Latest Breaking Business News
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Canada threatens to retaliate against change in US meat labeling rules
OTTAWA - Canada has threatened "retaliatory measures" against the United States move changing the so-called country of origin labeling that would track beef and hogs through the meat processing and distribution systems, stating that it is discriminatory, a view shared by the World Trade Organisation. On Thursday, the United States Department of Agriculture issued a final modification to its ...
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After breaches Twitter beefs up security with two-step login
NEW YORK - Aiming to tackle recent high-profile breaches, popular micro-blogging site Twitter is introducing an optional two-step login for users to beef up security. The new system would try to ensure "it's really you" when a user signs in to Twitter, which transmits some 400 million messages a day. The move follows recent attacks into the twitter accounts of news organisations' such as ...
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Irish biotech firm Elan rejects revised Royalty Pharma bid
DUBLIN/ WASHINGTON Ireland-based biotechnology firm Elan Thursday rejected Royalty Pharma's increased $6.4 billion takeover bid, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one share. Royalty raised its hostile cash bid to $12.50 per share on Monday, from $11.25 previously, but made the new offer conditional on Elan shareholders rejecting, at a ...
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Import alert by USFDA hits Wockhardt shares
MUMBAI - Shares of Wockhardt, one of the leading Indian pharmaceutical and biotechnology companies, witnessed a sharp fall of 20% to Rs. 1,315 ($23.61) on the Bombay Stock Exchange(BSE) on Thursday after the US FDA published an import alert on one of its three manufacturing facilities near Aurangabad. The import alert, 'detention without physical examination of drugs from firms which have ...
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Ford Motor to shutdown 2 units in Australia
MELBOURNE - Ford Motor Company Wednesday announced plans of closing its local manufacturing operations in Broadmeadows and Geelong in October 2016 thereby forcing 1,200 people out of work. Spelling the end of the iconic Ford Falcon in the country, Ford Australia president Bob Graziano announced that the carmaker would shut its Victorian facilities in October 2016, bringing an end to nearly ...
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IMF warns UK against continuing austerity programme
LONDON - In a critique of the United Kingdom's austerity programme, the International Monetary Fund Wednesday urged the Europe's third largest economy to rebalance the policy to make the transition to a high-investment and more export-oriented economy. "The UK could boost growth by bringing forward measures already included in its fiscal plan, such as spending on infrastructure and job ...
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Google and Facebook in bidding war over Waze travel app company
The travel app company Waze is believed to be the subject of a billion-dollar bidding war between Google and Facebook, in a move apparently aimed at tying its social functions more closely into the rival firms' networks.A fortnight ago reports suggested that Facebook had bid $1bn for the business, in order to wrap the "social travel" element into its billion-strong social network. ...
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Microsoft And Game Publishers Will Reportedly Take A Cut Of Xbox One Used Game Sales
Microsoft (MSFT) has taken aim at used game sales in a somewhat surprising way. For Xbox One games, used game sales will be allowed but any retailer who chooses to sell them will need to use Microsoft's Azure-based cloud system to do ...
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Walt Disney Imagineers Drive Innovation Through Video Game Technology
Walt Disney World's Magic Kingdom, Disneyland and Disney California Adventure theme parks are open for a full 24 hours today to celebrate Memorial Day weekend and the official start of the summer tourist seasons. As visitors enter these parks, they'll find a lot of new rides and attractions. Many of the innovations behind today's high-tech experiences come from inspiration from ...
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Will Lafleys PG Return Work
Squawk Box " interview. "[But] the downside of course: What did [he] contribute to the current mess?" The appointment of Lafley as chairman and CEO of P&G, the company he ran from 2000 to 2009, was announced Thursday and is effectively immediately. He succeeded embattled chief executive Bob McDonald--who had taken the reigns when Lafley retired. ...
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UK Police Arrest Two Men on Pakistan Flight
Pakistan International Airlines flight on Friday on suspicion of "endangerment of an aircraft", after it was escorted to a different airport by fighter jets. The plane had been flying from Lahore in Pakistan to Manchester, before it was diverted to Stansted, in Essex, southern England. Flight PK709 from Lahore in Pakistan had been due to land at Manchester in northern England with 297 ...
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World stock markets to grind higher
"This is a classic holiday market reversal," said Neil Shah, a director at London's Edison Investment. When investors and traders return to their desks after the long weekend in the U.S. and the U.K., stocks would continue moving higher, he said. Japan, where the ...
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China solar companies shun home market in pursuit of margins
(Reuters) - Chinese solar panel makers are shunning their overcrowded home market in favor of lucrative exports, a switch that has helped to arrest a two-year slump in margins and push shares to 12-month ...
