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Dalian Wand Group to enhance UK presence with luxury hotel and yacht unit
LONDON - China's largest premier commercial property and entertainment conglomerate, Dalian Wanda Group Wednesday entered into 320million pounds definite acquisition deal with leading British yacht company, Sunseeker International Ltd, under which Wanda will acquire a majority shareholding of 91.81% in pre-eminent luxury motor yacht manufacturer. Under the agreement, the remaining 8.19% ...
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EU antitrust regulator fines Lundbeck and several generic drug firms
BRUSSELS - European Union in its first case over pay-for-delay deals that held back sales of cheaper generic drugs Wednesday fined Danish pharmaceutical company Lundbeck 93.8 million euros and imposed fines totaling 52.2 million euros on several other producers of generic medicines. The European Commission, the EU's antitrust regulator, said the companies had reached agreements that may ...
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Chrysler to recall 2.7 mn Jeeps but says vehicles not defective
NEW YORK - Chrysler avoided a showdown with the US government by agreeing to recall 2.7 million Jeeps with fuel tanks that could rupture and cause fires in rear-end collisions. Chrysler said it recognised the matter had raised concerns for customers The US company said it had resolved its differences with the National Highway Traffic Safety Administration (NHTSA). The recall affects ...
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Four US mortgage servicers faulted for lapses by settlement monitor
WASHINGTON - Four of the largest U.S. mortgage servicers, including Citigroup Inc (C). and Bank of America Corp., have failed to adequately upgrade their treatment of customers in danger of foreclosure, according to a court-appointed monitor. Bank of America, Citigroup, JPMorgan Chase and Wells Fargo have failed to adhere to some of the new standards set out in a landmark settlement meant to ...
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Spain making progress but requires urgent action to generate growth says IMF
MADRID - Spain risks high joblessness and sluggish growth for years unless its government together with Europe takes "urgent action' to generate growth and jobs, the International Monetary Fund stated Wednesday. "While there are signs the economic contraction may end soon, the outlook remains difficult," IMF said in its annual assessment of the Spanish economy. "But unemployment remains ...
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Microsoft offering hackers $1mln for finding bugs in Windows
Software giant Microsoft has decided to reward security researchers to report bugs and find novel methods for exploiting the security built into the latest version of Windows. According to the Sydney Morning Herald, Microsoft has announced that it will pay up to one million dollars for finding bugs with Windows 8 and those who can demonstrate a way to block the new attack method can earn 50,000 ...
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Microsoft alters key components of Xbox One sharing policies
Software giant Microsoft has reportedly altered some of its sharing policies for its latest gaming and entertainment console Xbox One after addressing to feedbacks from the 'Xbox community'. Microsoft has dropped the 24-hour Internet connection requirement for playing all disc-based games, and has made games using and sharing unlimited, CNN reports. According to the report, president of the ...
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Norway opens Barents Sea area to offshore oil drilling in new move into Arctic
STOCKHOLM -- Norway's Parliament has opened up a new area on the fringe of the Arctic Ocean to offshore oil drilling despite protests from opponents who fear catastrophic oil spills in the remote and icy region. Most of the Norwegian sector of the Barents Sea, which the Nordic country shares with Russia, is already open to petroleum activities. But environmentalists and some opposition ...
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Markets roiled as Bernanke outlines exit strategy stocks oil gold slide but dollar surges
LONDON -- Markets were roiled Thursday by a suggestion from U.S. Federal Reserve chairman Ben Bernanke that the central bank may be done with its monetary stimulus next year. While stocks and commodities took a pounding on the news, the dollar surged. For nearly five years, the Fed has been pursuing an aggressive monetary policy to shore up the U.S. economy, which was battered by the financial ...
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ABN Amros chief executive says Dutch bank is ready to return to the private sector
AMSTERDAM -- The chief executive of ABN Amro says the Dutch bank is ready to be privatized. Gerrit Zalm said on a late-night television talk show Wednesday that the bank is sufficiently capitalized and had remained profitable despite a recession in the Netherlands. "We're ready," said Zalm, a former finance minister. The country's current government has said the earliest ...
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HK leasing company to buy 40 A320neos 20 A321neos as smaller jets lead way at Paris show
LE BOURGET, France -- A Hong Kong aircraft leasing company has agreed to buy 60 Airbus single-aisle jets, which have been selling well at this week at the Paris Air Show. Hong Kong Aviation Capital placed an order Thursday for 40 of the new generation A320 jets and 20 new generation A321s. At list prices, the deal is worth $6.3 billion, but customers typically negotiate steep discounts on ...
