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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Chidambaram says U.S. Federal Reserves statement misunderstood calls for calm
Finance Minister P. Chidambaram on Thursday sought to calm stock markets in India after Federal Reserve Chairman Ben Bernanke suggested bond purchases could be scaled back if the U.S. economy improves. Addressing a news conference here, Chidambaram said fears that the Federal Reserve would start reversing its U.S. monetary stimulus programme were being misunderstood in stock market and investor ...
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Denny Hamlin takes Coca-Cola 600 pole with record lap
(AP Photo/Mike McCarn) Denny Hamlin climbs from his car after qualifying for Sunday's NASCAR Sprint Cup series Coca-Cola 600 auto race at Charlotte Motor Speedway in Concord, N.C., Thursday, May 23, 2013. Hamlin won the pole position for the ...
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Global stock markets fall after 7 percent collapse in Japan’s Nikkei index
Stock markets posted significant losses worldwide, led by a one-day 7.3 percent drop in Japan's Nikkei stock index, amid signs of a growing global slump and demands for increasing attacks on the working class in Japan.The Nikkei fell 1,143 points to 14,483.98, after which major indices across Europe and Asia all fell two percent or more. The Sydney stock market fell two percent to 5062, and ...
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Caterpillar CEO defends wage-cutting
expressing the logic behind the merciless drive for ever higher profits by the ruling class both in the United States and internationally. Since 2010, when he became CEO, Oberhelman has overseen a ruthless campaign to reduce workers' wages and dramatically increase corporate profits. This has included the lockout of workers in London, Ontario and the shutdown of their plant after because ...
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Market turbulence poses first serious test for Abenomics
By William MallardTOKYO (Reuters) - This week's turbulence in Tokyo markets exposes a key risk of Prime Minister Shinzo Abe's all-in strategy to revive Japan's economy - if investor confidence falters, the government and the Bank of Japan may be left with few options to turn the tide.On Friday, the Nikkei share average had another tumultuous session, traversing a 7.1 percent range ...
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Demand is soaring for Apple’s first product
The sky-high prices suggest irrational exuberance. But technology historians say there is a rational appeal to possessing an Apple-1. "It is Apple’s creation story, the physical artifact that traces this incredible success to its origins," said Spicer, a senior curator at the Computer History Museum in Mountain View, ...
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Minnesota to get stricter law on home foreclosures
Backers hope the state's new Homeowners' Bill of Rights will reduce foreclosures in Minnesota, which, more than six years into the crisis, have been declining but remain stubbornly ...
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Delta sees SP 500 in reach as rebound boosts credit ratings
Richard Anderson, CEO of Delta Air Lines, answers questions at a news conference to discuss the planned merger with Northwest Airlines on Tuesday, April 15, 2008 in New ...
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Fed sees fierce competition among banks
Minnesota's community bankers are reporting "exceptionally fierce" competition for commercial loans, according to the local branch of the Federal ...
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Twin Cities market for office buildings picks up
The market for signature office buildings in the Twin Cities has flourished in recent weeks, with large companies pursuing deals to sell, expand or ...
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Stricter U.S. labeling rule on meat imports may cost $192 million
WASHINGTON - The United States tightened country-of-origin labeling provisions to specify where animals are born, raised and slaughtered after the World Trade Organization backed complaints from Canada and Mexico that challenged the policy. The rule also bans the mingling of meat cuts of commodities from different nations, according to U.S. Department of Agriculture regulation to be published ...
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Walmart rolls out initiative to hire veterans
Walmart veteran associates Allan Armstrong and Pablo Ceniceros pose with Commanding Officer Scott Adams, Naval Base Point Loma at a community-wide event held on Saturday, May 18 to honor veterans and those currently ...
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It bytes Google rivals demand FTC ad probe
Google is back on the radar of federal regulators.The Federal Trade Commission has opened a preliminary probe after, sources said, rivals complained about its display ad business.The FTC, which earlier this year cleared Google of any wrongdoing in its search business, is now being asked to look at how the search giant sells display ads, sources familiar with the inquiry said.The sources stressed ...
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Icahn’s bank is in the Dell
Carl Icahn has hired investment bank Jefferies to help fund a planned recapitalization of computer giant Dell Inc.The billionaire financier (pictured) is said to have reached out to banks as part of an effort to raise as much as $5 billion to fund a restructuring of the Round Rock, Texas-based PC maker founded by 48-year old Michael Dell in his college dorm. Icahn’s proposal would serve as ...
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Profit fills Gap in Q1
Gap Inc. reported a higher first-quarter profit on Thursday, helped by a rise in same-store sales at its Old Navy and namesake chains, and growth in Asia.Gap has staged a comeback in the last few years, offering hipper fashions that have found favor again with shoppers that in the interim had flocked to Zara parent Inditex and homegrown competitors such as Forever21.The company, which also owns ...
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Mojo’s back for Ackman PG chief departs
Bill Ackman still has clout.Procter & Gamble - one of Ackman’s top investments - said last night that CEO Bob McDonald would leave the company this summer, to be replaced by former CEO A.G. Lafley.Just two weeks ago, Ackman said at the Ira Sohn investment conference that if McDonald couldn’t fix the company soon, he would have to go.Still battered by his debacle at JCPenney and ...
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Targeting Visa MC
Target, Macy’s and 15 other retailers sued Visa and MasterCard over credit- and debit-card fees after exiting a proposed $7.25 billion settlement of a similar case, alleging it gave the firms too much leeway to raise future rates. The card firms restrained competition for interchange fees by setting default rates and imposing almost identical rules for accepting cards, the retailers said ...
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Galaxy star-ship is flying
Samsung says it is shipping Galaxy phones at a record clip.The latest Galaxy S4 has been in stores for a month, and Samsung said it’s moved 10 million of the devices. It first started selling at AT&T and T-Mobile last month, but hit Verizon stores yesterday.Verizon representatives reported its stores had lines for Samsung’s flagship phone. The HTC One, another recent mobile ...
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3 SAC execs subpoenaed
Three senior executives at Steven Cohen’s SAC Capital Advisors have received subpoenas as part of the US multi-year probe into insider trading at the hedge fund. Subpoenas were sent to Tom Conheeney, president of SAC; Steve Kessler, head of compliance; and Phillipp Villhauer, head trader, a source ...
Karachi Feature
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Karachi reaching for sky with high-rise developments
There is more to Karachi than factional violence and political strife, as is seen in the recent major realty developments taking place in the city.
All residents of Karachi are aware that the city contributes some 20% to the total GDP of the entire country, it is the financial center of Pakistan and is also Pakistan’s most famous city. Since the political crises of the 1980s and the resultant economic backlash the city and the country has struggled with much capital leaving the city. Since the global downturn the city has seen another wave of economic stagnation, but as the world recovers and the local and national government build international integrity, the future fortunes of the city look promising. Read more
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