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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Regulator says satisfied with Lloyds RBS capital plans
and was comfortable with their plans.The Prudential Regulation Authority said it would release more information when it had concluded discussions with all banks, including, where necessary, if banks need to take steps to meet any shortfalls.Lloyds and RBS each said on Wednesday they did not need to issue more equity, and would meet extra capital needs by selling assets and through retained ...
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Indications Stock futures edge up ahead of Bernanke data
MADRID (MarketWatch) -- U.S. stock market futures were pointing to a slightly firmer start for Wall Street on Wednesday ahead of a key appearance from Federal Reserve Chairman Ben Bernanke, along with minutes of the recent Fed ...
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Bank of England as confused as the rest of us about state of UK economy | Larry Elliott
Mervyn King has been at the Bank long enough to be on the losing side in votes - but it would be damaging for Mark Carney to come in and be immediately outvoted. Photograph: David ...
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Arm loses out on growth worries despite upbeat investor day
one of the main fallers.The highly rated shares have dropped 47p to 10.18 - more than 4% - as worries about the chip maker losing market share outweighed a relatively positive investor day on Tuesday.Analysts believe it could be time to take some profits after Arm's recent strong run, suggesting much of the company's prospects were already in the price. It numbers Apple among its key ...
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UK retail sales slump as shoppers balk at higher prices and cold weather
Retail sales slumped in April after shoppers balked at rising prices and were reluctant to venture out to the high street in one of the coldest springs on record.The Office for National Statistics said retailers reported a 1.3% decline in the amount of goods sold, with food shops the worst affected. Sales of food plunged 4.1% on the month, the weakest showing in almost two years. Shops also ...
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Live QA Starting up - and surviving - in the fashion industry
recently ranked fashion capital of the world for the second consecutive year by the American analytics company Global Language Monitor.You can see why: students flock from all over the world to study at institutions such as Central Saint Martins, London College of Fashion and the new Conde Nast College of Fashion and Design, and the capital's thriving design scene makes it hard for fashion ...
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Ex Coca-Cola Employee Wants Justice
James Adongo Akologo A former employee of Coca-Cola Bottling Company of Ghana Limited is crying for justice after the multinational failed to pay his redundancy package after forcing him to resign about three years ago. James Adongo Akologo, a father of eight, was a former Depot Clerk at the Sunyani Depot. He toldCITY & BUSINESS GUIDEthat he worked with the company for over 14 years before ...
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Two Global Companies Just Moved for Tax Reasons
Even as Apple faced a grilling from lawmakers over its tax avoidance schemes, two more companies revealed they would move jurisdictions to lighten their tax burden. U.S. drugs ...
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EU Bank Bonus Cap to Put Pressure on US Schulz
As EU regulators mull introducing the world's strictest bonus cap, the president of the European parliament told CNBC that the plan could put pressure on the U.S. to follow suit. "If we cut bank bonuses,if we decouple bonuses from short-term speculation in Europe, that puts pressure on the government in the United States to do the same," European Parliament President Martin Schulz ...
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Lowes Earnings Fall Short of Estimates
Lowe's reported quarterly earnings and revenue that missed analysts' expectations on Wednesday, with the company blaming softer sales on unseasonably cool, rainy weather. Spring is the biggest season for home improvement retailers. While the weather was chilly in the quarter, the improving housing market has helped such businesses. The company's shares fell in pre-market trading ...
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Fiat Industrial May Move Tax Base To UK
Fiat Industrial has confirmed it is planning to move its tax base to the UK from Italy to save it money. The Italian truck and tractor manufacturer said it was mulling the idea of a move to the UK, where corporate tax rates are being lowered to 20% by 2015. In Italy, the company’s effective tax rate was 36% last year. If the proposal goes ahead it would be considered a coup for ...
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SocGen CEO to face shareholders after Rosbank arrest
SOGN.PA ) management will face investors later on Wednesday for the first time since the shock arrest of the French bank's top Russian executive on charges of ...
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DBS-Danamon deal hinges on Singapores invite to Indonesian banks
SINGAPORE/JAKARTA (Reuters) - Southeast Asia's largest bank merger now depends largely on cooperation between Singaporean authorities and Indonesian ...
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Staples earnings sales shy of forecasts
+0.55% on Wednesday reported sales and earnings for the first quarter that slightly fell short of forecasts, though the company kept its 2013 outlook unchanged. Staples posted first-quarter earnings per share of 26 cents, versus 28 cents in the same period a year ago. Sales for Staples fell 3% to $5.815 billion versus $6.025 billion in the year-ago period. A survey of analysts polled by FactSet ...
Omaha Feature
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Omaha makes move to develop Midtown
TIFs have their critics, but the progress thus far seems to show that incremental tax financing may work in Midtown Omaha and provide the investment that some pockets of the neighborhood need to revitalize the area.
Omaha is the commercial and transport hub of Nebraska, it is the state’s largest city and is the home to five fortune 500 companies and has been named by Forbes as the “Best Bang-For-The-Buck” city in the US and one of those leading the country’s recovery. Read more
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