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Archive for the ‘Entrepreneur’ Category

Dow, S&P rise after five-day selloff; Fed meeting eyed

28 Jul

Trader works on the floor of the New York Stock ExchangeThe Nasdaq composite opened higher but turned negative shortly, dragged down by Baidu’s 14.6 percent slump after China’s biggest Internet search company’s quarterly profit missed estimates. The U.S. Federal Reserve begins its two-day policy meeting on Tuesday. At 9:52 a.m. ET, the Dow Jones industrial average was up 35.88 points, or 0.21 percent, at 17,476.47, the S&P 500 was up 5.09 points, or 0.25 percent, at 2,072.73 and the Nasdaq Composite was down 6.65 points, or 0.13 percent, at 5,033.13.

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Teva to buy Allergan generic drug business for $40.5 billion, drops Mylan bid

27 Jul

A sign bearing the logo of Teva is seen in JerusalemBy Tova Cohen and Steven Scheer TEL AVIV (Reuters) – Teva Pharmaceutical Industries has agreed to buy Allergan Plc’s generic drugs business for $40.5 billion in a cash and stock deal that will turn the Israeli company into one of the world’s largest pharmaceutical firms. The deal, the largest in Israel’s corporate history, prompted Teva to drop its $40 billion hostile bid for Mylan, which used a poison pill-style defense to fight the takeover. It also will allow Dublin-based Allergan, which combined with generics maker Actavis earlier this year in a $66 billion deal, to focus on branded drugs and pay down its debt.

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Wall St. falls as Chinese shares, commodities slide

27 Jul

A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New YorkThe Dow Jones industrial average fell to its lowest level in over five months while the Nasdaq composite was at a four-week low and the S&P 500 touched its lowest in more than two weeks. Commodity prices resumed their downward spiral with the broader Thomson Reuters CRB commodities index hitting its lowest in six years and oil prices hitting a four-month low. The S&P 500 and Nasdaq posted their largest weekly drops since March on Friday as slowing global growth dragged commodity-related stocks lower.

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Greek PM Tsipras under pressure over covert Syriza drachma plan reports

26 Jul

Greek Prime Minister Alexis Tsipras leaves his office at the Maximos Mansion to attend a meal at the Presidential Palace in AthensSome members of Greece’s leftist government wanted to raid central bank reserves and hack taxpayer accounts to prepare a return to the drachma, according to reports on Sunday that highlighted the chaos in the ruling Syriza party. It is not clear how seriously the plans, attributed to former Energy Minister Panagiotis Lafazanis and former Finance Minister Yanis Varoufakis, were considered by the government and both ministers were sacked earlier this month. In an interview with Sunday’s edition of the RealNews daily, Panagiotis Lafazanis, the hardline former energy minister who lost his job after rebelling over the bailout plans, said he had urged the government to tap the reserves of the Bank of Greece in defiance of the European Central Bank.

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Greek bailout talks to start on Monday after delay

25 Jul

Greek Prime Minister Alexis Tsipras leaves his office at the Maximos Mansion to attend a meal at the Presidential Palace in AthensTalks between Greece and its international creditors over a new bailout package should go ahead on Monday after logistical issues that delayed meetings this week are resolved, a Greek official said on Saturday. The meetings with officials from the European Commission, European Central Bank and International Monetary Fund had been expected to start on Friday but were delayed by organizational issues including the location of talks and security. The finance ministry official said talks were now expected to get underway formally on Monday after the logistical issues were resolved.

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Wall Street lower amid mixed earnings, fall in commodities

24 Jul

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New YorkMetal prices hit multi-year lows as weaker-than-expected data from China and the euro zone raised concerns about global growth while oil prices neared four-month lows. Adding to the day’s pressure, Democratic presidential candidate Hillary Clinton will propose nearly doubling the U.S. capital gains tax rate on short-term investments, the Wall Street Journal reported. “We are not going to see a lot of earnings growth in the second half of the year as the economic data hasn’t been very strong,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

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New home sales at seven-month low; manufacturing stabilizes

24 Jul

Home for sale sign hangs in front of a house in Oakton, on the day the National Association of Realtors issues its Pending Home Sales for February report, in VirginiaWASHINGTON (Reuters) – New U.S. single-family home sales fell in June to their lowest level in seven months and May’s sales were revised sharply lower, in what appeared to be a minor setback for the housing market recovery.

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U.S. jobless claims drop to 41-1/2-year low

23 Jul

Job-seeker completes an application at a career fair held by civil rights organization National Urban League as part of its annual conference, in PhiladelphiaThe number of Americans filing new applications for unemployment benefits last week fell to its lowest level in more than 41-1/2 years, suggesting the labor market maintained a solid pace of job growth in July. The sturdy jobs picture together with a strengthening housing market brings the Federal Reserve a step closer to raising interest rates this year. Initial claims for state unemployment benefits declined 26,000 to a seasonally adjusted 255,000 for the week ended July 18, the lowest level since November 1973, the Labor Department said on Thursday.

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Capitalist Soul Rises as Ho Chi Minh City Sheds Its Past

22 Jul

As a magnet for the young, Saigon, as the city in Vietnam is still locally known, is a place of opportunity, fun and increasing affluence.

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Wall St. falls after Apple results disappoint

22 Jul

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York(Reuters) – U.S. stocks fell in early trading on Wednesday, with the tech-heavy Nasdaq composite falling more than 1 percent after disappointing results from technology giants including Apple, the world’s largest publicly traded company.

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