Latest Breaking Business News
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Divi’s Laboratories tanks over 6 on weak Q4 earnings downgrade
Divi’s Laboratories Ltd slipped over 6 per cent in morning trade on Tuesday, after the company posted 16.75 per cent decline in its consolidated net profit at Rs 180.57 crore for the fourth quarter ended March 31, ...
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Apple said to have avoided billions in tax
WASHINGTON - Even as Apple became the nation's most profitable technology company, it avoided billions in taxes in the United States and around the world through a web of subsidiaries so complex it spanned continents and surprised experts, a congressional investigation has found. Some of these subsidiaries had no employees and were largely run by top officials from the company's ...
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Ordering a combo Seamless and GrubHub are merging
For a city obsessed with food delivery, this was a deal made to order. Two of the fastest growing food-ordering websites - Seamless and GrubHub - have agreed to merge, creating a combination that can satisfy cravings from salad wraps to sushi rolls. New York-based Seamless will join forces with Chicago rival GrubHub to offer a wider menu of takeout options and improved technology to deliver food ...
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NYC building owners fear lack of terror insurance when TRIA expires
New York’s commercial real estate market is facing a threat that could rock its foundations: the loss of federal "terrorism insurance." The Terrorism Risk Insurance Act, enacted a year after the 9/11 attacks, makes American taxpayers the backstop for private insurance companies in the event of such catastrophes. The legislation comes up for renewal in 2014.If Congress fails to ...
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Time for Yahoo to move
Yahoo! is tumbling into the old Times Building on West 43rd Street with a new lease for 176,000 square feet on the 9th through 12th floors of the 16-story building, where it will consolidate its city headquarters.Yahoo! CEO Marissa Mayer announced the move as she and Mayor Bloomberg discussed the $1.1 billion Tumblr acquisition at a press event. The Post first reported the Sunnyvale, ...
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More writers join the Voice exodus
Two more staff writers yesterday joined the growing exodus at the troubled Village Voice."Today, the Village Voice regretfully accepted the resignations of food critic Tejal Rao and staff writer Nick Pinto," the company said in a statement.Pete Kotz, the interim editor, took over when Editor-in-Chief Will Bourne and his deputy, Jessica Lustig, walked off the job on Friday. The duo said ...
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Dish Net’s big bid for spectrum
Charlie Ergen, chairman of satellite-TV provider Dish Network, made a $2 billion bid for radio frequencies from LightSquared, the bankrupt wireless-broadband company owned by Philip Falcone’s hedge-fund firm, said people familiar with the offer. Ergen, 60, has offered to buy the spectrum - the frequencies used for wireless communications - even though the Federal Communications Commission ...
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SAC investors fleeing as Cohen faces prosecutors
Steve Cohen’s looming confrontation with federal prosecutors isn’t sitting well with his investors. His $15 billion hedge fund giant, SAC Capital, is expected to be hit with another round of withdrawals after prosecutors issued a flurry of subpoenas to force Cohen and other execs to testify in the government’s long-running investigation of the firm. "We don’t need ...
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A Jamie showdown at the JPM corral today
Think of it as the tempest in Tampa.JPMorgan boss Jamie Dimon is bracing for a shareholder brouhaha today in the Sunshine State that could set the tone for the future of the Wall Street firm. Dimon is in an epic struggle at the bank’s annual shareholder meeting to retain his dual roles as chairman and CEO.It’s likely that the bank honcho will secure enough votes to keep his titles, ...
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That’s $how biz ‘Spidey’ theater sold to Brits for $60M+
Live Nation has reached a deal to sell Foxwoods Theater - one of Broadway’s biggest houses - to Britain’s Ambassador Theater Group. The 1,932-seat West 42nd Street theater, the current home of "Spider-Man: Turn Off the Dark," fetched between $60 million and $70 million, according to sources. "The owner wants to be hugely respectful to the staff and the ...
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Banks may mute Bloomberg chat
Wall Street is talking, all right - about dumping Bloomberg’s chat tool. JPMorgan Chase is the latest bank to mull a new internal chat system to replace Bloomberg’s instant-messaging function amid concerns about a privacy breach, The Post has learned.The nation’s biggest bank is eyeing a chat service that is still in the early stages of development and is a collaboration ...
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Craigslist still in the business of selling sleaze
John Crudele Are you searching for a hooker? There are still hundreds of them advertising on Craigslist despite the fact that the website banished its controversial "adult services" section more than three years ago. That move, estimated to have deprived Craigslist of around $40 million a year in revenue, came as the result of a highly publicized incident in which a 24-year-old engaged ...
