Renewable energy is growing fast around the world and will edge out natural gas as the second biggest source of electricity, after coal, by 2016, according to a five-year outlook published Wednesday by the International Energy Agency.
Developing countries are building more wind, solar and hydroelectric power plants to meet rising power demand and combat local pollution problems. And the costs of renewables are falling below the cost of traditional power sources.
Renewable power is the fastest-growing power generation sector, and it is expected to increase by 40 percent in the next five years. By 2018, it will make up a quarter of the worlds energy mix, according to the report, up from 20 percent in 2011.
NY top court tells baristas to share tips
Starbucks baristas must share their tips with shift supervisors, but assistant managers are left out in the cold, New Yorks highest court ruled Wednesday.
The Court of Appeals found that shift supervisors do much of the same work as the coffee servers and therefore get to share in the tips. The court also ruled that the company can deny those tips to assistant managers.
Shift supervisors are part-time wage workers who mostly serve customers but also assign baristas, provide input on their performance and direct the flow of customers. Assistant managers are full time, get some benefits and are eligible for bonuses.
Wal-Mart exec leaves; led Indian expansion
The CEO of Wal-Mart Stores Indian joint venture has left his post after six years at the helm. The worlds biggest retailer did not give any reason in a statement Wednesday as it disclosed that Raj Jain is no longer with the company.
Wal-Mart has been trying to expand in India, a giant market that is relatively untapped by foreign retailers. But the Bentonville, Ark., company has hit some bumps along the way.
In November, it suspended several workers at Bharti Walmart as part of an internal corruption investigation. Wal-Mart operates 20 retail locations and 20 wholesale shops in India through its joint venture.
Luxoft shares surge in first day of trading
Shares of Luxoft, which develops and maintains software for businesses, surged in their first day of trading on the New York Stock Exchange.
The stock gained $3.38, or about 20 percent, to close at $20.38 on Wednesday, having risen as high as $21.70.
Luxoft Holding Inc., based in Zug, Switzerland, said the offering of about 4.1 million shares was priced at $17 a share. The IPO raised almost $69.7 million.
For the year ended March 31, Luxoft had net income of $37.5 million on revenue of $314.6 million. The stock is trading under the LXFT ticker symbol.
South Korean network called world’s fastest
South Koreas largest mobile operator is this week launching what it says is the worlds fastest wireless network.
SK Telecom Co. said Wednesday its LTE-Advanced network can download data at speeds twice as fast as LTE networks and 10 times faster than third-generation services.
The service will be initially available in Seoul and its suburbs. GSA, an association of network suppliers, projects that LTE networks will be available in 87 countries by years end.