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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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Mall of America nets up to $250 million in tax breaks
Bloomington behemoth to double its size with more stores, movie theaters, hotels, and maybe a water park. To help ensure the project moves forward, up to $250 million in tax breaks were approved this week by the Minnesota Legislature. In recent years, the megamall’s pleas for public subsidies have failed. This year, lawmakers supported a controversial new funding mechanism that draws ...
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$150M loan unraveled for Petters associates banker testifies
Barclays Bank was on the verge of giving James Fry and business partner Frank Vennes a $150 million line of credit to invest with Tom Petters when the bank learned of Vennes’ criminal background and brought the transaction to a screeching halt, a Barclays official testified at Fry’s trial Tuesday. "I was taken aback," testified Barclays Capital director Andrew Shuster as ...
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Best Buy reports first-quarter loss on restructuring costs
Best Buy Co. Inc. on Tuesday reported a loss for its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores. Its adjusted earnings beat Wall Street expectations, as cost cuts helped offset tough pricing competition during the quarter. But shares fell over 4 percent Tuesday. The company has been working on ...
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Raj lawyer wants tapes tossed
Rajat Gupta’s conviction on insider trading charges was the absolute correct verdict given the evidence presented at trial - but some of that evidence should be tossed, his lawyer said today. "It may in fact be true" that Gupta’s conviction for passing illegal tips to hedge fund manager Raj Rajaratnam was a "virtual certainty," his lawyer Seth Waxman argued before ...
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Microsoft Reveals The Xbox One
Microsoft promises the Xbox One will be more than just a game console, but a "living room" with a TV tuner and cable box. Users will be able to switch between watching TV and gaming instantly through the Kinect ...
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Gold Rally Was a Misunderstanding
market over the last several years has been based on a misunderstanding of the global economy's problems and a misunderstanding of what quantitative easing is. Investors are just starting to realize that their framework for analysis can't account for what's happening in the world right now. They are gradually learning that the economics they learned from textbooks needs updating. ...
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Hersheys Bites Into China Without Chocolate
Steven Schiller, Senior VP, Global Sweets & Refreshment introduces Hershey's new brand of milk candy in the mainland, called the Lancester in English, or Yo-Man in ...
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Labour leaders in Bangladesh urge Wal-Mart Gap to sign factory accord
The local arm of IndustriALL, a global union federation, yesterday appealed to Wal-Mart and Gap to join a legally binding accord immediately to ensure safety in Bangladesh's garment factories.A total of 37 international clothing retailers have already signed the agreement designed by IndustriALL to contribute financially towards minimising occupational risks in Bangladesh's garment ...
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Australia Forecaster Sees Resource Investment Dip
The value of investment in Australia's resources industry may collapse by more than two-thirds over the next five years as major projects are completed and companies scale back expansion plans, according to the government's commodity forecaster.While spending on major mining and energy projects remains at record highs--with 268 billion Australian dollars (US$263 billion) currently ...
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Minn. agency approves 4th Magnetation plant
DULUTH, Minn. - The Minnesota Pollution Control Agency's citizens board has approved a company's plans to build its fourth iron ore recovery plant on the Iron Range. Tuesday's vote was unanimous. Grand Rapids-based Magnetation plans to build the plant near Coleraine in Itasca County. Magnetation hopes to have the plant up and running by early 2015, eventually producing up to 2 ...
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19 retailers line up against Visa-MasterCard accord
Wal-Mart Stores Inc. and Starbucks Corp. are among 19 retailers opting out of a $7.25 billion antitrust settlement with Visa Inc. and MasterCard Inc. over fees charged to merchants to process credit-card transactions. The proposed settlement would maintain and strengthens an anticompetitive system that allows Visa and MasterCard to fix so-called swipe fees for banks, the companies said ...
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Sony shares rise on report company may discuss spinoff
Shares of Sony Corp. rose 9.3 percent in the United States on Tuesday after Japan's Nikkei newspaper reported the company's board may discuss spinning off its entertainment division. American depositary receipts in Tokyo-based Sony advanced to close at $22.91 in New York, their biggest gain since May 14, when investor Daniel Loeb's Third Point proposed selling as much as 20 ...
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Schafer Maturing medical device industry must change
For Norm Dann, it’s pretty simple. "If the medical device industry is going to survive," he said, "the business model has got to change." It’s now a mature, slow-growth industry, he said. It has to make simpler and less costly products. And companies have to significantly shrink their hugely expensive sales and marketing organizations. These are not the ...
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Australia shares inch higher on Wall St banks weak
Tue May 21, 2013 9:43pm EDT (Adds details, comments, stocks on the move) SYDNEY May 22 (Reuters) - Australian shares inched 0.1 percent higher on Wednesday, led by blue-chip miners after comments from two voting U.S. Federal Reserve presidents eased fears the Fed was contemplating an imminent cut in its stimulus programme, helping Wall Street close at all-time highs. Bellwether miners BHP ...
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Microsofts New Xbox One Can Measure Heart Rate
made no official healthcare announcement today. At least none that I'm aware of. They did, however, announce their latest home entertainment console - the new Xbox One (pictured above) - and that does make for some really interesting speculation on the intersection of home entertainment and home health. That intersection hasn't arrived - but it's definitely coming and it's ...
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Oracle of Omaha May Be Irreplaceable
Confidence on Upswing, Mergers Make Comeback If this deal was better for Berkshire than 3G, you may ask why 3G would agree to it. I suspect that it is really paying to be associated with the Oracle of Omaha and his magic. Mr. Buffett has a unique ability to not only score a low acquisition price, but he can scare off competitors and attract other investors. Boards of target companies also appear ...
Seoul City Focus
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Seoul World Design Capital
In 2010, Seoul held the title of World Design Capital for the year, a coveted acknowledgment of the city’s progress in the development of its design-oriented industries and a foundation for the implementation of further development projects in preparation for 2010.
Seoul is a thriving global city of over 12 million people and the capital of South Korea, a country that has seen rapid development over the last few decades to become one of the newly emerged first world countries of the late 20th century. Read more
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