Monday, March 31, 2014

The Chamber of Commerce Comes to Silicon Valley

The U.S. Chamber of Commerce, among the most powerful business lobbying organizations in Washington, is planning a second outpost in Silicon Valley in an effort to broaden its membership and clout.



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OCBC Offers $5 Billion for Wing Hang Bank

Singapore's Oversea-Chinese Banking Corp. has agreed to buy Wing Hang Bank, a family-owned bank in Hong Kong for close to US$5 billion.



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Judge Upholds Validity of Eli Lilly Patent

A federal judge upheld the validity of a key U.S. patent for Eli Lilly's blockbuster lung-cancer drug Alimta, a legal victory that could relieve sales pressure for the drug maker.



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MetLife Fined $50 Million by N.Y.

MetLife has agreed to pay $50 million to settle an investigation that its international life-insurance operations allegedly conducted business in the state with multinational companies without proper licensing.



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Asiana Cites Pilot Error in Crash

Asiana Airlines made its first formal statement acknowledging pilot error as a possible cause of the deadly crash of one of its aircraft in San Francisco last year.



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More Companies Bow to Investors With a Cause

Shareholders are driving changes in corporate policies and disclosure practices unthinkable a decade ago, on matters ranging from protecting rain forests to human rights, bringing management to the negotiating table.



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Chevron Pursues Claims Against Patton Boggs

Having battered one legal opponent in its fight to undermine a $9.5 billion environmental verdict in Ecuador, Chevron is now going after another: law firm Patton Boggs.



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Exxon: Climate Regulations Don't Threaten the Value of its Reserves

Exxon Mobil Corp. says future regulations to protect the climate don't threaten the value of its oil and gas reserves, arguing economies will need the fuels too much to embrace drastic cuts in greenhouse-gas emissions.



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Peltz Won't Stand for Re-Election to Ingersoll-Rand Board

Activist investor Nelson Peltz said he won't stand for re-election to Ingersoll-Rand's board, citing other board commitments including his recent appointment to the Mondelez International board.



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Alibaba to Pay $692 Million for Stake in Intime Retail

E-commerce giant Alibaba said it agreed to pay $692 million for roughly 25% of Chinese department-store operator Intime Retail in a bid to link more closely with bricks-and-mortar retail.



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Huawei Forecasts Revenue Surge

Telecommunications-equipment supplier Huawei expects its revenue to rise to 435.7 billion yuan ($70 billion) in 2018 from 239.03 billion yuan last year.



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Facebook CEO's Total Pay Fell 67%

Total pay for Facebook's Mark Zuckerberg tumbled 67% to $653,165 in 2013, as he declined to participate in the bonus plan and took a base salary of $1.



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FDA Panel Recommends Two New Antibiotics

An FDA advisory committee unanimously recommended the agency approve two new antibiotics, while speakers debated the agency's approach to encouraging new drugs for drug-resistant infections.



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Soda-Sales Decline Accelerated in 2013

A nearly decade-long decline in U.S. carbonated soft drink sales accelerated last year as more Americans turned their backs on artificially sweetened diet sodas.



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The $2.4 Billion Tax Question for Caterpillar

Caterpillar has deferred or avoided paying $2.4 billion of U.S. taxes under a corporate restructuring that shifted most of the profits from overseas replacement-part sales to a Swiss subsidiary, according to a Senate subcommittee report.



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Energy Future Holdings Seeks Time for Restructuring

Energy Future Holdings plans to seek more time to negotiate a restructuring deal with creditors before filing one of America's largest bankruptcies, said people familiar with the matter.



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Yahoo in Talks to Buy Online-Video Service

Yahoo is in talks to acquire online-video service News Distribution Network, a deal that would help Chief Executive Marissa Mayer compete with Google's YouTube for viewers and ad dollars.



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Turkey Intercepts Name-Server Traffic

Turkish telecom companies are intercepting traffic sent to public Internet address books run by Google and other U.S. firms, closing a major loophole Turkish people have used to circumvent a government blackout on social media.



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Macy's Promotes Merchandising Chief to President

Macy's said Chief Merchandising Officer Jeffrey Gennette has been promoted to president, reporting to the department store operator's chairman and chief executive, Terry Lundgren.



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GM CEO: Can't Explain Late Defect Announcement

General Motors CEO Mary Barra intends to tell legislators Tuesday that she still doesn't have a reason why it took nearly a decade to initiate a recall.



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Eni CEO Guilty in Pollution Case

An Italian court sentenced the chief executive of the country's biggest company by market value to a three-year prison term for an "environmental disaster" when he was CEO at utility Enel SpA.



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Magellan Midstream Building South Texas Plant

Magellan Midstream will build a $250 million plant in Corpus Christi, Texas, to create fuels that can be exported.



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Barrick to Use Scorecard for Pay

Seeking to answer critics of its corporate governance, Barrick introduced a new compensation plan that measures senior executives on a scorecard, but the gold miner also said it paid almost $10 million last year to its chairman whose 2012 pay package stoked investor concerns.



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Google Is Central to Latest Apple Case

Apple and Samsung square off this week in a new round of their long-running patent feud. This time, however, the docket might as well read Apple v. Google.



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GM Didn't Admit Defective Switches, Congress Says

Congressional investigators looking into why General Motors Co. waited almost a decade to recall vehicles with faulty ignition switches are questioning the company's explanation for expanding the recall to include model years 2008-2011.



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FCC Cracks Down on Ad Sales Pacts

FCC voted to bar companies from controlling two or more TV stations in the same local market by using a single advertising sales staff.



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U.S. Regulators to Require Rear-Visibility Technology in Vehicles

U.S. safety regulators issued a new rule requiring auto makers to install rear-visibility technology in all new vehicles staring May 2018.



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China Takes the Plunge in Sea Power

China emerging as an important testing ground in the race to unlock one of the world's biggest untapped sources of clean energy—the ocean.



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Intel's Cloudera Investment Totals $740 Million

Intel is investing $740 million into Cloudera Inc., a Silicon Valley Big Data startup, as part of a deal announced last week.



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Arista Networks Files for IPO of Up to $200 Million

Arista Networks filed for an initial public offering for up to $200 million in stock, as the networking technology company looks to increase its capitalization and financial flexibility.



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Coldwater Creek Preparing to File for Bankruptcy

Women's retailer Coldwater Creek is preparing to file for bankruptcy-court protection within about a week as it contends with a high debt load, declining sales and broader industry struggles, people familiar with the matter said.



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N.Y. Sues FedEx Over Cigarette Shipments

The New York state Attorney General's Office on Monday said it is suing FedEx for allegedly shipping about 80 million untaxed cigarettes.



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Judge Revives $2.3 Billion Hawker Whistleblower Suit

A federal judge in New York has revived a $2.3 billion whistleblower lawsuit aimed at Hawker Beechcraft Corp., reversing a bankruptcy court decision that blocked litigation over allegedly defective parts used in planes sold to the U.S. government.



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High Court to Review Teva Appeal in Copaxone Case

The U.S. Supreme Court agreed to consider a Teva Pharmaceutical Industries appeal of a ruling that invalidated a company patent on its blockbuster multiple-sclerosis drug Copaxone.



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Telus Names Natale Next President, CEO

Telus Corp., Western Canada's biggest telecommunications company, said Joe Natale will take over the firm's helm from longtime President and Chief Executive Darren Entwistle in May.



