Latest Breaking Business News
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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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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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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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Blogging platform Tumblr acquired by Yahoo for $1.1 bn
NEW YORK - Yahoo promised "not to screw it up" as it formally announced its acquisition of the popular Tumblr blogging platform for $1.1bn in cash, giving the company a much-needed base in social media to reach a younger generation of users. The relaxed wording of the memo for one of the internet giant's biggest acquisitions was echoed in the memo sent by David Karp, Tumblr's 26-year-old ...
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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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Bombardier unveils Challenger 350 mid sized business jet
GENEVA - Canadian aeroplane maker Bombardier has expanded its leading Challenger family of business jets with the launch of the new Challenger 350 aircraft in collaboration with global leader in private aviation, US firm NetJets. The launch on Monday was held at a special event here at the European Business Aviation Conference and Exhibition (EBACE). Bombardier said deliveries of the ...
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$254mn Eskom wind power project gets South African regulator's nod
JOHANNESBURG - The National Energy Regulator of South Africa (Nersa) has granted power producer Eskom a licence for its Sere wind farm in the Western Cape, paving the way for the company to start construction of its $254.3 million (R2.4-billion) project. Sere is the Nama word for "cool breeze". The wind farm project is scheduled to become fully commercially operational by the end of ...
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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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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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Xbox One Unveiled Microsoft Promises More Intelligent TV With Snap Mode Voice Commands
Microsoft unveiled the Xbox One during a Tuesday video broadcast streamed on Xbox.com, featuring cameos from Steven Spielberg and the makers of "Halo" and "Call of Duty." Xbox One devices will enter the market sometime later this ...
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Our sky-high gas prices expected to last until June
Heading into the Memorial Day weekend, Minnesota motorists are paying the highest prices ever for gasoline. The rapid run-up in prices in the past week - to a statewide average of $4.28 per gallon Monday - tops the 2008 record of just under $4 per gallon, according to AAA data. Minnesota now has the highest-priced gasoline in the lower 48 states, followed by North Dakota. The Upper ...
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Foreclosures defaults up in April
San Diego foreclosures and mortgage defaults rose in April, but those numbers remain lower than normal in light of an improving economy and rising home prices, suggests a report from real estate tracker DataQuick on ...
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Brown Deer Village Board approves Wal-Mart financials
May 21, 2013 2:41 p.m. | Brown Deer - Trustees on Monday approved the financial dealings underlying the sale of the vacant Lowe's building on Brown Deer Road to Wal-Mart, but not before altering the agreements to grant themselves more power to regulate the retailer. Trustee Andrea Weddle-Henning was the lone Village Board member to vote against the financial deals that allow Lowe's to ...
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Xbox One Announced What To Make Of Microsofts New Video Game Console
I don't get it. Xbox One might indicate that it's the only "One" system you need to do everything, but it just doesn't click for me. Now we have the Xbox One and the PlayStation 4. Something's not ...
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Microsoft Stumbles Through Xbox One Announcement
my live coverage of the Xbox One reveal, an event that was half as long as most thought it would be, and one hour longer than it should have been. Meaning, this shouldn't have been an event in the first place. The Xbox One announcement was an hour long, though really only 45 minutes if you don't count the 25% of the presentation devoted solely to being a singular ad for the (non-Xbox ...
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Americans Turn Against Web Providers
Americans are not big fans of their cable TV service or their cell phone service. But they really hate their internet service provider, according to a survey released on Tuesday. The new American Customer Service Index (ACSI) report on the information sector should be a wake-up call for the nation's ISP industry. It scored only 65 out of 100 in the annual survey, the lowest score for any of ...
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Microsoft Unveils Latest Xbox
Microsoft unveiled its long-anticipated next generation Xbox, called the "Xbox One," a device that allows users to switch more easily between entertainment options. The company also said Tuesday it is partnering with game makers to produce 15 exclusive games on the console. At the tech giant's Redmond, Wash., headquarters, interactive entertainment business president Don Mattrick ...
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What to Expect from Retail Earnings
Even though more than 90 percent of the S&P 500 have already reported earnings, this week remains a key week for retail with 24 retailers, 12 of which are S&P 500 ...
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Best Buy CEO Turnaround Within His Control
This year will be a transition year as the electronics retailer begins to execute its "renew blue" initiatives. While its first-quarter results are not entirely positive, as the nearly 5 percent decline in its stock price suggests, there are early positive signs that the moves are beginning to resonate with consumers. Online comparable sales in the U.S. are up 16.3 percent for the ...
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Microsoft debuts Xbox One
The Xbox 360 has been around since 2005 and, despite retaining its popularity, the console grows long in the tooth. That changestoday, as Microsoftannounces a new generation of its stealth living room takeover device. Speculation around what was coming has been growing for sometime and reached a crescendo when the company ...
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Wall Street stocks gain
Source: Reuters US stocks have gained today, after Home Depot raised its profit outlook and JPMorgan's chief executive won a vote of confidence from shareholders. Shares of the two companies helped lift the blue-chip Dow as the broader market picked up steam in the early afternoon, sending indexes to fresh intraday records. Comments from a top Federal Reserve official also boosted the ...
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10 killer new features of Microsofts Xbox One
Xbox game console Tuesday, touting a device it claims will revolutionize the experience of using your television. Eight years after the launch of the Xbox 360, which is currently the best-selling games machine in the U.S., Microsoft finds itself the last of the three big game-makers to show off new hardware. The device is due out later this year. No price was announced. Here's a closer ...
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Microsoft unveils Xbox One
From a hardware standpoint, while everything is more powerful, little is radically different from the Xbox 360. Similar to Sony's PlayStation 4, the Xbox One has a custom-built 8-core CPU, with 8 gigabytes of RAM, a 500 gigabyte hard drive, USB 3.0, 802.11n Wi-Fi, and a Blu-ray ...
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Apples Tim Cook is Wall Street hero for a day
AAPL ) for its creative tax policies, investors were cheering on CEO Tim Cook as he defended the company and pushed Congress to overhaul the tax code. The general consensus among traders on StockTwits was that Cook looked like a capable leader compared with the elected officials doing the ...
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The ultimate all-in-one home entertainment system Microsoft finally unveils its Xbox ONE console
Don Mattrick, the software giant's president of Interactive Entertainment, told an audience of gaming journalists at Microsoft HQ in Redmond, Washington, that the new Xbox ONE was not simply a games console, but "The ultimate all-in-one home entertainment ...
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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