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Insight Luxury brands position for U.S. boom
PARIS/NEW YORK (Reuters) - Most men might balk at spending $600 on a pair of Dior sneakers but for U.S. shoppers like Ephraim, an upbeat 30-year-old, such indulgences are becoming increasingly ...
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Microsoft Xbox One a let down says Steven Butts of IGN
One thing's for sure: It's one big gamble for Microsoft. After eight years on the market, Microsoft's Xbox 360 is being replaced. The ...
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ECB Constancio Linking National Resolution Funds Isnt Enough
Europe must create a single resolution mechanism backed by a common pool of money to help wind down struggling banks, European Central Bank Vice President Vitor Constancio said Friday."An approach based solely on coordination between national authorities without a single resolution authority and without a common backstop would clearly not be sufficient," Mr. Constancio said at a ...
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A New Hedge Against Rising Rates
ProShares launched a high-yield corporate debt exchange-traded fund that will take a short position in U.S. Treasurys, offsetting exposure to junk bonds. The ProShares High Yield-Interest Rate Hedged ETF is the third of its kind, and the least expensive, with an annual expense ratio of 0.50%. The fund will trade under the symbol HYHG and track the ...
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Keystone makes TransCanada more cautious about future U.S. forays executive
CALGARY -- A senior TransCanada Corp. executive says the resistance to the approval of the proposed Keystone XL oilsands pipeline has made the company more cautious about future cross-border endeavours. Alex Pourbaix, president of energy and oil pipelines at the Calgary-based pipeline and utility company, said the long delays getting Keystone approved in the U.S. has been an ...
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Enbridge to meet re-elected B.C. Liberals on Northern Gateway
Enbridge Inc. is moving ahead with plans to meet five conditions for the British Columbia government to support its proposed Northern Gateway oil pipeline, after a Liberal re-election made clear terms needed to satisfy officials in the Pacific Coast province. Enbridge, the largest transporter of Canadian crude, plans to sit down with Premier Christy Clark's government to discuss her ...
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Experts urge buyers to take precautions when buying used cars and trucks
July Ono had been buying used cars online for years without problems. So she was stunned when she got a panicked phone call three years ago from a friend saying the Jeep Ms. Ono bought a month earlier was being towed away by a bailiff. In hindsight, Ms. Ono says she had been suspicious of the tall, charming stranger who had posted his car for sale on Craigslist. "I was sitting there ...
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Durable goods orders jump 3.3 percent in April
Orders for transportation goods gained 8.1 percent, reflecting a 16.1 percent jump in demand for commercial aircraft and a 53.3 percent increase in orders for military ...
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US STOCKS-Wall Street slips on angst over longevity of Fed stimulus
Fri May 24, 2013 10:20am EDT * Durable goods orders rise more than expected * P&G shares climb after CEO replacement * Some retailers weak after results * Indexes off: Dow 0.5 pct, S&P 0.7 pct, Nasdaq 0.7 pct By Rodrigo Campos NEW YORK, May 24 (Reuters) - U.S. stocks fell for a third day on Friday amid lingering concern the U.S. central bank may scale back its support to the economy. Trading has ...
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Steelworkers union hands Caterpillar new South Milwaukee contract proposal
Caterpillar and union officials met for several hours on Thursday and will meet again next week. United Steelworkers Local 1343 presented Caterpillar Inc. with a new labor contract proposal in a meeting Thursday, and the two sides will meet again May 30 to continue negotiations, a local union official said. Thursdays meeting was the first since May 8. That meeting was the first after 803 union ...
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Borrowers Becoming Accidental Landlords
Maria Wells said she never intended to be a landlord. She sells real estate; she doesn't invest in it. Now the Florida resident owns two properties. One was her son's, but he had to move to take a new job. The other was hers, but she got married and moved in with her husband. She can't sell either because she is underwater on both mortgages, so she rents them. Maria is one of a ...
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Courting Silicon Valley of the Dollars
Werba Rubin Wealth Management , a San Jose, Calif.-based firm managing about $250 million in assets for 225 clients. "Everyone is trying to move upstream in the market." That's not surprising, as wealth managers always go where the money is. Silicon Valley is once again ground zero for the ber-rich, where scores of newly minted entrepreneurs have reaped the benefits of social ...
Israel Focus
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Biggest construction project in Israeli history
The Port of Ashdod is the gateway to the economy of Israel, it has played a central role in the development of the state and will play a central role in future development, hence the reason for an ambitious $500 million expansion project currently underway in two stages (in the picture, green represents stage 1 and brown stage 2).
The Port of Ashdod is currently undergoing the largest construction project ever undertaken in the history of Israel. In 1999, Israel news media reported that the government wanted to double the cargo capacity of Ashdod, an ambitious construction project was therefore envisioned, involving the building of new piers, new docks, warehouses and cargo handling equipment. It was to take place in two stages, with the total project costing around $500 million. Read more
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