Latest Breaking Business News
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Barroro voices concern over estimated one trillion euro tax evasion
BRUSSELS - Voicing concern about tax evasion that is estimated at one trillion euros, European Commission President Jose-Manuel Barroso said Tuesday that EU leaders will meet at a one-day summit on Wednesday to negotiate solution. The European Union can't afford to let tax evasion go on the way it is. Such large amounts of money, currently sitting in tax havens, would be greatly beneficial ...
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German central bank sees signals of economic pick up in Q2
FRANKFURT - Germany's central bank Deutsche Bundesbank expects the country's economy to improve "markedly" in the second quarter relying on signals of pick up in industrial orders and likelihood of weather related downturn in construction sector no longer impacting investment sentiments a development that could boost the wider eurozone as it struggles to get out of recession. "Overall ...
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HNL cancer drug trial discontinued by Pfizer
NEW YORK - Pharma major Pfizer has discontinued the development of cancer candidate inotuzumab ozogamicin, which is part of a class of therapies called antibody-drug conjugates (ADCs), in the haematological cancer non-Hodgkin lymphoma after it failed to show benefit in overall survival during phase III trials. Pfizer has notified the study investigators and appropriate regulatory authorities ...
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Merger pact by GrubHub and Seamless to stave off rivals
WASHINGTON - GrubHub Inc. and Seamless North America LLC, two of the biggest online services for food-delivery in the U.S., have entered into a definitive agreement to combine their companies to take on rivals in the growing market for online meal orders. The merger will create a combined company well positioned to drive more orders to restaurants, deliver a better experience for hungry ...
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Mortgage lending in UK rises highest in four years
LONDON - The UK housing market seems to be picking up with gross mortgage lending up 4.3 per cent in April over previous month to 12.1 billion pounds, the highest in over four years, according to the Council of Mortgage Lenders (CML). The mortgage lending was 21% higher than April 2012, but this data is skewed by the end of the stamp duty concession on 24 March, 2012. Under the stamp duty ...
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Construction begins on new island off Jumeirah Beach in Dubai
Work began on Monday on the development of a man-made island in Dubai, 500 metres directly opposite the Jumeirah Beach Residence complex. To be known as Bluewaters Island, the new development will house five star hotels and resorts, al fresco dining and entertainment zones, and residential apartments and villas. The focal point of the island city, which will cost $1.6 billion, will be a 688 ...
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US drugmaker Actavis buying Warner Chilcott in $8.5bn deal
WASHINGTON/ DUBLIN - Actavis Inc, the largest US generic drug maker by market value, is acquiring Dublin-based Warner Chilcott in a deal worth $8.5billion (5.6billion pounds) including $3billion net debt, to create the third-biggest specialty pharmaceutical company in the country. Under the deal, Actavis, which itself has been the subject of bid speculation, would be offering $5billion in ...
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Microsoft launches all-in-one home entertainment system Xbox One
Microsoft has unveiled its latest video gaming console 'Xbox One' which is believed to transform games, TV and entertainment for the 21st century living room. The latest console reportedly promises a vision of the future. According to a report by the Mirror, 'Xbox One' will allow users to turn on the device with words like "Xbox On", and "snap" will allow users to watch two things at ...
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Microsoft unveils new all-in-one Xbox console
Microsoft unveiled a new Xbox console Tuesday that represents a major upgrade on the US-market-leading Xbox 360 model. The president of the IT giant's Interactive Entertainment Business, Don Mattrick, revealed the hi-tech Xbox One entertainment and gaming console during an event at Microsoft's Redmond, Washington, campus. The Xbox One was presented as an all-in-one system for gaming, watching ...
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Microsoft Unveils New Xbox One Game Console
REDMOND, WASHINGTON Microsoft Corp gave the world the first look at its new game console on Tuesday, hoping the Xbox One will attract existing video game fans while also becoming a hub for living room entertainment. The third-generation Microsoft console, coming eight years after the Xbox 360, was unveiled by games unit chief Don Mattrick at an event at the software company's campus ...
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Morgan Stanley India to sell wealth management arm to StanChart
MUMBAI - The UK based Standard Chartered (StanChart) Monday announced plans to acquire the Indian private wealth management business of US multinational financial services firm Morgan Stanley for an undisclosed amount as part of plans to expand operations. The acquisition is subject to regulatory approvals. "Standard Chartered India has agreed to acquire Morgan Stanley's onshore private ...
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Metals Stocks Gold edges higher ahead of Bernanke’s testimony
HONG KONG (MarketWatch) -- Gold prices edged higher on Wednesday as the U.S. dollar weakened in the run-up to Federal Reserve Chairman Ben Bernanke's testimony before Congress later in the ...
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IMF to give verdict on UK economy - live
George Osborne, Britain's chancellor of the exchequer, could face criticism over his handling of the UK economy. Photograph: ANDREW COWIE/AFP/Getty ...
