A switch is going to take place in Groupon. It has announced on Tuesday that the company has decided to name Chief Operating Officer Rich Williams as its new CEO. Voting was done and as per its results, its cofounder Eric Lefkofsky, who will take over as the company’s chairman, will be replaced with Williams, appointed as COO in June.
Since 2013, Lefkofksy was serving as permanent CEO. The company has also announced that Ted Leonsis will step down from his post of chairman and will continue to be a board member acting as the lead independent director.
TransCanada Corp. has asked the US government to suspend its review of the $8 billion Keystone XL pipeline project, approval of which would have brought heavy oil from Alberta to US refineries.
Monday’s appeal by Calgary-based TransCanada Corp has been widely interpreted as a ‘no’ from President Barack Obama to the nearly 1,200-mile (2,000-km) cross-border pipeline.
Under the project, Keystone XL would have carried heavy crude oil from Alberta to Nebraska and on to Gulf Coast refineries.
In a Monday announcement, the US Environmental Protection Agency (EPA) said that bigwig German automaker Volkswagen (VW)’s diesel luxury vehicles sold in the US were also apparently equipped with devices that cheated emissions tests.
The latest finding by the EPA comes in addition to the agency’s September disclosure that nearly 500,000 units of VW’s smaller diesel vehicles -- sold in the US between 2009 and 2015 -- used ‘defeat device’ software to circumvent emissions-related regulations in the US.
Major global internet carrier Sprint Corp S.N. said on Sunday that it will cut nearly $2.5 billion in expenses by layoffs and other cost-cutting measures for fiscal 2016. The company has been in losses majorly due to promotional schemes offered by the company to acquire new customers on its telecom network.
CFO of the fourth-largest telecom services provider in the United States announced in the beginning of this month that Sprint will cut its costs by at least 10% in the next year.
The Hatboro-based mail-order pharmacy Philidor RX Services L.L.C. faced downfall just a day after the nation's two largest pharmacy benefit providers, CVS Health and Express Scripts, said they had ended all interactions with the company. According to sources, Quebec-based Valeant Pharmaceuticals break all its ties with Philidor after the Company informed the Valeant that it is going to shut down very soon.
The Federal Reserve has proposed a rule on Friday under which 6 big US banks are required to raise an additional $120 billion, most probably in long-term debt. The aim of the requirements is to ensure that some of the largest and most interconnected banks can better survive another crisis by turning a part of their debt, mainly debt issued by their holding companies, into equity without disturbing markets or asking for a government bailout.
A new kind of paint has been launched by Sherwin-Williams Co. the Cleveland-based company on October 28 has unveiled its microbicidal Paint Shield line, which offers many uses like it kills ‘difficult-to-treat, infection-causing bacteria’ and also stops common bacteria from growing.
As per recent report by the Wall Street Journal, Pfizer is approaching Allergan Plc to sign a deal which would be among the largest in the history of the drug industry. According to sources, the deal will give Pfizer control of the Botox cosmetic drug. The Journal reported that though the two companies are planning a merger, it is expected that the deal could face obstacles like agreement on price, layoffs and closing of facilities.
According to The Wall Street Journal, IBM has reached very close to acquire the digital and data assets of The Weather Company. Talk regarding finalization of the deal are said to be at an advanced stage, it added.
IBM would acquire The Weather Company’s digital businesses which will include its official website and application, infrastructure and data, and its intellectual property. The deal will exclude The Weather Company’s traditional weather TV channel.
A letter addressing 5.5 million members of REI, the nation's largest consumer co-op and specialty outdoor retailer, has unveiled that the co-op will not open its doors on Black Friday (November 27).
All its 143 retail locations, headquarters and two distribution centers will remain closed. Yes it is true, rather than paying for coming to job the company is paying its 12,000 employees to do what they like the most, remain outside.
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