Latest International Business News
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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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German central bank sees signals of economic pick up in Q2
FRANKFURT - Germany's central bank Deutsche Bundesbank expects the country's economy to improve "markedly" in the second quarter relying on signals of pick up in industrial orders and likelihood of weather related downturn in construction sector no longer impacting investment sentiments a development that could boost the wider eurozone as it struggles to get out of recession. "Overall ...
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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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Merger pact by GrubHub and Seamless to stave off rivals
WASHINGTON - GrubHub Inc. and Seamless North America LLC, two of the biggest online services for food-delivery in the U.S., have entered into a definitive agreement to combine their companies to take on rivals in the growing market for online meal orders. The merger will create a combined company well positioned to drive more orders to restaurants, deliver a better experience for hungry ...
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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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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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Microsoft Unveils New Xbox One Game Console
REDMOND, WASHINGTON Microsoft Corp gave the world the first look at its new game console on Tuesday, hoping the Xbox One will attract existing video game fans while also becoming a hub for living room entertainment. The third-generation Microsoft console, coming eight years after the Xbox 360, was unveiled by games unit chief Don Mattrick at an event at the software company's campus ...
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Russia to scrap worlds biggest n-subs
Russia will decommission and scrap two of the world's largest submarines by 2018, a defence industry source has said. The Severstal and the Arkhangelsk, both Project 841 (Typhoon-class) ballistic-missile submarines, are based at Severodvinsk on the White Sea. They will be withdrawn from the Navy by this year-end and will begin to be dismantled. "This process is to be completed before 2018-2020 ...
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British Open squash World no.1 Nicol too hot for Joshana
World No.1 and defending champion Nicol David outclassed India's Joshana Chinappa in the first round of the Allam British Open Squash Championships here Tuesday. The Malaysian squash great took 30 minutes to get past her 26th ranked opponent 11-4, 11-5, 11-4 at the KC Stadium. Joshana had qualified for the main draw. Dipika Pallikal, India's highest ranked player at 15, plays her first round ...
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Indian IT honcho Phaneesh Murthy sacked for undisclosed relationship
Indian tech honcho Phaneesh Murthy was Tuesday sacked as chief executive of US-based software services company iGate Corporation "for not disclosing a relationship with a subordinate", over a decade after he was forced to quit Indian IT bellwether Infosys on similar charges of sexual misconduct. "The decision to terminate the employment of president and chief executive Phaneesh Murthy was made ...
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2018 World Cup infrastructure inadequate
Russia is struggling to beef up its hospitality infrastructure ahead of the 2018 World Cup, with seven of the 11 host cities lagging behind in the number of hotel rooms on offer. Only Moscow, Sochi, St. Petersburg and Kazan meet the FIFA requirement of 60,000 hotel rooms for host cities, World Cup deputy CEO Alexander Djordjadze said Tuesday at the Football Build Expo here. "It's no secret ...
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Anderson most skillful fast bowler in the world England bowling coach David Saker
England's bowling coach David Saker has described Jimmy Anderson as the most skillful bowler in the world, following the latter's astounding display during the Lord's Test against New Zealand. The ICC ratings place Steyn at number one, while Anderson languishes at sixth place, more than a hundred ranking points behind. But Saker admits that despite Steyn being an outstanding bowler, Jimmy has ...
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iGate CEO Phaneesh Murthy denies charges of sexual harassment
Sacked iGate CEO and president Phaneesh Murthy has denied the charges of sexual harassment against him and claimed that it was a case of extortion. In an audio conference, and said that the all the charges against him were "completely false". "This is without doubt a case of extortion. The same lawyer who had represented the woman in 2002 is representing the woman this time as well. You can ...
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Chinese Premier Li Keqiang calls for a handshake across Himalayas
Chinese Premier Li Keqiang offered New Delhi a "handshake across the Himalayas" and said the world's two most populous nations could become a new engine for the global economy if they could avoid friction on the militarised border. "What we need is a handshake across the Himalayas, what we need is to stand at a higher level to have a birds-eye view of our relations. I am convinced that as long ...
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Sarah Palin disproves climate change as it snowed in Alaska in May
Former Alaska Governor Sarah Palin took to Facebook over the weekend to express her skepticism of global warming. Palin argued that global warming was not happening, pointing that it was snowing in Alaska in May. According to the Huffington Post, she wrote in a post on her Facebook page 'global warming my gluteus maximus'. In her Facebook argument, Palin confuses weather with climate, a ...
