Latest Breaking Business News
RSS-
Mall of America nets up to $250 million in tax breaks
Bloomington behemoth to double its size with more stores, movie theaters, hotels, and maybe a water park. To help ensure the project moves forward, up to $250 million in tax breaks were approved this week by the Minnesota Legislature. In recent years, the megamall’s pleas for public subsidies have failed. This year, lawmakers supported a controversial new funding mechanism that draws ...
-
$150M loan unraveled for Petters associates banker testifies
Barclays Bank was on the verge of giving James Fry and business partner Frank Vennes a $150 million line of credit to invest with Tom Petters when the bank learned of Vennes’ criminal background and brought the transaction to a screeching halt, a Barclays official testified at Fry’s trial Tuesday. "I was taken aback," testified Barclays Capital director Andrew Shuster as ...
-
Best Buy reports first-quarter loss on restructuring costs
Best Buy Co. Inc. on Tuesday reported a loss for its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores. Its adjusted earnings beat Wall Street expectations, as cost cuts helped offset tough pricing competition during the quarter. But shares fell over 4 percent Tuesday. The company has been working on ...
More Breaking Business News
RSS-
Raj lawyer wants tapes tossed
Rajat Gupta’s conviction on insider trading charges was the absolute correct verdict given the evidence presented at trial - but some of that evidence should be tossed, his lawyer said today. "It may in fact be true" that Gupta’s conviction for passing illegal tips to hedge fund manager Raj Rajaratnam was a "virtual certainty," his lawyer Seth Waxman argued before ...
-
Microsoft Reveals The Xbox One
Microsoft promises the Xbox One will be more than just a game console, but a "living room" with a TV tuner and cable box. Users will be able to switch between watching TV and gaming instantly through the Kinect ...
-
Gold Rally Was a Misunderstanding
market over the last several years has been based on a misunderstanding of the global economy's problems and a misunderstanding of what quantitative easing is. Investors are just starting to realize that their framework for analysis can't account for what's happening in the world right now. They are gradually learning that the economics they learned from textbooks needs updating. ...
-
Hersheys Bites Into China Without Chocolate
Steven Schiller, Senior VP, Global Sweets & Refreshment introduces Hershey's new brand of milk candy in the mainland, called the Lancester in English, or Yo-Man in ...
-
Labour leaders in Bangladesh urge Wal-Mart Gap to sign factory accord
The local arm of IndustriALL, a global union federation, yesterday appealed to Wal-Mart and Gap to join a legally binding accord immediately to ensure safety in Bangladesh's garment factories.A total of 37 international clothing retailers have already signed the agreement designed by IndustriALL to contribute financially towards minimising occupational risks in Bangladesh's garment ...
-
Australia Forecaster Sees Resource Investment Dip
The value of investment in Australia's resources industry may collapse by more than two-thirds over the next five years as major projects are completed and companies scale back expansion plans, according to the government's commodity forecaster.While spending on major mining and energy projects remains at record highs--with 268 billion Australian dollars (US$263 billion) currently ...
-
Minn. agency approves 4th Magnetation plant
DULUTH, Minn. - The Minnesota Pollution Control Agency's citizens board has approved a company's plans to build its fourth iron ore recovery plant on the Iron Range. Tuesday's vote was unanimous. Grand Rapids-based Magnetation plans to build the plant near Coleraine in Itasca County. Magnetation hopes to have the plant up and running by early 2015, eventually producing up to 2 ...
-
19 retailers line up against Visa-MasterCard accord
Wal-Mart Stores Inc. and Starbucks Corp. are among 19 retailers opting out of a $7.25 billion antitrust settlement with Visa Inc. and MasterCard Inc. over fees charged to merchants to process credit-card transactions. The proposed settlement would maintain and strengthens an anticompetitive system that allows Visa and MasterCard to fix so-called swipe fees for banks, the companies said ...
-
Sony shares rise on report company may discuss spinoff
Shares of Sony Corp. rose 9.3 percent in the United States on Tuesday after Japan's Nikkei newspaper reported the company's board may discuss spinning off its entertainment division. American depositary receipts in Tokyo-based Sony advanced to close at $22.91 in New York, their biggest gain since May 14, when investor Daniel Loeb's Third Point proposed selling as much as 20 ...
-
Schafer Maturing medical device industry must change
For Norm Dann, it’s pretty simple. "If the medical device industry is going to survive," he said, "the business model has got to change." It’s now a mature, slow-growth industry, he said. It has to make simpler and less costly products. And companies have to significantly shrink their hugely expensive sales and marketing organizations. These are not the ...
-
Australia shares inch higher on Wall St banks weak
Tue May 21, 2013 9:43pm EDT (Adds details, comments, stocks on the move) SYDNEY May 22 (Reuters) - Australian shares inched 0.1 percent higher on Wednesday, led by blue-chip miners after comments from two voting U.S. Federal Reserve presidents eased fears the Fed was contemplating an imminent cut in its stimulus programme, helping Wall Street close at all-time highs. Bellwether miners BHP ...
