Latest Breaking Business News
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Canada threatens to retaliate against change in US meat labeling rules
OTTAWA - Canada has threatened "retaliatory measures" against the United States move changing the so-called country of origin labeling that would track beef and hogs through the meat processing and distribution systems, stating that it is discriminatory, a view shared by the World Trade Organisation. On Thursday, the United States Department of Agriculture issued a final modification to its ...
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After breaches Twitter beefs up security with two-step login
NEW YORK - Aiming to tackle recent high-profile breaches, popular micro-blogging site Twitter is introducing an optional two-step login for users to beef up security. The new system would try to ensure "it's really you" when a user signs in to Twitter, which transmits some 400 million messages a day. The move follows recent attacks into the twitter accounts of news organisations' such as ...
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Irish biotech firm Elan rejects revised Royalty Pharma bid
DUBLIN/ WASHINGTON Ireland-based biotechnology firm Elan Thursday rejected Royalty Pharma's increased $6.4 billion takeover bid, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one share. Royalty raised its hostile cash bid to $12.50 per share on Monday, from $11.25 previously, but made the new offer conditional on Elan shareholders rejecting, at a ...
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Import alert by USFDA hits Wockhardt shares
MUMBAI - Shares of Wockhardt, one of the leading Indian pharmaceutical and biotechnology companies, witnessed a sharp fall of 20% to Rs. 1,315 ($23.61) on the Bombay Stock Exchange(BSE) on Thursday after the US FDA published an import alert on one of its three manufacturing facilities near Aurangabad. The import alert, 'detention without physical examination of drugs from firms which have ...
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Ford Motor to shutdown 2 units in Australia
MELBOURNE - Ford Motor Company Wednesday announced plans of closing its local manufacturing operations in Broadmeadows and Geelong in October 2016 thereby forcing 1,200 people out of work. Spelling the end of the iconic Ford Falcon in the country, Ford Australia president Bob Graziano announced that the carmaker would shut its Victorian facilities in October 2016, bringing an end to nearly ...
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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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Chidambaram says U.S. Federal Reserves statement misunderstood calls for calm
Finance Minister P. Chidambaram on Thursday sought to calm stock markets in India after Federal Reserve Chairman Ben Bernanke suggested bond purchases could be scaled back if the U.S. economy improves. Addressing a news conference here, Chidambaram said fears that the Federal Reserve would start reversing its U.S. monetary stimulus programme were being misunderstood in stock market and investor ...
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How to take a serious bite out of corporate tax avoidance | Prem Sikka
gnash their teeth and the corporate merry-go-round continues.It is time to completely revamp the global corporate tax system and I've got an ...
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Standard Chartered defends loan book quality while HSBC slips on US worries
worries about its loan book. The Asia-focused bank was hit by reports that Carson Block of China specialist Muddy Waters had shorted its debt because he was concerned about loan quality, which he said could come under stress when the Chinese economy slowed down.But the bank's chief executive Peter Sands said its appetite for lending had not changed and its loan book was in good condition. ...
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Markets German business confidence up in May for first time since February
See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management ...
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U.S. ITC wont ban Microsofts Xbox as Google requests
IDG News Service - The U.S. International Trade Commission has turned down a request for a ban on Microsoft's Xbox after finding that the gaming device did not infringe a patent owned by Google's Motorola Mobility unit. The ITC's ruling Thursday has essentially confirmed an initial ruling by administrative law judge David P. Shaw in March that the Xbox did not infringe a Motorola ...
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Bank’s Lobbyists Help in Drafting Bills
WASHINGTON -- Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves. One bill that sailed through the House Financial Services Committee this month -- over the objections of the Treasury Department -- was ...
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UK Was Six Hours From Running Out Of Gas
Britain was six hours from running out of gas in March, it has been reported. High demand during record cold temperatures during the month combined with a pipeline fault to drive stores of gas "dangerously low", the Crown Estate said. But National Grid, which pipes gas around the UK, insisted the nation has "substantial resilience" and diverse supply sources, including ...
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StanCharts Sands says Muddy Waters debt bet misplaced
STAN.L ) chief executive Peter Sands denied U.S. activist investor Muddy Waters' claim that the bank has taken on too much risk, saying its loan book was in a good condition and there is no change in risk appetite for ...
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Academics back BPs fight to cap oil spill payouts
BP.L ) fight to cap the U.S. oil spill compensation payouts it has to fund as the cash outflow threatens to add billions of dollars to its bill for the ...
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HSBC urges acceleration of banking reform
HSBA.L ) Chairman Douglas Flint said on Friday the pace of reform in the banking industry must be accelerated to avoid investor confidence in the sector being ...
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BRIEF-Cadiz sees FY earnings of 2.2 cents per share
JOHANNESBURG | Fri May 24, 2013 6:21am EDT JOHANNESBURG May 24 (Reuters) - Cadiz Holdings Ltd : * FY basic and diluted earnings and headline earnings are expected to be 2.2 cents per ...
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As FTSE 100 slides again market historian says large falls becoming more frequent
is not that unusual, but they have become more frequent in recent years.On Thursday the leading index dropped 2.1%, its biggest daily percentage fall for a year, as investors fretted about a possible end to quantitative easing, especially in the US, and an economic slowdown after disappointing Chinese factory data.But stock market historian David Schwartz has been crunching the numbers and come ...
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Co-operative Bank stops offering new loans to businesses
Co-operative Group could retrench from some parts of the financial services industry - at least temporarily - emerged on Friday when its banking arm pulled out of offering new loans to business clients.Ever since the mutual's banking arm ...
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Media Talk podcast Woolwich attack coverage and Boris ban lifted
John Plunkett digests the week's media news with Roy Greenslade, Helen Zaltzman and Paul Robinson. Plus, Rebecca Nicholson celebrates a return to form for Mad ...
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Friday Newspaper Review - - Irish Business News - - May 24 2013
See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management ...
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Lessons China and Brazil Can Teach Each Other
"Brazil in essence needs to become more like China, with its investment growth, and China needs to learn from Brazil in how to support consumer spending," said Capital Economics' chief emerging markets economist, Neil Shearing, in a ...
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UK Three Quarters Through Clearing Debt
Britain may be as much as three quarters of the way through working off the high levels of debt that have stifled growth since the financial crisis began, a senior Bank of England (BoE) policymaker has said. Paul Fisher, BoE Executive Director for Markets, said national growth would remain weak across both the private and public sectors until debt levels were brought under control. ...
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Three mainland Chinese charged in HK mercantile exchange probe
View Photo A security guard stands at the entrance as an office worker walks inside the Hong Kong Mercantile Exchange in Hong Kong May 23, 2013. REUTERS/Bobby ...
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Youre in their pockets High Court row over valuation in General Electric planes deal with Lebedev-controlled Blue Wings airline
One of the world's biggest aircraft valuers was accused in the High Court of being in the pockets of General Electric's vast GECAS commercial aeroplane leasing ...
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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