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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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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Gay-rights group accuses Exxon Mobil of hiring bias
Rex W. Tillerson, chairman and CEO of Exxon Mobile, attends a plenary session during the 19th World Petroleum Congress in Madrid, July 1, 2008. Pressure on the company from gay-rights groups has increased during his leadership. (SUSANA ...
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TV installer Multiband to be acquired for $116M
Minnetonka -based cable and satellite TV installation firm, has signed an agreement to be acquired for $116 million in cash by Goodman Networks of Plano, Tex. The transaction provides that Goodman Networks will pay $3.25 per Multiband common share, redeem all outstanding preferred shares and repay Multiband's bank debts. However, the agreement gives Multiband 45 days to solicit ...
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San Diegos Pulse Electronics does reverse stock split
Pulse Electronics, a San Diego electronic components maker, announced a 1-for-10 reverse stock split effective Wednesday, with the aim of meeting requirements to keep the company's shares listed on the New York Stock ...
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Unilever Ireland to seek 40 redundancies
Unilever has said it is to seek around 40 redundancies from its Irish operations in Citywest, Dublin. In a statement, the company said it was seeking the cuts in an attempt to create a "more competitive organisationin response to an unrelentingly challenging retail environment". Unilever currently employs 190 people in Ireland. It operates a number of brands including; Lyons ...
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Targets first-quarter profit falls 29 percent on weak sales
Target Corp. reported a 29 percent drop in first-quarter profit as unusually cool spring weather and financial pressures chilled customers' appetite for spending.The company, based in Minneapolis, also on Wednesday cut its annual profit outlook, sending its stock down.Target is the latest in a string of companies including rival Wal-Mart Stores Inc. that say bad weather and financial ...
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Bernanke says its too soon for Fed to end stimulus programs
WASHINGTON - Chairman Ben Bernanke told Congress Wednesday that the U.S. job market remains weak and that it is too soon for the Federal Reserve to slow its extraordinary stimulus programs.Reducing the Fed's efforts to keep borrowing rates low would "carry a substantial risk of slowing or ending the economic recovery," Bernanke said in testimony to the Joint Economic Committee, a ...
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George Soros invests in hyperfast internet firm
George Soros has led a 50m investment in fibre-optic company Hyperoptic, which lays high-speed lines direct to UK homes.The funding, from the Soros investment vehicle Quantum Strategic Parters, will help Hyperoptic reach its target of 500,000 homes within the next five years.Its "hyperfast" lines transmit information at 1 gigabit per second, which is more than 80 times the ...
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Microsoft Reveals The Xbox One
Microsoft promises the Xbox One will be more than just a game console, but a "living room" with a TV tuner and cable box. Users will be able to switch between watching TV and gaming instantly through the Kinect ...
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Praet says ECB can expand its tools to fight crisis
European Central Bank Executive Board member Peter Praet gives a speech during a meeting organised by the Grand Conferences Catholiques in Brussels January 14, ...
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Delta Airlines wants to stop Ex-Im bank help on big jets
BA.N ), and would be willing to forgo such support for its own purchases of smaller jets if all such subsidies were eliminated, the chief executive said on ...
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Refinery Status Western Refining Said El Paso -2-
The following table lists planned and unplanned production outages at U.S. refineries as reported by Dow Jones Newswires. The information is compiled from both official and unofficial refining sources and does not purport to be a comprehensive list.Western Refining (WNR) on May 22 said the key gasoline-producing fluid catalytic cracking unit at its refinery in El Paso, Texas, had resumed normal ...
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Total Launches EUR1 Billion Project to Modernize Antwerp Refining and Petrochemical Platform
French oil giant Total SA (TOT) said Wednesday that it has approved a 1 billion euro ($1.29 billion) project to modernize its Antwerp refining and petrochemical platform, the company's largest in Europe.The project is part of Total's strategy of focusing its investment on its large integrated platforms to position them among the most competitive in the industry, said the ...
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SocGen May Close Branches in French Urban Areas Deputy CEO Says
Societe Generale SA (GLE.FR), France's third-largest bank by assets, may close some branches in urban areas in a bid to cut costs, the bank's deputy chief executive said Wednesday.As customers increasingly turn to the internet, ATMs and smartphones for banking operations, the bank doesn't need to keep a such a broad network as in the past, Jean-Francois Sammarcelli told ...
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MARKET SNAPSHOT U.S. Stocks Hold Gains After Bernanke Bond Talk
NEW YORK – U.S. stocks showed solid gains in early-afternoon action Wednesday, recovering a little from a dip on Federal Reserve Chairman Ben Bernanke saying tapering of the central bank's bond buying could occur in the "next few meetings."The Dow Jones Industrial Average (DJI) rose 84 points, or 0.6%, to 15,472. The blue-chip index had been up nearly 155 points, or 1%, but ...
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EUROPE MARKETS Europe Stocks Climb After Bernanke Comments
LONDON – European stock markets climbed to an almost five-year high on Wednesday, after U.S. Federal Reserve Chairman Ben Bernanke calmed fears that the central bank will soon fade out its easing program.The Stoxx Europe 600 index inched 0.2% higher to 310.59, closing at the highest level since June 2008.The index traded in negative territory for most of the day, but was sent higher in ...
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America’s Keystone XL double standard Tale of 2 pipelines
NEW YORK -- A casual observer familiar with the Keystone XL saga would think the United States was making it very hard to build any oil sands-related pipelines. But nothing could be farther from the truth. While TransCanada Corp's Keystone XL is mired in seemingly endless studies, a competing project that could carry hundreds of thousands of barrels of oil sands crude to U.S. refineries ...
Middle East Focus
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Israel and Palestine as one country?
Peace in the Middle East, it’s as illusive now as it was ten years ago and ten years before that. For many commentators, peace in the Middle East has become a myth, something local and international governments strive for or claim to support without any real hope of realization of the goal. With the current impasse between Israel and the Palestinian Authority ongoing, an old theme is being kicked around again, that of a single state that incorporates Israel and Palestine.
A single state solution is an idea that grew up in the 1920s and then died with the Six-Day War when divisions between the newly-founded Israeli state and the rest of the region were too entrenched for the idea to retain any traction. The political landscape after the war and even today is what many Jewish groups feared when Jewish Zionists were calling for a return to the biblical homeland to develop a Jewish state. Read more
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