Latest Breaking Business News
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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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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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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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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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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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Nation’s biggest mortgage lenders failing terms of settlement
The nation’s five biggest mortgage lenders have largely satisfied their financial obligations under last year’s $25 billion settlement over mortgage abuses, helping hundreds of thousands of families keep their homes. But four of the five have yet to meet their commitment to end the maze of frustrations that borrowers must navigate to modify their loans, according to a report ...
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Kentucky leaders Urban Outfitters wont sell shot glasses flasks that look like pill bottles
FRANKFORT, Ky. -- Retailer Urban Outfitters Inc. has responded to a multi-state campaign and stopped selling flasks, shot glasses and pint glasses that look like prescription pill bottles, political leaders in drug-plagued Kentucky said Wednesday. The state's top leaders, including Gov. Steve Beshear and Republican U.S. Rep. Hal Rogers, chairman of the powerful House Appropriations ...
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Kim Thompson co-publisher of Fantagraphics Books dies
SEATTLE -- Kim Thompson, co-publisher of influential Seattle-based publisher Fantagraphics Books -- known for celebrated alternative comics, graphic novels and comic strip anthologies -- has died. Fantagraphics announced Thompson's death Wednesday, four months after he was diagnosed with lung cancer. He was 56. Fantagraphics Books has been publishing alternative comics and graphic novels ...
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MediciNova gains 31 percent
I wrote about MediciNova yesterday . Today the market reacted to the news of positive preliminary clinical data for its drug ibudilast, being tested for methamphetamine addiction. Shares of MediciNova surged 31 percent Wednesday, closing at $3.37, up 80 cents for the ...
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Diddy is downright Revolt-ing on TWC
Revolt already has an agreement to launch in around 10 million Comcast homes, as part of a deal Comcast struck with regulators to offer more minority-focused channels. Still, Revolt’s new distribution deal with TWC is a boost to its efforts to get advertisers on board with the music-themed channel. Combs, who has a clothing line and vodka brand, hyped Revolt yesterday at the Cannes Lions ...
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NY Kodak will keep some operations in Rochester
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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North-south negative equity divide widening
Ratings agency S&P says that 13.5% of mortgage borrowers in north-west England are in negative equity, against 0.9% in London and the ...
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Facebook May Cash In on Vine-Like Vids
Facebook's Instagram May Be Getting Videos Soon ) The social network is hosting a press event at its headquarters Thursday. While Facebook hasn't confirmed what product it will be previewing, it's widely thought that the company will announce a video function for its photo-sharing app Instagram .The video addition is suspected to be similar to Twitter's Vine, a video-sharing ...
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After the Fed—Whats the Markets Next Move
stocks spiraling downward, as the markets adjusted to the idea of a higher rate environment. The 10-year yield reached 2.35 percent, its highest level since March, 2012. The Dow fell 206 points to 15,112 and the S&P 500 was off 22 to ...
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Fed economic statement drives fall on Wall Street
Australia Comments by the chairman of the US Federal Reserve have driven a sharp fall on Wall Street overnight.After the Fed issued its eagerly awaited policy statement, giving an upbeat assessment of the US economy and the labour market, Ben Bernanke said during a press conference that the central bank's stimulus measures may be scaled back later this year.He said the bond-buying ...
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Microsoft backtracks on Xbox One online games policies
Microsoft is pressing reset on policies related to its Xbox One video game console.The company announced it is dropping two major features of its next-generation console: regular online authenticity checks required to play video games offline and restrictions on what players can do with games after ...
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Microsoft reverses course on Xbox One restrictions
The original plan was to have the Xbox One console check in with its central servers at least once a day (and more frequently if users were accessing their account from a different system). If the console were not able to do so, users would not be able to continue using the Xbox ...
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Microsoft Xbox One policy switch makes user forums explode
After the tech giant announces that it's backtracking on its much-derided Internet connection requirement, social media, comment threads, and gaming forums light ...
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Ex-Kleiner partner wants day in court in discrimination lawsuit
SAN FRANCISCO (Reuters) - A high profile sex discrimination lawsuit in Silicon Valley should be taken private via arbitration, lawyers for venture capital firm Kleiner Perkins Caufield & Byers argued on Wednesday, but the plaintiff, former partner Ellen Pao, wants the chance to tell her story before a ...
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Sony spin-off plan off agenda but looms over shareholder meet
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new ...
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Analysis Sprint should raise Clearwire bid to avoid Dish tension
NEW YORK (Reuters) - Sprint Nextel Corp should consider raising its offer price for Clearwire Corp or risk being saddled with a contentious relationship with Dish Network Corp, controlled by feisty billionaire Charlie ...
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New bookkeeping rule to priprizese open insurers black box accounts
LONDON (Reuters) - An international bookkeeping regime being unveiled on Thursday will iron out national variants in insurers' "black box" balance sheets although the transition will take several years and the United States will keep its own, very different ...
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Kodak will keep some ops in Rochester
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 $US49 million ($A53.07 million) for environmental cleanup at the once bustling Eastman Business ...
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Video Federal Reserve raises its predictions for growth and jobs
Ben Bernanke said the economy is doing well enough that the Federal Reserve is likely to ease back on a bond-buying program that has kept interest rates at record-low rates. The prospect of higher interest rates sent the Dow down more than 200 points. Anthony Mason ...
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