After spending much of this year explaining why its two businesses are best left together, eBay’s board of directors and CEO did a complete about-face Tuesday morning, announcing a plan under which its PayPal and eBay marketplace businesses will be split into separately traded public companies by the middle of next year. And CEO John Donahoe will step down as CEO of eBay once the split takes effect in 2015 […]
First Bank Plc has expressed willingness to support the funding of a $1.3billion fabrication contract by Kaztec Engineering, a subsidiary of the Chrome Group, awarded by Addax Petroleum. The contract, scheduled to commence next month is tied to the Addax’ Ofrima/Udele development project […]
Starbucks Corp plans to buy the remaining 60.5% share of Starbucks Coffee Japan Ltd that it does not already own in a two-step deal worth $913.5m. Since 1995 Starbucks Japan which operates roughly 1,050 cafes has been operating as a joint venture between Starbucks and its partner Sazaby League.
Starbucks will buy Sazaby’s 39.5% stake for 965 yen per share, making it a total of 55bn yen ($505m). This will give Starbucks a 79% interest in Starbucks Japan. Starbucks will thereafter buy the remaining 21% interest from public shareholders and option holders of Starbucks Japan’s common stock for 1,465 yen per share, a total of 44.5bn yen ($408.5m).
"Intel’s investment is a strategic asset for Israel’s industry. This is the biggest investment by a foreign company ever in Israel and is further proof that Israel is at the forefront of technology and innovation.”
Yair Lapid, Israeli Finance Minister. Israel’s finance and economy ministries have approved a plan by Intel Corp to invest $6bn in the upgrade of its chip manufacturing plant, in what would be the largest single investment by a foreign company in Israel.
The U.S. chip giant plans to hire about 1,000 more workers at the plant in the southern town of Kiryat Gat by 2023, in addition to the 2,500 that already work there. Accordingly, Intel will receive a government grant of $300m over five years and will be eligible to pay a corporate tax rate of only 5% for a 10-year period.