Briefs: U.S. air­lines han­ker for Ha­vana; tasty re­sults for Hormel

Bloomberg Businessweek (Europe) - - CONTENTS -

●● U.S. car­ri­ers in­clud­ing United Air­lines and South­west Air­lines be­gan scram­bling for Ha­vana routes, as Cuba and the U.S. signed an agree­ment that will pave the way for reg­u­lar plane sched­ules be­tween the two coun­tries. The pact calls for as many as 20 daily flights to Ha­vana. U.S. car­ri­ers have not flown di­rectly to Cuba in more than 50 years. ●● Step aside, Spam. Shares of Hormel Foods surged more than they have in a decade, as the meat pro­ces­sor raised its an­nual fore­cast by 5 per­cent. The com­pany said re­sults were helped by sev­eral ac­qui­si­tions, in­clud­ing Skippy peanut but­ter and Ap­ple­gate Farms or­ganic deli meats. The key to win­ning mil­len­nial shop­pers, ac­cord­ing to Hormel, is healthy fare that doesn’t re­quire much prepa­ra­tion. ●● Bom­bardier said it would slash its work­force over the next two years, elim­i­nat­ing about 7,000 jobs as its C Se­ries jets strug­gle to take off with cus­tomers. In the re­cent quar­ter, the plane­maker re­ported a loss of $677 mil­lion. Sales in the pe­riod fell 16 per­cent, to $5 bil­lion. ●● Alibaba dis­closed that it pur­chased a 6 per­cent stake in Groupon, the long-strug­gling deals plat­form. Alibaba said it would be a pas­sive in­vestor pri­mar­ily in­ter­ested in shar­ing ideas about how U.S. and Chi­nese con­sumers shop. The com­pany also owns a stake i n Ama­zon.com ri­val Jet.com. ●● Walt Dis­ney named Chan­ning Dungey pres­i­dent of ABC En­ter­tain­ment, the first black per­son to lead a ma­jor broad­cast net­work. Dungey, who helped de­velop shows such as Scan­dal, will need to re­verse a 13 per­cent drop in view­ers in the past year.

CEO Wis­dom “We still be­lieve that if you take the next 10 years there will be faster gross do­mes­tic prod­uct growth in Asia than any­where else in the world.” ——Stu­art Gul­liver, group chief ex­ec­u­tive, HSBC

In­dia-based Ring­ing

Bells be­gan sell­ing a $4 smart­phone. The gad­get, dubbed Free­dom 251, has 8GB of stor­age and an An­droid op­er­at­ing sys­tem to run apps.

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