Latest Breaking Business News
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Blogging platform Tumblr acquired by Yahoo for $1.1 bn
NEW YORK - Yahoo promised "not to screw it up" as it formally announced its acquisition of the popular Tumblr blogging platform for $1.1bn in cash, giving the company a much-needed base in social media to reach a younger generation of users. The relaxed wording of the memo for one of the internet giant's biggest acquisitions was echoed in the memo sent by David Karp, Tumblr's 26-year-old ...
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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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Bombardier unveils Challenger 350 mid sized business jet
GENEVA - Canadian aeroplane maker Bombardier has expanded its leading Challenger family of business jets with the launch of the new Challenger 350 aircraft in collaboration with global leader in private aviation, US firm NetJets. The launch on Monday was held at a special event here at the European Business Aviation Conference and Exhibition (EBACE). Bombardier said deliveries of the ...
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$254mn Eskom wind power project gets South African regulator's nod
JOHANNESBURG - The National Energy Regulator of South Africa (Nersa) has granted power producer Eskom a licence for its Sere wind farm in the Western Cape, paving the way for the company to start construction of its $254.3 million (R2.4-billion) project. Sere is the Nama word for "cool breeze". The wind farm project is scheduled to become fully commercially operational by the end of ...
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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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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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Philip Morris to buy out Carlos Slims stake in Mexican JV
from their Mexican joint venture for about $700 million (462 million pounds).Grupo Carso will sell its 20 percent stake in Philip Morris Mexico in a deal that the U.S. company said would add marginally to its earnings per share in the fourth quarter.Philip Morris said the agreement was subject to final price adjustments based on the Mexican unit's performance over a period of time."We ...
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Microsoft expected to reveal next-generation Xbox at headquarters presentation
In this June 18, 2012 photo, Microsoft CEO Steve Ballmer comments on Microsoft Xbox before unveiling its new Surface, a tablet computer to compete with Apple's ...
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Indexes edge higher on Wall Street in midday trading eyes on Federal Reserve moves
NEW YORK - Stock indexes are edging higher in midday trading on Wall Street as investors look ahead to the Federal Reserve's next moves. The Dow Jones industrial average was up 32 points at 15,367 at noon Eastern Daylight Time Tuesday, a gain of 0.2 percent. The Standard & Poor's 500 index was up a point at 1,667, or 0.08 percent. The Nasdaq composite was up two points at 3,498, ...
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Medtronic beats expectations drives stock up 6 percent
Medtronic beat fourth-quarter profit and revenue expectations on the strength of its international operations, driving the stock up more than 6 percent in mid-morning trading to just over $53 a share. Adjusted earnings were $1.10 per share, up 11 percent, compared to the $1.03 per share Wall Street analysts had expected. Revenue of $4.46 billion, up 4 percent, surpassed Wall Street's ...
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JPMorgan shareholders let CEO Jamie Dimon keep chairman job
TAMPA, Fla. - Shareholders at JPMorgan Chase will let Jamie Dimon, the chairman and CEO, keep both his jobs. At the bank's annual meeting, 32 percent of shareholders voted for a measure that would have required the bank to split the roles. Had the measure succeeded, Dimon would have had to relinquish the role of chairman. Shareholder groups lobbying for the split gained momentum from ...
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GM to invest $44.5M in Lansing Cadillac factory creating 200 jobs
DETROIT - General Motors says it will invest $44.5 million at a Lansing, Mich., factory, creating 200 new jobs. The automaker says it will build a 400,000-square-foot building next to the Lansing Grand River plant to assemble parts and put them in the right order for manufacturing. The factory already employs more than 1,500 hourly and salaried workers who make the Cadillac ATS and CTS luxury ...
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Investors remain on edge ahead of Bernankes key testimony to Congress
LONDON - Markets were choppy Tuesday as investors remained cautious in the run-up to a much-anticipated statement from U.S. Federal Reserve chairman Ben Bernanke. The Fed is conducting its third round of massive bond purchases known as quantitative easing. The aim has been to help drive down interest rates and spur lending. But a recent run of strong U.S. economic data, largely related to ...