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Fiat Chrysler Prefers Debt to Fund Production Ramp-Up

The Detroit- and Turin-based auto maker's boss Sergio Marchionne said the group would borrow if it needs extra funds to finance higher production over the next four years.



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BP Russia Names New Head

BP has appointed David Campbell to manage its dealings with Moscow just as relations cool between the West and President Vladimir Putin's government.



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Encana Sells Wyoming Field Assets to TPG

Canadian gas giant Encana Corp. said Monday it has agreed to sell its Jonah field natural-gas properties in Wyoming to an affiliate of TPG Capital for about $1.8 billion.



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Glaxo Withdraws Application for Cancer Treatment

Drug company GlaxoSmithKline PLC said it has withdrawn an application to the European Medicines Agency related to its ovarian-cancer treatment Votrient after analyzing data from a Phase III study.



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Novartis Boosted by Heart Drug Trials

Swiss company to seek approval for an experimental heart failure treatment sooner than expected, bolstering the prospects of tits cardiovascular franchise.



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China Merchants Profit Rises After Deal Spree

Chinese ports investor China Merchants reported a 10.3% rise in 2013 net profit because of higher port-handling volume and a series of overseas acquisitions last year that have started to add to earnings.



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China Petrochemical Plant Proposal Draws Protests

Protesters on Sunday clashed with police over a planned petrochemical plant in southern China, the latest in a string of demonstrations against similar projects being built in growing proximity to urban areas.



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WH Group Seeks Up To $6 Billion From IPO

WH Group, the Chinese pork producer that made headlines last year with the acquisition of Smithfield Foods., started meeting investors with plans to raise up to $6 billion in its Hong Kong initial public offering.



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B/E Aerospace Raises Guidance on Strong Bookings

B/E Aerospace raised its earnings guidance for the year as it is on pace to post record quarterly bookings and said it had reached a $145 million deal to buy an oilfield services company.



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'Candy Crush' Maker Is Hiring

King Digital Entertainment, in the spotlight following a lackluster listing last week, has posted 165 job openings, representing 25% of its existing workforce.



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Cal-Maine's Specialty Eggs Help Drive Sales Growth

Cal-Maine Foods Inc. said its fiscal third-quarter sales and profit increased in large part because of higher prices and continued growth in its specialty-egg business.



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X2 Resources Raises up to $3.75 Billion

An investment vehicle set up by former Xstrata chief executive Mick Davis and three colleagues looks to finance a new midsize metals and mining group.



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HK Retail Sales Decline

Hong Kong's retail sales by value fell 2.3% in February from a year earlier, a reversal of the prior month's gain partly distorted by the different timing of Lunar New Year



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Denmark's Dong Sells Half of Westermost Wind Project

Dong Energy sold half of its Westermost Rough wind project to the U.K.'s Green Investment Bank and Japan's Marubeni Corp. for £240 million ($399 million).



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How a Giant Kazakh Oil Project Went Awry

How four energy giants, 10 man-made islands and nearly $50 billion add up to zero barrels of current oil production.



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Sunday, March 30, 2014

Rusal Shelves Aluminum Smelter

Rusal shelved plans to build a high-tech smelter in Siberia, another example of aluminum producers cutting output as prices fall.



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China Starts Deepwater Gas Production

China's first deep water natural gas field has started producing gas, marking a milestone in China's efforts both to exploit energy reserves deep under the South China Sea and to increase use of the cleaner-burning fuel.



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German Luxury-Car Makers Look Beyond Home Market

BMW and Daimler have unveiled plans to spend billions on new car factories, everywhere, it seems, except in Germany.



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Caterpillar to Defend Its Tax Bill

Caterpillar on Tuesday will become the latest blue chip hauled before the Senate's Permanent Subcommittee on Investigations to explain strategies designed to shrink tax bills.



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FCC Tweaks Proposal Limiting TV Station Ownership

The Federal Communications Commission will vote Monday on a proposal to make it harder for one company to control two or more TV stations in the same market by using a single advertising sales staff.



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Finnish Firm To Cut Jobs, Close German Facility

Stainless steel company Outokumpu Oyj said employee groups have agreed to a deal which will enable it to close a melt shop and cut 1,000 jobs in Germany.



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A Low Bar for Some New Antibiotics

The FDA's efforts to speed approvals of drugs to fight antibiotic-resistant bacteria will be front and center Monday as the agency considers two new antibiotics with possible advantages.



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Dongfeng's Profit Rises 16%

Dongfeng's earnings rose 16% last year as new models boosted demand for vehicles from China's second-biggest auto maker.



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Alibaba to Pay $692 Million for Stake in Intime Retail

E-commerce giant Alibaba said it agreed to pay $692 million for roughly 35% of Chinese department-store operator Intime Retail in a bid to link more closely with bricks-and-mortar retail.



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Huawei Profit Rises on China Demand

Telecommunications equipment supplier Huawei Technologies Co. said its net profit rose 34% last year, helped by stronger demand in China because of local carriers' shift to faster mobile networks.



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Casino Developers Bet On the Catskills

The dream of gambling in the Catskills is set to take a big step forward Monday when a state board opens the licensing process for four upstate casinos.



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Blucora May Bid For Brookstone

Blucora is preparing to challenge Spencer Sprit Holdings with an all-cash bid for Brookstone.



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'No Sale,' Some Tell Alibaba's Tmall

Some global sellers are shunning Alibaba's Tmall, saying steep discounting and cutthroat competition on the site undercut their business.



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U.K. Investor Makes Foray Into U.S. Insurance

British entrepreneur Clive Cowdery plans to spend as much as $2 billion of investors' money in the U.S. over the next several years trying to replicate his success in scooping up life insurers in the U.K.



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Civil Trial of Wyly Brothers to Start

Jury selection is scheduled to begin in the SEC's civil trial against entrepreneur Sam Wyly and his deceased brother, Charles, in which the agency accused the Wylys of using offshore trusts to conceal stock sales.



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GM Probe Poses Test for Michigan Lawmaker

Handling the cross-currents involved in his panel's investigation of ignition defects in GM vehicles will pose a stark test of leadership for House Energy and Commerce Committee Chairman Fred Upton, a Michigan Republican.



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YouTube to Offer Advertisers Some Guarantees

Google's YouTube video website has told marketers it will offer audience guarantees to advertisers that make advance commitments.



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Feed Is Suspect in Spread of Deadly Pig Virus

Investigators are exploring whether something in pig feed could be a conduit for porcine epidemic diarrhea virus, which has spread to 27 states and killed millions of young pigs since being identified last April.



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Small Is Beautiful in Chinese Web Stocks

Heard: With Alibaba, Baidu and Tencent buying up China's online properties, it pays to own shares in the smaller players.



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Hard Questions on Software Patents

The Supreme Court is wading into a debate over when software deserves a patent, sparking interest from Microsoft and Google and flummoxing the federal judiciary.



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AMF Rejects VW's Bid for Scania Stake

Swedish pension fund AMF owns a 0.83% stake in Scania and is the first significant investor in the truck maker to turn the deal down.



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Japan's Sales-Tax Boost Tests Abenomics

The Outlook: After Japan boosts its sales-tax rate this week, many Japanese are expected to ratchet back spending, posing a challenge for Prime Minister Abe's policy aimed at breathing life into the economy.



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Google Is Central to Latest Apple Case

Apple and Samsung are squaring off this week in a new round of their long-running patent feud. This time, however, the docket might as well read Apple v. Google.