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Asian Stocks Tumble On Bernanke Comments China Worries
Asian stocks tumbled on Thursday, with investor sentiment hurt by Fed Chairman Bernanke's comments signaling the end of bond buying by the middle of next year and concerns over slowing growth in China. Speaking at a news conference after a two-day Fed policy meeting, Bernanke yesterday indicated that the Fed is moving closer to slowing its bond-buying program later this year as long as ...
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Stocks to Watch Oracle Kroger are Thursday’s stocks to watch
SAN FRANCISCO (MarketWatch) -- Among the companies whose shares are expected to see active trade in Thursday's session are Oracle Corp., Kroger Co., and Pier 1 Imports ...
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Outgoing Bank of England governor Sir Mervyn King to get life peerage
Mervyn King will retire from Threadneedle Street on 30 June after a decade at the helm, and will become a member of the House of Lords after his nomination by the prime minister for his "significant public service".King joined the Bank as a non-executive director in 1990 during Margaret Thatcher's premiership, and subsequently served as executive director, chief economist, and ...
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World Refugee Day housing refugees in durable homes not tents
Public-private partnerships can improve housing facilities for refugees, offering better comfort and security to families seeking safety from ...
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Ted Baker shares hit record high as sales surge by a third
has surged to a new high despite the market slump, prompted by a jump in the fashion retailer's sales.The high street designer said strong demand in the UK and north America had seen revenues rise 32.7% in the 20 weeks to the middle of June. It has been expanding internationally, opening flagship stores and concessions in the US and Asia to take its total number of outlets to more than ...
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Usmanov Fed Tapering a Well-Balanced Decision
Despite market turmoil over the Federal Reserve's indication that it could start tapering its bond buying program, billionaire investor Alisher Usmanov told CNBC that it would play a "positive" role for markets. "The world is changing and the decisions taken by the Fed are crucial, but I think tapering is a well-balanced decision," Usmanov told CNBC at the Saint ...
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Cisco CEO US Tax System Is Broken
John Chambers said the company is unlikely to repatriate the money back to the U.S. "I cannot repatriate the $47 billion," Chambers told CNBC, speaking from the sidelines of the St. Petersburg International Economic Forum. He explained: "The U.S. tax system is broken. We have waited for four years for this almost $50 billion that we have got overseas to come back. We are assuming ...
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World stock markets slide
world stock markets were deeply in the red as investors took fright at plans by the Federal Reserve to begin reducing the pace of stimulus toward the end of this year. A weak reading ...
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Airbus wins firm orders worth $39.3 billion at show
Airbus' Chairman and CEO Fabrice Bregier (L) talks with Air-France KLM Chairman and CEO Alexandre de Juniac during a signing ceremony at the 50th Paris Air Show, at Le Bourget airport near Paris, June 19, ...
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Senate to take up state budget following swift Assembly approval
MADISON, Wis. -- The Wisconsin Senate plans to pass the state budget that would expand private school vouchers statewide and cut income taxes for every tax filer. The Senate was taking up the plan on Thursday, a day after it passed the Assembly on a 55-42 vote. Assembly Democrats didn't offer any amendments, saying the plan was so bad it couldn't be fixed. Republicans had also said ...
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AP buys minority stake in Bambuser boosts ability to source video of breaking news
NEW YORK -- The Associated Press said Thursday that it has bought a minority stake in the live video service Bambuser, boosting its ability to acquire and distribute video collected by people who have witnessed news events. Financial terms were not disclosed. As part of the deal, Sandy MacIntyre, AP's director of global video news, will join Bambuser's board as a director. The deal ...
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France threatens Google with privacy fines says other European countries to follow
PARIS -- France is giving Google three months to abide by the country's data privacy laws or be fined. The chief of the French agency that regulates information technology says that five other European countries are taking similar steps in a staggered offensive against Google's privacy policy between now and the end of July. The French agency says Spain joined France in the first ...
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Regulators order lenders to bolster their finances and prevent crisis repeat
LONDON -- British regulators are ordering its biggest banks to bolster their balance sheets by 27. 1 billion pounds ($42.1 billion) to prevent a repeat of the 2008 banking crisis. The Prudential Regulation Authority says Barclays, Lloyds Banking Group and Royal Bank of Scotland account for much of the shortfall. Barclays must boost its capital by 3 billion pounds and state-backed RBS and Lloyds ...
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UK Regulator Finds RBS Barclays Lloyds Have Capital Shortfalls
The Prudential Regulation Authority or PRA has found that five British banks together have a capital shortfall of 27.1 billion pounds. These banks include Barclays Plc. ...
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