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 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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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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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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Photos Tour Carol Bove’s “Caterpillar” on the Last Unopened Stretch of Manhattan’s High Line Park
ince its opening in 2009, Manhattan's High Line--an elevated city park built on a reclaimed Depression-era industrial railroad line--has featured, along its meandering length, a constantly rotating display of artworks. These sculptures, billboards, performances, and installations are chosen by Cecilia Alemani, the curator of High Line Art, and have been a core element in the park's ...
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Bernankes congressional testimony to be studied for any hints of shift on Fed bond purchases
WASHINGTON - When Ben Bernanke testifies about the U.S. economy Wednesday, the Federal Reserve chairman's words will be examined for any clues that the Fed might soon taper — or increase — its support for the economy. The Fed is pursuing an aggressive program of bond purchases to try to keep long-term interest rates down and encourage borrowing and spending. The Fed has said ...
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Top dogs Highest zoo CEO pay
With the Australian Outback exhibit opening this week at the San Diego Zoo, the U-T decided to review zoo CEO salaries. Although San Diego's zoo attracts the most visitors in the U.S., its CEO is not the top paid among more than 40 public or nonprofit institutions in our survey.Sources: Most recent IRS tax forms for salaries, AZA survey for zoo stats Also ...
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NYU prexy slammed again
NYU’s Tisch School of the Arts - whose famous alumni include Martin Scorsese, Spike Lee and Alec Baldwin - became the latest school to submit a vote of no confidence in the university’s president, John Sexton.In March, the university’s College of Arts & Sciences gave Sexton a thumbs-down, followed by the Steinhardt and Gallatin schools earlier this month. The Tisch vote ...
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Its a super day
Dimon’s overwhelming victory came as a surprise to activist investors who saw the vote as a referendum on good corporate governance as opposed to a popularity contest for the bank boss. Pension giants, including the California Public Employees’ Retirement System, supported the proposal, as did influential proxy advisers Glass Lewis and Institutional Shareholder Services.All 11 ...
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Feds mull racketeering charge for SAC
Call him Capo Cohen. Federal prosecutors, amid a criminal insider trading probe of Steve Cohen’s SAC Capital, are weighing the possibility of charging the $15 billion hedge fund as a criminal enterprise - a tool traditionally used to bust organized crime families.The news, reported earlier by the Financial Times, comes on the heels of government subpoenas to Cohen and other SAC executives ...
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Hearst and Oz may be off to see the printers
"There was no creative or anything to look at, but a lifestyle approach different from the field," said one source who was involved in the discussions. Oz will only give final approval if he is convinced the project will be a huge hit. Oz’s highly rated talk show is already carried by many Hearst- owned television stations. A joint venture with Hearst is expected to be ...
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Carl’ssss Herbalife buy has Bill profit-lesssss
Call him Icahn the python.Billionaire investor Carl Icahn and his fellow Herbalife bulls have slowly and steadily squeezed the profit out of Bill Ackman’s $1 billion short bet.Ackman, who once had a paper profit of $480 million, is now down $10 million, according to calculations by The Post.Icahn, on the other hand, is up $228 million, calculations show.Ackman, 47, yesterday slipped into ...
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ESPN whacking 250 jobs
Cable powerhouse ESPN is cutting 250 jobs after shelling out big bucks to secure sports programming rights.The layoffs were concentrated in ESPN’s digital operations, a source said. ESPN said it was "smartly managing costs." On top of pricey contract renewals with the NFL and MLB, ESPN just struck an 11-year, $770 million deal with the USTA to snag rights to the US ...
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Cook beats back senators
Apple CEO Tim Cook to Congress: Kiss this, we’re part Irish.The studious, levelheaded tech boss testified before sometimes less-than-steady lawmakers yesterday after being invited to explain why Apple avoided some $9 billion in taxes on its overseas profits.Cook countered that it was the crazy, Byzantine US tax code - set up by Congress - and not Apple that is to blame."We pay all the ...
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An Elvis sighting on the sale block
Elvis isn’t drawing the same crowds. Core Media Group is trying to sell the image rights to the "King of Rock" and Elvis Enterprises, which houses memorabilia and select music copyrights. The company hopes to fetch around $200 million for the Elvis Presley rights, plus those of famed boxer Muhammad Ali. But banking sources said the list of potential buyers is short. ...
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Wal-Mart grocery sparks intense debate in Raytown
The Senate dragged Apple Inc., the world's most valuable company, into the debate over the U.S. tax code Tuesday, grilling CEO Tim Cook over allegations that its Irish subsidiaries help the company avoid billions in U.S. ...
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Bank of Japan Keeps Policy on Hold as Expected
The Bank of Japan on Wednesday decided to keep monetary policy on hold, but one board member tried unsuccessfully to loosen the central bank's commitment to achieving its 2 percent inflation target within two years. In a unanimous vote, the BOJ maintained its pledge to increase base money, or cash and deposits at the central bank, at an annual pace of 60 trillion to 70 trillion yen ...
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BOJ keeps policy on hold Kiuchi proposes looser price target timeframe
TOKYO (Reuters) - The Bank of Japan on Wednesday decided to keep monetary policy on hold, but one board member tried unsuccessfully to loosen the central bank's commitment to achieving its 2 percent inflation target within two ...
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Merck signs $5 billion share buyback agreement with Goldman Sachs
(Reuters) - Merck & Co Inc said it has entered into a $5 billion share repurchase agreement with Goldman Sachs Group Inc, as the drug giant looks to prop up shareholder value in face of stiff competition from makers of less-costly ...
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China Big Four Banks New Lending Surged in May - Report
China's four largest banks issued 233 billion yuan ($38 billion) new loans in the first 21 days of May, up 30% from the same period a month earlier, the 21st Century Business Herald reported Wednesday, citing unnamed sources.The surge in demand for new loans came mainly from local governments spending on infrastructure projects and the property sector, the report said.Total new lending in ...
Minneapolis Aspect
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Block E's future finally brighter?
Block E has long been cursed with misfortune and a bad reputation. The acquisition of the mall of the same name, which stands on a block with a troubled history, may signal a change in fortune for the area.
Block E. For residents of Minneapolis the downtown city block has been a source of good times and bad, highs and lows, affluence and squalor, for almost one hundred years. Read more
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