BRUSSELS, Belgium (AP) – European shops saw trading crash in November, the EU statistics agency said Tuesday, adding to signs that the economy may be slowing. But the president of the European Union insisted the bloc still had the momentum to keep expanding despite higher inflation and a credit crisis that may curb the region’s [...]
NEW YORK – Avon Products Inc. on Tuesday said it will cut 2,400 jobs as part of its multiyear restructuring plan, which will cost more than originally expected and ultimately save the beauty-products maker $430 million annually. The restructuring plan will cost $530 million, up from a previous estimate of $500 million, of which $460 [...]
PARIS (Thomson Financial) – Viasat Inc said it has agreed with Eutelsat Communications, Loral Space & Communications Corp and Telesat to work together to expand broadband internet services via satellite. ViaSat and Eutelsat are cooperating around ViaSat’s Ka-band SurfBeam networking system and a common wholesale business model to offer service through ISPs, telecommunication companies, and [...]
BRUSSELS, Jan 8 (Reuters) – ArcelorMittal, the world’s largest steelmaker, said on Tuesday it had signed a deal with Mauritania’s Societe Nationale Industrielle et Miniere (SNIM) to develop an iron ore mining project. “Under the terms of the Memorandum of Understanding, SNIM and ArcelorMittal will jointly develop a large iron ore mining project, using the [...]
HONG KONG — Japanese automotive sales fell last year to their lowest level in 35 years, as a declining population and shifting cultural values among younger consumers weighed on vehicle demand, according to reports Tuesday. Vehicle sales fell 7.6% to 3.434 million units, its fourth consecutive annual decline and the lowest level since 1972 when [...]
NEW YORK — Philip Morris USA said Tuesday it had filed two lawsuits in federal court Monday against importers C.H. Rhodes and U.S. Sun Star Trading Inc., aimed at stopping the importation, distribution, and sale of counterfeit cigarettes and the unauthorized use of Philip Morris USA’s trademarks.
ON Christmas Eve, flight MY100 landed at Stansted having flown overnight from New York’s John F Kennedy airport. The passengers disembarking from the Maxjet plane may not have known it, but they were about to enter aviation history. As the plane was taxiing, the airline’s board was getting ready for a momentous decision. Maxjet, one [...]
Microsoft has offered to buy the Norwegian search software firm Fast Search & Transfer in a deal that values it at about $1.2bn (£607m). The price is 42% above Fast’s closing share price on 4 January and the shares have risen close to the offer level. Fast’s board of directors have recommended that shareholders accept [...]
LONDON — ArcelorMittal said it’s terminated an agreement to sell its Sparrows Point, Balitmore facility to E2 Acquisition, a venture of Esmark Inc. and Wheeling-Pittsburgh, because the venture couldn’t secure financing. The steelmaker is still required to divest the facility as stipulated by the Department of Justice, and it said it would work closely with [...]
BALTIMORE — Mittal Steel Co. NV announced Sunday that it has terminated its agreement for the sale of the Sparrows Point steel mill near Baltimore to an international investment group led by Esmark Inc. due to the group’s inability to secure financing. The move comes at the direction of the court-appointed trustee who has the [...]
