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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At midday TSX Wall Street lower ahead of long U.S. weekend
Trader Christopher Morie works on his handheld device on the floor of the New York Stock Exchange Monday, April 29, 2013. World stock markets were muted Tuesday May 7, 2013 as cheer over the better-than-expected U.S. jobs report faded. (Richard ...
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Delta strengthens its hand in battle for NY travel market with $1.4 billion JFK terminal
Delta Air Lines is opening a $1.4 billion terminal at John F. Kennedy International Airport, strengthening its hand in the battle for the lucrative New York travel market. The expanded concourse offers sweeping views of the airport, upscale food and shopping options and increased seating. It replaces a decrepit terminal built by Pan Am in 1960 that was an embarrassing way to welcome millions ...
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Futures Movers Oil cuts loss stays on track for weekly decline
SAN FRANCISCO (MarketWatch) -- Oil futures on Friday were on track to log a decline for a fourth session in a row, with concerns about lackluster energy demand following weak Chinese data helping to set prices up for a loss on the ...
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Federal Reserve risks boom and bust as QE dilemma presses
quantitative easing programme at the "next few meetings" if the economic data warranted such a move.The former remark was good for a 1% gain on the US stock market. The latter comment sent prices into reverse and contributed to the 7% slump in the Nikkei 225 index on Thursday. The fallout continued on Friday as the Japanese stock market fell sharply before recovering.So which is it? Is ...
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HSBC under fire from all sides at AGM
HSBC on Friday bombarded the group's board with barrage of accusations ranging from financing Mexican drug cartels to supporting tax havens, slashing jobs and mis-selling products.At the banking firm's first annual general meeting since paying a record $1.9bn (1.2bn) in penalties to settle US money laundering claims, they also rounded on the directors with charges of hunting down ...
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Men Help Recharge US Luxury Buying
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 commonplace. Ephraim is the kind of man who gives luxury goods makers high hopes that the U.S. market can fuel future growth, as China runs out of steam and demand in Europe sags. "There is a cultural shift," Ephraim says ...
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Farm Workers Get Paid A Little Bit More
Farm operators paid their hired workers an average wage of $11.91 per hour during the April 2013 reference week, up 4 percent from a year earlier. Field workers received an average of $10.92 per hour, up 4 percent from a year earlier. Livestock workers earned $11.46, up 51 cents. The field and livestock worker combined wage rate, at $11.10 per hour, was up 48 cents from a year earlier. Hired ...
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Jeff Gordon may make his Coca-Cola 600 anniversary a winner
Dannie Walls/Icon SMI/Icon SMI He is no longer Wonder Boy, that derisive nickname the late Dale Earnhardt tagged Jeff Gordon with in 1995 when the fresh-faced Gordon was 23 and seemingly winning every other week on his way to his first Cup championship. Eighteen years later, Gordon now has stripes of gray on the sides of his hair, the paint scheme of a driver in winter, and he's ...
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Did Microsoft stretch the truth in tablet ads
light-hearted TV ads that -- unlike those awful 2008 Jerry Seinfeld spots -- aren't cringeworthy. But in the Windows tablet ads that debuted this week, Microsoft used Siri to badmouth the iPad, and some Apple ...
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BAT Smokes Out E-Cigarette Rivals
British American Tobacco (BAT) is preparing to launch its biggest assault to date on the electronic cigarette market as it attempts to bolster sales of tobacco substitute products. Sky News understands that the world's second-biggest tobacco company by sales is to launch Vype, a new e-cigarette brand, in the UK, France and Germany in the coming months. The launch, which will be backed ...
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UBS France could face criminal investigation source
UBSN.VX ) French unit could be placed under formal investigation in the coming days as part of a broader probe into the Swiss bank's business practices, a person familiar with the matter said on ...
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Ford to retain 1000 jobs at French plant after deal
F.N ) will retain 1,000 jobs at a plant in southwest France after striking a deal on Friday with local authorities to share the burden of new investments needed to keep the factory ...
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Exclusive NY attorney general says more evidence banks violated mortgage pact
NEW YORK (Reuters) - New York Attorney General Eric Schneiderman said there is mounting evidence that Bank of America Corp, Wells Fargo and Co and other banks violated the terms of a settlement designed to end mortgage servicing ...
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Monte Paschi might not be an isolated bank case in Italy Chairman
"There could be other cases similar (to the one of Monte dei Paschi)," Profumo said at a conference in Bagnaia, close to Siena, where Monte Paschi is ...
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Deutsche Bundesbank VP Fed Proposals on Foreign Banks Not Helpful for Supervision
Germany's top banking supervisor urged the U.S. to abandon its insistence on forcing big foreign banks to operate through separately capitalized subsidiaries, warning it could trigger a chain reaction in Europe and other jurisdictions that could fragment world financial markets."If one starts with renationalization, others will follow. The danger will increase that everybody makes ...
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Fitch Places Ally Financial on Stable Ratings Outlook Following ResCap Settlement
Fitch Ratings removed Ally Financial Inc. from a negative ratings watch after the government-owned auto lender reached a deal with its Residential Capital mortgage subsidiary and the unit's creditors that will help the company avoid litigation.The ratings firm on Friday also said it affirmed Ally's long-term rating of BB- and said the company's outlook is stable.Ally said Thursday ...
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Chile Environmental Overseer Halts All Operations at Barricks Pascua Project
The Chilean government's recently created Environmental Superintendency halted all construction operations at Barrick Gold Corp.'s (ABX, ABX.T) Pascua-Lama project that reaches across the Andes Mountains into Argentina, and fined the company $15.8 million for not meeting norms stipulated in the environmental approval it received in 2006.The Environmental Superintendency, which became ...
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MARKET SNAPSHOT U.S. Stocks Down But Trade Near Days Highs
NEW YORK – U.S. stocks traded in the red but near the session's best levels on Friday afternoon following another volatile session for Asian markets.Friday's upbeat durable-goods data failed to overcome negative sentiment, as concerns about a potential tapering in the Federal Reserve's bond-buying program persisted. Investors also could be opting to lock in profits ahead of ...
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AMR Seeks to Buy Back Bonds Ahead of US Airways Merger
AMR Corp. (AAMRQ) is seeking court approval to buy back more than $1.2 billion in debt from noteholders, as the American Airlines parent continues to march toward finalizing its merger with US Airways Group Inc. (LCC).In a Thursday filing with U.S. Bankruptcy Court in Manhattan, AMR said it wants to buy back three sets of notes secured by its aircraft, issued before the company entered Chapter ...
North Korea Digest
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North Korea's navy integral to sea border security
The North Korean Navy is an integral part of the country’s armed forces and the 46,000 men and woman that man it are the part of the defense force most often in international and North Korean news media.
The North Korean Navy is part of the Korean People’s Army Naval Force and makes up the country’s maritime defense capability. Because the navy is primarily concerned with defense, it operates as a ‘green water’ rather than a ‘blue water’ navy, which means it is capable of carrying out missions and activities offshore but not at extended ranges such as the Chinese Navy, which is much larger and includes air craft carriers, battle ships and destroyers. Read more
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