Latest Breaking Business News
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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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New Xbox faces wider range of competition
Microsoft sees the Xbox One as an all-in-one gaming and entertainment system. It’s set to go on sale in time for the holidays Microsoft ...
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Qualcomm and USAID expand collaboration
A police officer in El Salvador, where Qualcomm and the U.S. Agency for International Development have collaborated on a crime-reduction project, equipping agencies with smart phones that have a special app that connects them to a ...
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Microsoft touts Xbox One as all-in-one entertainment
(Editor's note: I am, at best, confused by a lot of the decisions Microsoft has made with the Xbox One. No backwards compatibility? Fees to share games and play used games? We're talking about paywalls here. And the whole thing has shifted -- or seems to have shifted -- away from gaming and onto Television. That is pretty stupid, if true. -- William ...
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RBS and Lloyds stakes should be sold says IMF
Britain will be advised to sell off the state's holdings in the Royal Bank of Scotland and Lloyds Bank by the International Monetary Fund (IMF) in a move that will embolden George Osborne as he attempts to justify his economic ...
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Tax lost offshore could end world poverty says Oxfam
Oxfam estimates almost $18.5tn is being held for individuals in tax havens around the world, such as the Cayman Islands. Photograph: David Rogers/Getty ...
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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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Xbox One Microsoft unveils new console that changes everything
Xbox console on Tuesday that not only integrates TV, internet and gaming, but also will measure your heartbeat and recognise your voice.The company said the Xbox One will revolutionise its users' lifestyles by integrating the cloud, voice control and gesture technology into a simple, intuitive machine."It changes everything," Marc Whitten, an Xbox executive, told a packed hall of ...
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Detour Gold returns to the market
Talk about a blot on its copybook. For about three and a half years ended mid-2012, Detour Gold Corp. could do no wrong in the eyes of its employees who were beavering away on building what is slated to be the country's largest gold mine located in northeastern Ontario. Detour's investors were also more than happy over the same time period as their investments continued to grow in ...
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Canada’s banking sector can’t get ‘too complacent’ says Scotiabank chief
There’s plenty of avenues for growth in the banking sector despite the challenging economy and regulatory environment, says the head of Canada’s third biggest ...
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Gold space now a ‘buyer’s market’ Barrick chief says
TORONTO o Gold mining stocks have been decimated in recent months, but Jamie Sokalsky does not think investors should expect any corresponding uptick in M&A activity. Speaking at the Bloomberg Canada Economic Summit, the chief executive of Barrick Gold Corp. said there is a general "anti-M&A" mood in the gold space right now, and that investors don't even ask him about it ...
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US Treasury bond market at a glance
Key barometers in the Treasury market late Tuesday, compared with late Monday. Price changes in the 10-year note and 30-year bond are per $100 ...
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Bank of Japan may seek to ease bond market jitters policy seen on hold
Reuters © Bank of Japan Governor Haruhiko Kuroda arrives at the G7 Finance Ministers meeting in Aylesbury, southern England May 10, 2013. REUTERS/Alastair ...
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Stock to watch Hewlett-Packard a bargain despite recent price run-up
: After enduring a roller-coaster ride, shares of the Palo Alto, Calif.-based personal computer giant are basically flat over the past year. Its stock, however, has been roiled in recent years by a revolving door of chief executive officers as its personal computer and printing businesses continued to face competition from smartphones and tablets. Meg Whitman, who took over as CEO in late 2011 ...
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Alexander What TV system for a digital age
Q: If you were to start from scratch with a TV system in your home, how would you do it? We subscribe to Comcast's very basic programming level but are considering alternatives, including smart TVs that can display programs available online through our Mac Pro laptop. We want the capability of receiving live network news broadcasts as well as a few select programs such as PBS series and ...
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IMF urges Treasury to speed up sale of Lloyds and RBS
Lloyds Banking Group was escalating on Tuesday night amid reports that the International Monetary Fund is urging the Treasury to accelerate its disposal of the 65bn stakes in the two bailed-out banks.As part of its annual health check on the UK economy, the Washington-based fund is said to be telling the government that disposal of the share stakes should be a priority.Hopes of a sell-off of the ...
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First Round Of Xbox One Vs. PS4 Goes To Microsoft
and Microsoft have had a chance to give us a first look at their new consoles, and I'm handing this first round to Microsoft. First, the obvious point. Sony did not show us a console, Microsoft did. Point Microsoft -- we know what we're talking about now. The rest of the set up a bold new vision -- broad strokes all around, but impressive partnerships and a much more thorough look at ...
Ireland Digest
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Is Ireland living beyond its means?
Ireland is highly developed and has experienced rapid and constant economic growth in the last few decades, with many calling the country the Celtic Tiger. But recent events in the world economy and the financial situation of Europe may mean changes are afoot for the Tiger.
Ireland is one of the most developed countries in the world and has a high tax high government service economic model, it has for the last few decades substantially reduced the socio-economic inequalities in the economy and had a Gini coefficient score of 30.1 in 2000 while The Economist says we have the best quality of life in the world. This has come at a cost though, government deficits are running at over 10% of GDP, public debt accounts for over 40% of all revenue generated in the economy and the Irish population has a debt level, in relation to disposable income, that is the highest in the developed world – our personal debt in 190% more than our disposable income. All this begs the question, are we living within our means or is Ireland’s economic model unsustainable? Read more
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