Google Glass Will Be Made in the USA by Foxconn
Google‘s high-tech glasses will be manufactured in California, according to multiple reports, in the latest example of an American tech company choosing to build one of its products in the United States. Google’s highly touted computerized spectacles, known as Google Glass, will be assembled by Foxconn Technology Group, the Taiwanese industrial giant that builds many of Apple‘s products, at a plant in Santa Clara, California, according to reports in the Financial Times and Bloomberg. Google’s decision comes just months after Apple CEO Tim Cook announced plans to spend $100 million to build one of the existing Mac lines in the U.S. Apple’s plans were highlighted by President Obama during his 2013 State of the Union address. Obama has called for tech companies to increase U.S.-based manufacturing, and although there are signs of an uptick, there remains considerable debate about whether this is a long-term trend or a short-term byproduct of the U.S. economic recovery. Foxconn, ...
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New York Times Co. To Sell Boston Globe Amid Changing Media Landscape
The Times they are a-changin’ — again. The New York Times Co., parent company of the Gray Lady, plans to sell The Boston Globe, the venerable newspaper founded in 1872 by six Boston businessmen. The sale, which has been expected, is another indication of the rapidly changing U.S. media landscape, as the Internet transforms traditional media companies and new upstarts rise to challenge them. The decision to sell The Globe (part of the New England Media Group) is the first major action undertaken by new Times Co. CEO Mark Thompson, the former head of British Broadcasting Corp. For the last several years, The Times has been shedding assets and developing a new strategy centered around video, mobile devices, social media, and international growth. In short, The Times aims to become the premier global news organization, one deeply rooted in technology. “Our plan to sell the New England Media Group demonstrates our commitment to concentrate our strategic focus and investment on The New ...
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Judge Approves American-US Airways Merger
(NEW YORK) — American Airlines won bankruptcy court approval Wednesday to combine with US Airways and form the world’s biggest airline. “The merger is an excellent result. I don’t think anybody disputes that,” Judge Sean H. Lane said before issuing his decision. (MORE: The Battle for the Future of American Airlines) But the judge declined to sign off on a proposed $20 million severance package for Tom Horton, currently the CEO of American’s parent AMR Corp. The approval is an important milestone for American, which filed for Chapter 11 in November 2011 after having long resisted using the bankruptcy process to cut labor and other costs. The merger still needs approval from Department of Justice antitrust regulators and US Airways shareholders. It is expected to close by the fall. The combined airline will have 6,700 daily flights and annual revenue of roughly $40 billion. The new American Airlines will fly slightly more passengers than United, the current No. 1. It will be run ...
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Lloyds paid 20 bankers more than £1 million last year: paper
LONDON - Lloyds Banking Group paid more than 20 of its staff at least one million pounds ($1.5 million) last year, a move likely to inflame anger among lawmakers and the public over excessive banker pay, The Sunday Times reported.
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Reuters
Liberty’s Virgin Deal Sets Up Media Clash Between Malone and Murdoch
Liberty Global’s $16 billion deal to buy British cable group Virgin Media will create one of the largest broadband companies in the world, and will pit Liberty mogul John Malone in a clash of the media titans against longtime rival Rupert Murdoch and his News Corp. conglomerate. The deal is further evidence that the media and tech mergers and acquisitions market is revving up to levels not seen since the financial crisis. Earlier this week computer giant Dell announced plans to go private in a $24.4 billion deal. Virgin Media is the number two pay-TV company in the U.K. behind BSkyB, which is majority controlled by News Corp., so the merger instantly pits Malone against Murdoch in the European media market. The Financial Times was first to report news of the impending deal, which is worth a total of $23 billion including debt. Virgin Group’s Richard Branson, the colorful billionaire impressario, stands to make about $316 million from the Liberty takeover. Liberty Global already ...
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