IBTimes.com : Companies - Retail/Consumer

The Fine Art of Disruption: How Lorenzo Thione Evolved From 'Bing' To 'Artify It'

Sat, 26 May 2012 12:02:59 EDT

Lorenzo Thione believes in fate and and approaches the world with a somewhat self-confident naivete. This outward optimism --whether cock-eyed or simply self-assured -- comes across most clearly when he talks about his new business: He wants to be an "artist among the artists" – unchaining fine art from wealthy collectors and setting it free among the hoi polloi.

Vodafone Extends More Business Services for Ireland, James Whelan Butchers attests

Sat, 26 May 2012 00:05:56 EDT

Tradition and innovation can mingle, and meshed if boundaries for originality are maintained and respected, shares Pat Whelan, director at James Whelan Butchers of Ireland.

Investors Love Rio: Why Foreign Companies Are Buying Into Brazil's Real Economy

Fri, 25 May 2012 17:28:23 EDT

Investing in Brazil's booming economy has turned another page as foreign companies, especially Japanese firms, move from putting money into the nation's financial industry to putting it into the real economy of South America's largest nation.

Facebook Shares Drop Again On New Probes Despite Morgan Stanley Investor Pledges

Fri, 25 May 2012 11:19:16 EDT

Shares of Facebook (Nasdaq: FB), the No. 1 social network, fell 3.4 percent again Friday, a week after their disastrous debut in their initial public offering.

Facebook's Shares Recover, But IPO Wounds Fester

Thu, 24 May 2012 12:22:18 EDT

Shares of Facebook (Nasdaq: FB), the No. 1 social network, rose $1.03 to close at $33.03 on Thursday. A week ago, they were priced at $38 for the IPO.

How’s Facebook Faring On Thursday?

Thu, 24 May 2012 11:22:15 EDT

Shares of Facebook (Nasdaq: FB), the No. 1 social network, are up six cents to $32.06 in late morning trading on Thursday.

CalSTRS Pension Fund To Vote Against Wal-Mart Board

Tue, 22 May 2012 15:41:19 EDT

The second largest public pension fund said on Tuesday it plans to vote all of its Wal-Mart Stores Inc shares against the entire board in the wake of bribery allegations in Mexico that Wal-Mart officials failed to fully investigate.

Groupon Settlement: How To Claim Your Part Of $8.5 Million In Class-Action Damages

Tue, 22 May 2012 15:00:04 EDT

Certain Groupon customers are entitled to part of the $8.5 million in damages that have been awarded as part of a class-action lawsuit against the company. Here's how to find out if you are eligible for a voucher.

BlackRock Buys Stake in Formula 1 Ahead of Singapore IPO

Tue, 22 May 2012 11:25:31 EDT

Formula 1, the popular global auto racing sport, is on its way to a possible IPO as financial investors such as Waddell & Reed Financial Inc. (NYSE: WDR), Norges Bank Investment Management and BlackRock, Inc. (NYSE: BLK) bought 21 percent of the company, CVC Capital Partners, owner of Formula 1, confirmed Tuesday.

Best Buy Restructuring Bites Into 1Q Profit Which Beat Forecasts

Tue, 22 May 2012 11:14:58 EDT

Best Buy Co. Inc. (NYSE: BBY) reported a 26 percent drop in its fiscal first-quarter profit due largely to higher restructuring costs compared to last year, but the earnings topped Wall Street's expectations.

Accor Sells Motel 6 To Blackstone For $1.9 Billion

Tue, 22 May 2012 09:56:57 EDT

French hotel giant Accor SA (Paris: AC) said Tuesday it will sell the underperforming Motel 6 U.S. budget hotel chain to asset manager Blackstone Group LP for $1.9 billion, as part of an effort to cut debt and shift focus from the U.S. to fast-growing emerging markets.

BofA Analysis: David Jones a Good Buy

Mon, 21 May 2012 20:42:13 EDT

An analysis by Bank of America (BofA) showed that Australian retailer David Jones would be a good buy for now following the drop in company shares at its lowest level since the global financial crisis.

