Turing CEO Martin Shkreli Arrested for Securities Fraud
Martin Shkreli, now a former CEO of Turing Pharmaceuticals was arrested last week for security fraud. Shkreli was known for his notorious hedge fund activities in phamaceutical industry.
Dec 22, 2015 9:16 PM EST
Alibaba Hired Top Counterfeit Investigator
Alibaba Holding hired Matthew Bassiur to remove counterfeit product off its site and maintain Alibaba reputation as a global marketplace.
Qihoo Joins Other Chinese Company To Go Private
Qihoo 360 will delist from New York Stock Exchange after a consortium of buyers agreed to pay its American depository share.
Hillary's tough financial measures shrugged off by Wall Street
Wall Street is not worried about Hillary Clinton's proposal of stringent measures. The Democrat Presidential candidate is facing criticism over the contributions received from the Wall Street. Hillary said the donations from securities and investment segment are less than three percent of the total contributions she received.
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Panasonic to acquire US refrigeration firm Hussmann for $1.5 billion
Japanese electronics maker Panasonic announced it has agreed to buy the U.S. refrigeration firm Hussmann in a $1.54 billion deal. The deal is expected to close in April 2016.
Dec 22, 2015 10:00 AM EST
McDonald's Japan Shares Plunge After Report That US Parent Company May Sell Stake
McDonald fell the most in almost five years after a report that says the American fast food chain was looking for investors to offload its stake in the Japanese that's struggling to recover from a series of food scandals. McDonald's Corp., the U.S. parent company, is reportedly looking to gain about 100 billion yen ($825 million) and has asked potential buyers to respond by mid-January.
Dec 22, 2015 7:50 AM EST
Gillette is suing the Dolar Shave Club
Gillette filed a patent lawsuit Thursday against Dollar Shave Club Inc. The company is seeking both damages and an injunction to stop the club from selling razors that violated its copyright.
Dec 22, 2015 7:38 AM EST
Puerto Rico Electric Power gets a breather on debt payment
Puerto Rico Electric Power Authority (Prepa) has got more time to work on the restructuring of debt and interest payment. This is for the fourth time Prepa received deadline extension. Prepa is holding discussions with insurance companies to guarantee its debt payment.
Dec 21, 2015 9:10 AM EST
Toshiba in overhaul mode, may post $4 billion net loss
Toshiba is considering a restructuring plan to overhaul it loss-making businesses. The Japanese electronics major is said to have overstated profits for seven years and now forecast to report $4billion net loss. The company is struggling from the impact of an accounting scandal and may sell some units and stakes in some business.
Dec 21, 2015 9:02 AM EST
Myanmar Beer takes competition head on with new logo
Myanmar Beer Ltd (MBL) is facing stiff competition from foreign brands for its local Myanmar Beer and other four products. Encouraged with robust sales volume, Denmark and Dutch brands are enhancing their brewing capacities in Yangon. Myanmar Beer Ltd is also gearing up to meet the competition and has taken up a restructuring plan. It is focusing on innovation and new products as part of the overhaul exercise to win over new customers.
Dec 21, 2015 8:44 AM EST
Sensor Laden Intelligent Lighting System Supersedes LEDs
Intelligent lighting, an automated mechanism that allows the lights to move and create complicated color effects in a bid to thematic color changes, have driven away traditional lighting systems from the market. The intelligent, networked, sensor laden lights are going to form the central nervous system of every building and eventually approaching towards changing the existing communication modules through adoption of this technology.
Dec 21, 2015 8:04 AM EST
US warns again Alibaba over selling counterfeit goods
Chinese e-Commerce major Alibaba Group has been served another warning letter by the US Trade Representative Office for selling counterfeit goods. The US officials in a latest report said that several brand owners were complaining about Alibaba Group for selling fake goods online. The US officials warned Alibaba that if it doesn't check the problem, it would be added to list of notorious markets for fakes.
Dec 21, 2015 8:01 AM EST
Credit Suisse gets nod for Irish branch
As part of its restructuring plan, Swiss banking major Credit Suisse is setting up its branch in Ireland. It has received regulatory approval for opening its branch. The bank will move its 100 employees to Dublin from London office. It'll also slash 2,000 jobs.
Dec 21, 2015 8:00 AM EST
Oil slips below $35 on worsening supply glut
Oil price fell further and was trading below $35 a barrel on worsening the oversupply. The latest decision by US Federal Reserve to hike interest rate is also making oil expensive for weaker economies. The surging US dollar is further putting pressure on oil price.
Dec 21, 2015 7:48 AM EST
Tesla CEO Musk suggests California to push Volkswagen to electric cars
The automobile industry leaders and experts have written a letter to California regulator asking it to confine Volkswagen to making of electric vehicles only as a punishment for cheating the customers and violating the US emissions laws. Tesla CEO Elon Musk and others signed the letter. They opine that fixing the software involves lots of money and could also lead to technical problems further.
Dec 21, 2015 5:49 AM EST
Aussie billionaire James Packer quits board amid drop in gambling revenues in Macau
James Packer, an Australian billionaire, has left the board of Crown Resorts Ltd as Chairman. Crown Resorts is suffering from a drop in gambling revenues in Macau. Packer will continue as co-Chairman of Crown Resorts. Packer has decided to focus on development projects in the US and Australia.
Dec 21, 2015 3:51 AM EST
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