Page 24 - ATD09APRIL2016

A24

BUSINESSSaturday 9 April 2016

Twitter names PepsiCo CFO to its board of directors

NEW YORK (AP) — Twitter rie and Peter Chernin’s At the end of 2015, it had The San Francisco-based users follow, then the real-
has appointed PepsiCo’s terms expire at Twitter’s about 320 million active us- company last year added time feed, a feature users
chief financial officer to its 2016 annual shareholders ers, far short of social net- a “Moments” feature, a can turn off.
board. meeting. The filing says Cur- working leader Facebook tool that bundles video, Hardcore Twitter users
Hugh Johnston has served rie and Chernin were not and its 1.5 billion users. photos and links to news seemed mostly dismayed
as PepsiCo Inc.’s CFO since considered for re-election, Twitter executives have ac- stories, making it easier for by the new changes and
2010. The 54-year-old ex- at their requests. knowledged their struggle people to find hot topics of were borderline apoplec-
ecutive also serves as vice Twitter, a social media site to convince people the discussion without needing tic when rumors circulated
chairman of the food and famous for hashtags and service is essential. They to figure out whom to fol- that the company was
beverage company. a 140-character “tweet” have tweaked Twitter’s low to receive updates. considering doing away
Twitter Inc. also disclosed in limit, turned 10 years old format in a bid to make it It also got rid of its star with the 140-character limit.
a regulatory filing that Mar- last month. After a long easier and more engaging icon signifying a “favorite” The company rehired Dors-
tha Lane Fox will serve as streak of robust growth that to use. That’s seen as key tweet, in favor of a heart ey for a second stint as CEO
a director. The 43-year-old turned it into one of the In- to expanding Twitter’s user icon, similar to Facebook’s last summer, and he sig-
executive is a co-founder ternet’s hottest companies, base, which would in turn “like” button. Twitter then naled his resolve to make
of travel and leisure web- Twitter’s expansion has allow it to sell more adver- changed the user timeline, Twitter profitable by laying
site lastminute.com. slowed dramatically over tising and to begin to make showing first the popular off 336 employees, or 8 per-
Board members Peter Cur- the past year and a half. money for the first time. tweets related to people cent of its workforce.

Shareholders approve sale of Starwood Hotels to Marriott

This photo shows Portland Marriott Downtown Waterfront in Portland, Ore. Marriott International has SCOTT MAYEROWITZ China. The deal is expect-
cleared one of its major hurdles on its journey to acquire rival Starwood and become the world’s AP Business Writer ed to close in the middle of
largest hotel chain. Shareholders in both Marriott and Starwood Hotels & Resorts Worldwide Inc. NEW YORK (AP) — Marriott this year. Holders of over 97
approved the $14.41 billion sale Friday, April 8, 2016. International has cleared percent of Marriott shares
one of its major hurdles on present and voting at the
(AP Photo/Rick Bowmer) its journey to acquire rival meeting, representing over
Starwood and become the 79 percent of outstanding
world’s largest hotel chain. shares, voted in favor of a
Shareholders in both Mar- proposal to issue shares of
riott and Starwood Hotels Marriott common stock in
& Resorts Worldwide Inc. connection with the trans-
approved the $14.41 billion action. Holders of over 95
sale Friday morning. percent of Starwood shares
The vote puts an end to a present and voting at the
hectic month in which Mar- meeting, representing over
riott had to fend off a last- 63 percent of outstanding
minute competing bid from shares, voted in favor of a
China’s Anbang Insurance proposal to approve the
Group. After aggressively transaction. At closing Star-
pursuing Starwood, An- wood stockholders will re-
bang suddenly withdrew its ceive 0.8 shares of Marriott
bid last week, clearing the common stock plus $21.00
path for Marriott. in cash for each share of
The acquisition has already Starwood common stock.
been approved by U.S. Last year, Starwood — the
anti-trust regulators but still owner of Sheraton, Westin
needs to clear authorities in and St. Regis brands — put
the European Union and in itself on the market.

Samsung’s 1Q profit beats estimates on Galaxy sales boost

YOUKYUNG LEE gain from 6 trillion won a team’s best quarterly result smartphone sales and see an analyst at HMC Invest-
Associated Press year earlier. in nearly two years. a revival in its mobile phone ment Securities.
SEOUL, South Korea (AP) Analysts surveyed by Fact- Samsung’s earnings suf- profit, analyst said. Samsung launched glob-
— This week Samsung Elec- Set, a financial data pro- fered from a big decline Sales of its flagship Galaxy ally the latest iteration of
tronics reported a better- vider, forecast a figure of since mid-2014 as premium S7 smartphones were likely its flagship smartphone on
than-expected operating 5.5 trillion won. handset sales slowed and much better than expect- March 11, about a month
profit for the first quarter Sales rose 4 percent over a its share in China’s mobile ed amid the absence of earlier than it launched its
likely driven by strong sales year earlier to 49 trillion won phone market sank due new devices from major new flagship phone last
of its flagship Galaxy S7 in line with expectations. to the rise of local play- competitors. Analysts re- year.
smartphones that made Samsung did not disclose ers. Earnings improved vised their first-quarter sales Samsung’s pricing strat-
an early global debut at net profit or breakdown fig- in late 2015 but that was forecasts for the Galaxy S7 egy also helped boost
cheaper prices. ures among its business divi- largely thanks to the perfor- smartphones sharply high- phone sales. Even though
The South Korean tech jug- sions. mance of its semiconduc- er to about 10 million units the Galaxy S7 features an
gernaut put its January- Analysts expected that at tor division. from 5 million to 7 million upgraded camera, an ex-
March operating profit at least about half of the op- But with the Galaxy S7 units. pandable storage space
6.6 trillion won ($5.7 billion) erating profit came from smartphone, the company “Its initial sale was at least and a water resistant func-
in itsearnings preview. That its mobile division, which was able to counter the 1.5 times better than the tion, the price was cheaper
represents a 10 percent would mark the mobile downturn in the premium Galaxy S6,” said Greg Roh, than its earlier version.