FINANCE

Amazon acquiring Goodreads

BY Marianne Wilson

Seattle — Amazon.com announced that it has agreed to acquire social site Goodreads, an online book recommendation community that has more than 16 millions around the globe. The financial terms of the deal, which enhances Amazon’s already significant clout in the book publishing world, were not disclosed.

“Amazon and Goodreads share a passion for reinventing reading,” said Russ Grandinetti, Amazon VP, Kindle Content. “Goodreads has helped change how we discover and discuss books and, with Kindle, Amazon has helped expand reading around the world. In addition, both Amazon and Goodreads have helped thousands of authors reach a wider audience and make a better living at their craft. Together we intend to build many new ways to delight readers and authors alike.”

On the Goodreads site, users can write reviews, recommend books to one other, keep track of what friends are reading and also purchase books from various Internet retailers, including Amazon and Barnes & Noble. There are more than 30,000 books clubs on the site.

Following the acquisition, Goodreads’s headquarters will remain in San Francisco. Otis Chandler, a founder of Goodreads, said his management team would remain in place to guard the company’s signature objective reviewing process.

“Amazon has a real history of building independent brands and running them as independent companies,” he said in a phone interview with The New York Times.

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buangsila001 says:
Mar-30-2013 06:21 am

This acquisition by Amazon
This acquisition by Amazon will encourage the youth to read, for most of the youth now a days have tablet. All they have to do is to down load the books they like then read. - Steven Wyer

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FINANCE

Report: Tesco exploring options for Fresh & Easy

BY Staff Writer

New York — British grocery giant Tesco is moving closer to selling off its U.S. Fresh & Easy division, with Tesco CEO Philip Clarke traveling to the United States next week to try and strike a deal, according to a report in the British newspaper, The Telegraph.

Tesco has held discussions with Trader Joe’s and others about selling Fresh & Easy, but a break-up of the business is considered the most likely option, the report said. Other options include closing the business and selling off assets.

Clarke is set to give an update on the progress of the company’s previously announced strategic review of Fresh & Easy on April 17, when the company posts its full-year results.

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S.Gacho says:
Mar-30-2013 01:27 am

Groceries are one of the most
Groceries are one of the most in demand business all over the world. With this, they can get and buy all they need for their house especially the food. - Rich Von

S.Gacho says:
Mar-30-2013 01:27 am

Groceries are one of the most in demand business all over the world. With this, they can get and buy all they need for their house especially the food. - Rich Von

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FINANCE

Consumer spending climbs in February

BY Marianne Wilson

New York — Consumer spending increased in February by the most in five months as incomes rose and the job market improved.

The Commerce Department said on Friday consumer spending rose 0.7% last month, after an upwardly revised increase from 0.2% to 0.4% in January.

“The economy is in a very good place right now ahead of the fiscal restraint,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd., in a Bloomberg report. “This recovery is sustainable. Consumers are in the driver’s seat.”

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