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 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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Microsoft unveils next-generation Xbox console
Microsoft introduced its next-generation console, the Xbox One, a living-room hub designed for more than video gaming.The unveiling came months after rival Sony first showed off its PlayStation 4, the latest update of that platform.However, while Microsoft actually showed off a physical player, Sony has yet to give the public a look at its new PS4 console.Both are set to go on sale this year, ...
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Saks hires Sachs eyes possible sale
Saks is gearing up for its biggest sale ever - but it won’t be happening at your local mall.The owner of the swanky Saks Fifth Avenue chain has hired Goldman Sachs to explore strategic alternatives, including a possible sale of the company, The Post has learned.The news, first reported yesterday at nypost.com, sent Saks shares surging in after-market trades to their highest levels in more ...
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NYU prexy slammed again
NYU’s Tisch School of the Arts - whose famous alumni include Martin Scorsese, Spike Lee and Alec Baldwin - became the latest school to submit a vote of no confidence in the university’s president, John Sexton.In March, the university’s College of Arts & Sciences gave Sexton a thumbs-down, followed by the Steinhardt and Gallatin schools earlier this month. The Tisch vote ...
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ACX sees earnings up over 60 sequentially in 1Q13
Advanced Ceramic X (ACX), a Taiwan-based manufacturer of multilayer ceramic devices and LTCC (low-temperature co-fired ceramic) modules for wireless communications, has reported net profits of NT$97 million (US$3.24 million) for the first quarter of 2013, up 53.5% from a year ...
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Why Microsoft Thinks Xbox One Is A Game-Changer
Alan Bowman, Regional VP for Interactive Entertainment Business at Microsoft Asia Pacific, explains why the company thinks its new game console product can take a bigger space in consumers' living ...
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Can Bernanke Rein in Those Dollar Bulls
Federal Reserve unwinding its aggressive monetary stimulus program gathered pace about a fortnight ago. Now, Fed Chairman Ben Bernanke could give the dollar bulls reason to pause, say strategists. Bernanke testifies to Congress later on Wednesday amid speculation that he could shed some light on the timing of when the Fed will start phasing out the quantitative easing (QE) that has weighed on ...
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Ford adds production in North America to meet new car demand
F.N ) is adding a week of production at 20 North American factories this year to build an additional 40,000 vehicles and help sustain its gains in U.S. market ...
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Microsoft talks about Xbox One’s internals while disclosing nothing
The Xbox One is full of technology and after its big reveal, Microsoft talked a little about what's going into the console, giving some tidbits of info about what makes it tick. Microsoft says that the Xbox One has five custom-designed pieces of silicon spread between the console and its Kinect sensor. It didn't elaborate on what these are. There's a system-on-chip combining the ...
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Photos Tour Carol Bove’s “Caterpillar” on the Last Unopened Stretch of Manhattan’s High Line Park
ince its opening in 2009, Manhattan's High Line--an elevated city park built on a reclaimed Depression-era industrial railroad line--has featured, along its meandering length, a constantly rotating display of artworks. These sculptures, billboards, performances, and installations are chosen by Cecilia Alemani, the curator of High Line Art, and have been a core element in the park's ...
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Bernankes congressional testimony to be studied for any hints of shift on Fed bond purchases
WASHINGTON - When Ben Bernanke testifies about the U.S. economy Wednesday, the Federal Reserve chairman's words will be examined for any clues that the Fed might soon taper — or increase — its support for the economy. The Fed is pursuing an aggressive program of bond purchases to try to keep long-term interest rates down and encourage borrowing and spending. The Fed has said ...
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Top dogs Highest zoo CEO pay
With the Australian Outback exhibit opening this week at the San Diego Zoo, the U-T decided to review zoo CEO salaries. Although San Diego's zoo attracts the most visitors in the U.S., its CEO is not the top paid among more than 40 public or nonprofit institutions in our survey.Sources: Most recent IRS tax forms for salaries, AZA survey for zoo stats Also ...
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Its a super day
Dimon’s overwhelming victory came as a surprise to activist investors who saw the vote as a referendum on good corporate governance as opposed to a popularity contest for the bank boss. Pension giants, including the California Public Employees’ Retirement System, supported the proposal, as did influential proxy advisers Glass Lewis and Institutional Shareholder Services.All 11 ...
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Feds mull racketeering charge for SAC
Call him Capo Cohen. Federal prosecutors, amid a criminal insider trading probe of Steve Cohen’s SAC Capital, are weighing the possibility of charging the $15 billion hedge fund as a criminal enterprise - a tool traditionally used to bust organized crime families.The news, reported earlier by the Financial Times, comes on the heels of government subpoenas to Cohen and other SAC executives ...
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Hearst and Oz may be off to see the printers
"There was no creative or anything to look at, but a lifestyle approach different from the field," said one source who was involved in the discussions. Oz will only give final approval if he is convinced the project will be a huge hit. Oz’s highly rated talk show is already carried by many Hearst- owned television stations. A joint venture with Hearst is expected to be ...
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Carl’ssss Herbalife buy has Bill profit-lesssss
Call him Icahn the python.Billionaire investor Carl Icahn and his fellow Herbalife bulls have slowly and steadily squeezed the profit out of Bill Ackman’s $1 billion short bet.Ackman, who once had a paper profit of $480 million, is now down $10 million, according to calculations by The Post.Icahn, on the other hand, is up $228 million, calculations show.Ackman, 47, yesterday slipped into ...
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ESPN whacking 250 jobs
Cable powerhouse ESPN is cutting 250 jobs after shelling out big bucks to secure sports programming rights.The layoffs were concentrated in ESPN’s digital operations, a source said. ESPN said it was "smartly managing costs." On top of pricey contract renewals with the NFL and MLB, ESPN just struck an 11-year, $770 million deal with the USTA to snag rights to the US ...
Edinburgh Feature
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Edinburgh's tram of indefinite delays
The development of a new tram system for Edinburgh has not been without controversy. Since the project was first proposed as far back as 1999 it took until 2006 for work to actually begin. Since then, there has been one failing after another, with many Edinburgh residents now wondering whether the new tram system will ever see the light of day and, more to the point, whether it is in fact necessary.
Edinburgh had a tram system up until the 1950s and, like many developed cities, it did away with the network in favor of other forms of public transport, mainly buses. Increasingly heavy traffic jams in the capital, however, have prompted city leaders to reconsider and in 2006 two bills went through parliament and were approved. Read more
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