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Investors Breathe Life Into European Banks' Bad Debt

Hedge funds and private-equity investors are bidding up prices of some troubled assets in Europe, sparking a surge in sales by banks seeking to rid themselves of soured corporate loans.



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Regulators Failed to Open GM Probes

Congressional investigators looking into why GM took nearly a decade to recall vehicles with faulty ignition switches said Sunday that regulators twice declined to open formal probes into complaints about the cars.



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'Noah' Makes Rain at the Box Office

"Noah" easily rode a wave of prerelease buzz—and controversy—to the top of the box office over the weekend, grossing $44 million in the U.S. and Canada.



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Saturday, March 29, 2014

A Ford Spinoff Now Cruising Along

Visteon's CEO has simplified the company, selling less-profitable operations to focus on businesses with better growth prospects.



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Prepare to Hang Up the Phone, Forever

Telecom providers want to end the era of copper-wire landlines.



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New Delhi Orders Special Audit of Nokia India Accounts

India has ordered a special audit of Nokia Corp.'s accounts in a move that could affect to the Finnish company's plans to sell its devices and services business to Microsoft Corp.



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CBS Outdoor Shares Rise in Debut

CBS Outdoor Americas began trading Friday as a stand-alone company, and rose 5.4% from where the stock was priced Thursday.



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King Digital's Crushing IPO Saga

The initial public offering of the maker of 'Candy Crush Saga' shows that even in a hot IPO market, investors can quickly sour on a stock.



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Study Finds Medtronic Heart Valve Superior to Surgery

A minimally-invasive heart valve procedure with a device made by Medtronic was superior to open surgery in extending the lives of patients with diseased aortic valves, according to a study funded by the company.



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Dassault Group Leaves Veolia Board

Veolia Encironnement said Groupe Industriel Marcel Dassault has resigned from the company's board.



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To Fix California’s Problems, an Investor Suggests Breaking It Up

Cnooc Plans More Spending Despite Profit Slide

Cnooc is planning a big rise in capital spending this year as it shifts its focus to deep-water projects, despite posting an 11% fall in 2013 net profit.



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GM Woes Mount With New Recalls

General Motors said it is recalling 971,000 more vehicles world-wide, the latest in a string of recalls to address faulty ignition switches and just days ahead of its CEO's appearance on Capitol Hill.



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BlackBerry Scores Court Victory Over Keyboard Use

BlackBerry won a preliminary injunction preventing a company co-founded by Ryan Seacrest from selling its iPhone case.



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Medtronic Makes Surprise Turn on Blood-Pressure Device

Undeterred by a definitive clinical-trial failure, Medtronic said it will continue to develop its medical device for high blood pressure in hopes of winning U.S. regulatory approval.



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Friday, March 28, 2014

Diageo Shakes Up Executive Team

Diageo Chief Executive Ivan Menezes moved to shake up his senior management team and stamp his authority on the drinks giant, less than a year after taking the top job from longtime CEO Paul Walsh.



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Rookie CEO Takes Over Ukraine Gas Giant

Andriy Kobolev, a 35-year-old, is the newly appointed chief executive of Ukraine's state-owned gas monopoly, Naftogaz. Now, he must grapple with Russia's demands and corruption at home.



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Citi Investors Face a Wait for Cash

Investors in Citigroup will likely have to wait until at least 2015 for an increase in dividends or stock buybacks after the Federal Reserve rejected its plan to return more capital to shareholders.



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Russian Arms Ties Snarl U.S. Sanctions Efforts

Close American ties with Russia's largest arms-exporting firm are complicating efforts to punish President Vladimir Putin and his generals for the annexation of Crimea, U.S. officials said.



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Obama Calls for New Rules to Cut Methane Emissions

In his fight against climate change, President Barack Obama is directing federal agencies to clamp down on emissions of methane, a potent greenhouse gas emitted from energy, agriculture and other industries.



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Euro Zone Edges Closer to Deflation

Spanish consumer prices unexpectedly fell from a year ago and German inflation edged below 1%, suggesting the euro zone is edging closer to a paralyzing bout of extremely low inflation.



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German Minimum Wage Gains Backing

Germany's plan for a minimum wage, initially attacked as a job-killer, is winning begrudging support from business leaders.



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Bid to Raise Malpractice Cap Gets a Rider

Backers of raising the cap on California's medical-malpractice awards are trying to couple that with a popular idea that doctors should undergo routine drug and alcohol testing.



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Chemical's Maker Cited It as a Risk

The maker of a chemical that leaked into the water supply in West Virginia this year warned in a 1998 document that the substance may cause blood disorders.



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SEC Is Urged to Shorten Window for Investor Tip-Offs

Some lawmakers and others are calling on the SEC to cut the time that large investors can secretly amass shares in a company, following a Wall Street Journal investigation into leaks ahead of public filings.



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German Luxury-Car Makers Look Beyond Home Market

BMW and Daimler have unveiled plans to spend billions on new car factories, everywhere, it seems, except in Germany



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Ford CEO Got 11% Pay Raise

Ford Chief Executive Alan Mulally received an 11% raise last year as the second-largest U.S. auto maker by revenue delivered one of its best financial performances ever.



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French Regulator Seeks More Disclosure on SFR

French market regulator AMF urged Vivendi SA, Bouygues SA, Numericable Group SA and Altice SA to disclose additional details of the competing takeover bids for mobile telecom operator SFR.



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GM, Dealers Gear Up for Recall

General Motors and its dealers are gearing up to blunt the impact of a recall of 1.6 million older-model cars by offering loaner cars, extended service hours and incentives on new or used car purchases.



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Fandango, Credit Karma Settle FTC Charges Over Data Security

The FTC reached settlements with movie ticket seller Fandango and credit-monitoring service Credit Karma over mobile applications that failed to live up to promises that they would secure the personal information of customers.



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Western Firms Tread Fine Line in Iran

Temporary sanctions relief hasn't yet translated into an economic turnaround in Iran. But a steady flow of Western executives through Tehran signals that commercial détente may be on the horizon.



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Amazon Mulls Streaming Media Service

Amazon is considering rolling out advertising-supported streaming television and music-video services, a departure from its strategy of offering video to its Prime subscription customers.



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Wal-Mart Sues Visa Over 'Swipe Fees'

Wal-Mart has sued Visa for $5 billion, claiming the card network charged unreasonably high fees when the retailer's customers paid with plastic.



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GM Halts Sales Of Some Chevrolet Cruze Models

General Motors, already juggling an ignition switch recall, halted sales of some 2013 and 2014 model year Chevrolet Cruze compact cars, although the auto maker won't say why.



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Charter Calls on Time Warner Cable Holders to Say No

Charter Communications Inc. is formally urging Time Warner Cable Inc.'s shareholders to reject the $45.2 billion buyout agreement the company reached last month with Comcast Corp.



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Deadline Passes for Alternative Offers for Safeway

Safeway said its set time to shop around for other acquisition offers expired, moving Cerberus Capital Management's deal to buy the U.S. grocery chain one step closer to closing.



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'Crunch Time' for Aluminum

Falling prices and a supply surplus are leading aluminum producers to close plants and cut output at what Goldman Sachs calls "crunch time for aluminum."



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Hon Hai's Net Profit Rises 13%

Hon Hai Precision Industry, the biggest assembler of Apple products, said its net profit last year rose 13%, helped by an increase in iPad and iPhone sales.