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Costing Institute celebrates Annual Day
The Institute of Cost Accountants of India celebrated its Annual Day in which Mr. K. Rahman Khan, Minister of Minority Affairs was the Chief Guest and Mr. M.J.Joseph, Additional Secretary,Ministry of Corporate Affairs was the Guest of Honor. Cost Accountants from across the country, other distinguished guest and luminaries attended the event which was held at Hotel Oberoi. In the inaugural ...
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2018 FIFA World Cup stadium may be delayed until 2017
The completion date for Zenit St. Petersburg's $1.1 billion stadium has been put back again and it may not open until 2017, a decade after construction work began, the head of the government agency auditing the project said. The stadium is to host a 2018 World Cup semifinal, but the new date means there could be a rush to prepare it for scheduled Confederations Cup games in 2017. "The ...
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Andhra markets GAME city at Cannes
Riding on its extensive cinema industry, which produces one of the largest number of films in India, the government of the southern Indian state of Andhra Pradesh is keen to use the latest technological innovations in the industry to create skill development and employment opportunities for its youth. "We are planning to set up a GAME city which will serve as the hub for Gaming, Animation, ...
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Russia announces cash prizes for World University medallists
Russia's federal government will pay out roughly $5,400 to Russian gold medallists at this summer's University Games in the Russian city of Kazan, according to a decree signed Tuesday by Prime Minister Dmitry Medvedev. Silver medallists, meanwhile, will receive a bonus of just over $2,600, while bronze medallists will earn about $1,600, as Russia looks to finish first in the medal table for the ...
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Chicago man crushes Ferris Wheel ride world record
A man from Chicago rode Ferris Wheel for more than two days - 384 times, up and around - to break the existing world record. Clinton Shepherd, a park operations manager of Chicago's Navy Pier, who spent 48 hours, 8 minutes and 25 seconds riding Navy Pier's Ferris wheel over the weekend, said that he thought that Chicago - birthplace of the ride - should have the title, People magazine ...
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Discarded kidneys could be recycled to produce replacement organs
Researchers have found that human kidneys discarded for transplant can potentially serve as a natural "scaffolding material" for manufacturing replacement organs in the lab using regenerative medicine techniques. According to the researchers at Wake Forest Baptist Medical Center and colleagues, more than 2,600 donor kidneys are discarded each year in the U.S. "With about 100,000 people in the ...
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Indo- Swiss bilateral meet held at Geneva
Union Minister of Health and Family Welfare Ghulam Nabi Azad and Minister of Health Switzerland Alain Berset held a bilateral meeting on the sidelines of World Health Assembly at Geneva with the aim of giving further impetus to cooperation in the field of healthcare. Speaking on the occasion, Azad said that friendship between India and Switzerland goes as back as Independence of India, ...
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Weaker yen fuels economic optimism in Japan
The Japanese government Monday revised upward its evaluation of the economy given the weakness of the yen, which is helping to push exports and encouraging companies to increase production. In its economic report for May, the cabinet raised its evaluation of three of the 14 categories it analyzes: exports, industrial production and profits. In addition, it said that the economy "is moving ...
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Bank mergers could lead to too-big-to-fail entities Chidambaram
Union Finance Minister P. Chidambaram has favoured mergers in the banking industry so that India can have two-three global sized banks. Addressing the Annual Day function of the Competition Commission of India (CCI) here yesterday, he underscored the need for two or three world-size banks in an economy that is poised to become one among the five largest in the world. "Are our regulators well ...
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Governments failing to protect minorities says US
US Secretary of State John Kerry has expressed concern at global problems of discrimination and violence against religious groups, including Baha'is, Buddhists, Hindus, Jews, Christians, Muslims, and Sikhs besides increasing use of blasphemy and apostasy laws. "In too many places, governments are also failing to protect minorities from social discrimination and violence," he said Monday ...
Latin America Focus
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Latin American unity plagued by tensions
Division and suspicion seem the order of the day in Latin America at present, negating any optimism that the countries of the region may one day move toward a regional integration model based on that of the EU.
Latin America has seen itself become heavily divided over the issue of whether to readmit Honduras to the Organization of American States (OAS) after the 2009 coup, with all the Central American states accepting the new government while big regional players like Brazil and Mexico insist that more must be done before they’ll recognize it. Meanwhile, President Alan Garcia of Peru has told Latin America news providers that there is a quiet arms race occurring in the region. In all, it seems that regional integration along the same lines as the EU remains a long way off at present. Read more
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