Metcash, the wholesale supplier for IGA supermarkets in Australia, has announced the sales of its automotive division for $275 million after the company declared a huge loss of $384.2 million on write-downs.   The skyrocketing write-downs means that the company is depreciating in terms of asset value in the grocery market in the country. To make matters worse, the company made sales...

Japanese automaker Toyota Motor Corp. plans to buy back its own shares worth up to 600 billion yen ($ 4.9 billion), reports Bloomberg. Due this shares repurchase, the automaker intends to limit the dilution of shareholders after the additional issue of securities. Previously, the company approved a placement of new shares to long-term investors. Shares will be named "Model AA" in honor of the...

US-based pharmacy and healthcare major CVS Health is planning to buy department store chain Target’s pharmacy business for $1.9 billion.   With the major acquisition, CVS, which already is the largest dispenser of prescription drugs, the biggest specialty pharmacy as well as health care clinic chain is in a position to underline its dominant position. The deal could mean that CVS will...

Google is preparing to launch a new website and a mobile app YouTube Gaming, which will be devoted exclusively to online games, on the basis of one of its largest asset, video hosting YouTube. This was reported in the company's official blog. According to media reports, a new service from Google will become the main competitor of Twitch. The creators of YouTube Gaming promise that the resource...

The joint-venture of Hess Corporation and “Global Infrastructure Partners” announce their Bakken’s “midstream asset” sale. Thestrategist.media – 13 June 2015 – The StreetInsider reports that Hess Corp. Has come to a term of agreement whereby the company will put up a fifty percent sale on “its Bakken midstream assets to Global Infrastructure Partners”. The latter is one of the world’s leading...

Two major homebuilding group in the US, Standard Pacific Corp and Ryland Group Inc have announced their merger to become the fourth-largest homebuilder in the United States.   The merged new company is likely to become a market-dominant force, as pwe analysts. The new company will have a market capitalization of about $5.2 billion, with an enterprise value of about $8.2 billion. Together,...

American automaker General Motors has announced that the company is cutting down the production of two of its low-performing car brands - Chevrolet Sonics and Buick Veranos. The company is also planning to gradually lay off about 100 workers from July through the end of the year.   As a direct result of the reduction plan, the company’s Orion Township assembly plant near Detroit, Michigan,...

US-based social media giant Twitter will have a new CEO. The company’s present CEO Dick Costolo is stepping down after a five year tenure and the company’s co-founder Jack Dorsey will trake over the responsibilities for a short while.   Though Costolo had been instrumental in bringing Twitter to its present 300 million user strength, the company has not been bringing revenue of late....

Those, who expected a lot from the summit of the seven industrialized countries, got disappointed. Yet, those, who expected nothing, realized they were wrong, too - says DW columnist Christian Trippe. Reality can surprise every observer, since there are results that can be verified sufficiently in specific manner, as well as over time passed. For the policy of assistance to developing countries,...