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Dalian Wand Group to enhance UK presence with luxury hotel and yacht unit
LONDON - China's largest premier commercial property and entertainment conglomerate, Dalian Wanda Group Wednesday entered into 320million pounds definite acquisition deal with leading British yacht company, Sunseeker International Ltd, under which Wanda will acquire a majority shareholding of 91.81% in pre-eminent luxury motor yacht manufacturer. Under the agreement, the remaining 8.19% ...
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EU antitrust regulator fines Lundbeck and several generic drug firms
BRUSSELS - European Union in its first case over pay-for-delay deals that held back sales of cheaper generic drugs Wednesday fined Danish pharmaceutical company Lundbeck 93.8 million euros and imposed fines totaling 52.2 million euros on several other producers of generic medicines. The European Commission, the EU's antitrust regulator, said the companies had reached agreements that may ...
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Chrysler to recall 2.7 mn Jeeps but says vehicles not defective
NEW YORK - Chrysler avoided a showdown with the US government by agreeing to recall 2.7 million Jeeps with fuel tanks that could rupture and cause fires in rear-end collisions. Chrysler said it recognised the matter had raised concerns for customers The US company said it had resolved its differences with the National Highway Traffic Safety Administration (NHTSA). The recall affects ...
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Four US mortgage servicers faulted for lapses by settlement monitor
WASHINGTON - Four of the largest U.S. mortgage servicers, including Citigroup Inc (C). and Bank of America Corp., have failed to adequately upgrade their treatment of customers in danger of foreclosure, according to a court-appointed monitor. Bank of America, Citigroup, JPMorgan Chase and Wells Fargo have failed to adhere to some of the new standards set out in a landmark settlement meant to ...
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Spain making progress but requires urgent action to generate growth says IMF
MADRID - Spain risks high joblessness and sluggish growth for years unless its government together with Europe takes "urgent action' to generate growth and jobs, the International Monetary Fund stated Wednesday. "While there are signs the economic contraction may end soon, the outlook remains difficult," IMF said in its annual assessment of the Spanish economy. "But unemployment remains ...
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Yahoo follows Facebook and Microsoft in publishing US govt sought snoop data
Internet corporation Yahoo has followed the league of technological companies in publishing reports about 'snoop data' requests made by the US government. According to the Guardian, Yahoo has revealed that it had received 12,000-13,000 requests, inclusive of criminal, Foreign Intelligence Surveillance Act (FISA), and other requests by the government between 1 December 2012 and 31 May ...
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Voices from Brazils protests
Some comments by Brazilians participating in protests across South America's biggest country: ___ "I'm here because I depend on public transportation which is terrible. Public transportation should not be for profit. I'm here to say we need better buses and better service." -- Maira Zenon, graphic designer, 27, attending protest in Brasilia. ___ "We're out ...
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NY Kodak commits to keeping some operations in Rochester providing $49M for cleanup
ROCHESTER, N.Y. -- New York state and Eastman Kodak Co. have reached a deal that will keep some of the troubled company's operations in Rochester and provide $49 million for environmental cleanup at the once bustling Eastman Business Park. Local media outlets report Wednesday that Kodak will keep advanced manufacturing and its research center at the 1,200-acre site and lease property there ...
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Federal Reserve policymaking group has power over economy through control of interest rates
The Federal Reserve's chief policymaking group, the Federal Open Market Committee, has vast power over the economy through its ability to set monetary policy. Here is a look at how the FOMC operates. Q: What is the FOMC's primary role? A: Its mission is to keep the economy, inflation and employment on a healthy track. When the economy weakens, Fed policymakers cut interest rates or ...
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Digital River to help Adobe sell subscription software
E-commerce firm Digital River Inc. has expanded its sales relationship with Adobe Systems to include marketing subscriptions to Adobe’s cloud-based desktop PC software in 19 areas ...
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Business briefs Dish drops offer for Sprint turns to Clearwire
Dish Network said it was "impracticable" to make a new offer for Sprint Nextel by the mobile-phone carrier's deadline, leaving Softbank as the main contender to acquire the wireless company. Sprint's actions "have made it impracticable for Dish to submit a revised offer by the June 18th deadline," Englewood, Colo.-based Dish said in a statement. "We will ...
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Alzheimers compound repairs damaged neurons
Brain cells harmed by Alzheimer's disease can be repaired by a newly invented compound, according to a study led by Sanford-Burnham Medical Research Institute scientists. The compound, called NitroMemantine, is ready for human clinical trials, said Stuart A. Lipton, the Sanford-Burnham scientist who headed the ...
