BASF buys electrolytes business from rival Merck KGaA BASF has agreed to buy the electrolytes business for high-performance batteries from rival Merck KGaA for an undisclosed sum. The acquisition “enhances the expertise we offer to automotive and battery manufacturers around the world,” said board member Andreas Kreimeyer. (ET) Alibaba Group…
Sears lays off 100 at Illinois headquarters Sears laid off 100 workers at its headquarters outside of Chicago, two months after the company got a hefty tax credit for dropping a threat to move its headquarters out of state. (ET) Renault optimistic for 2012 on strong sales Renault is optimistic…
Apple reclaims top slot from Samsung in smartphones Apple passed Samsung Electronics to become the world’s biggest smartphone vendor in the fourth quarter on surging sales of its iPhone, Gartner Inc. said. Almost a quarter of smartphones sold were iPhones as Apple’s market share rose to 23.8% from 15.8% a…
ANZ bank in Australia to slash 1,000 jobs; freeze senior executives’ pay ANZ Bank announced it will slash some 1,000 jobs in response to a tougher global environment as profits are squeezed by higher funding costs and lower demand for financial services. The move comes barely a week after fellow…
Diamond Foods to Restate Earnings Diamond Foods Inc will restate earnings for the past two years and replace its top two executives after the board found the company booked payments to walnut growers in the wrong. The restatement may imperil Diamond’s planned, stock-based acquisition of the Pringles potato chip brand…
AIGreviewing succession as chairman takes new job American International Group will review its succession plans after its chairman accepted a job as the chief executive of an airplane maker, the company said. AIG CEO Bob Benmosche has been in treatment for cancer since late 2010. Chairman Steve Miller was to…
Sony, Panasonic Losses Worsen; Samsung Dominates Japan’s biggest makers of TVs, phones and chips say they’ll lose about $17 bn this year, about three‐quarters of what Samsung Electronics Co. will spend on research to lengthen the lead over its competitors. Sony Corp. more than doubled its annual loss forecast for…
Pfizer recalls 1 million contraceptive medicine packs Pfizer Inc., recalled 1 million birth-control packs after discovering that pills were mixed up inside the packages, possibly putting women at risk for unintended pregnancies. The company recalled 14 lots of Lo/Ovral-28 tablets and 14 lots of a generic version of the medicine,…
Nokia Siemens to cut 2,900 jobs in Germany & 1,200 in Finland Nokia Siemens Networks said a previously announced restructuring plan would entail 2,900 job cuts in Germany and 1,200 in Finland. The company said it had begun talks with local representatives aimed at reducing the number of employees in…
Mitsubishi Electric Falls After Japanese Ban on Contract Bids: Mitsubishi Electric Corp. fell the most in 10 months in Tokyo trading after Japan barred the company from competitive bidding for government orders because it overcharged for some defense and aerospace contracts. The government has prohibited Mitsubishi Electric from joining bids…
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