Stocks Rally, China Hints At Stimulus: Daily Markets Wrap

Mon, 21 May 2012 16:21:50 EDT

The strain in this relationship between Germany and France was apparent Monday as finance ministers from both countries failed to resolve the question whether the euro zone would benefit from issuing joint European bonds. Berlin rejects the idea, stipulating that struggling economies need to clean up their messes before being given a reason not to.

Publisher Houghton Mifflin Harcourt Files For Bankruptcy To Restructure Debt

Mon, 21 May 2012 15:13:56 EDT

Publisher Houghton Mifflin Harcourt filed for Chapter 11 bankruptcy protection Monday to restructure $3.1 billion in debt and reduce annual interest costs by around $250 million.

Ex-Yahoo CEO Quits Splunk Board In Last Resignation As Yahoo Sets China Deal

Mon, 21 May 2012 14:41:54 EDT

Former CEO of Yahoo (Nasdaq: YHOO), the No. 3 search engine Scott Thompson resigned as a director of Spunk (Nasdaq: SPLK), a week after quitting his job at Yahoo.

Campbell Soup Reports Income Fell 5% In 3Q Sending Shares Down

Mon, 21 May 2012 11:39:27 EDT

Campbell Soup Co. (NYSE: CPB) reported net income fell 5 percent to $177 million, or 55 cents a share, as revenue rose to $1.82 billion in its third quarter ended April 29. A decline in U.S. and international sales of its simple meals, a drop in global sales of its beverage products, a rise in the c...

Dalian Wanda Buys AMC Entertainment Cinema Company For $2.6B

Mon, 21 May 2012 10:30:21 EDT

A Chinese conglomerate will buy a major U.S. cinema chain, AMC, for $2.6 billion, in China's biggest takeover of an American company to date.

Lowe’s 1Q Profit Up, But Earnings Forecast Downgraded

Mon, 21 May 2012 10:13:25 EDT

Home improvement retailer Lowe's Companies Inc. (NYSE: LOW) reported a 14.4 percent increase in profit in the first quarter but downgraded its estimated earnings for the year on concerns over momentum in the U.S. housing market on Monday.

Facebook Shares Plunge As Much As 13% In Monday Trades

Mon, 21 May 2012 09:46:12 EDT

Shares of Facebook (Nasdaq: FB), the No. 1 social network, plunged more than 13 percent when markets opened Monday, lowering the company’s value by about $8 billion.

Facebook IPO: Now That You Own Shares, 3 Key Signs To Look For

Mon, 21 May 2012 09:16:13 EDT

Shareholders of Facebook (Nasdaq: FB), the No. 1 social network, are set to get the shares Tuesday, following Friday’s tumultuous first sales after the $16 billion initial public offering.

Big Deal For Alibaba,Yahoo: The $7.1B Is Only Half Of It

Sun, 20 May 2012 23:44:26 EDT

China's Alibaba Group and Yahoo confirmed Sunday night they have reached an agreement that will allow the two online media giants to eventually go their own ways. Alibaba initially will pay an estimated $7.1 billion in cash and preferred stock to Yahoo.

Technology Focus: Facebook’s IPO Boosts Its Cash – Now What?

Sun, 20 May 2012 09:54:32 EDT

One value of going public for any company is to raise cash as well as mint new shares for acquisitions. Facebook (Nasdaq: FB)’s $16 billion initial public offering was no exception.

Larger iPhone 5 May Have Been Jobs' Final Work

Sat, 19 May 2012 14:38:22 EDT

Apple Inc.'s refresh of its top-selling iPhone is likely to include a larger screen, reflecting the final wishes of Steve Jobs and putting it in a class of devices previously defined by rivals.

More Musical Chairs in Australia’s Retail Industry

Fri, 18 May 2012 03:21:05 EDT

More changes are taking place in Australia’s embattled retail industry as Centro Retail Australia sold half of its stakes in three premium shopping centres, while Retravision Southern is teetering towards administration.

