ESPN begins hundreds of layoffs.

H&M says that some clothes were produced in collapsed factory in Cambodia.

Target misses earnings expectations and cuts outlook.

Cable networks are rebranding, and pay-TV brands aren't happy about it. 

Dairy Queen to debut new ad campaign that promotes its burgers and fries.

Dodge enjoys star turn for its Challenger at premiere of Fast and Furious 6.

EA lawsuit over players' videogame-likeness issue threatens NCAA policies.

Facebook becoming less popular among teens, Pew study finds. 

Ferrero backs off attack on World Nutella Day.

Fisker Automotive reportedly sees bid by boutique firm led by former GM exec Bob Lutz and Chinese supplier.Continue reading...

Warren Buffett may finally have met a deal that satisfies his appetite. In agreeing to buy H.J. Heinz Co. in partnership with 3G Capital for $23 billion (or $28 billion including debt assumption), the CEO of Berkshire Hathaway has acquired a stable of globally popular brands owned by a staunchly resilient company in an economically dependable business.

In fact, the famed Oracle of Omaha told CNBC this morning, he has been ogling Heinz since 1980. "This is my kind of deal and my kind of partner," he said. "Heinz is our kind of company with fantastic brands."

Those brands include not only Heinz ketchup, the "bread and butter" of the portfolio of the Pittsburgh-based CPG giant, but also Ore-Ida, Lea & Perrins sauces, and Classico pasta sauces. Heinz products are sold in more than 200 countries.

Even more important to Buffett, Heinz and its brands have been great performers in a tough industry even during the Great Recession, and over the last 12 months its stock already has risen nearly 17 percent. Berkshire and 3G agreed to pay $72.50 a share, about 20 percent above Heinz's closing price on Wednesday. On Thursday, the stock climbed about to about the acquisition price.Continue reading...

One mooncake wears a thong. Another, called the "full monty," is a bare buttocks. One other mooncake, called "spread my cheeks," is exactly what it says.

The very unconventional line of mooncakes comes from Hong Kong's cheeky design maves at lifestyle brand/retailer G.O.D. (short for "Goods of Desire") and it, according to Jingdaily.com, "puts the 'moon' in mooncakes."Continue reading...

Android beats Apple for global market share while Samsung becomes top-selling mobile brand in Europe, and Apple and Samsung court battle continues.

Citi tests foreclosure rentals, steps up digital marketing.

Eli Lilly seen as last hope for Alzheimer's drug as Pfizer and J&J bow out.

Betsey Johnson rebounds from bankruptcy with lower-priced collection set for New York Fashion Week.

BlackBerry-maker RIM stock jumps on Samsung rumors.

Carmen Steffens expands fashion brand from Brazil to US.

Chiquita restructuring plan calls for new CEO.

Dairy Queen promotes Orange Julius brand.

Esprit hires Zara exec as new CEO.Continue reading...

Costco reports surge in monthly sales.

Coty wants Avon in part to build in Brazil.

Current TV struggles to meet audience targets.

Dairy Queen rolls out new national campaign.

Del Monte and Fresh Del Monte engage in food fight.

Delta considers entering fuel-refining business to cut costs.

Facebook said to pick Nasdaq for IPO.Continue reading...

Apple in sight of $1 trillion valuation, according to analysts.

AstraZeneca fails to stop entry of generic versions of its antipsychotic drug to U.S. market.

Bats alarms Wall Street with derailed IPO.

Bloomberg and CNN continue transition to digital.

Bulgari tries to make a name in wine.

Chick-fil-A pressure heats up.

Dairy Queen benefits from early warm weather.

Darden finds restaurant consumers remain fickle.Continue reading...

Airbus parent accuses China of blocking jet sales over emissions scheme.

American Airlines parent retreats on pension-plan termination.

Apple lifts lid on new iPad and faces U.S. warning, along with other publishers, about collusion on e-book pricing.

BMW reports profits surge amid global luxury-car boom.

Continental appeals "absurd" verdict in Concorde crash.

Cracker Barrel uses country-music roots to build Twitter.

Dairy Queen expands in China.

Delta launches in-flight shopping with Amazon.

Facebook beefs up roster of IPO underwriters.Continue reading...

Time was when McDonald's desserts were cute add-ons that didn't mean much to the chain's menu, or its bottom line. They've had those piping hot single-serve apple pies for decades, for instance. And there was the occasional Shamrock Shake.

But nowadays, the chain recognizes that desserts can be not just an afterthought for McDonald's customers but a primary driver of visits, and not just in the afternoons and evenings. So McDonald's is testing and developing a variety of new dessert possibilities, ranging from a S'More Pie to a chocolate-dipped cone.

McDonalds already had established its McFlurry — the name is a knockoff of Dairy Queen's category-creating Blizzard — which the fast feeder has sold for several years. But it turns out that the recession and persistent economic sluggishness have only prompted American consumers to become more interested in dessert as comfort food, not less, and McDonald's wants to get a bigger slice of the pie.Continue reading...