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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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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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Re-privatising East Coast rail makes no sense | Sheila Gilmore
'East Coast has proven refreshingly good at what it does. The trains are clean and punctual and journey times have been cut.' Photograph: ...
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Arm drops on worries about Nvidia competition
is continuing to slide on growing competition worries.Intel is entering its key tablet and smartphone market, with Arm's move into servers not certain to make up the difference. Now a new competitor is emerging in Nvidia, and analyst Anil Doradla at William Blair ...
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Dixons sales rise after collapse of Comet
Dixons Retail, owner of Currys and PC World, ended the year with 42.1m of net cash, having started it with 104m of net debt. Photograph: Rui ...
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Mining shares lead FTSE slump after Bernanke and Chinese disappointments
With commodities plunging in the wake of the US Federal Reserve signalling an end to quantitative easing and poor economic data from China, mining companies are leading markets sharply lower.Fed chairman Ben Bernanke unveiled plans to start scaling back its $85bn a month bond buying programme later this year, depending on economic data, while China's manufacturing sector weakened to a ...
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Eurozone downturn eases as output falls at slowest rate for 15 months
Eurozone downturn in manufacturing and services eased in June as output fell at slowest rate for 15 months. German output rose for second straight ...
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Markets Fed more optimistic on US growth Prepares to wind-down bond programs
Financial markets - - which have been boosted by easy money - - reacted by sending the Dow Jones Industrial Average down 206.04, or 1.35%, at 15112.19. The Standard & Poor's 500-stock index ended the day down 1.39%, or 22.88 points, to 1,628.93 - - its worst performance this month. Yields on 10-year Treasury notes rose 0.126 percentage point to 2.308%, the highest level since March ...
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Chancellor Jeffrey Osborne Obama Makes Gaffe
George Osborne suffered an embarrassing case of mistaken identity this week when US President Barack Obama confused him with a black soul singer. Mr Obama repeatedly referred to the Chancellor as "Jeffrey" as he made a speech on tax avoidance to world leaders at the G8 summit. As Mr Osborne spoke, Mr Obama said three times that he agreed fully with "Jeffrey". The ...
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UK Retail Sales Jump On Discounting
UK retail sales jumped in May as supermarket discounting and online business drove a better than expected performance for the sector. The Office for National Statistics (ONS) said that volumes rose 2.1% in May following a 1.1% fall the previous month - partly blamed on bad weather hitting demand for summer fashions. Today the statisticians pointed to a 3.5% month-on-month rise in food ...
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Euro zone business slump eases but second quarter contraction likely PMI
LONDON (Reuters) - The euro zone's private sector slump has eased more than expected this month, business surveys showed on Thursday, but a continued slide in new orders suggested a full recovery is still some way ...
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Asia dominates worlds most expensive office spaces report
NEW YORK (Reuters) - Five of the six most expensive office areas in the world are in Asia, as demand by global companies to locate their outstripped the supply, according to a semiannual report released on Thursday by real estate services company CBRE ...
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European stocks dive at open on Fed news
LONDON (AFP) - European stock markets fell sharply in opening deals on Thursday, in line with a global retreat after the US Federal Reserve signalled it would wind down its massive quantitative easing stimulus programme later this year.In initial trading, London's benchmark FTSE 100 index sank 122.35 points or 1.93 percent to 6,226.47 points at 9:04 am, while Frankfurt's DAX 30 dived ...
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Alcoa Forms Closed-Loop Program with Boeing for Aluminum Aerospace Alloy Recycling
Boeing and Alcoa today announced they have formed a closed-loop program to significantly increase the recycling of internal aluminum aerospace alloys used during the production of Boeing airplanes. The announcement was made at the Paris Air Show at Le Bourget, ...
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Airbus pieces together air show order finale
Reuters © An Airbus A380 takes part in a flying display during the opening of the 50th Paris Air Show at Le Bourget airport near Paris June 17, 2013. REUTERS/Pascal ...
Russia Focus
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Russia relocating cosmodrome
The new Vostochny Cosmodrome to be constructed in Amur Oblast will save money and provide long-term stimulus to the province’s local economy, according to early material released to Russia news media detailing the government’s plans for the new site.
Russia has a long history of manned space flight and continues to operate one of the most advanced spaceports in the world. Our Baikonur Cosmodrome in Kazakhstan remains the largest operational space launch facility in the world and was also the first in the world to be constructed and made operational. Read more
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