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Siemens Slashes Jobs; Southwest Cozies Up to Canada; VMWare Axes CEO; Office Depot Drops on Dismal Sales; Oil Drops $10 in a Week; Fed’s New Lending Restrictions; Anheuser Busch Sues InBev; ConocoPhilips Strikes Deal with Abu Dhabi
Siemens AG (ADR: SI) announced yesterday (Tuesday) that it would eliminate almost 17,000 positions to prepare for a global economic downturn. The Germany-based industrial giant hopes to achieve $1.9 billion (1.2 billion euros) in cost savings by 2010. Chief Executive Peter Loescher said Siemens needed to be faster, more efficient and have a leaner administration if it hoped to compete, Reuters reported.
Southwest Airlines Co. (LUV)…
9Jul2008 | Money Morning | Comments Off | ContinuedGlobal Beer Titan InBev to Make $46 Billion Offer for No. 1 U.S. Brewer, Anheuser-Busch
Shares of the largest U.S. brewer, Anheuser-Busch Companies Inc. (BUD), maker of such iconic brands as Budweiser and Bud Light, shot up more than 7% on Friday on news that the Belgium-based InBev NV was considering a $46 billion takeover bid.
European beermaker InBev is the world’s largest brewer. Its stable of beers includes such well-known names as Stella Artois, Beck’s and Brahma.
“The two companies would represent an excellent geographic fit,” Wim Hoste, an analyst at KBC Securities, part of KBC Groep NV in Brussels, said in a telephone interview with Bloomberg News. “The black hole for InBev is the [United…
26May2008 | Money Morning | Comments Off | Continued
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