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Citroën CEO Confident in Pact With Dongfeng

Incoming PSA Citroën Chief Executive Carlos Tavares said he's confident PSA's China joint venture with Dongfeng Motor Group Co. will achieve its goal of 1.5 million vehicle sales in 2020 from 550,000 vehicles last year.



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WH Group Gets HK Listing Approval for IPO

The former Shuanghui International Holdings is going to start gauging investor appetite for its planned US$5 billion initial public offering next week.



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Microsoft Brings Office to the iPad

Microsoft broke from its Window-first policy and said its Office suite was available for the iPad. "Microsoft is focused on delivering the cloud for everyone, on every device," CEO Satya Nadella said.



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Tribune Revenue Sinks on Publishing Weakness

Tribune said its fourth-quarter revenue shrank 11% as the media company posted weaker broadcasting and publishing results while preparing to spin off its newspaper group.



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Germany's E.ON to Shut Down Nuclear Reactor Early

The German power utility said its Grafenrheinfeld nuclear plant will close seven months earlier than planned.



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Seplat Sets IPO Price Range

Seplat Petroleum has set a price range for its coming initial public offering in London that could value the Nigerian oil company at up to $2 billion.



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Tesla to Install New Battery Shields on Model S

Tesla Motors Inc. said it would add titanium shielding and an aluminum deflector plate to the underbody of its Model S luxury electric car to prevent possible fires that could be caused by running over objects.



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BlackBerry Loss Smaller-Than-Seen

BlackBerry posted a quarterly operating loss that was much smaller than analysts had feared, but revenue missed expectations, and the company's cash positioned worsened.



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Indian Tax Official: India Has Ordered Special Audit of Nokia Accounts

India has ordered a special audit of Nokia Corp.'s accounts here in a move that could affect to the Finnish company's plans to sell its devices and services business to Microsoft Corp.



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CBS Outdoor to Start Trading Friday

CBS Outdoor Americas Inc. will start trading Friday as a stand-alone company, after pricing Thursday night at the top of its expected range.



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N.Y. Insurance Regulator to Lower Reserve Requirements

In a nod to industry complaints, New York's top financial watchdog said it would reduce by about one-third the amount of reserves companies must set aside for a basic type of life-insurance policy.



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Finish Line Posts Stronger Earnings

Finish Line Inc. said its fiscal fourth-quarter earnings rose 25% as the athletic-gear retailer posted stronger same-store sales.



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Cnooc Plans More Spending Despite Profit Slide

Cnooc is planning a big rise in capital spending this year as it shifts its focus to deep-water projects, despite posting an 11% fall in 2013 net profit.



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Ford to Upgrade Ohio Engine Plant

Ford Motor Co. says it will invest $500 million to upgrade its engine plant in Lima, Ohio, in order to produce new engines for F-150 trucks in the 2015 model year. The expansion will add 300 jobs to the plant.



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Opel to Invest in German Plant

General Motors unit Adam Opel said it will invest $337 million to build a new model in its Rüsselsheim plant and will cease exporting Opel-branded vehicles to China.



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China Grain Trader Cofco Nears Another Deal

China's largest grain trader, state-owned Cofco, and mainland private-equity firm Hopu Investment Management are close to announcing a joint venture with Noble Group's agribusiness division.



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Asia Resource Minerals Warns of Challenging Year

Asia Resource Minerals warned that weak coal prices could make 2014 its most challenging year since it listed three years ago.



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Galp Shares Suspended as Eni Sells Stake

Shares in Portuguese utility company Galp Energia were suspended from trading Friday after Italy's Eni announced it is selling a 7% stake in the company.



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Diageo Shakes Up Executive Team

Diageo's Chief Executive Ivan Menezes announced a shake-up of the drinks giant's senior management, detailing three changes to the company's executive team aimed at boosting its business in emerging markets.



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Apollo, CVC Price Brit IPO, Valuing Insurer At $1.3 Billion

The private-equity firms have priced shares in the Netherlands-based insurer at 240 pence a share ahead of its return to the London market.



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Thursday, March 27, 2014

Cargill Exits Coal Trade, Plans Sugar Venture

Cargill plans to exit its division that trades global coal as well as European power and gas. Separately, Cargill and Brazil's Copersucar agreed to combine their global sugar-trading activities, creating a new joint venture.



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A Poster Child for Old Media

Billboards have staying power in the digital era, says the head of CBS Outdoor Americas, whose shares begin trading on Friday.



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Baxter to Split Into Two Companies

Baxter said it would spin off its drug business into an independent company next year, the latest move by a major diversified health-care concern to shed product lines considered vulnerable to competition.



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Sprint to Help Rural Carriers Build Faster Networks

Sprint Corp. said it would help rural carriers get access to the phones and airwaves they need to offer high-speed wireless service, a move that could help Chairman Masayoshi Son win allies as he builds the case for a merger with T-Mobile US Inc.



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Bad News Drew Citi CEO to Rush Home

The phone rang when Michael Corbat was half a world away in South Korea. The news wasn't good.



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Yum Launches New Menu in China

U.S. restaurant chain Yum Brands launched a new menu and marketing campaign in China on Thursday, aiming to regain customer confidence after reported overuse of antibiotics by some of its chicken suppliers created a backlash.



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FDA Panel Rejects Novartis Drug for Heart Failure

A Food and Drug Administration advisory committee voted against the approval of a Novartis drug for acute heart failure, but the company said it plans to persist in developing the drug.



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Dewey Cooked Books, Ex-Worker Says

A former Dewey & LeBoeuf employee told prosecutors he helped cook the books so lenders and others would think the firm was on a solid footing.



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Data Breach Suit Against Target Also Names Security Firm

A lawsuit stemming from the security breach at Target spotlights a private Chicago firm that does most of the payment-security checks in the U.S., including the retail giant's.



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Facebook Initiative to Bring Internet to Remote Areas

Facebook CEO Mark Zuckerberg said the company is launching a Connectivity Lab, a team of scientists tasked with bringing the Internet to remote places on the planet using new techniques, including beaming it down from the sky.



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Japan's Answer to Fukushima: Coal Power

Japan is turning into a rare bright spot in the world coal market, stepping up coal-fired power generation to replace nuclear plants that went offline after the 2011 Fukushima accident.



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'Remorseful' SAC Asks Judge to Approve Settlement

A lawyer for SAC Capital Advisors LP said in a filing the hedge-fund firm is "deeply remorseful" and asked a U.S. District judge to approve SAC's pending insider-trading settlement with the government.



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Colleges Tackle Unionized Football's Implications

Private colleges across the country tried to sort out the possible fallout of a decision allowing football players at Northwestern University to unionize.



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Caterpillar Likely to Get Republican Support on Tax Issue

Caterpillar is likely to get some Republican support Tuesday when the giant maker of construction and mining equipment faces criticism of its accounting policies at a Senate subcommittee hearing.



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Firms' Profits Rise to Record High, Outpacing GDP Growth

U.S. corporate profits hit new highs last year, driven by the tight lid firms have kept on hiring and spending almost five years into the economic recovery.



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America Movil Raises Objections to Telecom Bill

Mexican phone heavyweight America Movil SAB said Thursday that a proposed new telecommunications bill before Congress threatens the development of the industry by discouraging investment and innovation.



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India Infrastructure May Get Boost from Australians

Australian infrastructure manager Hastings Funds Management has struck a partnership with India's Aditya Birla Group, seeking to extend its reach into the developing economy.



