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Business - Best Buy announces first buyback since 2012; profit jumps

Best Buy Co Inc , the largest U.S. consumer electronics chain, on Tuesday reported higher-than-expected quarterly earnings on a strong holiday season and said it would buy back stock for the first time since 2012. Chief Executive Officer Hubert Joly said on a conference call that Best Buy planned this year to start a cost-cutting effort to save $400 million over the next three years. Best Buy authorized a $1 billion share buyback over three years and announced a special dividend of about $180 million, or 51 cents per share, from proceeds from settlements of a lawsuit on price-fixing of TFT-LCD panels. Best Buy`s sales at stores open at least a year increased 2 percent during the fourth quarter ended on Jan. 31, slightly more than the 1.9 percent rise estimated by analysts polled by research firm Consensus Metrix.

Tuesday, March 03, 2015  15:33


Top Stories - Could Netanyahu reveal classified information?

CNN`s Fareed Zakaria explains the issues surrounding Israel PM Benjamin Netanyahu`s upcoming speech at Congress.

Tuesday, March 03, 2015  14:39


World - Thousands evacuated after volcano erupts in southern Chile

By Antonio De la Jara and Rosalba O`Brien SANTIAGO (Reuters) - Volcano Villarrica in southern Chile erupted in the early hours of Tuesday, sending a plume of ash and lava high into the sky, and forcing the evacuation of nearby communities. A major lava flow is not expected, said Luis Lara, head of national geological service Sernageomin on Tuesday morning, but that could change. Some 3,385 people had been evacuated as a preventative measure, said Interior Minister Rodrigo Penailillo. Ash from the volcano was for now well under the flight paths used by commercial airliners, and flights were unaffected, said Juan Carlos Rojas, air transit head at the government`s civil aeronautics division.

Tuesday, March 03, 2015  14:21


Business - Best Buy profit beats estimates on higher-margin TV sales

(Reuters) - Best Buy Co Inc , the largest U.S. consumer electronics chain, reported a better-than-expected quarterly profit, helped by improved sales of higher-margin products such as large-screen TVs and mobile phones during the holiday shopping season. The company`s shares rose 4.6 percent at $40.40 in premarket trading, after Best Buy said it would buy back $1 billion of shares over the next three years. Best Buy`s total same-store sales increased 2 percent during the fourth quarter, slightly better than the 1.9 percent rise estimated by analysts polled by research firm Consensus Metrix. U. ...

Tuesday, March 03, 2015  13:27


Top Stories - What Israelis think of visit

A recent poll says Israelis are split on Netanyahu`s Congress address -- CNN`s Kate Bolduan saw it first hand at dinner in Jerusalem

Tuesday, March 03, 2015  06:52


World - New Delhi gang-rapist: She shouldn`t have fought back

NEW DELHI (AP) — A man convicted for raping and killing a woman in a shocking and brutal 2012 gang attack on a New Delhi bus says in a TV documentary that if their victim had not fought back she would not have been killed.

Tuesday, March 03, 2015  08:05


Business - Volkswagen on track with efficiency program: CEO

FRANKFURT (Reuters) - Volkswagen is optimistic it will reach its cost saving targets, which should help the company to narrow the profit gap with international rivals. `We are on track with our efficiency program,` CEO Martin Winterkorn said in an interview on German TV channel ZDF. Europe`s largest carmaker, which sold a record 10.1 million vehicles across the multi-brand group in 2014, is seeking to cut costs at its core division by 5 billion euros ($5.66 billion) over the next two years. (Reporting by Kirsti Knolle; Editing by Georgina Prodhan)

Tuesday, March 03, 2015  07:47


Top Stories - LG to roll out quantum dot-equipped 4K TVs at CES 2015

These new TVs are more colorful than conventional TVs, and less expensive than OLED.

Tuesday, December 16, 2014  16:52


Top Stories - Quantum leap? LG to roll out quantum dot TVs in 2015

These new TVs are more colorful than conventional TVs, and less expensive than OLED.

Tuesday, December 16, 2014  16:34


Business - Sony sees 25-fold profit jump by 2018; could exit TVs, phones

By Ritsuko Ando TOKYO (Reuters) - Sony Corp aims to boost operating profit 25-fold within three years by growing its camera sensors and PlayStation units, its chief executive said, outlining a strategy that could see the company exit the cut-throat TV and smartphone sectors. CEO Kazuo Hirai said on Wednesday the Japanese consumer electronics firm would no longer pursue sales growth in areas such as smartphones where its has suffered competition from cheaper Asian rivals as well as industry leaders like Apple Inc and Samsung Electronics . Sony would instead focus its spending on more profitable businesses such as camera sensors, videogames and entertainment as it seeks to return to growth after forecasting for this financial year its sixth net loss in seven years. `The strategy starting from the next business year will be about generating profit and investing for growth,` Hirai told a briefing, adding that Sony`s units would be given greater autonomy to make their own business decisions.

Wednesday, February 18, 2015  10:50

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