Latest Breaking Business News
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China blamed for most intellectual theft
Intellectual property theft is supposedly costing the United States more than US$300 billion each year. A study in the US has shown this is equivalent to all US exports to Asia. The 11-month study by a Congressional Commission found that software and other product theft was on an unprecedented scale. Commission co-chair Jon Huntsman, the former US ambassador to China, told reporters the ...
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Venezuela vows to solve toilet paper problem
The Venezuelan government has vowed to end a toilet paper shortage in the country. With the commodity in high demand, Venezuela's National Assembly has said it will agree to the importation of 39 million rolls of toilet paper. Toothpaste and soap are also on the Venezuelan shopping list following a chronic shortage brought on by currency controls, which have restricted the landing of ...
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Forbes magazine praises powerful women
Forbes has listed the world's most powerful woman for 2013 as Angela Merkel. She has become Forbes' number one for the 8th time. This year the list featured 8 heads of state, including the German Chancellor. Other women listed were two new billionaires to the list, women's clothing designer Tory Burch and Spanx's Sara Blakely, who both own their own companies. They were two of 24 ...
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June 28 to see News Corp split into two companies
WASHINGTON - Rupert Murdoch's News Corporation Friday announced the planned separation of the $76-billion conglomerate into two distinct publicly traded companies, with one to be renamed 21st Century Fox and the publishing firm to retain the News Corp brand. The split has been formally approved by the Board of Directors. The Company announced appointments to the Boards of Directors of both ...
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Vatican Bank seen to be more controlled
The Vatican Bank has been the subject of a 10 page report from its newly formed financial watchdog agency. The report has revealed that there were some attempts last year to use the bank to launder money. In 2012 there were six suspicious transaction reports, two of which were passed on to Vatican prosecutors for investigation. Autorita Informazione Finanziaria, the watchdog, was ...
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Audit records of Chinese firms to be made accessible to US regulators
BEIJING - Chinese regulators Friday announced that they have signed a memorandum of understanding with their US counterparts giving American authorities increased access to documents from Chinese audit firms. The signing of the MOU between China Securities Regulatory Commission (CSRC), the Ministry of Finance (MOF) and the US Public Company Accounting Oversight Board (PCAOB) is a significant ...
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Investments being sought by Croatia for oil exploration in Adriatic Sea
ZAGREB/LONDON - Croatia, soon to become the 28th member of the European Union,- is looking to undiscovered oil and gas fields in the Adriatic Sea to revive its ailing economy, according to the country's president. Ivo Josipovic told CNN that Croatia is searching for partners in the energy sector to help reveal oil and gas "green fields" in the waters that separate the Balkan nations and ...
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Fan fiction authors to find platform on Amazon
WASHINGTON - Amazon, the largest online retailer of books, movies, music and games, Friday offered its Kindle e-book platform to fan fiction authors to sell some of their work. Fan fiction is literature inspired by popular books, shows, movies, comics, music, and games. Publication outside of blogs and online fanzines is often difficult because of copyright issues. Amazon Publishing has ...
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Central bank of China to push forward market oriented reforms
BEIJING - China is planning to steadily push forward market-oriented reform in its interest rates and exchange rates mechanisms this year as part of the financial sector reforms to better serve the real economy, a central bank report said on Friday. The "China Financial Stability Report (2013) released by the People's Bank of China stressed that it would be steadily promoting the interest ...
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IMF warns UK against continuing austerity programme
LONDON - In a critique of the United Kingdom's austerity programme, the International Monetary Fund Wednesday urged the Europe's third largest economy to rebalance the policy to make the transition to a high-investment and more export-oriented economy. "The UK could boost growth by bringing forward measures already included in its fiscal plan, such as spending on infrastructure and job ...
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Direct antibody injection boosts cancer therapy
William B. Coley , proposed in the 1890s that a substance in bacteria stimulated the immune system to attack cancer as well as infection. While Coley achieved some success in treating patients, he was opposed by close-minded ...
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Google Boss Urges Reasonable Debate On Tax
The executive chairman of Google has said there should be a "reasonable debate" about how Britain taxes multinational companies and "we'll do whatever you guys decide". Eric Schmidt was speaking at a question-and-answer session at the Hay Festival where he calmly rebuffed criticism of the amount of tax paid by the internet search giant in the UK. Last week Mr ...