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Sons of Rupert Murdoch Promoted

Media mogul Rupert Murdoch elevated his two sons, Lachlan and James, to senior roles within 21st Century Fox Inc., signaling both are likely to play a role in the long-term future of the Murdoch family-controlled entertainment company.



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Versace Posts Banner Earnings

Gianni Versace reported a bumper set of full-year earnings, with net profit up 28% from the previous year on soaring sales in all markets.



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Sears Unveils New Fast-Fashion Line

Sears Holdings Corp. unveiled a new fast-fashion shop within its stores and website called Now + Here, providing monthly deliveries of trendy items.



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Cargill, Copersucar to Create Sugar-Trading Joint Venture

Cargill and Copersucar agreed to combine their global sugar-trading activities, creating a new joint venture that will originate and trade raw and white sugar



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GameStop Sales Underperform Despite New Consoles

GameStop's fourth-quarter sales rose thanks to new videogame consoles, though its top line didn't see as large a benefit as expected and it outlined plans to close 2% of its videogame stores.



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La Quinta Expects to Raise $678 Million in IPO

La Quinta Holdings Inc. said it expects its initial public offering to raise net proceeds of about $678 million, with private-equity firm Blackstone Group L.P. maintaining control of the hotel operator.



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Winnebago Net Rises as Deliveries Jump

Winnebago said its fiscal second-quarter earnings rose 53% as revenue and deliveries jumped. The results topped expectations in spite of severe weather that disrupted production.



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Swiss Immigration Law Could Hurt Watchmakers

Immigration reform could limit the number of skilled employees companies like Swatch and Rolex are able to recruit, industry executives say.



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Merck's Finance Chief to Depart

Merck said Chief Financial Officer Peter Kellogg will leave the pharmaceutical company in May and named Baxter executive Robert Davis as his successor.



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Lululemon Sees Holiday-Quarter Profit Improve

Lululemon Athletica said profit for its holiday period edged higher with sales of its yoga gear improving despite weaker same-store sales and margins.



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Sprint to Help Rural Carriers Build Faster Networks

Sprint Corp. said it would help rural carriers get access to the phones and airwaves they need to offer high-speed wireless service, a move that could help Chairman Masayoshi Son win allies as he builds the case for a merger with T-Mobile US Inc.



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Baxter Plans To Split Into Two

Baxter said it plans to create separate health-care companies, one focused on biopharmaceuticals and the other on medical products.



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Yahoo Japan to Buy Mobile Provider eAccess for ¥324 Billion

Search engine Yahoo Japan Corp. said it will buy mobile provider eAccess Ltd. from parent SoftBank Corp. to become a carrier in its own right.



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Energy Future, Creditors Discuss Debt Restructuring

Energy Future Holdings is in the midst of talks with creditors in a bid to reach a debt-restructuring deal before it seeks Chapter 11 bankruptcy protection.



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Signet Jewelers Posts Higher Profit, Raises Dividend

Signet Jewelers reported sales and earnings growth for its fiscal fourth quarter that topped expectations and said it would raise its quarterly dividend by 20% to 18 cents.



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SAIC Motor 2013 Net Rises 19.5%

China's largest auto maker by sales reported a higher-than-expected rise in net profit for 2013, thanks to more stringent cost controls and strong growth in China's broader car market.



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Spherix Sues Cisco Over Alleged Patent Infringements

Spherix Inc. said that it is suing Cisco Inc., alleging that $43 billion in Cisco sales infringed on Spherix patents



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Wharf Reports Big 2013 Profit Drop

Hong Kong real estate conglomerate Wharf (Holdings) Ltd. reports a 38% drop in profit in 2013, on reductions in investment property revaluation gain and the absence of a one-time accounting gain.



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Yum Launches New Menu in China

U.S. restaurant chain Yum Brands launched a new menu and marketing campaign in China on Thursday, aiming to regain customer confidence after reported overuse of antibiotics by some of its chicken suppliers created a backlash.



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ICBC Posts Weakest Profit Growth Since Listing

Industrial & Commercial Bank of China, the country's largest lender by assets, reported its weakest profit rise since its listing in 2006, hit by financial reforms that cut into its growth in interest income and narrowed its net interest margin.



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Panasonic Aims for Record Revenue in 5 Years

The Japanese tech giant plans to further expand its auto and housing businesses, moving beyond a restructuring phase marked by a shift out of loss-making consumer electronics.



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Toyota Workers in India Continue Strike

Most of Toyota Motor's Indian employees have refused to return to work this week, meaning the Japanese auto maker's troubles may drag on long enough to hurt sales here.



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Strike Grounds Lufthansa Flights

A strike by ground staff over pay and conditions has grounded hundreds of flights at Frankfurt airport.



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EasyJet Signs Seven-Year Deal With Gatwick

EasyJet and London's second biggest airport have signed an agreement setting the charges the budget carrier pays in return for commitments from the airport to improve the services it offers its main customer.



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Siemens CEO Visits Putin

Siemens CEO Joe Kaeser met Putin as German companies attempted to avoid all-out economic war amid the Ukraine crisis.



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GM CEO Says Recalled Cars Safe to Drive

General Motors Chief Executive Mary Barra took to video to rebut claims its cars are unsafe, allegations that have surfaced in the wake of the auto maker's recall of 1.6 million vehicles with faulty ignition switches.



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Toyota Shares Up On Share Buyback

Toyota Motor shares get a relatively warm reception following the announcement of a share buyback plan worth up to $3.5 billion, bucking the overall market weakness.



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Babcock to Buy Avincis for $1.5 Billion

Babcock International said it is buying helicopter group Avincis for $1.52 billion, funded through rights issue.



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U.K. Energy Firms Face Probe

The U.K.'s electricity and gas markets regulator proposed an investigation into whether effective competition in the energy market is being stifled.



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Glencore to Shut Australian Coal Mine

Glencore Xstrata will shutter one of its Australian coal mines within months, the latest in a string of closures and cutbacks in the country's once thriving coal industry as a global commodities boom cools.



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Raiffeisen Bank Sees 2013 Profits Fall

Raiffeisen Bank InternationalAG, one of Austria's three biggest banks, said it would propose a lower dividend after reporting a 20% fall in net profit for 2013.



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Wednesday, March 26, 2014

Europe is Urged to Rethink Shale

The crisis in Ukraine has intensified calls—including from senior U.S. officials—for Europe to develop its own shale industry to help wean the Continent off Russian gas.



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'Candy Crush' Maker Tumbles 16% in Debut

King Digital shares tumbled 16% in their trading debut, a relatively rare stumble for a high-profile initial public offering.



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Brookstone, Specialty Retailer, Preparing For Bankruptcy Filing

Brookstone, which sells consumer gadgets, is preparing to file for bankruptcy protection as early as Sunday, with a plan in place to be bought by another specialty retailer, people familiar with the matter said.



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Toys 'R' Us CEO Sets Revamp Plan to Return to Profitability

Toys "R" Us Inc.'s new CEO Antonio Urcelay plans to sharpen discounts and streamline the company's stores in hopes of returning to profitability after the company swung to a loss of $1 billion in the fiscal year.



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Brazil Regulator Allows Telecom Merger to Proceed

Brazil's securities regulator rejected minority shareholder complaints to pave the way for telecom operator Oi SA to proceed with plans to merge with Portugal Telecom SGPS SA.



