfall as it posted higher profit in the second quarter of 2009.
Amazon to Replace Defective Kindle Free of Charge
Few days ago, several consumers filed a class lawsuit against online retail giant Amazon over its defective electronic-book Kindle.
Wal-Mart Supports Obama's Large Employers Health Mandate
San Francisco-based Wal-Mart retail store has expressed strong support for health insurance coverage for its employees in line with President Obama's push for maximum workers' compensation amid economic crisis.
TiVo Wins in Court Battle Against EchoStar
In a landmark event, a federal court on Tuesday granted TiVo Inc with additional $130 million in damages over its patent infringement lawsuit against two television service providers.
Reasons Why General Motors Failed
Do you want to know the reasons why GM failed and declared bankruptcy after 101 years? This situation highlights the damage to economy. It also shows what happens when a company fails to change and simply rests on its laurels.
Sony Ericsson Unveils New Gaming Phone
Sony Ericsson introduced Aino gaming mobile phone, which is expected to be released in June this year.
Toys R Us Acquires Retail Giant
In an effort to boost its revenue and expand its market, Toys R Us Inc. has acquired retail store chain FAO Schwarz on Wednesday.
Watchmaker Withdraws Charges Against Apple Over Infringement
Jewelry and watch maker Carrier said Apple did not ask for permission to use its timepiece in making a software application called Fake Watch for iPhone, prompting the company to file an infringement lawsuit against the technology giant.
HP to Layoff 6400 Workers
Following its 17 percent fall in the net profit during the first quarter and the acquisition of a new IT service firm, computer giant Hewlett-Packard announced its plan to layoff 2 percent of its workforce or 6,400 employees.
Wyeth Accused of Cheating Medicaid
Wyeth, the country's leading drug company, was "stealing" money from the US government health care program called Medicaid by overcharging the price of Protonix, a drug for stomach acid attack, according to the Justice Department.
Toyota Unveils New Version of Prius to Challenge Honda
Toyota Motor Corp. announced it will introduce a new version of its Prius which has been the highest-selling hybrid car worldwide since it was introduced in 1997.
Playboy is Chasing Bunny Money
Playboy Enterprises are expanding their global licensing business. Moreover, they will publish their first double issue for July/August of this year. This is part of their strategy in reversing their first-quarter loss and increasing their income compared to last year.
Nike to Reduce Workforce by 5 Percent
With low consumer spending and slumping sales, Nike Inc. has recently announced 5 percent workforce reduction that will affect more than 1,750 employees from its different facilities worldwide.
Volkswagen, Porshe Talk About Merger Plan
Two German carmaker giants, Porshe and Volkswagen, have recently announced its plan to merge in an effort to boosts its global operation amid recession which has severely weakened the auto industry especially in the US where carmakers have already received billion-worth of stimulus packages but still experienced financial meltdown.
Wal-Mart to Pay $2.1 Million to Avoid Criminal Prosecution Over Worker's Death
To avoid possible criminal charges, retail giant Wal-Mart has agreed to pay $1.2 million in damages and another $40,000 compensation to four injured victims and to the family of Jdimytai Damour who was trampled to death when 2,000 rowdy shoppers surged to the store to buy discounted and low-priced goods.
Toys "R" Us Recalls 96000 Substandard Cribs
A world leading toy manufacturer on Thursday recalled around 96,000 units of "Jadine" cribs that were being sold at Babies "R" Us and Toys "R" Us following numerous safety complaints from US customers, the Consumer Product Safety Commission said.
YouTube to Maximize Its Profit
Popular video-sharing website YouTube recently announced its plan to have a joint venture with media giants in an effort to generate more advertising revenue amid concern that the Internet market is experiencing record-low revenue due to global economic crisis.
Yahoo to Layoff 500 Workers Despite Gains
Internet giant Yahoo! Inc. recently announced it will reduce 5 percent of its workforce which will affect more than 700 employees despite reporting 3 percent gains in European trading, boosting profit after few months of slumping revenue.
Sony Ericsson to Layoff 2000 Workers
Sony Ericsson has recently announced it will lay off 2,000 workers in an effort to keep its finances afloat. Meanwhile, the company did not reveal how many employees in its facilities in North America will be affected.
Pepsi Accuses Coca-Cola of Making False Statements
PepsiCo Inc. has recently filed a lawsuit against Coca-Cola for allegedly running a “misleading” advertisement that attacks Gatorade which is the beverage giant’s top-selling sports energy drink.
Boeing Reduces Output in 2009
Boeing, the world’s largest aircraft maker, has announced it will reduce output this year as major airline companies withdrew its orders of passenger airplanes because of the alarming decline of travelers who prefer to stay at their homes to avoid spending their money on vacation.
Court Rules in Favor of Uniloc, Orders Microsoft to Pay $388 Million
A Federal court rules in favor of software developer Uniloc against technology giant Microsoft. In a court ruling, Microsoft was asked to pay Uniloc with $388 million over patent infringement case.