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Former head of United Properties loved adventure family
Stensby, 73, the former president and CEO of Bloomington-based United Properties, died May 5 after a fall while hiking in California's Yosemite National ...
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Lee Schafer Target Corp.s strategy is to extend the Target experience
Flip through the analysts' comments that followed Target's first-quarter earnings release last week, and it looks like Target is having a tough time fending off competitors coming from all ...
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Sanimax plans to build biogas plant in South St. Paul
Dan Ostrenga, director of organic solutions for Sanimax, said the company is seeking financing, grants and permits for the project, and that construction could begin by the end of this year or early in 2014 He said the facility would charge a fee to accept waste from food processors, restaurants and other sources, and sell the methane as a replacement for natural gas. The electricity would be ...
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Fracking energy revolution begins to rock the world
FILE - In this March 29, 2013 file photo, workers tend to a well head during a hydraulic fracturing operation at an Encana Oil & Gas (USA) Inc. gas well outside Rifle, in western Colorado. The Obama administration is proposing a rule that would require companies that drill for oil and natural gas on federal lands to publicly disclose chemicals used in hydraulic fracturing operations. The new ...
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Vintage Apple 1 computer sold for $668000 at auction
BERLIN - An auctioneer says one of Apple's first computers - a functioning 1976 model - has been sold for a record 516,000 euros ($668,000).German auction house Breker said Saturday an Asian client, who asked not to be named, bought the so-called Apple 1, which the tech company's founders Steve Jobs and Steve Wozniak built in a family garage.Breker claims it is one of only six known ...
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Herbalife suspends cult distributor
Herbalife - the controversial nutritional products company caught in a Wall Street tug-of-war - has suspended a distributor accused of running a cult-like operation in Israel. Tzachi Gozali, 46, has been accused of using humiliation, threats and sexual abuse to recruit an obedient group of followers who sell and use Herbalife’s diet protein shakes, according to a bombshell report.The ...
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Abercrombie Fitch posts ugly sales stock drops 8
Abercrombie & Fitch’s svelte customers are also starved for clothing. The pricey teen retailer - whose CEO Mike Jeffries lately has come under fire for saying he doesn’t want fat people in his stores - posted an embarrassing quarterly sales drop that was made worse by kinks in its supply chain.Abercrombie’s sales at stores open at least a year, or same-store sales, a ...
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John Rice vice chairman of General Electric talks global business
John Rice, vice chairman of General Electric Co., discusses the demands his business faces with $150 billion in revenue last year and more than 300,000 ...
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Lamprell takes the heat off by meeting in Dubai
management , here is a public relations quandary. How does a London-listed company best stage an annual general meeting as shareholders reflect on a year in which (a) their investment has slumped by more than 60%; (b) the company has issued five (count 'em) profit warnings; and (c) one of those profit warnings came just a fortnight after two executives sold substantial stakes in the ...
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Space the fiscal frontier government looks to the skies for rebalancing
Major Tim Peake will be the first Briton to go to the International Space Station, but the government has great hopes for the wider UK space industry. Photograph: Will Oliver/AFP/Getty ...
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Boden tries foreigners for size as label goes for growth
fashion brand whose fans include David and Samantha Cameron. But now the label, known for its stripy T-shirts and sunny prints, is gearing up to challenge TopShop and Gap for international profile.It already has dedicated websites and catalogues in the US, Germany, France and Austria as well as the UK, and shoppers from more than 50 countries buy the brand through those channels. Over the next ...
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Mark Carney Canadas rock-star banker faces four bars to success
Few decisions in British economic policymaking have been so acclaimed in recent years as George Osborne's appointment of Canada's rock-star central ...
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Why worrying about food miles is missing the point
Getting your lamb from New Zealand isn't hurting the planet and buying your potatoes from the other end of the country is fine. Jay Rayner says food miles are not the problem and, below, visits an ...
St Petersburg Focus
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New business centre in St Petersburg remains contraversial
Okhta Centre has become one of the most contentious development projects in all of Russia. It is a project that offers St Petersburg two options that can’t be matched, either to embrace the modern world and allow a world-class business centre to be built, or maintain the city’s historic skyline, architecture and reputation as a major tourist destination with huge historical significance.
Before 2007, Okhta Centre was called Gazprom City and was promoted as such in Russian and St Petersburg news media, but from the start the project was a contentious issue, due primarily to the fact that the development calls for a massive tower to be built in its centre, a tower that will be the tallest in Europe and one of the largest in the world. Read more
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