News Archive - 24 August 2016

Last Saturday, Etemad daily, a reformist outlet, printed an interview with Alireza Miryousefi, who is now directing the Middle East department of Iran’s Institute for Political and International Studies.The interview, for the most part, focuses on remarks recently made by Kuwaiti Parliament Speaker Marzouq Al-Ghanim in which he...

> PharMerica is working with Bank of America Corp (BAC.N) and UBS Group AG (UBSG.S) on a sale process which has attracted interest from private equity firms, the people said, but there is no certainty that the company will decide to sell itself. The sources asked not to...

>Despite plans announced earlier this week to reorganize the foundation if Hillary Clinton wins the White House in November, USA Today said the global charity must close for the Democratic presidential candidate to avoid any appearance of unethical ties. "The only way to eliminate the odor surrounding the foundation is...

>NEW YORK A U.S. appeals court on Wednesday upheld the dismissal of a lawsuit accusing BlackBerry Ltd of fraudulently inflating its stock price by painting an upbeat picture of the prospects for its BlackBerry Z10 smartphone line that was misleading.While the 2nd U.S. Circuit Court of Appeals...

>SYDNEY/PARIS French naval contractor DCNS said on Wednesday it may have been the victim of "economic warfare" after secrets about its Scorpene submarines being built in India were leaked. India opened an investigation after The Australian newspaper published documents relating to the submarine's combat capabilities, raising concerns over another major...

>In the past year, Chinese policymakers have been moving levers to try to keep credit growing at a reasonable pace to underpin the economy, while addressing vulnerable aspects of the financial and banking system.But sharply increasing debt levels have raised alarm bells, most lately from the International Monetary Fund,...

>Wall Street was lower on Wednesday, led by declines in technology and defensive stocks as investors weighed up the possibility of a rate hike in the coming months.The market is squarely focused on Federal Reserve Chair Janet Yellen's speech at Jackson Hole, Wyoming on Friday when she is expected...

>Ford said it would replace fuel-pump control modules in about 88,151 vehicles, including certain of its 2013-15 model year Ford Taurus sedans, Ford Flex crossover utility vehicles, Lincoln MKS sedans, Lincoln MKT SUVs and Ford Police Interceptor sedans. (ford.to/2bOOxjg) The company also said it would recall about 2,472 Ford...

>WASHINGTON U.S. home resales fell more than expected in July after four straight months of strong gains as a lack of inventory limited choice for buyers, but further gains in prices suggested the housing market remained on solid ground.The National Association of Realtors said on Wednesday existing home...

>STOCKHOLM Swedish forestry and hygiene products group SCA (SCAb.ST) plans to split into two listed companies in 2017, it said on Wednesday, sending its shares to a record high and fuelling speculation the forestry business might become a bid target.SCA is Europe's biggest private owner of forests. Its...

>DUBLIN Gambling company Paddy Power Betfair PPB.I PPB.L increased the scale and pace of cost savings from its merger, fleshing out its strategy following a 31 percent jump in first-half earnings.Online betting exchange Betfair and Paddy Power, which has a chain of shops as well as an...

>The bank, China's largest by branches, has secured about $2 billion in commitments from China State Shipbuilding Corp (CSSC), out of a total of about $6 billion expected in cornerstone investments for the IPO, added the sources, who declined to be named because details of the deal aren't yet public.

> Seoul had previously said it would decide on the request by Wednesday. Google, whose corporate parent is Alphabet Inc, has said it needs to put the data on servers worldwide to fully enable mapping services in South Korea. Following a meeting of officials on Wednesday, the government said it...

> Malta said in July it would set up such a bank, inject 200 million euros ($225.50 million) in capital and allow for tax exemptions and guarantees of about 55 million euros. The Commission said that the bank would not compete with the private sector and was therefore not...

>LONDON Swiss bank UBS (UBSG.S) is leading a team of four of the world's biggest banks developing a system to enable financial markets to make payments and settle transactions quickly using blockchain technology.UBS has developed a "Utility Settlement Coin" (USC), which is a digital cash equivalent of each...

>FRANKFURT Mercedes-Benz maker Daimler (DAIGn.DE) is embracing Silicon Valley management techniques in a drive to speed up decision making, empower staff and fend off new rivals such as electric carmaker Tesla Motors (TSLA.O). Chief Executive Dieter Zetsche is sweeping away layers of bureaucracy and encouraging a more experimental...