New York court fines UPS $247mn for smuggling contraband cigarettes
Businessam Staff
May 26, 2017
The world’s largest package delivery company United Parcel Service (UPS) has been ordered to pay $247 million in damages and penalties over the illegal shipping of large amounts of untaxed cigarettes in the state of New York and New York City. UPS says it is going to appeal the decision. “The court’s monetary award is […]
South Africa’s Tiger Brands to focus on home market after Africa review
Businessam StaffMay 25, 2017
South African food company Tiger Brands has almost completed its strategic review and will return its focus to middle-income consumers in its home market, it said after posting a 6.3 percent rise in half-year profit. Tiger Brands, which makes bread, breakfast cereals and energy drinks, started the review under new chief executive Lawrence MacDougall after […]
Econet appoints former Vodafone executive to run its Neotel unit
Businessam StaffMay 25, 2017
Econet Wireless Global Ltd. unit Liquid Telecom has appointed former Vodafone Group Plc executive Kyle Whitehill to head up South African internet provider Neotel and oversee the company’s expansion plans. Whitehill was previously CEO of Vodafone Qatar and Vodafone Ghana and will replace interim head Nic Rudnick at Neotel, which Liquid acquired for 6.55 billion […]
Amazon is starting to experience the headache of having an airline
Businessam StaffMay 24, 2017
Amazon may want fewer humans in its vast shipping network, but that’s tough to do when you have planes to fly. Pilots for Amazon’s new cargo air service are planning to picket outside the retail giant’s annual meeting in Seattle May 23, demanding higher pay. The pilots’ union says low wages are hurting the ability […]
Verizon CEO confirms company’s plan to launch a streaming TV service
Businessam StaffMay 24, 2017
Verizon CEO Lowell McAdam confirmed today that the company is planning to use the post-merger AOL-Yahoo subsidiary as a platform to “test out an over-the-top service,” according to a report from Variety. The news was rumored by a Bloomberg report that claimed that Verizon was preparing to launch a nationwide TV service as early as […]
Ford names James Hackett CEO as challenges mount
Businessam StaffMay 22, 2017
Ford Motor Co (F.N) on Monday named James Hackett, who heads its unit developing self-driving cars, as chief executive officer, responding to investors’ growing unease about the U.S. automaker’s stock price and prospects. Hackett, 62, a former CEO of furniture manufacturer Steelcase Inc, will take the helm in a broader shake-up aimed at speeding up […]