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Protech Khuthele Share earnings revenue climb
Protech Khuthele, the listed civil engineering group, yesterday reported a turnaround in its financial performance and a return to profitability in the year to February. Earnings a share improved to 4.4c from the 3.1c a share loss in the previous year. Group revenue rose 6 percent to R1.03 billion. Operating profit before interest improved to R46 million from the R3.8m loss in the previous year ...
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Apple has special Irish tax rates Stateless companies based in Ireland
See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management ...
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South Africa Risks Downgrade Rand Hits 4-Year Low
Peter Attard Montalto, emerging market economist at Nomura International, talks about the South African mining sector, the potential rise of further union unrest and the impact it would have on the country's ...
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U.S. asks judge to deny SPs motion to dismiss fraud lawsuit
(Reuters) - The Justice Department on Monday asked a federal judge to deny Standard & Poor's motion to dismiss a government lawsuit against the ratings agency, saying its statements on certain financial products were fraudulent and not mere ...
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Boart lowers earnings expectations
Drilling services company Boart Longyear says its earnings will fall in 2013 because mining companies are scaling back on exploration."The downturn in capital and exploration spending in the mining sector globally has clearly reduced the demand for drilling services and products," chief executive Richard O'Brien told Boart Longyear's annual general meeting in Adelaide.He said ...
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Boarts earnings hit by mining downturn
Drilling services company Boart Longyear says its earnings will fall in 2013 because mining companies are scaling back on exploration."The downturn in capital and exploration spending in the mining sector globally has clearly reduced the demand for drilling services and products," chief executive Richard O'Brien told Boart Longyear's annual general meeting in Adelaide.He said ...
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United earnings still on the rise
PARKERSBURG- United Bank had another successful year in 2012 as it continued to increase earnings to shareholders, the chairman and CEO told shareholders Monday. United Bankshares Inc. officials, at the annual meeting of shareholders Monday at the Blennerhassett Hotel, said the company was able to continue to thrive in the economic conditions brought on by the Great Recession of 2008. "We ...
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Monti Italy Not Headed for Another Election
just weeks after its formation, raising questions over how long it will last. But, former Prime Minister Mario Monti said he does not believe an election will be called any time soon. "I don't believe that [Italy will be headed for an election in the next six months] for two reasons," Monti said at a press conference in Singapore on Tuesday, which was one of his first public ...
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JPMorgan investors on edge over vote on Dimon what if they win
JPMorgan Chase & Co CEO Jamie Dimon testifies before the House Financial Services hearing on ''Examining Bank Supervision and Risk Management in Light of JPMorgan Chase's Trading Loss'' on Capitol Hill in Washington June 19, ...
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Is China Sending Its Treasurys Packing
Reports that China may step up the diversification of its huge foreign exchange reserves is not great news for U.S. Treasurys, already under pressure from talk about an easing in the Federal Reserve's bond-buying program. But, the fall-out from such a move is likely to be limited, analysts say. The body that manages China's currency reserves has set up an operation in New York to ...
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What Most Entrepreneurs Get Wrong
The economic boom in Asia over the past two decades has inspired people to take risks, develop new businesses and tread on unbeaten paths. But as these entrepreneurs set about to do something different in an attempt to capitalize on their region's unprecedented prosperity, they stumbled and fell only to rise again and go on to be successful. Some of these risk takers spoke to CNBC sharing ...
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iGate sacks chief executive Murthy after sexual harassment claim
(Reuters) - The board of iGate Corp, an information technology outsourcing services provider, has sacked Chief Executive Officer Phaneesh Murthy following an investigation into a claim of sexual harassment, the company said in a ...
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NewsWatch New Xbox may keep Microsoft in the game
Microsoft is expected to unveil a new Xbox on Tuesday. Investors have been bidding up shares of videogame firms, but the market has shifted dramatically in recent ...
Sierra Leone Featured
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Sierra Leone has a challenge on its hands
Sierra Leone is relatively unknown on the international stage, it is a tiny country of just 6 million people, perched on the edge of West Africa with its coastline gazing out into the Atlantic, a body of ocean that has played as important a part in the country’s history as the natural resources that have brought the state such infamy.
Sierra Leone, unfortunately, is known abroad, for those that have heard of the country, as a war-torn little state where social cohesion and everything that goes with it has collapsed entirely. World headlines in the 1990s were filled, appropriately, with stories of the civil war raging in the country at a time when the Revolutionary United Front was trying to overthrow the military dictatorship headed by Joseph Momoh. Read more
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