Here's a quick look at a few of the headlines making news this morning.
Apple sells
Apple (Nasdaq: AAPL) announced today that it sold more than 5 million iPhone 5's in just three days. More than 100 million iOS devices have been updated with iOS 6, the company also announced. The iPhone 5 is available in nine countries currently and will be available in 22 more by the end of the week, according to Apple. "While we have sold out of our initial supply, stores continue to receive iPhone 5 shipments regularly and customers can continue to order online and receive an estimated delivery date," said Apple CEO Tim Cook.
Kellogg pushes into China
Kellogg (NYSE: K) has launched a joint venture to sell cereal and snacks in China, the company announced today. The 50/50 joint venture with Singapore-based agribusiness Wilmar International and its Yihai Kerry Investments will use the Kellogg's and Pringles brands. "China's snack-food market alone is expected to reach an estimated $12 billion by year-end, up 44 percent from 2008," said Kellogg CEO John Bryant. The company is also banking on an increase in cereal consumption driven by growth in milk consumption and consumers' desire for convenient breakfast foods.
U.S. says it meets WTO ruling on Boeing subsidies
The U.S. says it has complied with a World Trade Organization ruling against government subsidies for Boeing (NYSE: BA), according to a report in The Wall Street Journal. The Office of the United States Trade Representative said yesterday it had complied with the ruling that deemed $3 billion to $4 billion of research grants and other forms of support unfair subsidies, the Journal reported. "Boeing fully supports the actions the U.S. government … has taken to address the relatively small amounts of subsidy that the World Trade Organization identified as inconsistent with its rules," said Boeing in a press release that also complained about European government subsidies to competitor Airbus.
