Starbucks Okays Buyback, Volvo Invests in India: Consumer Biz Report
On Thursday Starbucks Corporation (NASDAQ: SBUX) said that its Board of Directors has okayed the buyback as many as 25 million shares of common stock, which would be in addition to the 12.1 million outstanding shares available at the end of its fiscal year 2012 for repurchase under an existing authorization. Since the initial repurchase program commenced in September 2001, the firm has bought back a total of 184 million shares at a total cost of $5.1 billion through September 30, 2012.
In a Thursday release, McDonald’s Corporation (NYSE:MCD) said that its Global Chief Restaurant Officer Jeff Stratton will replace Jan Fields as president of McDonald’s USA, effective December 1st. Fields conducted important business initiatives in the company’s 14,000 domestic restaurants, like the expansion of the McCafe beverage menu. He will be leaving following more than 35 years with McDonald’s.
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Chief Executive Olof Persson of Volvo (VOLVY.PK) reports that his company will invest 38 billion rupees, or $692 million, in India during the next several years. Of that amount,18 billion rupees will be spent in Volvo’s joint venture with Eicher Motors Ltd., with the remaining portion in the firm’s own operations.
Pitney Bowes (NYSE:PBI) saw all of its long term debt ratings, including that of senior unsecured, downgraded Wednesday from Baa1 to Baa2 at Moody’s Investors, along with the short term rating affirmed at P-2, and the rating outlook as stable. The downgrades were prompted by worries that the pervasive secular headwinds in Pitney Bowes’ North America and International Mailing segments and a less vigorous macroeconomic environment could stall the firm’s turnaround efforts.
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