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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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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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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Plant restart wont wait on investigations
The restart of the San Onofre nuclear plant could be authorized before the conclusion of investigations into the conduct of the plant operator, the chairman of the Nuclear Regulatory Commission told a Senate committee on ...
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HP Q2 earnings down 32 to USD1.1b
(MENAFN) Hewlett-Packard Co. (HP) CEO, Meg Whitman, announced that the PC maker's earnings during the second quarter dropped by 32 percent to USD1.1 billion from USD1.6 billion a year earlier, reported AP.However, the earnings results exceeded forecasts of the management and the analysts, due to Whitman's plan to reduce costs, overhaul the product line, and to focus on more profitable ...
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After Hours Pandora jumps Sears tanks after hours
SAN FRANCISCO (MarketWatch) -- Shares of Pandora Media Inc. and Marvell Technology both advanced in after-hours action Thursday following their quarterly earnings reports. Sears sank on a large loss for the ...
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Letters Orwellian changes to legal aid provision
Chris Grayling is disinterested in any contribution from the profession. It is beyond doubt that the tendering out of legal aid to private business will herald a decline in standards in a legal system that has been a model of justice for centuries. There is no provision whatsoever in the proposals to ensure standards are maintained when individuals are unable to choose their representation. Once ...
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Sears Shares Drop 13 After Big Loss
(Click here to get the latest quotes for the company.) The department-store chain reported an adjusted loss of $1.29 a share, compared with a loss of 31 cents a share in the year-earlier period.Revenue fell ...
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Gaps Earnings Beat Forecasts
Gap reported first-quarter earnings that beat Wall Street expectations, helped by a rise in same-store sales at its Old Navy and Gap chains and growth in Asia. What is Gap stock doing in after-hours ...
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Pandora Shares Jump After Revenue Beat
Pandora hit its earnings target Thursday and delivered better-than-expected revenue boosted by new subscribers and growth in the mobile advertising. "Mobile listening hours and mobile ad revenue reached record highs," said Pandora CEO Joe Kennedy. The company's shares jumped after the ...
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Ally Triples Offer for ResCap Claims
Ally Financial agreed Thursday to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital unit--nearly triple the amount it had initially offered. Ally hopes that the deal will put an end to allegations that ResCap was stripped of choice assets such as Ally Bank before being put into bankruptcy, leaving creditors of the subprime mortgage business empty-handed. Putting ...
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Google Faces New Antitrust Probe Report
Google , which dominates web display advertising, has broken antitrust law in how it handles some ad sales, a source told Reuters on Thursday. The source said that it was unlikely that the Federal Trade Commission had sent out civil investigative demands in relation to the probe, which would be the sign of a formal and more serious investigation. The FTC wrapped up ...
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Gap profit soars Aeropostale first quarter sales plummet
GPS.N ) 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 ...
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Google faces new federal antitrust probe source
WASHINGTON (Reuters) - U.S. regulators are in the early stages of an antitrust probe into whether Google Inc, which dominates web display advertising, has broken antitrust law in how it handles some ad sales, a source told Reuters on ...
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Sprint SoftBank complete U.S. state regulatory review process
9984.T ) said on Thursday they had received all necessary state regulatory approvals for the Japanese company's proposed $20.1 billion purchase of 70 percent of ...
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Sears posts bigger-than-expected loss as cold weather bites
SHLD.O ) reported a much bigger-than-expected quarterly loss as cooler weather hurt sales at its stores and the company said it was considering a sale of its service contracts business to shore up ...
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US stocks end slightly lower
US stocks have finished slightly lower, little-affected by a sharp selloff in Asian and European markets led by the 7.3 per cent plunge of Japan's Nikkei 225 ...
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Marvell earnings slide but beat Street targets
SAN FRANCISCO (MarketWatch) -- Marvell Technology Group said Thursday afternoon that earnings dell sharply in the first fiscal quarter, but the adjusted results surpassed Wall Street's expectations. For the period ended May 4, ...
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MARKET SNAPSHOT U.S. Stocks End Volatile Day With Modest Loss
NEW YORK – U.S. stocks fell modestly on Thursday, substantially paring intraday losses after upbeat U.S. economic reports and gains for Hewlett-Packard Co. countered worries about the Federal Reserve potentially tapering its bond-buying program.Stocks had dropped sharply at the start of trading, taking their cue from a massive selloff in Japanese equities overnight. However, they began to ...
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Gap first-quarter profit rises 43 percent
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. The company, which also owns Banana Republic, posted net income of $333 million, or 71 cents per share, for the quarter ended May 4, up 42.9 percent from $223 million, or 47 cents per share, in the same quarter last year. As previously ...
Honolulu In-depth
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Honolulu to finally have a family justice centre
The Justice Department of Honolulu has announced to Honolulu news media that most of the funding for a family justice centre has now been secured, and it hoped the centre will act as a comprehensive facility to meet all the needs of victims fleeing the physical and psychological effects of domestic violence.
The plans for a center aimed at family justice was announced by city prosecutor Peter Carlisle who said funds of $400,000 had been secured through federal grants for the planning of the center, the training of staff as well as rent and equipment. Read more
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