Spanish telecom company Telefonica (NYSE:TEF) is aiming to reduce its debt by selling its call-center unit – reports suggest that offers have already been received for the division and that Telefonica is looking for a valuation of 1 billion euros for the unit; according to reports, Telefonica intends to sell only a majority stake of 75 percent.
A Chinese consumer authority acknowledged that errors in testing Mead Johnson’s (NYSE:MJN) baby formulas led to unfounded charges the formulas contained the compound vanillin, harmful for babies, and which led to a sharp fall in the company’s shares. “On this matter, I can only express my deep regret,” an official is reported to have said.
According to reports, BofA (NYSE:BAC) is trying to cut costs while growing its business in a challenging environment, and has been cutting jobs in its commercial banking division.
Best Buy’s (NYSE:BBY) in Canada is looking to avoid “showrooming” for on-line retailers by launching a price-matching guarantee; the plan also includes the launch of smaller-format stores of about 5,000 square feet instead of the current 25,000 – 36,000 square feet stores, and the addition of non-core categories of products to its online offerings.
JetBlue’s (NASDAQ:JBLU) indifference to striking a flight-sharing deal with American Airlines for domestic flights out of JFK Airport led American to suggest a potential merger; however, “JetBlue does not want to be a pawn” to help American, a source is reported to have said.