Latest Breaking Business News
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Canada threatens to retaliate against change in US meat labeling rules
OTTAWA - Canada has threatened "retaliatory measures" against the United States move changing the so-called country of origin labeling that would track beef and hogs through the meat processing and distribution systems, stating that it is discriminatory, a view shared by the World Trade Organisation. On Thursday, the United States Department of Agriculture issued a final modification to its ...
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After breaches Twitter beefs up security with two-step login
NEW YORK - Aiming to tackle recent high-profile breaches, popular micro-blogging site Twitter is introducing an optional two-step login for users to beef up security. The new system would try to ensure "it's really you" when a user signs in to Twitter, which transmits some 400 million messages a day. The move follows recent attacks into the twitter accounts of news organisations' such as ...
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Irish biotech firm Elan rejects revised Royalty Pharma bid
DUBLIN/ WASHINGTON Ireland-based biotechnology firm Elan Thursday rejected Royalty Pharma's increased $6.4 billion takeover bid, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one share. Royalty raised its hostile cash bid to $12.50 per share on Monday, from $11.25 previously, but made the new offer conditional on Elan shareholders rejecting, at a ...
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Import alert by USFDA hits Wockhardt shares
MUMBAI - Shares of Wockhardt, one of the leading Indian pharmaceutical and biotechnology companies, witnessed a sharp fall of 20% to Rs. 1,315 ($23.61) on the Bombay Stock Exchange(BSE) on Thursday after the US FDA published an import alert on one of its three manufacturing facilities near Aurangabad. The import alert, 'detention without physical examination of drugs from firms which have ...
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Ford Motor to shutdown 2 units in Australia
MELBOURNE - Ford Motor Company Wednesday announced plans of closing its local manufacturing operations in Broadmeadows and Geelong in October 2016 thereby forcing 1,200 people out of work. Spelling the end of the iconic Ford Falcon in the country, Ford Australia president Bob Graziano announced that the carmaker would shut its Victorian facilities in October 2016, bringing an end to nearly ...
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IMF warns UK against continuing austerity programme
LONDON - In a critique of the United Kingdom's austerity programme, the International Monetary Fund Wednesday urged the Europe's third largest economy to rebalance the policy to make the transition to a high-investment and more export-oriented economy. "The UK could boost growth by bringing forward measures already included in its fiscal plan, such as spending on infrastructure and job ...
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Chidambaram says U.S. Federal Reserves statement misunderstood calls for calm
Finance Minister P. Chidambaram on Thursday sought to calm stock markets in India after Federal Reserve Chairman Ben Bernanke suggested bond purchases could be scaled back if the U.S. economy improves. Addressing a news conference here, Chidambaram said fears that the Federal Reserve would start reversing its U.S. monetary stimulus programme were being misunderstood in stock market and investor ...
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Immigration Bill Could Create DMZ
Immigration reform took a big step when a bipartisan bill passed through the Senate Judiciary Committee this week. The 844-page measure--which also gained the endorsement of a group of pro-business economists--goes to the full Senate for consideration. While traditionally pro-immigration analysts and business interests applaud the effort, the current measure as it stands has set off alarms over ...
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Judge Favors US in Apple E-Books Case
Apple engaged in a conspiracy with publishers to increase e-book prices.U.S. District Judge Denise Cote, who is set to oversee a trial on June 3, gave her view during a pretrial hearing on Thursday.While she stressed that the view was not final and that she had read only some of the evidence so far, her comments could add to pressure on Apple to settle the lawsuit, in which the Justice ...
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Tory MP Garnier Challenges Barclays Reforms
A member of the Parliamentary Commission on Banking Standards has launched a blistering attack on Barclays' efforts to rehabilitate its reputation under its new chief executive, Antony Jenkins. In comments to Sky News, Mark Garnier, a Conservative MP whose earlier career included a stint as an investment banker, said the bank was failing to deliver on a pledge to become a more ...
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New PG CEO to get base salary of $2 million
Former Chairman of the Board, President and Chief Executive Officer of Procter & Gamble A.G. Lafley speaks during the World Business Forum in New York October 6, ...
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Global shares steady but stimulus fears still present
LONDON (Reuters) - World share markets looked vulnerable to further falls on Friday, with better economic news from Europe doing little to encourage investors who are worried that central bank stimulus may ...
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Abercrombie shares slide after earnings disappoint
+0.48% reported a first-quarter loss of $7.2 million, or $0.09 a share, narrower than the loss of $21.3 million, or $0.25 a share, a year earlier. Revenue fell 9% to $838.8 million, from $921.2 million a year earlier, the retailer said Friday. Analysts had expected a loss of $0.05 a share on revenue of $938 million, according to FactSet. The retailer said it expects second-quarter EPS of $0.28 ...
