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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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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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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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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Competition transforming state’s gasoline industry
As a gasoline consumer of long standing, my knees jerked last week with the news that a major consolidation in the Southern California oil refining industry had sailed through reviews ...
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El Centro Border Patrol agent dies in Hawaii
Gungon died at Waimea Falls, on the island of Oahu, said Jessica Lani Rich, president of the Visitor Aloha Society of Hawaii, a nonprofit group that provides assistance to visitors in ...
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Fantastic Holdings issues earnings downgrade
AAP reports that the downgrade reflects the weak retail sector as well as the costs of "strategic initiatives" that the company has pursued. The group said in a statement to the Australian Securities Exchange that it expects to report a net profit after tax (NPAT) in the range of $13.5 million to $15.5 million, compared to FY2012 underlying earnings of $21 million. "The ...
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Microsofts Mehdi Xbox One Can Do 4K Gaming More Original Content Coming
next-gen gaming console, but there are some questions that remain unanswered, so I sat down with Yusuf Mehdi, Corporate Vice President of Marketing and Strategy, Interactive Entertainment Business, to try to get to the bottom of a few lingering questions and a few of my own. All of the demos we've seen today at the Xbox campus have been on gorgeous flat panel HDTVs running at 1080p, the ...
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Your Smartphone Under Attack Pros
Apple CEO Tim Cook told Congress on Tuesday, smartphone growth around the world has spurred the growth of an app economy worth billions of dollars, created jobs and sparked innovation. But it has also been the catalyst for a new wave of cybercrime targeted at mobile devices. ...
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Chinas Bird Flu Outbreak Breaks Bank
The H7N9 virus appears to have been brought under control in China largely due to restrictions at bird markets, but caused some $6.5 billion in losses to the economy, U.N. experts said on Tuesday. Health authorities worldwide must be on the lookout to detect the virus, the experts said, which could still develop the ability to spread easily among humans and cause a deadly influenza pandemic. The ...
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Scandal or not one SAC investor cant get enough of Steve Cohen
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 in this May 11, 2011, file ...
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Mexican tycoon Slim seeks funding details of U.S. protest group
People protest holding masks printed with the face of Mexican telecommunications and retail tycoon Carlos Slim as he attends the Meeting of Latin American Businessmen at a hotel in Lima May 3, ...
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Denso executives to plead guilty to price fixing in Toyota case
6902.T ) have agreed to plead guilty to conspiring to fix prices of electronic auto parts sold to Toyota and will cooperate with an ongoing criminal investigation, the U.S. Justice Department said on ...
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U.S. prosecutors consider using racketeering law against SAC source
NEW YORK – U.S. prosecutors are considering charging Steven A. Cohen's SAC Capital Advisors as a criminal enterprise engaged in a long pattern of insider trading in stocks, according to a person familiar with the matter. Prosecutors may use the Racketeer Influenced and Corrupt Organizations Act, most commonly associated with prosecutions against the mafia, to move against Cohen's ...
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Italys RCS MediaGroup Asks Banks to Revise Terms of Refinancing Deal
RCS MediaGroup SpA (RCS.MI) said Tuesday it has asked the financial entities involved in a refinancing deal with the Italian publisher to revise some of the terms and conditions of the agreement following the recent improvement seen in financial markets.The company, which publishes one of Italy's most influential daily newspaper, Corriere della Sera, in mid-April approved the terms of a ...
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UK opposition party leader says Google tax behavior wrong
By Andrew OsbornLONDON (Reuters) - Google Inc's tax affairs will come under renewed scrutiny in Britain on Wednesday when the leader of the opposition Labor party accuses the Internet company of wrongly going to "extraordinary lengths" to avoid paying tax.In comments designed to politically outflank Prime Minister David Cameron ahead of next month's G8 summit on what has ...
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New Xbox faces wider range of competition
Microsoft sees the Xbox One as an all-in-one gaming and entertainment system. It’s set to go on sale in time for the holidays Microsoft ...
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Qualcomm and USAID expand collaboration
A police officer in El Salvador, where Qualcomm and the U.S. Agency for International Development have collaborated on a crime-reduction project, equipping agencies with smart phones that have a special app that connects them to a ...
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Microsoft touts Xbox One as all-in-one entertainment
(Editor's note: I am, at best, confused by a lot of the decisions Microsoft has made with the Xbox One. No backwards compatibility? Fees to share games and play used games? We're talking about paywalls here. And the whole thing has shifted -- or seems to have shifted -- away from gaming and onto Television. That is pretty stupid, if true. -- William ...
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RBS and Lloyds stakes should be sold says IMF
Britain will be advised to sell off the state's holdings in the Royal Bank of Scotland and Lloyds Bank by the International Monetary Fund (IMF) in a move that will embolden George Osborne as he attempts to justify his economic ...
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