Tesco Barely in Profit as it Prepares U.S. Exit
(LONDON) — Tesco PLC, Britain’s largest supermarket operator, says it is looking to sell its U.S. operations after failing to make an impression over six years. Tesco said Wednesday that net profit for the year dropped 96 percent to 120 million pounds ($183 million) following a 1.2 billion pounds writedown to exit its Fresh & Easy brand in the U.S. It also took an 804 million pounds writedown on its U.K. property portfolio. Fresh & Easy has nearly 200 stores in California, Arizona and Nevada. Tesco says it is also leaving Japan and taking a more measured approach to growth in China. Chief Executive Philip Clarke told the BBC that the decision to leave the United States was right for shareholders and that the company was looking for a single buyer. MORE: How the Entry of Walmart and Big Retail Chains Will Change India
Stock Market Rebounds From Worst Day of the Year
(NEW YORK) — Strong housing and earnings reports helped stocks rebound from their worst day of the year. The Dow Jones industrial average rose 129 points, or 0.9 percent, on Tuesday, to 14,728 as of 1:50 p.m. EDT, winning back about half of the 265 points it lost a day earlier. Home construction topped 1 million last month, the highest level since June 2008. Robust earnings from companies including Coca-Cola also propelled the market higher. A recovery in housing and a pickup in hiring were major catalysts driving the stock market’s surge early this year. The Dow and the Standard & Poor’s 500 jumped 11.3 percent and 10.3 percent, respectively, in the first three months of 2013. (MORE: 6 Reasons Why the Stock Market Could Do Surprisingly Well in 2013) That run-up was interrupted Monday when stocks had their biggest decline since November. Worries about an economic slowdown in China led to a drop in prices for oil, copper, and other commodities, causing mining and energy stocks to fall. ...
China's Alibaba Moves in Mobile OS
China's Alibaba said it would promote its own smartphone operating system through subsidies to handset makers and a $160 million funding program for app developers, possibly reigniting a fight with Google.
Countries with the most people yearning to breathe free
Roughly 138 million people worldwide, or about 2 percent of the world’s adult population, want to immigrate to the U.S. In China, as many as 19 million adults would like to move to the land of opportunity -- the largest number of any country. Based on data provided by Gallup, 24/7 Wall St. reviewed the seven countries where the most people want to come to the United States.Not surprisingly, these ...
Found 1 month ago on channel MSNBC
Toyota, Honda, Nissan Announce Air Bag Recall
(TOKYO) — Toyota, Honda and Nissan are recalling more than 2 million vehicles globally for an identical problem with air bags on the passenger side whose inflator may burst, sending plastic pieces flying. No injuries have been reported related to the problem. The recall for air bags made by Japan’s Takata Corp. affects other automakers, including non-Japanese manufacturers, Takata spokesman Akiko Watanabe said Thursday. She declined to give details. Toyota Motor Corp. is recalling 1.7 million vehicles, with some 580,000 in North America, another 490,000 in Europe and 320,000 in Japan. Affected models include the Corolla, Tundra, Lexus SC, produced between November 2000 and March 2004. Toyota said it had received five reports of air-bag problems, three in the U.S. and two in Japan, but there have been no injuries. Honda Motor Co. is recalling 1.1 million vehicles. About 680,000 are in North America, 270,000 in Japan and 64,000 in Europe. The models include the Civic, CR-V and Odyssey. ...