Latest Breaking Business News
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Blogging platform Tumblr acquired by Yahoo for $1.1 bn
NEW YORK - Yahoo promised "not to screw it up" as it formally announced its acquisition of the popular Tumblr blogging platform for $1.1bn in cash, giving the company a much-needed base in social media to reach a younger generation of users. The relaxed wording of the memo for one of the internet giant's biggest acquisitions was echoed in the memo sent by David Karp, Tumblr's 26-year-old ...
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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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Bombardier unveils Challenger 350 mid sized business jet
GENEVA - Canadian aeroplane maker Bombardier has expanded its leading Challenger family of business jets with the launch of the new Challenger 350 aircraft in collaboration with global leader in private aviation, US firm NetJets. The launch on Monday was held at a special event here at the European Business Aviation Conference and Exhibition (EBACE). Bombardier said deliveries of the ...
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$254mn Eskom wind power project gets South African regulator's nod
JOHANNESBURG - The National Energy Regulator of South Africa (Nersa) has granted power producer Eskom a licence for its Sere wind farm in the Western Cape, paving the way for the company to start construction of its $254.3 million (R2.4-billion) project. Sere is the Nama word for "cool breeze". The wind farm project is scheduled to become fully commercially operational by the end of ...
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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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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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Alcoa warns of scammer claiming to collect utility payments
Alcoa is warning residents about a scammer who is calling residents and asking to collect money on an account. The city says it does not call customers to collect utility payments, and if there are issues with any payments, it will either come via an automated message or through an online payment system. The city asks that anyone who receives a call demanding immediate payment should ...
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Microsoft to build Australian cloud computing centres
SYDNEY (Reuters) - Microsoft Corp is expanding its services for hosting and processing online data in Australia with the establishment of two new "cloud" computing data centres in the country.The world's biggest software company said on Tuesday it was expanding its Windows Azure business to include a major new region in Australia.Data centres, renting out technology resources such ...
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JPMorgans Dimon faces push to drop chairmans title
NEW YORK - A major shareholder vote this week has Wall Street abuzz over the power and future of Jamie Dimon, leader of the country's biggest bank. As chairman and chief executive of JPMorgan Chase & Co., Dimon burnished his reputation by steering the bank through the financial crisis virtually unscathed. Charismatic and articulate, Dimon emerged as Wall Street's most public face, ...
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Cool key to urban upsurge
Is a parade cool? It was one of the highlights of the Holiday Bowl in December but Gaslamp Quarter's rents are beyond new "cool" bars and restaurants and the coolness/rent rate figure into how an urban pocket turns itself ...
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Hispanic group asks FTC to probe Herbalife
A Hispanic consumer group has asked the Federal Trade Commission to investigate the Herbalife, citing concerns that the controversial company is targeting minorities. "It is our understanding that the company’s marketing materials promise richness for a few hours of work from home," wrote Hispanic Federation President Jose Calderon in a March 17 letter to FTC Chairwoman Edith ...
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Carnival Corp. lowers 2013 earnings forecast
The news just keeps getting worse for Carnival Corp. Late Monday afternoon, the Miami-based cruise giant lowered its earnings forecast for the year, citing the low ticket prices that have been needed to drive cruise demand while the company had endured months of negative publicity. The 24-ship Carnival Cruise Lines and its parent company, Carnival Corp., have taken a beating since mid-February, ...
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Former Apple CEO on Offshore Cash
Some explosive words were exchanged on Capitol Hill with Sen. Carl Levin, (D-MI) accusing Apple of using tax havens in Ireland to avoid paying U.S. taxes. John Scully, former Apple CEO, shares his view on the ...
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Dimon Exit Could Be ‘All Downside’ Pro
Ahead of a vote on separating JPMorgan's CEO and chairman roles that could push out Jamie Dimon, Brad Hintz of Sanford Bernstein says that a departure would have no benefit for the company's stock ...
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Stocks Dollar Move Up Is a Good Thing
The stock market and the U.S. dollar have are moving higher in tandem again, which analysts say could be a positive for U.S.-centric companies. "[The rising dollar] is one of the reasons this market is more a U.S.-focused one," said Quincy Krosby, market strategist at Prudential Financial. "Economic data in the U.S. have gained traction against other economies and with the ...
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JPMorgan under pressure gives polling information to investors
JPM.N ), under pressure from the New York Attorney General's office, has agreed to give investors information about upcoming ballot votes, after the company that collects votes on the measures stopped giving out polling information last ...
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Prosecutors subpoena of SACs Cohen puzzles defense lawyers
Hedge fund manager Steven A. Cohen, founder and chairman of SAC Capital Advisors, responds to a question during a one-on-one interview session at the SkyBridge Alternatives (SALT) Conference in Las Vegas, Nevada May 11, ...
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Rockwood pigments businesses attract private equity bids sources
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change ...
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Gold and Silver Post Huge Turnaround
NYSEARCA:SLV ) futures for July gained 23 cents to finish at $22.58.Although the price of gold futures briefly touched $1,336 per ounce, they rebounded sharply to avoid closing lower for the eighth consecutive session. Silver futures hit as low as $20.25 per ounce, which caused some market commentators to declare the end for silver, but the precious metal also made a strong ...
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Which Market is Correct
UUP ) should be declining (as it did during the equity boom years of 1985-2007). It is actually up in value since 2008.Commodity prices should also be up, but they have been declining rather sharply since 2011.This is not your typical confirming market behavior.For five years bonds, the dollar, and stocks have all risen in price when bonds and the dollar should have done the opposite of ...
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Lawmakers say Apple dodged billions in taxes
AAPL ) of using what it called a "complex web of offshore entities" to dodge billions of dollars in U.S. income taxes.The technology giant, the world's second-largest company by market value, has used a range of offshore structures, transactions and other arrangements to shield its earnings from taxes, said the U.S. Senate permanent subcommittee on investigations in a report. ...
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Wall St ends near flat small co stocks in limelight
US stocks ended little changed on Monday with indexes hovering near record levels as concerns about a correction cut earlier gains that were boosted by acquisition activities. Based on the latest available data, ...
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Apple uses companies outside US to avoid paying billions in US taxes Senate inquiry finds
WASHINGTON - Apple Inc. employs a group of affiliate companies located outside the United States to avoid paying billions of dollars in U.S. income taxes, a Senate investigation has found. The world's most valuable company is holding overseas some $102 billion of its $145 billion in cash, and an Irish subsidiary that earned $22 billion in 2011 paid only $10 million in taxes, according to ...
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Consumer spending will help to offset sequester economists say
WASHINGTON -- Consumers will help keep economic growth on track this year, as new projections of their spending indicate it will offset the hit to the recovery from the federal government's automatic budget cuts, a panel of economists said Monday. The National Association for Business Economics estimated that the nation's economic output would grow 2.4 percent this year, the same as ...
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Why are more pizza outlets coming to SD
"We're looking at San Diego and Los Angeles as target markets because we're so under-penetrated there," said Thomas McCord, vice president of real estate and franchise development. "We're not a high end pizza concept. We're about value. We do very well with blue collar households, with people (who) want to take their family, have a full buffet and a nice dinner ...
South East Asia Digest
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Southeast Asia's growing prominence in world trade
Southeast Asia has been, for many centuries, a major part of world trade and the recent recession has not hampered this position as the region is recovering much faster than many more developed countries.
Southeast Asia, although geographically large, covering an area of around 5 million square miles, is comparatively small economically in relation to the number of people that inhabit the area. The Southeast Asian region is home to over 500 million people and yet the region’s GDP is just US$1.5 trillion, or around US$2,500 per person annually. Read more
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