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 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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Iluka earnings to fall
Iluka Resources says lower prices for its mineral sands will cause a fall in earnings in 2013.But prices have stabilised and demand is increasing, the company's managing director, David Robb, told its annual general meeting.Iluka is a major producer of zircon, used mainly in ceramics, and rutile and synthetic rutile, which are used in paints and plastics.Its key markets are China and the ...
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HudBayThompson Creek combo would be earnings monster--Ecclestone
If a HudBay/Thompson Creek combine was achieved the entity would have a significant option on the future of the moly price, contends Hallgarten analyst Christopher ...
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Asian stocks buoyed by Wall Street
Sydney - Asian stocks rose on Wednesday following a positive lead from Wall Street with Japan's Nikkei reaching a five-and-a-half-year high, while the yen took a defensive stance ahead of the outcome of the Bank of Japan's (BOJ) policy ...
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ESPN cutting hundreds of jobs - report
New York - ESPN, the sports channel that is Walt Disney’s most profitable unit, is cutting 300 to 400 jobs across the company and closing a small Denver office, a person with knowledge of the cuts ...
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Reunert to ‘plan for and pursue earnings growth’
The electronics firm report a 14 percent dive in normalised headline earnings a share from R2.98 to R2.57 while revenue declined eight percent to R5.3 billion from R5.7 billion. Photo ...
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George Osborne may not be dead in the water after all. What will Labour do then | Gaby Hinsliff
It has been a truth universally acknowledged for some time in politics that George Osborne is a busted flush. After all, the chancellor is relentlessly hammered from left and from right these days, by those who want less austerity and those desperate for more of it. Tellingly, polling shows voters ...
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One in five retiring in 2013 will be below poverty line
Prudential , which also found that nearly a quarter of women will enter retirement entirely dependent on the basic state pension.Prudential's Class of 2013 research, based on interviews with 8,676 over 45-year-olds and another 1,007 people retiring this year, found that many are facing a bleak financial outlook.One in seven (14%) people planning to retire in 2013 will depend on the state ...
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BlackBerry Shifts Emphasis From Smartphones to Services
BlackBerry no longer owns the fast-paced, innovative smartphone world but the company, whose email-on-your-hip devices once revolutionized the industry, now aims to run it. The change in focus was hard to miss at the company's well-attended annual conference in Florida last week, even as news of a new smartphone model and its plans to offer the popular BlackBerry Messaging (BBM) instant ...
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Iluka earnings to fall
But prices have stabilised and demand is increasing, the company's managing director, David Robb, told its annual general meeting.Iluka is a major producer of zircon, used mainly in ceramics, and rutile and synthetic rutile, which are used in paints and plastics.Its key markets are China and the United States."Based on lower weighted average prices, at least as they stand at the ...
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Iluka earnings to fall
Iluka Resources says lower prices for its mineral sands will cause a fall in earnings in 2013.But prices have stabilised and demand is increasing, the company's managing director, David Robb, told its annual general meeting.Iluka is a major producer of zircon, used mainly in ceramics, and rutile and synthetic rutile, which are used in paints and plastics.Its key markets are China and the ...
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Iluka earnings to fall
ILUKA Resources says lower prices for its mineral sands will cause a fall in earnings in 2013. But prices have stabilised and demand is increasing, the company's managing director, David Robb, told its annual general meeting. Iluka is a major producer of zircon, used mainly in ceramics, and rutile and synthetic rutile, which are used in paints and plastics. Its key markets are China and the ...
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Iluka earnings to fall
ILUKA Resources says lower prices for its mineral sands will cause a fall in earnings in 2013. But prices have stabilised and demand is increasing, the company's managing director, David Robb, told its annual general meeting. Iluka is a major producer of zircon, used mainly in ceramics, and rutile and synthetic rutile, which are used in paints and plastics. Its key markets are China and the ...
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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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GLOBAL MARKETS-Asian stocks cheered by Fed reassurance BOJ stands pat
Wed May 22, 2013 1:14am EDT * Asian stocks firmer, buoyed by record highs on Wall St * Fed officials play down speculation of ending stimulus anytime soon * BOJ keeps policy unchanged as expected * JGB futures dip after BOJ, limited reaction in yen, Nikkei By Masayuki Kitano and Vidya Ranganathan SINGAPORE, May 22 (Reuters) - Asian stocks rose on Wednesday following a positive lead from Wall ...
Central America Featured
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New construction in tourism industry – signs of recovery or misplaced optimism?
The whole of Central America has been affected by the global downturn. One of the industries effected most has been tourism, and while many construction and expansion projects were planned during the heady days of 2007 and early 2008, the region may now be facing a huge oversupply problem in terms of hotel accommodation, although there are signs of light on the horizon.
In 2006, the Tourism Ministers of various countries in the region came together at San Ramon for a conference and told Central American news providers that the tourism industry for the region as whole had grown by an average of 11%, which account for, on average, 5% of the region’s GDP for that year, in addition, there was astounding growth in the number of European tourists travelling to Central America, a 147% increase in fact. Read more
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