Business and Finance

G7 Nations Meet Ahead of G20 Meeting to Discuss Agenda

Apr 15th, 2011 | By
G7 Nations Meet Ahead of G20 Meeting to Discuss Agenda

Spokesmen for the G7 nations, representing North America, the Western European powers, and Japan, meet behind closed doors Thursday to plan for this weekend’s G20 meeting, which will include other world economic leaders, most notably China. The agenda is expected to include high oil prices, government debts, Japan’s crisis, and how to secure Chinese cooperation
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IMF Says US Urgently Needs Credible Measures to Reduce Debt

Apr 14th, 2011 | By
IMF Says US Urgently Needs Credible Measures to Reduce Debt

The United States urgently needs a credible strategy to reduce public debt, the International Monetary Fund announced Tuesday ahead of its spring meeting in Washington this weekend, to be held in follow-up to meetings of G20 and the World Bank. The statement preceded President Obama’s debt reduction plan speech Wednesday and the House’s passage of
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World Bank Warns High Food and Fuel Prices Threaten Poor

Apr 14th, 2011 | By
World Bank Warns High Food and Fuel Prices Threaten Poor

As the global economy begins to recover from recession, World Bank Group President Robert B. Zoellick warned that the next crisis looming over the horizon is high food prices, aggravated by high fuel prices. Addressing G7 and G20 representatives Thursday in anticipation of the spring meetings of the World Bank this weekend, Zoellick called for
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Japanese Gains and Chinese Slowdown Offset Asian Stock Slump

Apr 14th, 2011 | By
Japanese Gains and Chinese Slowdown Offset Asian Stock Slump

Asian stocks fell Thursday following news that Chinese banks may have to raise about 860 billion yuan ($131 billion) of stock over six years to meet stricter capital rules. But the Asian stock market quickly rebounded, with reports of Chinese inflationary tendencies slowing down, and Japan’s Isuzu Motors and Toshiba Corporation posting big gains. China
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Ho Family Sells Macau Casino Stake to MGM Resorts

Apr 13th, 2011 | By
Ho Family Sells Macau Casino Stake to MGM Resorts

Las Vegas billionaire Kirk Kerkorian’s MGM Resorts International announced Wednesday that it will buy a controlling interest in MGM China from Ms. Pansy Ho, daughter of Hong Kong billionaire Stanley Ho. The transaction will give MGM Resorts International control of a resort that earns four times more revenue than its Las Vegas operation. Following resolution
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Cisco Closing Its Flip Cam Business

Apr 12th, 2011 | By
Cisco Closing Its Flip Cam Business

Cisco announced Tuesday that it is closing down its Flip Video Camcorder business. The move is part of a restructuring plan to shift the company away from certain segments of the consumer market and focus on other company priorities. Cisco says it will support current FlipShare customers and partners with a transition plan. Cisco acquired
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Alcoa Shows First Quarter Profits but Sales Miss Estimates

Apr 11th, 2011 | By
Alcoa Shows First Quarter Profits but Sales Miss Estimates

Aluminum producer Alcoa, which is traditionally the first company in the Dow Jones Industrial Average to issue its quarterly report, posted its first-quarter earnings Monday. Net income exceeded analyst expectations, but sales fell short. The news sent Alcoa stock down 63 cents, or 3.5 percent, to $17.14 at the close of regular New York Stock
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Second Japanese Quake Shocks Stocks, but Yen Rises

Apr 7th, 2011 | By
Second Japanese Quake Shocks Stocks, but Yen Rises

A 7.1 aftershock rattled Japan Thursday in the wake of last month’s record quake, sending more tremors through the stock market. Japanese stock futures and Sony stock fell. Meanwhile the yen rose in response to Japanese central bank credit actions. The new quake struck 215 miles northeast of Tokyo, at about 11:32 pm local time.
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Gold and Silver Rise as Hedge Against Inflation Expectations

Apr 6th, 2011 | By
Gold and Silver Rise as Hedge Against Inflation Expectations

Concerns about inflation sent gold prices to a record high for the second day in a row Wednesday. Meanwhile silver rose to a 31-year peak. Some investors buy gold, silver, and other precious metals as a hedge against inflation. Demand for precious metals rose following Tuesday’s release of minutes from the Federal Reserve’s March 15
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Pfizer to Sell Capsugel to KKR for $2.375 Billion

Apr 5th, 2011 | By
Pfizer to Sell Capsugel to KKR for $2.375 Billion

Pharmaceutical company Pfizer will sell its capsule manufacturing business Capsugel to an affiliate of private equity firm Kohlberg Kravis Roberts & Company (KKR) for $2.375 billion in cash, it was announced Monday. “Capsugel has an excellent portfolio and outstanding reputation for providing high-quality, innovative drug-delivery solutions,” KKR executives Henry R. Kravis and George R. Roberts
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