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Cash Piles, Paranoia Fuel Tech Giants' Buying Binge

Deep pockets and paranoia are fueling a tech buying binge, as Facebook, Google, Amazon.com and Apple vie for continued dominance over a rapidly changing digital landscape.



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BofA, Ex-CEO Lewis Settle Crisis-Era Suits

The bank said it would pay $9.5 billion to settle mortgage claims with Fannie Mae, Freddie Mac and their federal regulator, while Kenneth Lewis agreed to pay $10 million as part of a settlement with New York state.



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Fed Rejects Citigroup's Dividend Plan

Citigroup Inc. failed to get Federal Reserve approval to reward investors with higher dividends and stock buybacks, a surprising blow to Chief Executive Michael Corbat's effort to bolster the bank's reputation following a 2008 government rescue.



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Activist Investors Leak Plans to Peers

For a new breed of "activist" investors, tipping other investors is part of the playbook.



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Cyberattacks Give Lift to Insurance

The holiday hacker attack on Target Corp. was a nightmare for the retailer, but it has delivered a giant gift to insurers that sell policies covering the costs of cyberintrusions.



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CEO Pay Keeps Rising but Not for All

Compensation for corporate chiefs increased 4.1% to $9.8 million in 2013, and pay packages remained closely tied to a company's performance or the fate of its stock, according to a survey of early proxy filings.



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For GE, Ukraine Roils Russia Strategy

In a matter of weeks, General Electric's Russia business has gone from holding promise to a holding pattern.



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Investors Add to Mutual Funds

Long-term mutual funds had inflows of $3.43 billion in the latest week as investors added more money to bond and hybrid funds than they pulled from U.S. equities. Separately, assets in money-market funds tumbled.



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Target, Visa Say Credit-Card Fraud Limited

Target said it has seen relatively little fraudulent activity on its cards following a data breach over the holidays.



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Local TV Signals a Concern

Small TV-station owners are worried about an FCC proposal to curtail broadcasters from sharing staff for business purposes including ad sales.



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Tycoon Likely Took Own Life, Inquest Told

Exiled Russian tycoon Boris Berezovsky, embittered and depressed by his declining fortunes, most likely died by his own hand, a British coroner heard on Wednesday



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How Box Battles Web-Storage Giants

Box Inc. operates in the hot online-storage market, but it will have to persuade investors in its IPO it can overcome an expensive, money-losing business model.



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Suit: Dutch Firm Palladyne Laundered Money for Libyan Regime

Palladyne International was a "kickback and money laundering operation" for the former Libyan dictator Moammar Gadhafi's regime, a former executive alleged in a lawsuit filed this week.



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Disposal Maker Gives China a Whirl

Emerson Electric's InSinkErator, the world's largest maker of garbage disposals, has staked its growth hopes on China, where it sees big potential even though the product is almost unknown there.



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Barington Asks Darden to Consider Looking for New CEO

Activist investor Barington Capital Group Wednesday called for Darden Restaurants Inc. to consider seeking out a new chief executive, saying it has "lost confidence" in Clarence Otis' ability to run the company.



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Facebook to Buy Virtual Reality Firm for $2 Billion

Facebook agreed to buy Oculus VR, a virtual-reality company, for a total of about $2 billion in cash and stock.



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Retooled Mini Plant Gears Up

British car factories are operating at nearly full capacity and helping to buoy communities in the country's manufacturing heartland with the help of substantial capital investments from foreign-owned auto makers.



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'Candy Crush' Maker Trades Lower in Debut

King Digital opened lower, on the heels of an IPO that valued the "Candy Crush Saga" game maker at more than $7 billion.



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Toys 'R' Us Swings to Loss, Capping 'Challenging Year'

Privately-held retailer Toys "R" Us Inc. swung to a loss in its fiscal fourth quarter, driven mainly by write-downs and lower same-store sales.



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New Doubts Raised Over Japanese Stem-Cell Research

A Japanese scientist raised new doubts about the research methods of the lead author of two disputed stem-cell papers.



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Kinder Morgan Energy to Spend $1 Billion on CO2 Project

Kinder Morgan Energy Partners plans to invest $1 billion to grow its carbon dioxide network, including drilling new wells and a new pipeline.



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China Shipping Container Swings to Net Loss

China Shipping Container Lines Co. swung to a 2013 net loss as the nation's second-largest shipping operator suffered from weak demand for trade and global overcapacity.



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Brazil Regulator Allows Telecoms Merger to Proceed

Brazil's securities regulator rejected minority shareholder complaints to pave the way for telecom operator Oi SA to proceed with plans to merge with Portugal Telecom SGPS SA.



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Bertelsmann On Track to Boost Profit

Bertelsmann SE & Co., the family-owned German media conglomerate, aims to break out of years of sluggish growth by expanding its services for U.S. universities and in growth markets.



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What Is Facebook Trying to Tell Us About Oculus?

oculus-facebook.jpg


I cannot have been the only one who was less than totally enthralled upon seeing photos, on Tuesday evening, of people wearing headsets made by Oculus VR. Facebook had just agreed to spend two billion dollars to acquire Oculus, a maker of virtual-reality hardware. The people in the pictures using the Oculus Rift headset appeared to have been blindfolded with a car battery. Weirder still, they looked like they had no desire to escape.


“When you put it on, you enter a completely immersive computer-generated environment, like a game or a movie scene or a place far away,” Facebook’s C.E.O., Mark Zuckerberg, wrote in a blog post announcing the acquisition. “The incredible thing about the technology is that you feel like you’re actually present in another place with other people.”



Oculus, which raised an early round of funding through a Kickstarter campaign, in 2012, designed the Rift for people to wear while playing video games. (The headset is available to game developers, but the consumer version isn’t out yet.) Last year, Joel Johnson wrote about his experience testing the Rift on a game called Titans of Space. The simulation takes place in a space capsule as it travels through the solar system. “By the time you find yourself cocking your head all the way back so that you can take in the coronal margins of VY Canis Majoris, a dying red giant, you’ll start to have a good understanding of how otherworldly virtual reality can be,” he wrote.


In his post, Zuckerberg said that Oculus would keep making gaming hardware. But he made his broader aspirations for the company clear:


After games, we’re going to make Oculus a platform for many other experiences. Imagine enjoying a court side seat at a game, studying in a classroom of students and teachers all over the world or consulting with a doctor face-to-face—just by putting on goggles in your home.

This is really a new communication platform. By feeling truly present, you can share unbounded spaces and experiences with the people in your life. Imagine sharing not just moments with your friends online, but entire experiences and adventures.



There’s something unusual about this part of Zuckerberg’s message, beyond the content itself. Typically, when a company makes a surprising acquisition like this, analysts jump in to explain the strategic shift that the purchase represents. But the acquirer, not eager to tip off rivals about its plans, usually offers little detail. In January, when Google announced that it would acquire Nest, a company best known for making high-tech thermostats and smoke alarms, plenty of observers wrote about Google’s interest in building hardware itself instead of simply becoming partners with hardware companies, as it once had. But in the press release announcing the deal, Google C.E.O. Larry Page said, simply, “We are excited to bring great experiences to more homes in more countries and fulfill their dreams!”


Zuckerberg was much more explicit his company’s plans for Oculus: it wants to bring virtual reality to the experience of using Facebook. In being specific about how a Facebook-owned Oculus might look, Zuckerberg might simply have been trying to come across as transparent and communicative, in keeping with Facebook’s broader mission. But Facebook is a huge, publicly traded company; despite the informal tone of the blog post, it was surely vetted carefully. All that information about Facebook’s plans for Oculus must have been meant for someone. Whom, then?


