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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Marks Spencer profits fall again
Marks & Spencer have fallen for the second year in a row as its much maligned womenswear divison continued to disappoint.UK sales fell 1% overall, dragged down by a poor performance in general merchandise, which dropped 4.1% on a like-for-like basis.The results could have been worse had it not been for a 4.5% rise in international sales and a 16.6% boost in multichannel business. Food was ...
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G4S boss Nick Buckles quits
G4S , the company responsible for the botched handling of security at last year's Olympics.Buckles is being replaced by the company's chief financial officer, Ashley Almanza, who only joined G4S three weeks ago.The world's largest security company told the City this morning that Buckles, who was paid a basic salary of 830,000 a year, will leave on 31 May.His abrupt departure comes ...
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How Local Business Week highlighted issues affecting SMEs
Local Business Week (LBW) drew to a close on Sunday, leaving in its wake several interesting points to consider about the future of the British high street and its thousands of butchers, bakers, candlestick makers - and countless other small businesses.When we launched the campaign, the intention was to encourage shoppers to stay local for the week and make SME owners aware of the support and ...
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EU Bank Rescue Law Hurting Big Deposits
A draft law that a group of European Union lawmakers voted for on Monday would shield small depositors from losing their savings in future bank rescues, but customers with more than 100,000 euros in savings when a bank failed could suffer losses.A group of lawmakers in the European Parliament's economics committee overwhelmingly voted that, from 2016, large depositors in the EU might suffer ...
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Republicans See New Obama-Linked Scandal
With the White House already reeling from three major controversies, some Republican lawmakers are zeroing in on what they perceive is another possible scandal tied to President Barack Obama's landmark health reform law just as it nears implementation.On top of the troubles the administration is facing over its handling of the attack on the Benghazi mission, the Internal Revenue ...
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Baby Blues in Europe as Birth Rate Declines
The latest report from Europe's main statistics agency suggests that the European financial crisis has had an impact on birth rates across the continent since 2008, data supported by evidence from European demographic experts and a U.K.-wide parenting forum. The report entitled "Towards a 'Baby Recession' in Europe?" carried out by Eurostat, a statistical body of the ...
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Microsoft readies new Xbox as entertainment hub
Attendees play video games at Microsoft’s Xbox 360 display at the 2012 International Consumer Electronics Show at the Las Vegas Convention Center in Las Vegas, Nevada. AFP FILE PHOTO SAN FRANCISCO--Microsoft offers a glimpse Tuesday at a new-generation Xbox as videogame consoles evolve into home entertainment centers and adapt to competition from smartphones and tablets. A tented stage ...
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G4S Chief Quits After Embarrassing Setbacks
British outsourcing group G4S says its Chief Executive Nick Buckles will step down after a string of high-profile setbacks and a profit warning that damaged investor confidence. Buckles, who oversaw a staffing fiasco at the London Olympics last year as well as a failed $8bn takeover of Danish cleaning firm ISS during his eight-year tenure, will step down at the end of May. Ashley Almanza, ...
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Microsoft hopes on Xbox to change entertainment style
(53 mins ago) Microsoft offers a glimpse Tuesday at a new-generation Xbox as videogame consoles evolve into home entertainment centers and adapt to competition from smartphones and tablets. A tented stage has been set up at the technology giant's headquarters in the city of Redmond in Washington State for an "Xbox Reveal'' event to play out just weeks before a major annual ...
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Dollar firms as Fed suspense builds shares off highs
SINGAPORE (Reuters) - The U.S. dollar inched up against major currencies but stayed well off highs on Tuesday as investors cautiously traded expectations of whether Federal Reserve Chairman Ben Bernanke will hint at a sooner than expected reduction in bond-buying ...