Facebook Prices IPO Shares At $38; Values Company At Record $104 Billion

Thu, 17 May 2012 16:20:51 EDT

Facebook (Nasdaq: FB), the No. 1 social network, raised $16 billion in its initial public offering, the biggest in Internet history, valuing its shares at $38.

Illegal File Sharing Case Poses $675,000 Question For Supreme Court

Thu, 17 May 2012 15:52:47 EDT

Inside Joel Tenenbaum's legal "crusade" against the recording industry and a $675,000 penalty for file sharing.

J.C. Penney Stock Suffers Worst Drop Ever, 20%

Wed, 16 May 2012 20:14:02 EDT

J.C. Penney Co Inc shares plunged nearly 20 percent on Wednesday, their worst decline ever, wiping away $1.43 billion in market value a day after the retailer shocked Wall Street with a much worse-than-expected drop in sales and by scrapping its dividend.

Facebook IPO: Why Did Underwriters Boost Its Value?

Wed, 16 May 2012 15:24:39 EDT

A day before Facebook (Nasdaq: FB), the No. 1 social network holds its initial public offering, its 33 underwriters boosted the number of shares for sale by 25 percent, potentially valuing the deal as high as $19 billion.

Facebook Acquiring Lightbox.com Staff, Technology

Wed, 16 May 2012 11:39:00 EDT

Facebook (Nasdaq: FB), the No. 1 social network, said it’s acquiring the staff and technology of startup Lightbox.com, developer of a photo app for mobile surfaces.

More Bad News for Aussie Retailers as Consumers Hold Tighter to Purses

Tue, 15 May 2012 22:23:40 EDT

If 2011 was a bad year for Australian retailers, the industry should not expect an improvement for 2012 since new research shows that Aussie consumers plan to hold tighter to their purses this year.

JC Penney Ends Quarterly Dividend, Reports Losses, Shares Tumble

Tue, 15 May 2012 16:47:30 EDT

J.C. Penney Company Inc. (NYSE: JCP) reported net losses of $163 million for the three months preceding April 28, 2012, and said that it would discontinue its 20 cent per share quarterly dividend to help fund its ongoing restructuring, the company announced Tuesday.

JC Penney Ends 20-Cent Quarterly Dividend, Sees Additional Restructuring

Tue, 15 May 2012 16:20:26 EDT

JC Penney announced Tuesday that it will discontinue its 20 cents per share quarterly dividend.

Finland Finally Gets A Starbucks -- Or At Least The Airport Does

Tue, 15 May 2012 12:51:56 EDT

While the rest of the world is focused on Greece’s exit from the euro zone, the news that caught my eye is Finland finally getting its first Starbucks café.

Coty Drops $10.7B Bid For Avon

Tue, 15 May 2012 12:13:22 EDT

Coty Inc. withdrew its $10.7 billion offer to buy Avon Products Inc. (NYSE: AVP) following months of failed communication by Avon, the company announced on Monday.

Facebook’s IPO: Shares Upped, Value Could Be $104 Billion

Tue, 15 May 2012 09:08:36 EDT

Facebook (Nasdaq: FB), the No. 1 social network, announced that it would increase the number of shares in its initial public offering, price them higher and value the company at as much as $104 billion.

Home Depot Sales Miss Estimates; Shares Fall

Tue, 15 May 2012 08:34:56 EDT

Home Depot Inc. (HD.N) reported weaker-than-expected quarterly sales on Tuesday after demand slowed in April following a jump in home improvement projects spurred by warm weather earlier in the year.

Coty Drops Takeover Bid For Avon

Mon, 14 May 2012 22:31:27 EDT

Coty Inc said Monday evening it is withdrawing its $10.7 billion takeover bid for Avon Products Inc, saying the world's largest cosmetics direct seller had missed its deadline to start talks.

GameStop Will Sell Steam Vouchers For $20, $50

Mon, 14 May 2012 18:17:19 EDT

GameStop, in an effort to push digital sales, will be $20 and $50 vouchers to be used on Steam, the video game distribution platform for Mac and PC games, at all of its U.S. retail locations.

