Avon Eliminating Hundreds of Jobs; Leaves Ireland
NEW YORK — Avon is eliminating more than 400 positions and abandoning or restructuring smaller or underperforming businesses in Africa, the Middle East and Europe, including an exit from Ireland. The company said Monday that the job cuts, which equate to about 1 percent of Avon’s 39,100 employees, will occur across all regions and segments. It is part of a turnaround plan under CEO Sheri McCoy, with the goal of achieving mid-single digit percentage revenue growth and $400 million in cost savings by 2016. Avon expects to complete almost all the cuts before year’s end. The New York company will take charges of around $35 million to $40 million before taxes and expects annualized savings of between $45 million and $50 million. (MORE: Report: Google Fiber Coming to Austin as Cities Race to Increase Web Speeds) The jobs cuts come on top of the 1,500 positions trimmed in December, when the company announced that it was exiting Vietnam and South Korea. The direct seller of beauty products ...
E.U. Fines Microsoft $733M for Breaking Browser Pact
(AMSTERDAM) — The European Union Commission fines Microsoft (EURO)561 million ($733 million) for breaking the terms of an earlier agreement to offer users a choice of internet browser. Microsoft thought it had put its regulatory woes behind it with the 2009 settlement in which it paid (EURO)860 million and promised to give Windows users the option of choosing another browser rather than having Internet Explorer automatically installed. But Microsoft failed to stick to the deal for some 15 million installations of Windows 7 in Europe from May 2011 until July 2012. The company acknowledged the failure and said it was a mistake. The commission’s top regulator, Joaquin Almunia, said negotiated settlements are vital for enforcement, and this was the first time a company had failed to keep its word. MORE: Microsoft Calls Google Antitrust, Google ‘Not Surprised’
Bond Report: Treasurys slip before 2-year auction
Treasury yields nudged up from record lows as traders derived little new information from the ratings watch put on several European countries nor from China and Europe manufacturing data.
Bond Report: Treasurys pare losses after 2-year auction
Treasury prices pare losses following a slightly weaker-than-expected 2-year auction and as uneasiness about Europe persists.