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Atlas Copco Gets Mining Equipment Order in India Worth EUR8 Million
Swedish engineering group Atlas Copco AB (ATCO-A.SK) said Tuesday it has won a repeat order for mining equipment worth EUR8 million from Hindustan Zinc Ltd. (500188.BY).MAIN FACTS:-Equipment will be used in the Rampura Agucha mine in northwestern India.-Shares closed Monday at SEK178.90, valuing the company at SEK220 billion.-Write to Dominic Chopping at dominic.chopping@dowjones.com; Twitter: ...
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French Market Regulator Probes Natixis Restructuring - Report
The French market regulator AMF has opened an investigation into the planned restructuring of the French investment bank Natixis (KN.FR), reports French business daily Les Echos on Tuesday, without citing any sources.Natixis, part of the mutual bank Groupe BPCE, said in February it planned to sell the 20% stake it holds in the regional lenders Banques Populaires and Caisses d'Epargne back ...
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Magnolia Petroleum Participating in 11 Wells in Oklahoma
Magnolia Petroleum PLC (MAGP.LN), a U.S. onshore focused oil and gas exploration and production company, Tuesday said it is participating in eleven wells in Oklahoma for an aggregate net cost of $1.4 million.MAIN FACTS:-Continues to see and, more specifically, the considerable potential of the 13,500 plus net mineral acres it holds.-As part of Magnolia's on-going lease acquisition activity, ...
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European Stocks To See Cautious Start On Fed Policy Speculation
European stocks are set to edge lower on Tuesday as investors await the release of the FOMC minutes and a speech from Fed Chairman Ben Bernanke before the Joint Economic Committee of Congress on Wednesday for cues on the Fed's stance on continuing its easy monetary policy. The dollar retreated from a six-week high against the euro amid speculation that Bernanke would not hint at tapering ...
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Metals Stocks Gold prices rise following up on ‘key reversal’
LOS ANGELES (MarketWatch) -- Gold futures rose in electronic trade Tuesday, building on gains from the previous session that ended a lengthy string of ...
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Mauritius Drop in tourism hurts earnings
Earnings from tourism in Mauritius fell 12.4 percent from a year earlier to 12 billion rupees (R3bn) in the first three months of this year as the weak economic environment in Europe hurt visitors’ spending. Statistics Mauritius cut its forecast for visitor arrivals this year to 990 000 from a previous estimate of 1 million, but expected tourism revenue to rise to 46.1bn rupees from 44.3bn ...
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Ryanair flies high as earnings top forecasts
A sharp rise in earnings from add-on charges for items such as baggage and pre-assigned seating yesterday helped boost Ryanair’s earnings above expectations in the past year, lifting its shares to a record ...
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UPDATE 1-Russian retailer X5 Q1 earnings fall but beat forecast
Tue May 21, 2013 3:03am EDT * Q1 net profit down 2 pct to $65 mln vs $51 mln fcast * EBITDA up 4 pct to $284 mln vs $281 mln fcast * EBITDA margin at 6.8 pct vs 6.7 pct fcast MOSCOW, May 21 (Reuters) - Russian food retailer X5 beat profit forecasts on Tuesday as it presses on with cost cutting and streamlining after losing its market lead to closest competitor Magnit. X5 last month reported for ...
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Vodafone Silent on Verizon
Vodafone posted its largest ever quarterly fall in key organic service revenue on Tuesday, down 4.2 percent, the worst fall in its main sales measurement since the company started using that metric in 2003. As a result the telecommunications giant held onto its dividend from its U.S. arm and reinvested it into the business rather than returning it to shareholders. ...
Las Vegas Focus
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Healthcare building has contraversial design in Las Vegas
Among architectural enthusiasts and professionals it is one of the most controversial creations Las Vegas has seen in years, and most surprisingly it is not a flashy casino built to resemble a cruise ship or the Sydney Opera Houses, but a health clinic that specializes in treatment for brain ailments.
Opened to the public in 2009, the Lou Ruvo Center for Brain Health, which is a Las Vegas branch of the Cleveland Clinic, was designed by Frank Gehry of Santa Monica-based Gehry Partners and resembles a half-finished assortment of steel facades and outlandish patterns, presenting the viewer with an intense sense of irony. Read more
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