Yahoo aquires BrightRoll, Duke MBA program scores a major victory and Alibaba has a $9 billion day. Read about these and more of the morning's top business news stories.
The Future Looks Bright(Roll) for Yahoo
Yahoo acquired San Francisco-based video-advertising company BrightRoll for $640 million in cash, the Associated Press reports. The purchase, which brings Yahoo's expenditures on acquisitions to $1.6 billion since Mayer took over as CEO in July 2012, is Yahoo's boldest initiative to staunch lost Web sales to competitors, the AP stated. Yahoo was once the market leader, but is projected to fall to fourth this year. Google comprised nearly one-third of online ad revenue last year, while Facebook accounted for about 6 percent and Yahoo less than 3 percent. Microsoft is forecast to surpass Yahoo this year. Spending on Web video ads is expected to soar 56 percent to nearly $6 billion this year, while total digital ad revenue is expected to improve 17 percent to $140.2 billion.
$9 Billion in Sales for Alibaba on China’s “Black Friday”
E-commerce giant Alibaba Group Holding Ltd. reported more than $9 billion in sales on China's Singles' Day on Tuesday. The shopping day, China’s response to Valentine’s Day, is the equivalent to Black Friday or Cyber Monday in the United States. The online shopping festival, which started with 27 merchants in 2009, comes less than eight weeks after Alibaba's record $25 billion public share listing in New York. This year's festival was global in scope, reaching shoppers in more than 200 countries.
Duke’s MBA Program Rated No. 1
Duke University’s Fuqua School of Business claimed the No. 1 spot on Bloomberg Businessweek’s rankings of MBA programs, which come out every other year. This is the 14th time Bloomberg Businessweek ranked 112 full-time MBA programs around the world. The University of Pennsylvania came in second, followed by the University of Chicago's Booth School of Business, which had been No. 1 the last four years. Rounding out the top five are Stanford University and Columbia University. Harvard University fell from the top five for the first time since rankings began in 1988.
U.S., Foreign Banks Face Forex Penalties
As early as Wednesday, U.S. and British regulators are expected to announce billions of dollars in civil penalties for several major domestic and foreign banks suspected of manipulating the $5.3-trillion-a-day foreign exchange currency-trading market. Among the institutions that are expected to agree to finds totally nearly $2.4 billion are JPMorgan Chase and Citigroup, London-based Barclays and HSBC, Royal Bank of Scotland and Swiss banking giant UBS. The New York Times reported Tuesday evening that Barclays might drop out of the settlements after talks faltered.
Hellmann’s Bring Out the Lawyers, Sues Rival
The food company Unilever, maker of Hellmann’s mayonnaise, is suing a California company that uses the word "Mayo" in its sandwich spread name, saying that federal regulators and dictionaries define mayonnaise as a spread that contains eggs, USA TODAY reports. The suit claims false advertising by the company Hampton Creek for labeling its plant-based product "Just Mayo." Unilever says in a complaint filed in federal court that the word mayo implies that the product is mayonnaise, and Just Mayo is "stealing market share from Hellmann's." Just Mayo debuted on store shelves earlier this year as the first product from the San Francisco-based startup that touts the backing of Microsoft founder Bill Gates and Li Ka-shing, Asia's richest person. The spread is available at Dollar Tree, Whole Foods and Kroger stores, among other locations. The label features a white egg with a plant growing in front.
It’s Beginning to Look a Lot Like Black Friday
Target and Best Buy released on Tuesday their respective planned Black Friday deals on their websites. Both big box retailers are teasing deep discounts on TVs, with Best Buy offering a 50-inch Panasonic LED HDTV for just $199.99 and Target charging $219.99 for a 39-inch Vizio LED HDTV, $130 off its usual price. As with other major deals, these two are in-store only "doorbusters," meaning items discounted for a limited time. Best Buy will open its doors at 5 p.m. on Thanksgiving, while Target will follow an hour later, its earliest holiday opening yet. Best Buy plans to close at 1.m. to prepare for a reopening the next morning at 8.