Employees, to start, both current and prospective: Facebook competes aggressively to hire the most talented engineers in Silicon Valley—people who are looking for interesting, new challenges and are also being courted by cutting-edge start-ups and established rivals, like the people in Mountain View behind Google Glass.


Investors, too: to avoid spooking people who own shares of Facebook, Zuckerberg needed to explain the value of acquiring a company that, on the face of it, doesn’t have much to do with the business of connecting the world.


There’s another audience, as well: you. Oculus has clearly excited the earliest of tech adopters. But Facebook has more than a billion users, and most of them—most of you, as Zuckerberg might put it—are presumably new to Oculus. The headset obscures a wearer’s immediate surroundings as much as it offers a vivid vision of another setting. That setting might include advertisements or other commercial elements. If you’re anything like me, you might feel disoriented by this and maybe a little apprehensive. You might be thinking: Could this be a step toward disconnection from my actual surroundings and the people in it?


Zuckerberg writes about how “you” might use Oculus: to attend a sporting event, learn alongside classmates, or visit with your doctor. (He uses the word “you” seven times in his blog post.) These examples—carefully chosen, no doubt—make the case that virtual-reality hardware can make you feel more “present” in your relationships, rather than alienating you from them. There’s little doubt that Zuckerberg believes that this is true. The question is whether you will eventually agree. Not long ago, you—and I—bought into another technology that promised to enhance human connection but seemed, at the same time, like a weird simulacrum of real life. It was called Facebook.


Photograph by Matthew Lloyd/Bloomberg via Getty Images.







Vauhini Vara





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Glaxo Withdraws Application for Melanoma Treatment

GlaxoSmithKline has withdrawn an application in Europe relating to a combination treatment for melanoma, after the European Medicines Agency said more information was needed.



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China Eastern Airlines 2013 Net Profit Down 25%

China Eastern Airlines's 2013 net profit fell 25% to 2.38 billion yuan as intensifying competition weighed on the Chinese carrier's profitability.



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New York Times to Introduce New Digital Subscriptions

New York Times Co. unveiled Wednesday two new tiers for digital subscriptions, offering both new low-price and premium models to be introduced next week.



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Bellway Benefits From London Focus

Concentrating on London and the southeast helped U.K. house builder Bellway to a 13.1% increase in the average price of its homes in the first half of the financial year, said Chief Financial Officer Keith Abey.



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China Three Gorges Replaces Chairman After Investigation

China Three Gorges, the state-owned operator of the $23-billion dam bearing its name, replaced its chairman and general manager, weeks after an antigraft probe uncovered problems at the company.



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Tencent Takes Mobile-Games Stake

China's Tencent Holdings continued its investing spree, buying a 28% stake in Korean mobile-games company CJ Games for $500 million.



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'Candy Crush' Maker Prices IPO at $22.50

Video-game maker King Digital Entertainment priced its IPO at $22.50 a share, raising $500 million and valuing the company at $7 billion. The central question is whether the company can pull off another hit.



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News Corp, Fox Unveil Executive Moves

News Corp and 21st Century Fox Inc. separately said Wednesday that Lachlan Murdoch has been named nonexecutive co-chairman of the two companies.



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Fortescue Expects to Pay Down More Debt by End of 2015

Australian iron-ore mining company Fortescue Metals Group Ltd. expects to pay down an additional US$3 billion of debt by the end of 2015.



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Tata Communications, Vodacom Close to Deal for Neotel

India's Tata Communications is close to a $460 million deal to sell its South African telecommunications company, Neotel, to an arm of Vodafone, said an executive at Tata.



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A-B InBev to Close Russian Brewery

Beer giant Anheuser-Busch InBev said it is closing another brewery in Russia because of steep declines in consumption driven by tougher regulation and higher taxes.



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Chocks Away For British Airways, Finnair, Japan Air Joint Venture

The three airlines said their joint venture to share capacity on routes between Europe and Japan is due to start next Tuesday.



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SSE Eyes Asset Sales, Debt Reduction

U.K. electricity company SSE said it plans to sell assets and reduce debt in an effort to raise about $1.65 billion, and added that it will freeze household energy prices until at least January 2016.



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Norway's Telenor in Deal to Sell Conax Unit

Norwegian telecommunications company Telenor ASA said it has agreed to sell its television security unit Conax AS to Switzerland-based Kudelski SA for 1.51 billion Norwegian kroner ($250.2 million).



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Hotel Chain Railroads Its Storied Name

Orient-Express Hotels, owner and operator of 35 luxury properties, this month changed its name to Belmond. The also said on Friday that it completed a $657 million debt refinancing.



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Some Landlords See a 'Growth' Industry

Companies are capitalizing on the difficulties legal marijuana entrepreneurs face when trying to find space by specializing in the buying and leasing of properties where the drug can be produced.



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Pemex Says Request Leaves Room for Private Players

The chief executive of Mexico's state-owned energy monopoly said his company's request to retain exclusive rights to prospective oil resources still leaves huge swaths available to private players.



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Tuesday, March 25, 2014

Hermès' Message to LVMH: Cash Out

New chief of Hermès says his family is in a fight for the company's independence, and hints that LVMH would be wise to just take its stock profits and go.



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Shell Gas to Focus on Big Projects

Royal Dutch Shell's global gas division will focus on large ventures where it has more control as it continues trimming holdings and unprofitable investments as part of a cost-cutting program, a senior executive said.



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BlackRock's Fink Sounds the Alert

The head of the world's largest money manager has privately warned big companies that dividends and buybacks that activists favor may create quick returns at the expense of long-term investment.



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Carlyle Hires Away Dimon Protégé From J.P. Morgan

One of J.P. Morgan Chase's top executives quit suddenly to take a top job in private equity, a departure that raises new questions about who will eventually succeed Chief Executive James Dimon.



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Deutsche Bank Executive Who Committed Suicide Anxious Amid Probes

A former Deutsche Bank executive, who committed suicide in January, was involved in investigations into the bank and told friends that he felt abandoned by former colleagues, according to people familiar with the matter.



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Did Regulator Drop Ball in GM Recall?

National Highway Traffic Safety Administration came close in 2007 to discovering ignition flaws in certain GM cars could disable air bags, but missed telltale signs.



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Activist Loeb Sues Sotheby's

Activist investor Dan Loeb sued auction house Sotheby's to remove its so-called poison pill, setting up a crucial first test for a new generation of corporate defenses aimed at thwarting activist hedge funds.



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SEC Set to Alter Stance on Money Funds

U.S. securities regulators are preparing to exempt a majority of money-market mutual funds from a central plank of rules intended to curb risks in the $2.6 trillion market.



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Fewer Americans Go to the Movies

America's moviegoing audience shrank yet again in 2013, and theater owners are considering a radical idea to turn the tide: cutting ticket prices. Well, at least one day a week.



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Target Re-examining Data Breach

The retailer is re-examining why its security team missed signs that hackers were inside its system and has plugged some critical security gaps that helped enable one of the largest credit-card thefts in corporate history.



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Amazon Cuts Back on Streaming Scripps, Discovery Shows

Amazon.com has dropped programming supplied by Food Network-parent Scripps Networks Interactive Inc. and Discovery Channel-owner Discovery Communications Inc. from its Prime service.