-
Microsofts New Xbox One Can Measure Heart Rate
made no official healthcare announcement today. At least none that I'm aware of. They did, however, announce their latest home entertainment console - the new Xbox One (pictured above) - and that does make for some really interesting speculation on the intersection of home entertainment and home health. That intersection hasn't arrived - but it's definitely coming and it's ...
-
Oracle of Omaha May Be Irreplaceable
Confidence on Upswing, Mergers Make Comeback If this deal was better for Berkshire than 3G, you may ask why 3G would agree to it. I suspect that it is really paying to be associated with the Oracle of Omaha and his magic. Mr. Buffett has a unique ability to not only score a low acquisition price, but he can scare off competitors and attract other investors. Boards of target companies also appear ...
-
Corn Prices Fall as Crop Gets Planted
Corn futures Tuesday skidded to multi-week lows on reports that U.S. farmers are catching up with crop plantings at a record-setting pace.The U.S. Department of Agriculture Monday reported that 71 percent of the corn crop was in the ground, versus 28 percent last week. In the last five years, an average 79 percent has been planted by this time of year.The increase of 43 percentage points amounts ...
-
Ex-strategist can sue UBS as whistleblower U.S. judge
NEW YORK (Reuters) - UBS AG lost a bid Tuesday to dismiss a whistle-blower lawsuit by a former commercial mortgage-backed securities strategist who said he was fired for refusing to publish misleading research ...
-
Japan exports disappoint full benefits of weak yen yet to show
TOKYO (Reuters) - Japan's exports rose less than expected in April from a year earlier due to weak demand from Europe and China, highlighting the challenges confronting the world's third-biggest economy as policymakers try to engineer a sustained ...
-
Sony shares hit two-year high on report of spin-off proposal
6758.T ) rose 6.3 percent to 2,300 yen, a two-year high, on Wednesday after the Nikkei newspaper reported Sony is considering evaluating a proposal from top shareholder Third Point LLC to spin off its movie and music ...
-
Xbox One Microsoft reveals new console that changes everything
Xbox console on Tuesday that not only integrates TV, internet and gaming, but also will measure your heartbeat and recognise your voice.The company said the Xbox One will revolutionise its users' lifestyles by integrating the cloud, voice control and gesture technology into a simple, intuitive machine."It changes everything," Marc Whitten, an Xbox executive, told a packed hall of ...
-
Bank Of Spain Finds Banks Hide Real NPL Ratio on Retail Mortgages -Report
Bank of Spain inspectors have detected that the banking sector is hiding part of their clients' real nonperforming loans by refinancing them once and again, reports El Mundo in its Wednesday Internet edition.Citing a confidential document dated April 15, the newspapers adds inspectors have concluded that major Spanish banks have been agreeing to refinance once or even twice clients' ...
-
IMF to Urge U.K. to Sell Stakes in RBS Lloyds -Report
Disposing of the public holdings in Royal Bank of Scotland Group PLC (RBS, RBS.LN) and Lloyds Banking Group PLC (LYG, LLOY.LN) should be a priority for the U.K. government, the International Monetary Fund is expected to say Wednesday, according to The Times newspaper in London.The recommendation will provide George Osborne, the chancellor of the exchequer, with a much-needed ally as he prepares ...
-
Chevron Nears Sale of Egypt Pakistan Downstream Assets Sources- Reuters
Chevron Corp. (CVX) is in advanced talks to sell most of its downstream assets in Egypt and Pakistan in a sale that could be valued at around $300 million, the Reuters news agency said Tuesday on its website, citing three unnamed banking sources.The company is conducting separate sale processes for its assets in both countries, the sources said in the report."Chevron is currently conducting ...
-
GLOBAL MARKETS-Asian stocks cheered by Fed reassurance yen awaits BOJ
Tue May 21, 2013 8:58pm EDT * Asian stocks open up, buoyed by record highs on Wall St * Fed officials play down speculation of ending stimulus anytime soon * BOJ policy decision closely watched amid bond market volatility By Ian Chua SYDNEY, May 22 (Reuters) - Asian stocks rose on Wednesday following a positive lead from Wall Street with Japan's Nikkei reaching a 5-1/2 year high, while the ...
Miami Focus
-
Miami's zoo gets new name and upgrade
Zoo Miami is the name of our city’s zoo for marketing purposes, this important public resource is officially 30 years old, but has a history that starts long before 1980. Miami News.net has chosen the zoo as its feature on Miami in this milestone year for the facility.
Zoo Miami is the new name of one of the most famous, most visited and most award-winning zoo’s in the United States. Consistently rated among the top ten zoos in the country, many Miami residents may not realize what an immense resource this facility is to the city. In 2010 the zoo turned 30, but its roots can be traced back much further, in this landmark year for Miami-Dade Zoological Park and Gardens (the official new name of the centre) Miami News.net pays homage to the only sub-tropical zoo in North America. Read more
News from around our Network
