Many ask why China is important to US companies. Apple is expected to announce that it has sold more iPhones in China than the US for the first time last year. Tim Cook, Apple CEO, said in 2013 that he expected China to overtake the US as Apple's single largest source of revenue. The iPhone already accounts for more than half of Apple's total sales and an even larger share of its profits. (Financial Times)
A significant number of American companies plan to raise worker pay in the next three months, the latest National Association for Business Economics quarterly survey found, bolstering expectations of acceleration in wage growth this year.
Cereal maker Post is acquiring privately held rival MOM Brands. Post, the maker of Raisin Bran and Honey Bunches of Oats, will pay $1.05 billion in cash and issue 2.5 million shares to the owners of MOM Brands. MOM Brands' ready-to-eat food and cereal brands include Malt-O-Meal, Frosted Mini Spooners, Golden Puffs, and Cinnamon Toasters. (Reuters)
Less means more for Coke and Pepsi. With people drinking less soda, soda makers are pushing smaller cans that contain fewer calories and those cute little cans can cost more than twice as much per ounce. Soda hit its peak in 1998, when Americans drank an average of 576 cans a year. That figure was down to about 450 cans a year in 2013. A regular 12-ounce can of Coke sells for 31 cents. By comparison, a 7.5-ounce mini-can sells for 40 cents. That translates to 2.6 cents-per-ounce for a regular can, versus 5.3 cents-per ounce for the mini version. (Associated Press)