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Mall deals Memorial Day sales
Memorial Day is not only about honoring our soldiers, but getting ready for full-swing summer. Retailers are heralding the arrival of their new summer lines with sales and other promotions. Women and kids can save up to 40 percent at Nordstrom in Fashion Valley, tech lovers can get everything from clip cases to projectors for their iPads and iPhones at Brookstone stores, and IF Digital is ...
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Market Extra Gold investors lured to trade on charts only
Investors are bombarded with speculation and news about central-bank policies, along with economic data, investment banks racing to cut gold forecasts, dollar moves, updates on Indian wedding ...
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Futures Movers Oil struggles at $96 with supply data on tap
SAN FRANCISCO (MarketWatch) -- Oil futures on Tuesday struggled to hold above $96 a barrel, with prices pressured by strength in the dollar as traders awaited U.S. data expected to show a drawdown in weekly oil ...
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Tech Stocks Apple weighs down techs Yahoo gains
SAN FRANCISCO (MarketWatch) -- Tech stocks mostly slipped to the red in early trades on Tuesday morning, weighed down by a drop at Apple Inc. prior to CEO Tim Cook taking the stand at a congressional hearing in Washington, ...
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Bond Report Treasurys tip down ahead of Fed speeches
NEW YORK (MarketWatch) -- Treasurys traded lower Tuesday morning as the government-bond market waits on pins and needles for guidance on the Federal Reserve's monetary plan going ...
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Rexnord earnings jump sales remain flat
Rexnord Corp. reported a nearly three-fold increase in fiscal fourth-quarter net income, even as sales remained flat, the company said Tuesday. The West Milwaukee-based manufacturer of process and motion-control equipment and water management products said net income rose to $23.9 million, or 24 cents a share, from $8.6 million, or 12 cents, a year earlier. Year-ago results included a loss from ...
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Rwandan health minister hits back at critics of drug company deal
pharmaceutical company donations in Africa . As an example of the pitfalls of corporate philanthropy in global health, author Adam Green cited Rwanda's partnership with Merck to provide universal access to the human papillomavirus (HPV) vaccine for the prevention of cervical cancer. He echoed claims made two years ago by some experts ...
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Giorgio Armani enjoys sales boost after opening 104 new shops
fashion house rose 16% to EUR2bn in 2012, faster than a year earlier thanks to growth in all geographical regions and after the opening of 104 new shops worldwide, taking the total to more than 2,200. Sales in China slowed slightly but still rose nearly 40%, and operating profits climbed 20% to EUR340m.The Milan-based luxury goods maker, which counts movie and music stars including Cate ...
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Burberry boosted by Asian retail growth
Burberry said full-year pretax profits rose by a better-than-expected 14% on strong retail growth in Asian markets, where it is increasing numbers of Burberry-branded stores.The fashion house, known for its camel, red and black check-lined raincoats, posted an adjusted pretax profit of 428m for the year to 31 March, exceeding analysts' expectations of 415m.Revenue in Asia Pacific, its ...
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Analysts forecasts for Lloyds and RBS share prices may worry George Osborne | Jill Treanor
Will George Osborne hand shares to taxpayers, hold a 'tell Sid'-style selloff or offload a stake to a sovereign wealth fund? Photograph: AFP/Getty ...
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Yahoo Could Run Away From Microsoft Into Googles Waiting Arms
For Yahoo! this is a big deal as search ads makes up approximately 14% of the company's value and, though its search ad revenue has increased, its revenue per search metrics are below industry ...
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Why Microsoft Needs To Focus On Video Games At Its Xbox Announcement Today
Microsoft will announce its next Xbox video game console today which will likely be called the Xbox Infinity if recent leaks are to be believed. The company is already trading at a five-year high and analysts are predicting a jump in share price after the unveil. My hope is that Microsoft bucks expectations and focuses its announcement primarily on video games rather than non-gaming ...
Nigeria Focus
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Nigeria calling on US for misconception help
Nigeria is one of the main producers of drug lords and immigrants and is beset by political instability and groans under the weight of poverty and human strife. At least, this is the perception many in the world have, a perception that is all too narrow in its scope.
Nigeria has an enduring reputation as an exporter of criminals, drug lords, terrorists and immigrants. Such perceptions are only amplified by the recent attempted bombing of a US-bound plane on Christmas Day by Umar Farouk Abdulmutallab, a Nigerian, or the arrests every year of various Nigerian drug lords in countries around the world. Read more
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