Coca-Cola’s profit up 3 % on stronger sales
NEW YORK : The Coca-Cola Co. says its net income rose 3 percent in the third quarter, as the world’s biggest beverage maker sold more of it drinks around the globe and raised prices. The Atlanta-based company, which makes Sprite, Dasani water and Powerade, says global sales volume rose 4 percent during the period, with growth across every region. The company says it earned $ 2.31 billion, or 50 cents per share, for the period ended Sept. 28. That’s compared with $ 2.22 billion, or 48 cents per share, in the year-ago quarter. Not including one-time items, the company says it earned 51 cents per share, in line with analyst expectations. Revenue rose 1 percent to $12.34 billion, but fell shy of Wall Street expectations of $ 12.4 billion.
Amazon to hire 50,000 for holiday season
NEW YORK: Online retail giant Amazon.com Inc. said it will hire more than 50,000 seasonal employees at its fulfillment centers across the US, as the company and its rivals gear up for the winter holiday season. Retailers typically add seasonal staff in the weeks leading up to the holiday shopping season to work in stores and help in other areas, such as in distribution and fulfilling online orders. “Temporary associates play a critical role in meeting increased customer demand during the holiday season, and we expect thousands of temporary associates will stay on in full-time positions,” Dave Clark, vice president of Global Customer Fulfillment, said in a statement. Amazon did not say how many seasonal workers it hired for the 2011 holiday season, but said the plan to hire more than 50,000 is up slightly from last year.
‘Underage’ interns at iPhone factory
BEIJING: The company that manufactures Apple’s iPhone says it has found underage interns as young as 14 working at one of its factories in China. Foxconn Technology Group said yesterday the interns were found by a company investigation at its factory in the eastern city of Yantai and were sent back to their schools. China’s minimum legal working age is 16. Foxconn, owned by Taiwan’s Hon Hai Precision Industry Co., said it was investigating with schools how the interns were sent to its factory. The company faced a complaint in August that vocational students were compelled by their schools to work in its factories in China. Foxconn said the students were free to leave at any time.
Battery maker files for bankruptcy
NEW YORK: A123 Systems, a lithium-ion battery maker that received a $ 249 million grant from the US government, has filed for bankruptcy protection. The advanced car battery industry has been hurt by overcapacity amid weak US demand for electric cars. A123 had promised to create 38,000 US jobs, including 5,900 at its own plants, in return for the government funding under the 2009 American Recovery and Reinvestment Act’s Electric Drive Vehicle Battery and Component Manufacturing Initiative. The company received a $465 million lifeline from Chinese auto-parts maker Wanxiang Group Corp. earlier this year. A123 had said on Monday that it could default on some debt agreements and that it was considering strategic alternatives. A123 listed total assets of $ 459.8 million and liabilities of $376 million in its Chapter 11 petition.