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EU to Restrict 3 Pesticides Suspected of Killing Bees
European Union authorities Friday announced broad restrictions on three insecticides suspected of causing mass bee deaths.The insecticides--clothianidin and imidacloprid, made mainly by German chemical giant Bayer AG (BAYN.XE), and thiamethoxam, made by Syngenta (SYNN.VX)--will be restricted for use on crops and seeds that attract bees. The crops include corn, cereals, sunflower and oilseed ...
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European Shares Slump Amid C-Bank Worries
World share markets looked vulnerable to further falls on Friday, with better economic news from Europe doing little to encourage investors who are worried that central bank stimulus may curtailed. MSCI's world equity index, which shed 1.4 percent for its second biggest daily loss of the year on Thursday, was virtually unchanged, with losses in Europe cancelling out a rise of nearly one ...
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Cathay Financial to Sell up to 400 Million Shares in Rights Issue
Cathay Financial Holdings Co. (2882.TW) said Friday that it plans to sell up to 400 million shares in a rights issue and estimates the transaction to be completed by the third quarter, pending regulatory approval.In a statement, the company said the purpose of the sale is to inject fresh capital into its banking unit.Cathay, the biggest financial conglomerate by listed assets in Taiwan, is one ...
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HSBC Actively Supporting Regulators to Improve Financial Stability
Financial services company HSBC Holdings PLC (HSBA.LN) Friday said it is actively supporting governments and regulators to improve financial stability, and reaffrirmed its expectation to generate a further $2 billion to $3 billion in savings over the next three years.MAIN FACTS:-Continues to manage costs and streamline processes and procedures.-Refined cost efficiency target to focus on ensuring ...
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EUROPE MARKETS Europe Stocks Rebound After German Ifo Data
LONDON – European stock markets climbed on Friday, partly recovering from a sharp selloff the prior day, after better-than-expected German business confidence data signaled a brighter future for Europe's largest economy.The Stoxx Europe 600 index rose 0.1% to 304.17, after sinking 2.1% on Thursday.Shares of Assicurazioni Generali SpA put on 1.4%, after J.P. Morgan Cazenove raised the ...
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Online learning gets fresh look from a heavyweight
digital badges want to know. So far, these institutions have gotten away with their leave-us-alone position, but hungry high-tech entrepreneurs and venture capitalists have trained their sites on the college classroom. An online learning revolution? A potentially revolutionary change that has garnered the most interest is online education. The biggest gorilla in this space are the MOOCs, ...
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How to take a serious bite out of corporate tax avoidance | Prem Sikka
gnash their teeth and the corporate merry-go-round continues.It is time to completely revamp the global corporate tax system and I've got an ...
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Standard Chartered defends loan book quality while HSBC slips on US worries
worries about its loan book. The Asia-focused bank was hit by reports that Carson Block of China specialist Muddy Waters had shorted its debt because he was concerned about loan quality, which he said could come under stress when the Chinese economy slowed down.But the bank's chief executive Peter Sands said its appetite for lending had not changed and its loan book was in good condition. ...
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Markets German business confidence up in May for first time since February
See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management ...
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U.S. ITC wont ban Microsofts Xbox as Google requests
IDG News Service - The U.S. International Trade Commission has turned down a request for a ban on Microsoft's Xbox after finding that the gaming device did not infringe a patent owned by Google's Motorola Mobility unit. The ITC's ruling Thursday has essentially confirmed an initial ruling by administrative law judge David P. Shaw in March that the Xbox did not infringe a Motorola ...
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Bank’s Lobbyists Help in Drafting Bills
WASHINGTON -- Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves. One bill that sailed through the House Financial Services Committee this month -- over the objections of the Treasury Department -- was ...
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UK Was Six Hours From Running Out Of Gas
Britain was six hours from running out of gas in March, it has been reported. High demand during record cold temperatures during the month combined with a pipeline fault to drive stores of gas "dangerously low", the Crown Estate said. But National Grid, which pipes gas around the UK, insisted the nation has "substantial resilience" and diverse supply sources, including ...
Sydney Focus
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Sydney's scandalous toxic waste plan by government
A controversial waste relocation project in Sydney has created anger in a community with a lower income than the Sydney suburb from which the waste is being removed, with many suggesting a class-bias in the city government.
Hunter’s Hill is a predominantly wealthy suburb of Sydney with average house prices of around AUD $1.3 million and a harbour-side community made up predominantly of professionals, managers and other traditionally middle to high-income workers. Penrith, on the other hand, located just over 50 kilometres from Sydney’s CBD, is not as affluent, with average property values of around AUD $280,000. Read more
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