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Japanese Market Tumbles On Wall Street Lead
Stocks tumbled in early trades in the Japanese market on Thursday, with investors indulging in some heavy selling following Wall Street's weak close overnight on the back of a negative reaction to the Fed's statement about an end to its asset purchase program by mid-2014.However, with some front line stocks bouncing back on strong support at lower levels, the market regained some lost ...
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US stocks trade nearly flat before FOMC announcement
US stocks traded nearly flat in midday Wednesday after a wobbly morning session, as investors stayed on the sidelines before the release of the Federal Open Markets Committee's (FOMC) policy meeting announcement this afternoon.With no major US data due on Wednesday, all eyes are on the announcement and what Fed Chairman Ben Bernanke would say in his press conference for any hint of a ...
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Microsoft retreats on rules for
The Xbox One will not require a regular Internet connection. Gamers will continue to be able to use, trade, sell or loan their games just as they have been on earlier versions. Those announcements, made Wednesday, represent a reversal for Microsoft on two key decisions about its upcoming Xbox One console that had infuriated many gamers. "Since unveiling our plans for Xbox One, my team ...
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China June Flash HSBC PMI Falls to 9-Month Low
Activity in China's vast factory sector decelerated further in June, a private survey of Chinese manufacturers showed on Thursday. The closely-watched flash estimate of the HSBC China purchasing manager's index (PMI) fell to a nine-month low of 48.3, worse than ...
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Xbox One take two -- Microsoft kills the hated DRM
demoed the Windows 8.1 interface, which included the return of the iconic start button. The lack of that button was a pain-point for some users and Microsoft responded by bringing it back. However, this did not signal defeat for the company's Modern UI -- it signaled that the company was listening to users. Yesterday, Microsoft continued this trend as ...
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Ex-Citigroup exec Froman becomes US trade rep
(14 mins ago) The US Senate confirmed White House adviser Michael Froman as the new US trade representative, just as Washington launches free trade talks with the European Union. Froman is a former managing director at Citigroup, which received a US$45 billion government rescue package in 2008 during the financial crisis, and his tenure at the too-big-to-fail bank has raised eyebrows. Some ...
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Rockets Lazada gets $100 million in bid to be Southeast Asias Amazon
(Reuters) - Lazada, the Southeast Asian online retail company founded by Germany's Rocket Internet Gmbh, has secured another $100 million from investors in its bid to lift the region from its status as an e-commerce ...
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Sony to consider Third Points proposal Sony CEO Hirai
Elon Musk, Tesla Motors CEO, tells the Reuters Global Tech Summit that he'll talk to politicians who back local car dealers trying to keep Tesla from selling directly to ...
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Euro ministers to decide direct bank recapitalization rules on Thursday
BRUSSELS (Reuters) - Euro zone finance ministers will decide on Thursday when and how their bailout fund can invest in a bank to save it from failure, laying a cornerstone of the banking union seen as vital to restore economic ...
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Report Medtronics DF4 defibrillator wire fractured
Medtronic Inc. DF4 defibrillator wire used to connect the lifesaving device to the heart inexplicably fractured after 18 months in a 52-year-old man, raising questions about how quickly doctors should embrace new technology, researchers ...
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More industries becoming data-driven
The story is the same in one field after another, in science, politics, crime prevention, public health, sports and industries as varied as energy and advertising. All are being transformed by data-driven discovery and decisionmaking. The pioneering consumer Internet companies, like Google, Facebook and Amazon, were just the start, experts say. Today, data tools and techniques are used for tasks ...
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Pinnacle Airlines changing name to Endeavor Air
"We're going through the steps necessary to prepare for the change on official government and regulatory documents, thus the Aug. 1 date," said Pinnacle spokesman Joe Williams in an interview ...
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Senate confirms White House aide Froman to be next trade representative
WASHINGTON -- Senior White House economic adviser Michael Froman has been confirmed by the Senate to be the next U.S. trade representative. The law school classmate of President Barack Obama takes over the post as the administration seeks to advance major trade deals with Pacific Rim and European nations. The Senate vote was 93-4 to confirm Froman to succeed Ron Kirk, the former Dallas mayor ...
Kazakhstan Focus
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Kazakhstan capital's next challenge
Astana, the capital of Kazakhstan, has experienced rapid growth in recent years and has seen the completion of some impressive architectural feats, now there are plans by the government to build a huge indoor city within the capital, providing the country with a modern feat of engineering and a tourist attraction of which to be proud.
Astana and Dubai, despite vast differences, have a few things in common as cities. Dubai is not the capital of the United Arab Emirates, while Astana is the capital of Kazakhstan, Astana is one of the coldest capitals in the world while Dubai is in one of the hottest regions on the planet. But Astana, like Dubai, has experienced rapid development in recent years, due in large part to the relocation of the capital to the city, and like Dubai, it has had to make sometimes impressive adaptations to architecture and development in order to compensate for the climate. Read more
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