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Pepsico (PEP)
International Dairy and Juice Limited, a joint venture between PepsiCo and Almarai Company Limited, announced that it has acquired Egypt's International Company for Agro-Industrial Projects (Beyti), a producer of high-quality dairy and juice products.
International Dairy acquired the 100% stake in Beyti from Almarai, which acquired it in October 2009 and transferred it to the joint venture at cost. Financial terms of the transaction were not disclosed.
Jan 1 · 3:47:00 PM · Source: Reuters
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by Michael Oliveto
Pepsico (PEP)
Suntory Holdings Ltd. plans to sell beverages in China through a distribution alliance with PepsiCo Suntory spokeswoman Aya Takemoto said.
The companies plan to sign a contract next month to allow two Suntory dairy products to be distributed through regional PepsiCo-affiliated sales companies, she said. Suntory aims to increase Chinese beverage sales fivefold to 20 billion yen ($219 million) in 2012 from 2009 through the alliance with PepisCo.
Jan 1 · 3:44:00 PM · Source: Bloomberg
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by Michael Oliveto
Oracle (ORCL)
Acacia Research Corporation announced that its Software Tree, LLC subsidiary has resolved a dispute that was pending in the District Court for the Eastern District of Texas with Oracle Corporation.
Jan 1 · 3:41:00 PM · Source: Reuters
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by Michael Oliveto
Morgan Stanley (MS)
Morgan Stanley was accused in a lawsuit, filed by the public employees' retirement system of the Virgin Islands, of defrauding investors in a collateralized debt obligation, called the Libertas CDO, by collaborating with ratings companies to place triple-A ratings on the notes.
Morgan Stanley, the sixth-biggest U.S. lender by assets, arranged the offering as it was short-selling almost the entire $1.2 billion worth of assets in the CDO, according to a complaint filed today in federal court in New York. Morgan Stanley was betting the entire investment it was promoting would fail, the public employees' retirement system of the Virgin Islands said in the complaint. The firm achieved its objective.
Jan 1 · 3:26:00 PM · Source: Business Week
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by Michael Oliveto
Morgan Stanley (MS)
Morgan Stanley plans to change how top executives are paid, with more compensation possibly deferred and tied to stock benchmarks.
The investment bank is the latest Wall Street firm to bow to increasing pressure from shareholders and Washington to scale back lavish compensation packages as the country digs out of a prolonged recession; one for which the financial industry shoulders much of the blame. Earlier this month, Goldman Sachs announced its top 30 executives would not get cash bonuses this year and instead receive deferred stock compensation.
Jan 1 · 3:18:00 PM · Source: CBS News
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by Michael Oliveto
Lockheed Martin (LMT)
The U.S. Navy conducted a successful test flight December 19 of a Trident II D5 Fleet Ballistic Missile (FBM) built by Lockheed Martin (LMT). The Navy launched the unarmed missile from the submerged submarine USS ALASKA (SSBN 732) in the Atlantic Ocean.
This test marked the 130th consecutive successful test flight of the Trident II D5 missile since 1989 continuing a 20-year record of reliability that is unmatched by any other large ballistic missile or space launch vehicle.
Jan 1 · 2:49:00 PM · Source: PR Newswire
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by Michael Oliveto
Lockheed Martin (LMT)
The second Lockheed Martin F-35B Lightning II short takeoff/vertical landing (STOVL) stealth fighter arrived today at Naval Air Station Patuxent River, Md.
U.S. Marine Corps Maj. Joseph T. "O.D." Bachmann piloted the aircraft nonstop from Lockheed Martin's Fort Worth, Texas, plant to Patuxent River, successfully completing aerial refueling en route. "Pax River is ready to begin the extensive four-year flight test campaign to help field the future of Marine Corps and Navy Aviation," said Dan Crowley, Lockheed Martin EVP and F-35 program general manager. "Over the next year, an integrated government/industry test team will ramp up the flight test at Pax River for the F-35B STOVL variant and F-35C carrier variant, and at Edwards Air Force Base, Calif., for the F-35A conventional takeoff and landing variant."
Jan 1 · 2:47:00 PM · Source: PR Newswire
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by Michael Oliveto
Honeywell (HON)
Honeywell Aerospace officials said that the 265-person layoff reported to the state of Arizona stems from work being shifted from Phoenix to locations in Mexico and Czech Republic.
Honeywell spokesman Bill Reavis the action is part of a 700-postion shift of aerospace positions from Phoenix to Chihuahua, Mexico, and Olomouc, Czech Republic.
Jan 1 · 2:43:00 PM · Source: MSN Money
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by Michael Oliveto
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