FedEx will soon begin offering buyouts to U.S. employees in an effort to cut costs in the face of a weakening global economy. The world's second-largest package delivery company hinted at cutbacks earlier this summer when it said that slowing economic growth would crimp its earnings well into next year.
Google to acquire
Google will buy the Frommer's brand from John Wiley & Sons, in a deal that will further expand Google's ambitions in the travel business. Wiley, a 200-year-old publisher, said it agreed to sell its travel assets to Google, using the proceeds to boost its trade, scientific, scholarly and educational businesses.
Online deal website Groupon Inc. reported its revenue increased 45 percent, to $568.3 million, in the second quarter, compared with $392.6 million in the same period of 2011. Net income for the quarter ended June 30 came to $28.4 million, or 4 cents per share.
Julius Baer to
buy BofA assets
The Julius Baer Group says it has agreed to pay $879 million to buy Bank of America Corp.'s Merrill Lynch wealth management operations outside the U.S. The Swiss private banking group says the deal will boost its assets by about 40 percent as it manages 2,000 employees, including 500 financial advisers.