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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Earthquake Hits Russian Far East
A magnitude 8.2 earthquake struck Russia'a Far East in the Sea of Okhotsk off the Kamchatka Peninsula, according to the U.S. Geological Survey. The epicenter of the quake was located 244 miles west north west of Petropavlovsk-Kamchatskiy at a depth of 385 miles, the USGS said. This story is developing. Please check back for further ...
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Japan’s Nikkei Goes for Wild Ride for Second Day
Japan's stock market witnessed a second-straight day of heightened volatility on Friday, swinging from gains of 3 percent to deep losses before bouncing back again, leaving traders puzzled as to what was going on in Asia's biggest stock market. The Nikkei, which rose about 3 percent in early trade, fell more than 3 percent in the final hour of Tokyo trade before paring those losses. ...
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Choppy Bond Markets Put Japan Banks on Edge
The volatility in the Japanese government debt market has unnerved investors in domestic banks, with some of the country's biggest lenders alone holding an estimated 40 trillion yen ($390 billion) worth of these bonds. A spike on Thursday in the benchmark 10-year Japanese government bond (JGB) yield ...
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HSBC Plans to Sell First Yuan Bond to Be Cleared in Singapore - Sources
HSBC Holdings PLC (HBC) plans to sell the first yuan-denominated bond to be cleared out of Singapore, in a step forward for the city-state which is trying to build itself into an offshore trading hub for the Chinese currency.The U.K. banking giant's plan comes as Singapore is set to kick off its long-anticipated yuan-clearing service Monday, after Beijing in February approved Industrial ...
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Woori Finance Names New Chairman Ahead of New Privatization Push
Woori Finance Holdings Co. (053000.SE), South Korea's largest banking group by assets, named a new chairman to help steer the government's fourth attempt to sell a 57% stake valued at $4.6 billion in the group.Lee Soon-woo, chief executive at the flagship Woori Bank, will take over as chairman, subject to shareholder approval at a meeting on June 14, Woori Finance said in a statement ...
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New Bank Indonesia Governor To Focus on Keeping Inflation in Check
Bank Indonesia's new Governor Agus Martowardojo said Friday that keeping inflation in check would be one of the central bank's top priorities to safeguard the nation's economy amid lingering global uncertainties.Mr. Martowardojo, who began his five-year term Friday, said the bank is ready to raise interest rates, keep the rupiah's exchange rate stable and implement various ...
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Sun Pharma falls after Taros earnings disappoint
Shares in Sun Pharmaceutical fell 3% after its unit Taro Pharmaceutical Industries Ltd posted a lower-than-expected January-March net profit, dealers ...
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Kenya UNHCR Microsoft and HP to Boost Refugee Education in Dadaab
The UN Refugee Agency in partnership with Microsoft and HP, and with the support of the Innovation and Education units, has officially launched the Community Technology Access (CTA) project in Dadaab, a comprehensive initiative to harness the potential of ICT for the improvement of teaching and learning in the world's largest refugee settlement at the Kenya-Somalia border. Ensuring quality ...
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Asia stock markets edge up after big sell-off
Asian stock markets staged a mild recovery Friday, a day after being routed by unexpectedly weak Chinese manufacturing and fears the Federal Reserve will start withdrawing its monetary ...
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Microsoft brushes off claim Xbox Live accounts were compromised
IDG News Service - Microsoft brushed off a dubious hacker's claim on Thursday that he stole 47 million account credentials for Microsoft's Xbox Live gaming service. The hacker, who goes by the Twitter handle ...
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US ITC refuses to ban Microsofts Xbox at Googles request
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 patent relating to ...
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Microsoft did not violate Google patent ITC
Xbox is related to the larger smartphone patent war between Apple, Microsoft and the mobile phone makers who use Google's Android software, including its subsidiary Motorola ...
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Japan Bulls Unwavered by Stock Market Rout
A day after Japanese equities witnessed their sharpest one-day drop in more than two years, investor optimism over the outlook for the country's stock market remains unshaken. "The market was very right for a correction. [But] longer term there is a lot of potential in Japan. Obviously markets don't move in a straight line," David Dietze, president and chief investment ...
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Market Wrap for Thursday May 23 Wall Street Shrugs Off Global Slump
Thursday's trading session may have been the most glaring example of just how powerful the bull market in U.S. stocks is right now. Even though all of the major averages closed slightly lower on the day, the U.S. market was able to shrug off a global rout in stock prices that began with a 7.3 percent crash in the Nikkei. The catalyst for the sell-off in Japan centered on concerns ...
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Worry not Less help from Fed would be good economic news
As the Federal Reserve slows its drive to keep interest rates low, it should be cause for celebration: It would mean policymakers think the economy is strong enough to accelerate with less help from the ...
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Japan Nikkei Plunge Wont Derail Abenomics
The biggest plunge in Japanese stock prices since a 2011 earthquake and tsunami was a temporary pullback that will not derail the government's "Abenomics" policy of loose money and fiscal stimulus, officials said on Thursday. "It's a temporary adjustment after the rapid gains seen recently," Yasutoshi Nishimura, senior vice-minister of the Cabinet Office, told ...
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Procter Gamble brings back former CEO to fix company
PG.N ) on Thursday brought back A.G. Lafley to run the world's largest household products maker, replacing Bob McDonald immediately in the midst of a major ...
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Google like Facebook in talks to buy Waze for about $1 billion report
(Reuters) - Google Inc is considering buying Israeli mobile satellite navigation start-up Waze Inc, which may lead to a bidding war with Facebook Inc, Bloomberg news reported, citing people familiar with the ...
Asia Feature
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Asia's largest ever infastructure project
The Trans-Asian Railway has been faltering since it was first proposed in the 1960s by the United Nations Economic and Social Commission for Asia Pacific (ESCAP). Throughout the 60s, 70s and 80s the project was hindered by political instability, the wars in Indochina, the reticence of China and a subsequent lack of finance in Asia for mega-projects of this kind.
Now, however, with China emerging as the number two most dominant economy in the world, the project to link two major continents (Asia and Europe) is finding its feet once more and the Chinese are looking into investment opportunities, with some aspects of the project, such as the several thousand kilometers that pass through Thailand, being slated for possible construction in 2013. Read more
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