BNET Industries
About BNET Industries
BNET Industries gives managers and executives comprehensive daily news and insights for the advertising, automotive, energy, financial services, food, health care, media, pharmaceutical, retail, technology, and travel industries. We bring you critical analysis on new products, executive and board management changes, lawsuits and legal settlements, mergers and acquisitions, deal flow and new investment, and dozens of other crucial business issues.
Industry Articles
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Media
News Corp Drops Bid For Newsday
By Kenneth Li and Robert MacMillan NEW YORK (Reuters UK) - Rupert Murdoch's News Corp (NWSa) on Saturday dropped its $580 million (298 million pounds) for Tribune Co's Newsday newspaper, just days after Murdoch said a deal was imminent, leaving cable television operator Cablevision (CVC)...
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Media
News Corp Unexpectedly Drops Bid For Newsday
By Kenneth Li and Robert MacMillan NEW YORK (Reuters) - Rupert Murdoch's News Corp (NWSa) on Saturday dropped its $580 million bid for Tribune Co's Newsday newspaper, just days after Murdoch said a deal was imminent, leaving cable television operator Cablevision (CVC) as...
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Media
News Corp Pulls Bid For Newsday
NEW YORK (Reuters UK) - Rupert Murdoch's News Corp (NWSa) has withdrawn its bid to buy Tribune Co's Newsday newspaper, a spokesman said on Saturday. The spokesman said the deal had become "uneconomical." Cablevision Systems Corp (CVC) earlier bid $650 million (332 million pounds) to buy...
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Media
News Corp Pulls Bid For Newsday
NEW YORK (Reuters) - Rupert Murdoch's News Corp (NWSa) has withdrawn its bid to buy Tribune Co's Newsday newspaper, a spokesman said on Saturday. The spokesman said the deal had become "uneconomical." Cablevision Systems Corp (CVC) earlier bid $650 million to buy the...
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Manufacturing
Shell Pulls Out of Iran Gas Deal
By Tom Bergin LONDON (Reuters UK) - Oil major Royal Dutch Shell (RDSa) has pulled out of a planned gas project in Iran, after coming under pressure not to participate from U.S. lawmakers who were concerned about Iran's nuclear programme. A spokeswoman said on Saturday that...
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Manufacturing
Shell Pulls Out of Iran Gas Deal
By Tom Bergin LONDON (Reuters) - Oil major Royal Dutch Shell (RDSa) has pulled out of a planned gas project in Iran, after coming under pressure not to participate from U.S. lawmakers who were concerned about Iran's nuclear programme. A spokeswoman said on...
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Technology
JVC, Kenwood to Form Holding Company: Sources
TOKYO (Reuters) - Japanese mid-sized electronics makers JVC and Kenwood Corp have agreed to integrate their businesses under a holding company in October, sources close to the matter said on Saturday. Kenwood and asset manager Sparx Group acquired a ...
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Technology
Virgin Mobile and Korea's SK in Talks
By Sinead Carew NEW YORK (Reuters UK) - Richard Branson's Virgin Mobile USA (VM) and South Korea's SK Telecom , which controls U.S. mobile service Helio, are in early talks on a deal, a person familiar with the discussions said on Friday. The person, who was...
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Media
Facebook Connect Matches MySpace's Data Availability Initiative
Facebook has countered News Corp.-owned MySpace's announcement of its data availability initiative yesterday with, well, an announcement today revealing the exact same thing for Facebook. This newest product, pushing both social networks toward an increasingly homogeneous end, allows users to carry public profile info, photos, and friends...
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Business Services
FedEx Cuts Profit Forecast on Fuel Costs
BOSTON (Reuters) - Package delivery company FedEx Corp (FDX) slashed its quarterly earnings forecast on Friday, blaming surging fuel prices and a drop in demand caused by the weak economy, sending its shares down 3 percent. Quarterly fuel costs for FedEx's fleets of...
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Auto
Kerkorian Launches Tender Offer For Ford Shares
By David Bailey DETROIT (Reuters UK) - Billionaire investor Kirk Kerkorian on Friday launched a planned tender offer to add to a Ford (F) stake he called an "attractive investment," and not one he acquired to influence the automaker. Just how passive the long-time activist investor...
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Business Services
Tax Rebates Unlikely to Help Restaurants
The tax rebate checks being mailed out by the federal government won't do much for the restaurant industry, according to a survey by Technomic. The foodservice research outfit found that about 10 percent of consumers plan to use their checks to indulge in a night out at a nice restaurant,...
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Financial Services
AIG's Loss and Record Oil Sour Mood on Wall St
By Kristina Cooke NEW YORK (Reuters) - Stocks fell on Friday as the price of oil set another record and concerns about the financial sector flared up again after American International Group Inc (AIG) reported a massive loss. AIG's dismal results raised doubts...
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Financial Services
"Law and Order" Court Preps For Clear Channel Trial
By Leslie Gevirtz NEW YORK (Reuters UK) - The iconic New York State Supreme Court house, a popular backdrop for movies and television shows, was busy preparing for Monday's showdown over the $20 billion (10.2 billion pound) buyout of Clear Channel Communications (CCU). Technicians set...
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Financial Services
Citigroup Aims to Shed $400 Billion of Assets
By Jonathan Stempel and Dan Wilchins NEW YORK (Reuters UK) - Citigroup Inc said on Friday it plans to shed $400 billion (205 billion pounds) of assets within three years and boost revenue by up to 10 percent annually, in a bid to restore profitability after...
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Financial Services
Citigroup Aims to Shed $400 Billion of Assets
By Jonathan Stempel and Dan Wilchins NEW YORK (Reuters) - Citigroup Inc said on Friday it plans to shed $400 billion of assets within three years and boost revenue by up to 10 percent annually, in a bid to restore profitability after huge...
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Financial Services
Countrywide Falls on Worry Over B of A Merger
NEW YORK (Reuters) - Countrywide Financial Corp (CFC) shares fell nearly 6 percent on Friday on renewed speculation that Bank of America Corp (BAC) will renegotiate or cancel its agreement to buy the largest U.S. mortgage lender. The second-largest U.S. bank agreed in...
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Technology
Microsoft Appeals Against EU Fine
BRUSSELS (Reuters) - Microsoft (MSFT) said on Friday it was appealing against a record 899 million euro ($1.39 billion) fine imposed by the European Commission for using high prices to discourage software competition. "Microsoft today filed to the (EU) Court of First Instance...
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Pharma
Sanofi Hit By Generic Plavix Threat in Europe
By Ben Hirschler LONDON (Reuters) - French drugmaker Sanofi-Aventis (SASY), which briefly encountered generic competition to its second-biggest product Plavix in the United States in 2006 and 2007, now faces a similar threat in Europe. Schweizerhall (SWHN), a Swiss generic drug company, said...
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Financial Services
AIG Sees No Signs of Mortgage Asset Market Rebound Yet
By Lilla Zuill NEW YORK (Reuters) - American International Group (AIG), after disappointing with a worse-than-expected loss on Thursday, did little to buoy investor spirits on Friday, telling shareholders it does not yet see signs of a rebound in the market...
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