Groupon Reports First Profit; Shares Surge

Mon, 14 May 2012 16:49:02 EDT

Groupon Inc posted its first quarterly profit as the world's largest daily deal company reined in marketing spending while signing up more customers and merchants, sending its stock 11 percent higher.

Best Buy Founder Richard Schulze: Inside The Sex Scandal That Led To His Downfall

Mon, 14 May 2012 12:18:55 EDT

Best Buy founder Richard Schulze is the newest casualty of a sex scandal at Best Buy that led to his resignation today after an internal investigation revealed that he knew about a "close personal relationship" former CEO Brian Dunn had with a 29-year-old female employee, which is a violation of company policy.

Memo To Loeb: You Broke Yahoo -- 5 Ideas to Fix It

Mon, 14 May 2012 11:48:39 EDT

Congratulations, the good guys finally won. You and your team, with help from other institutions, have ousted CEO Scott Thompson, elected three Third Point nominees to the board, removed another handful of management nominees and effectively control the company. Now what?.

Technology Focus: Will The Good Guys Win At Yahoo?

Sun, 13 May 2012 09:36:53 EDT

For months, Yahoo has been in crisis. Market share fell. CEO Carol Bartz was fired. A Chinese tycoon said he’d buy the company.

Resume Embellishment? Yahoo’s CEO Not Alone

Fri, 11 May 2012 12:35:26 EDT

Rather than deal with business, directors of Yahoo (Nasdaq: YHOO), the No. 3 search engine, have been busy all week in the “resume embellishment” scandal that forced one director to quit and put the CEO under a cloud.

Facebook IPO: Could FTC Probe Throw Wrench Into Deal?

Thu, 10 May 2012 15:27:36 EDT

Facebook (Nasdaq: FB), the No. 1 social network, is facing a probe into its acquisition of Instagram that could delay its $100 billion initial public offering.

Apple, Foxconn To Split Costs To Upgrade Factory Working Conditions

Thu, 10 May 2012 11:39:59 EDT

Apple Inc. (NASDAQ: AAPL) and its primary iPad and iPhone supplier, Foxconn Technology Company Ltd. (Taipei: 2354), will share the costs of improving labor conditions inChinese factories, Foxconn CEO Terry Gou said.

Budget Handouts to Urge Aussies to Troop to Woolworths, David Jones

Thu, 10 May 2012 03:55:45 EDT

Retailers are hoping that Australians would spend some of their budget handouts on shopping to lift the industry.

2013 Cadillac XTS Will Come With Free iPad, Teaching Apps

Wed, 09 May 2012 17:06:27 EDT

Every new 2013 Cadillac XTS will come with an Apple Incorporated (NASDAQ: AAPL) iPad with a suite of customer education apps pre-loaded to teach new owners about the car's Cadillac User Experience (CUE), General Motors Company (NYSE: GM) announced on Wednesday.

JPMorgan Chase Rolls Out Prepaid Card To Recoup Lost Fees

Wed, 09 May 2012 16:07:45 EDT

JPMorgan Chase & Co. (NYSE:JPM), the largest and most profitable U.S. bank, will launch a reloadable prepaid card in its 5,541 branches this summer, aiming to attract new customers and recoup fees it has lost under recent regulatory changes.

Macy's Beats Earnings Expectations But Still Disappoints Wall Street

Wed, 09 May 2012 12:19:40 EDT

Macy's, Inc. (NYSE: M), the national retailer that counts department stores brands Macy's and Bloomingdale's in its portfolio, reported earnings Wednesday that exceeded expectations, but still disappointed Wall Street, which was looking for higher guidance from the company on future earnings.

Fannie Mae Reports $2.7 Billion Profit In 1Q, Won't Require More Bailout Money

Wed, 09 May 2012 11:27:03 EDT

Fannie Mae (OTC: FNMA), the government-controlled mortgage giant that was brought to its knees during the housing crisis, said Wednesday it had net income of $2.7 billion in the first quarter as home prices declined at a slower rate than in the previous quarter, and its book of business improved.