Disney World Lays Off 1,900 Workers
Popular theme park Walt Disney announced on Friday it laid off 1,900 workers while another 300 will lose their job for the next few months. According to the company, this workforce reduction is part of its contingency plan to cut cost amid the drastic decline of visitors due to financial crisis.
Electronic Car's Sales Up: Mitsubishi
Electric-powered vehicles are becoming popular as more consumers prefer to buy environment-friendly models. Just recently, Mitsubishi Motors Corp. said its 2,000 units iMiEV electric cars were sold just after three months of its first launching.
AIG Employees Return Bonuses Amid Criticism
After being pressured by the Federal government, the American International Group (AIG) said its top executives returned the bonuses worth $165 million. A public outcry has also pressured the insurance company which received billion-dollar bailout package to keep its economy afloat.
Google to Reduce Workforce
After hiring too many people with overlapping jobs, Internet giant Google announced it will reduce its workforce. According to the company’s senior vice president for global sales and business development, only 200 workers or less will be affected by the workforce reduction—most of them are working in sales and marketing department.
IBM to Layoff 5000 Workers
Business Machines Corp. (IBM), which is the world’s largest computer service provider, has announced to slash its workforce by laying off more than 5,000 employees following its massive profit losses due to weakening demand and slumping sales. In January, the company has also laid off more than 4,000 workers.
GM Starts Layoffs Affecting White-collar Employees
After receiving bailout package from the federal government, General Motors promised to modify its management system and operation to make sure the financial aid is maximized—this includes cutting workforce that will affect white-collar employees.
Hitachi Agrees to Pay $31 Million Fine for Conspiracy
Hitachi Displays Ltd., a Japanese electronics giant, admitted to be involved in a conspiracy with other electronic companies to fix the prices of Liquid Crystal Panel (LCD). Meanwhile, the US Justice Department warned other multinational firms to follow the antitrust law or they will face consequences and penalties from the law.
Citigroup Reports Massive Gains
US financial firm Citigroup recently reported its massive profit growth for the month of January and February, saying that it has garnered the best quarter-to-quarter increase after its last $2.2 billion earnings two years ago.
Hyundai Motor Plans to Focus on "Green" Cars
Korean carmaker Hyundai Motors announced its new marketing strategy that will focus on manufacturing environment-friendly vehicles. The automaker said it will spend $6 billion this year to make "green" cars despite the ongoing global recession that has damaged the car industry especially in the US where General Motors and Chrysler were given government financial assistance to keep its finances afloat.
Wal-Mart Asked to Pay $17.5 Million for Racism Lawsuit
Retail giant Wal-Mart was slapped by court with a $17.5 million compensation damages after it was proven to implement a racist policy which discriminated upon those truck driver applicants who belong to African-American race.
Microsoft Hires Wal-Mart Exec
In a new marketing strategy, technology giant Microsoft Corp. recently hired a former Wal-Mart executive to lead the company to the retail business. In an effort to compete with Apple’s playbook retail stores, the Microsoft announced to start from a “small number” of stores before jumping into a full blown nationwide retail business.
General Motors Announces 14 Percent Workforce Reduction
With the ongoing financial crisis which greatly affects the auto industry, General Motors (GM) has recently announced its latest cost-cutting measures which include reducing its workforce up to 14 percent, affecting more than 10,000 employees.
US Media Giant Announces Lay off Plans
With the ongoing economic crisis which hit most US industries, even News Corp which is the largest media conglomerate in the world is not spared from the financial trouble following its reports about massive quarterly loss.
Airlines Cancel More Orders from Boeing Amid Recession
Boeing, the world’s largest aircraft manufacturer, has experienced massive losses as airlines from around the world cancel its orders amid economic recession. And according to experts, this trend will worsen as more passengers will cancel their flights and will travel less to save money during the ongoing financial crisis.
Macy's Prepares Contingency Plans amidst Slumping Sales
Macy’s, one of the biggest department store chains in US, announced its new contingency plans amidst slumping sales and low consumer demand. To cut costs, the retailer giant said it will lay off 7,000 workers, or 4 percent workforce and will offer product lists according to the needs of a certain location.
GM Asks Government to Eliminate Tax Liability
Due to slumping sales and low consumer demand, General Motors is appealing to the government to waive its billion-dollar tax liability. Apart from this plea, the automaker is also seeking a bailout package from the government amounting to $13.4 billion.
Amazon Sales Up Amidst Recession
Despite the ongoing recession, online retailer Amazon on Wednesday reported its highest holiday sales which increased by 18 percent or $6.7 billion. With this strong sales, the company’s net income rose by 8.7 percent to $225 million.
Pfizer Acquires Wyeth for $68 Billion
Pfizer acquired Wyeth for $68 billion, a merge which is expected to boost the revenue to these two pharmaceutical giants. Meanwhile, some experts said that it will not solve Pfizer’s main problem as its famous drugs have reached its patent expiration which allows other companies to manufacture the same medicines.
Toyota Plans to Lay off Thousands of Workers
Toyota has announced its plan to cut its workforce, affecting more than 1,000 employees in UK and North America. With the ongoing economic recession, the company has slumping sales due to low car demands which also prompted Toyota officials to suspend production for few days to reduce the surplus.
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