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GOP Hails Uber Taxi Service, Says Rules Stifle It

Uber, the app-based alternative to traditional taxi services, is becoming an icon among Republicans, who call it an example of innovation stifled by big government.



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IRS Says Bitcoin Is Property, Not Currency

The Internal Revenue Service said that it will treat bitcoin and other virtual currencies like property, and not currency, giving a potential boost to investors but imposing extensive record-keeping rules-and significant taxes-on its use.



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N.Y. Fed: Large Banks Have Significant Funding Advantage

Large banks had a significant funding advantage over smaller peers and the biggest companies outside the banking sector because of an implicit government backing, according to the Federal Reserve Bank of New York.



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Sonic Says Recession Propelled Changes

Sonic, the fast-food drive-in chain, says it is reaping rewards from changes made in the wake of the recession. The company's shares rose 11% Tuesday after it reported better-than-expected profit.



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U.S. Steelmakers Push for Duties on Korean Rivals

Struggling U.S. steelmakers want Washington to punish their South Korean competitors for shipping lucrative steel products to the U.S. oil and gas industry at prices the U.S. suppliers say are unfair.



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Barclays, China Development Bank Ink New Pact

China Development Bank Corp., the influential government-owned policy bank that lends billions of dollars across the world, is beefing up its financial clout.



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BlackBerry in Legal Fight With Former Executive

BlackBerry Ltd. argued that a former executive violated his employment terms when he resigned less than six months after getting a promotion to join Apple Inc.



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Houston Ship Channel Partially Reopens After Oil Spill

The Coast Guard reopened the Houston Ship Channel to oil tankers and other ships Tuesday, three days after a major oil spill shut the waterway linking refineries with the Gulf of Mexico.



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Hyundai Motor Plans New Plant In China

Hyundai said Wednesday it plans to build a new production plant in Chongqing, China, to expand its share of the world's largest automobile market.



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Apple Engineer Recalls iPhone's Birth

Steve Jobs gave senior software engineer Greg Christie an ultimatum: Lay out a vision for what would become the iPhone in two weeks or another group would take on the project.



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Huawei's Role in Internet Traffic Grows

Huawei sells an increasing share of Internet gear despite being shunned in the U.S.



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Nvidia Reveals Next-Generation GPU, Pascal

Nvidia's newest GPU, a chip dubbed Pascal, will incorporate two new technologies to ease communications bottlenecks that have hobbled performance increases.



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Has King Found an Heir to 'Candy Crush'?

With the IPO of videogame maker King Digital Entertainment set to price late Tuesday, the central question facing investors is whether the company can pull off another hit like "Candy Crush."



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Auto Supplier Investigators Seek Information From Tenneco

U.S. and European authorities requested information from Tenneco Inc. in connection with a global price-fixing investigation into auto-parts suppliers, the company said Tuesday.



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Justices Refuse to Revive Delaware Arbitration Program

The U.S. Supreme Court refused to rescue a Delaware arbitration program in which sitting judges would handle corporate disputes confidentially.



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A-B InBev to Close Russian Brewery

Beer giant Anheuser-Busch InBev said it is closing another brewery in Russia because of steep declines in consumption driven by tougher regulation and higher taxes.



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London Tech Firms Go West

Tech firms in central London leased 91% more central London office space last year than in 2012, according to a new report, which showed the tech boom is extending beyond its East London heartland



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HTC Pins Turnaround on New Phone

HTC unveiled an updated version of its flagship smartphone, with an unusual double rear-facing camera and motion sensors, in a high-stakes bid to regain ground in the smartphone market.



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Better Ticket Prices Drive Carnival's Results

Carnival swung to a fiscal first-quarter loss on fuel derivatives impacts but said its adjusted results beat expectations thanks to better-than-expected ticket prices.



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Walgreen Posts Weaker Profit, to Close Stores

Walgreen said its fiscal second-quarter earnings eased as the drug-store operator was hit by weaker margins tied to a slowdown in generic drug introductions and a milder flu season.



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EBay Reiterates Opposition to Icahn Proposals

EBay reiterated its opposition to Carl Icahn's effort to break up the e-commerce company, saying its board unanimously recommends shareholder vote against his board nominees and break-up proposal.



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Omnicare Names Operations Chief Sahney as Incoming CEO

Omnicare Inc. named Chief Operating Officer Nitin Sahney as its next chief executive, with CEO John Workman announcing his plans to retire by the end of the year.



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Air China Profit Down 32% on Competition, Weak Cargo Demand

Flag carrier Air China Ltd. reported a 32% decline in 2013 net profit as intensifying competition and weak demand for air cargo weighed on its profitability.



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Kodak to Pursue Sale of Business Park

Kodak said it will pursue the sale of Eastman Business Park, its sprawling industrial facility in Rochester and Greece, N.Y., as the slimmed-down company looks to focus on its core businesses.



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Pfizer Cancer Drug Xalkori Shows Positive Results as First-Line Remedy

Pfizer said its Xalkori cancer drug was superior to chemotherapy as a first-line treatment for a certain type of advanced non-squamous non-small cell lung cancer in a recent Phase III study.



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McCormick Profit Grows on Wuhan Buy

McCormick & Co.'s fiscal first-quarter earnings rose 8.6% as the spice maker's results were boosted by a recent acquisition.



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G-III Apparel Profit Improves on Margin Growth

G-III Apparel said its fiscal fourth-quarter earnings grew 62% thanks to sales strength across the business and improved margins, but the company offered a cautious forecast.



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Kohl's Chief Merchandising Officer Resigns

The resignation of Kohl's chief merchandising officer comes as the department-store operator has suffered in recent years from its shift away from national brands to focus on exclusive brands.



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American Apparel offering $30.5 million in stock

American Apparel Inc. on Tuesday said it plans to offer $30.5 million in stock in a bid to shore up its working capital and pay interest on its debt.



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Calvin Klein CEO Tom Murry to Retire

Calvin Klein Chief Executive Tom Murry will step down on July 1, when current President and Chief Commercial Officer Steve Shiffman will take over as head of the apparel brand.



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Yanzhou Coal Plans to Slash China Workforce by 18%

China's Yanzhou Coal Mining Co. plans to cut around 18% of its workforce in China over the next three years and to restructure the senior management of its Australia unit.



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Global Bribery Crackdown Gains Steam

More countries are cracking down on companies that bribe foreign government officials after years of complaints by American firms that a tough U.S. regulation has put them at a competitive disadvantage overseas.



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Royal Mail to Eliminate 1,300 Jobs

The recently-listed U.K. mail company said it has to improve efficiency to compete better in the letters and parcel-delivery business.



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Pegatron Earnings Rise on Apple Ties

Pegatron, the main manufacturer of the iPhone 5C and iPad Mini, Monday posted a 22% jump in earnings, reflecting its growing role as a supplier for Apple.



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Centrica Clinches Deal for Irish Power Assets

The owner of British Gas, the U.K. household gas supplier, has taken advantage of Ireland's privatization program to expand outside of its home base.



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Shell Gas to Focus on Big Projects

Royal Dutch Shell's global gas division will focus on large ventures where it has more control as it continues trimming some holdings and unprofitable investments as part of a cost-cutting program, a senior executive said.



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Kingfisher to Return Capital to Shareholders

European retail company Kingfisher said it will commence a program of returning surplus capital to shareholders, alongside annual dividend payments, after reporting a 10% rise in pretax profit.



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