Economists and analysts have repeatedly been suggesting for devaluation of local currency in a bid to ease pressure on foreign currency reserves. But the Egyptian central bank has refrained from doing so considering surge in inflation. The inflation has been recorded as the lowest in February during the last six months and the bank has devalued the currency on Monday.
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New Jersey Will Vote to Decide Casino Expansion in Northern Part of the State
Voters will decide whether to approve the expansion of casino in New Jersey beyond Atlantic City. A referendum will be held in November as state's legislature approved the ballot plan on Monday.
Under Armour CEO Gives Advice to Silicon Valley Startups to Start Making Money
Founder and CEO of Under Armour Kevin Plank shared his success in building Under Armour into billion dollar company in SXSW annual event on Tuesday. His recipe is simple: make profit.
Honest Dollar Acquired By Goldman Sachs
Honest Dollar Acquired By Goldman Sachs On Monday, Goldman Sachs' Investment Management Division announced that it will take over Honest Dollar, a web and mobile-based retirement savings platform based in Austin, Texas where the amount was not disclosed.
Uber Negotiates With Moscow’s Transportation Department, Signs Collaborative Agreement
Uber allows alternative measure of getting expensive taxi driving licenses and offers low cost ride to the lower income people. But Moscow, unlike some other countries with stricter transportation laws, prohibits such service. Moscow has been persuading for long and finally gets success in compelling Uber to sign agreement which limits its service to the licensed drivers only.
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Commercial banks in northern Europe criticized ECB for its four-year cheap loan policy and stimulus program. The policy was aimed to stimulate growth for banks that struggle in southern part of Europe.
With an objective of not giving any such scope for price escalation as Martin Shkreli did for Daraprim generic drug, US Food and Drug Administration (US FDA) has turned very cautious on approvals to generic drugs. US FDA is now reviewing new applications for generic drugs, while ensuring no such lapses of price escalation.
The US dollar recorded a multi-year bull run and has still enough steam to gain 10 percent further this year. All eyes are on the two-day policy meeting of US Federal Reserve beginning from Tuesday as it will set the tone for US currency.
Sony will pay $750 million to the Michael Jackson estate for its share in the music catalog. Once the deal is closed, the estate will be no longer in debt.
The turbulent situation Japan's banking sector is likely to impact global markets. A leading hedge fund manager says that collapse in the Japan's banking industry blindsides the market, while shrugging off any possibility of banking crisis in the world's third largest economy.
New York-based Avon Products Inc is shifting its headquarters to the UK. It's also in the process of reducing headcount by about 2,500 and investing in technology and innovation to enhance sales volume.
It was agreed that Apollo Global Management is taking over Fresh Market Inc. Chairman and founder Ray Berry is not so pleased and is considering of making the company private where he and his son own 9.8% of shares. This would be Apollo's third largest acquisition that is worth more than a billion dollars.
Oil prices might have propelled above $40 a barrel level in the past week as Iran was expected to join other producers to freeze its oil output. However, Iran wants to help its ailing economy, regardless of the oversupply.
Sports apparel Under Armour have surpassed Nike in athlete's endorsement. Many top athletes from NBA, NFL, tennis pro, professional golfers and others are now under contract with Under Armour.