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Lloyds and RBS no need to tap investors for fresh capital
There is mounting speculation the government is preparing to kickstart a sell-off of part of its 39% Lloyds stake. Photograph: Stefan ...
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Big banks are still gaming the state but whos got the courage to say it | Richard Paton
A demonstration by Occupy Economics in Canary Wharf, London, last week. 'Who do [banks] think we are? This is money they're only able to make at our expense.' Photograph: Ben Stansall/AFP/Getty ...
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German economy set to improve Spanish jobless offered jobs apprenticeships
Germany's Bundesbank on Tuesday said it expects the economy to improve markedly in the second quarter. Also on Tuesday, Germany agreed to provide jobs or apprenticeships to about 5,000 young unemployed Spaniards each year under a deal signed by labour ministers from both countries in ...
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Move Into Junk Stocks Powers Bull Run
S&P 500 into record territory.The best performing U.S. stocks in the current quarter are those that lagged the market from January to March, according to an analysis by Bespoke Investment Group. That includes companies that were targeted by short sellers, have the smallest market value and those with the worst analyst ratings.The 50 companies with the smallest market capitalization in the ...
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Oklahoma Where the Relief Will Come From
Once the dust settles and the victims have been accounted for, Moore, Okla., will begin the gargantuan task of rebuilding itself, after an F-5, the highest possible in terms of wind speed and intensity, touched down there Monday, leveling everything in its path. It's a task that, based on similar disasters, will take billions of dollars in federal and state aid, insurance claims, and ...
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Why BOJ Was Right Not to Talk Up Bonds
Bank of Japan (BOJ) ended a two-day meeting on Wednesday, taking some market participants by surprise with a decision not to take any steps to ease heightened uncertainty in bond markets following the radical monetary policy it unveiled last month.Speaking at the central bank's news conference, Governor Haruhiko Kuroda said the BOJ would closely monitor the bond market and respond with ...
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SSE Energy Bills Must Rise As Profits Leap
The energy firm SSE has warned of more bill increases to come despite the bitterly cold start to the year helping profits leap 28% at its household energy arm. The firm - one of the so-called Big Six providers of gas and electricity to UK homes - made £410.1m in the 12 months to March in its residential business as gas consumption leaped by a fifth. The group's overall pre-tax ...
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Dollar dips shares mixed ahead of Bernanke testimony
LONDON (Reuters) - The dollar dipped and benchmark Bund futures rose on Wednesday as expectations hardened that the head of the U.S. central bank will later in the day signal no tapering off of the bank's ultra-easy monetary ...
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BOJ Kuroda Will respond to JGB moves with flexibility in market operations
TOKYO – Bank of Japan Governor Haruhiko Kuroda said on Wednesday that the central bank would closely monitor moves in the government bond market and respond with flexibility in its purchases of government debt and in its market operations. Kuroda said that he did not expect JGB yields to spike and that a recent increase in JGB yields was not having a major impact on Japan's economy. ...
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Iluka Resources Considers Spinoff of Iron-Ore Royalty
Iluka Resources Ltd. (ILU.AU) said it is considering a spinoff of an iron-ore royalty worth around 850 million Australian dollars (US$833 million), underscoring how mining companies are taking a hard look at their assets amid subdued demand for commodities.Iluka is the world's largest producer of zircon, which makes ceramic products opaque and is used in everything from wash basins to ...
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UniCredit Says Terna Shares Sale Completed
UniCredit SpA (UCG.MI) said Wednesday an aggregate sale of 107,704,353 shares of Terna SpA (TRN.MI) was successfully completed.The bank said the transaction, which was launched May 21 and carried out as an accelerated bookbuilding process addressed to institutional investors, was priced at 3.35 euros ($4.33) per share and will be settled May 27.The share sale generated proceeds of around EUR361 ...
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Russian banker has his eye on Europe
MOSCOW – Igor Kim snapped cast-off assets from foreign banks pulling out of Russia and now the banker says he wants to expand into Europe. Kim, 47, emerged with his partners as an asset consolidator after the global crash of 2008 forced Western banks to downsize, buying the Russian commercial banking units of Barclays, WestLB, Morgan Stanley and Santander. "We are looking at different ...
Sacramento Featured
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Sacramento vulnerable to massive disaster
If a major earthquake were to occur tomorrow, Sacramento could potentially be devastated by massive flooding on-par with that seen in New Orleans during Katrina. The state’s major fresh water systems would be destroyed and 25 million would be without fresh water, while millions would lose their homes, but for all this, funding to upgrade the city’s levees is hard to come by.
When Hurricane Katrina barreled into US states along the Gulf Coast in 2005 it caused chaos and devastation in a part of the world considered among the most developed and stable. Read more
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