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Tag Archives: Business

Amazon To Open Its Fifth Logistics Center In Poland

U.S. online retailer Amazon.com Inc (AMZN.O) will open its fifth logistics center in Poland this year, it said on Monday, seeking to benefit from the country’s relatively low wages and proximity to the large German market. The decision adds to a trend of multinational companies opening shared services and logistics centers in the European Union’s largest eastern member to tap ...

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Telcos, Banks Lift European Shares, Dollar Dips

European stocks rose on Monday, with gains in telecoms and banks offsetting a big fall in Unilever, while the dollar dipped as uncertainty over politics and the timing of a U.S. interest rate rise kept investors nervous. U.S. markets were closed for the Presidents Day holiday, and this restricted activity in Europe and Asia. Unilever (ULVR.L) shares fell nearly 9 ...

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Kraft Backs Out Of Unilever Bid After Hostile Reception

Kraft Heinz Co’s (KHC.O) rapid retreat from its surprise $143 billion bid for Unilever (ULVR.L) (UNc.AS) in the face of stiff resistance knocked the Anglo-Dutch company’s shares on Monday as investors assessed the impact of the failed approach. Kraft, which is backed by Warren Buffett and the private equity firm 3G, wanted to buy Unilever as part of its strategy ...

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International & Local Banks Busted For Rigging The South African Currency, Rand

…. Nigeria’s Naira May Also Be A Victim – Traders Local and international banks have been accused of rigging the price of South Africa’s currency, the rand, by the country’s competition watchdog.   Global giants Barclays, JP Morgan and HSBC are among 17 banks named as part of the two-year investigation, the BBC reports.   Banks colluded, using online chat ...

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Nigeria Plans Asset Sales, Spokesman Denies Reported Amount

Feb 14 Nigeria will sell some national assets to reduce the burden on government budgets and help pull the economy out of recession, according to official documents, but a ministry spokesman on Tuesday disputed a reported amount. Africa’s biggest economy relies on crude oil exports to fuel its economy, but low global prices and militant attacks on the southeastern Delta ...

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Nigeria To Offer Work For Illegal Refiners In Quest For Peace

Nigeria needs to offer work to people who make a living from illegally refining oil in the Niger Delta in order to achieve peace there, the African oil-producing nation’s Vice President Yemi Osinbajo said on Tuesday. The government has been holding talks with militants to end attacks on oil pipelines which cut the country’s output by 700,000 barrels a day ...

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Trump Rally Gives Way To Caution As Yellen Testimony Looms

Stocks flatlined and the dollar dipped on Tuesday as caution set in before testimony from Federal Reserve chief Janet Yellen that may offer clues to the timing of the next U.S. interest rate rise. Adding to pressure on the dollar was the resignation of President Donald Trump’s national security adviser Michael Flynn, who quit over revelations he had discussed U.S. ...

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Geeks Venture Into Goldman Sachs’ World Of Big Deals And Egos

Technology whizzes who helped Goldman Sachs (GS.N) eliminate hundreds of trading jobs over the past few years are venturing into the bank’s flagship M&A business, making some junior bankers uneasy. A team of 75 programmers, internally referred to as “strats,” has been developing technology to make Goldman’s elite dealmakers more productive. That team within investment banking has doubled in size ...

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South Korean Prosecution Again Seeks Arrest Of Samsung Chief

South Korea’s special prosecutor’s office said on Tuesday it would again seek a warrant to arrest Samsung Group chief Jay Y. Lee, a suspect in a graft investigation that may topple President Park Geun-hye. Lee, the third-generation leader of the country’s top conglomerate, was questioned for more than 15 hours by the special prosecutor’s office on Monday. The prosecutor also ...

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Credit Suisse To Cut Up To 6,500 Jobs In 2017

Credit Suisse is to cut up to 6,500 jobs this year after reporting a 2.44 billion Swiss franc ($2.43 billion) net loss for 2016, and said it was examining alternatives to a planned stock market listing of its Swiss business. Chief Executive Tidjane Thiam, who took over at Switzerland’s second biggest bank just over 18 months ago, is shifting the ...

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Saudi Arabia Cuts Oil Output

BEVERLY HILLS, February 13, (THEWILL) – Top OPEC oil producer Saudi Arabia made a large cut in its crude output in January to support prices and lessen a glut, helping boost compliance with the group’s supply-reduction deal to a record high of more than 90 percent. The Organization of the Petroleum Exporting Countries (OPEC) is curbing its output by about ...

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Samsung Chief Appears For Second Round Of Questions In Graft Probe

Samsung Group leader Jay Y. Lee appeared at the South Korean special prosecutor’s office for questioning on Monday as part of a wider investigation into an influence-peddling scandal that could topple President Park Geun-hye. The special prosecutor has focused on South Korea’s biggest conglomerate, accusing Lee in his capacity as Samsung chief of pledging 43 billion won ($37.31 million) to ...

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Toshiba Prepares To Unveil Nuclear Hole, Other Perils Threaten

Toshiba Corp (6502.T) will on Tuesday detail a writedown of close to $6 billion after bruising cost overruns at its U.S. nuclear arm, turning investor attention to the Japanese group’s efforts to fix that and other balance sheet headaches. The TVs-to-construction conglomerate warned of a potential multi-billion dollar nuclear writedown in December, a year after a $1.3 billion accounting scandal. ...

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