The $160-billion merger plan of Pfizer Inc and Allergan Plc is heading towards termination owing to new measures announced by the US Treasury Department which has been taking measures to curb malpractices by US companies in tax evasion by merging with foreign firms.
Industry
Russian Output Reached 30-Year High Ahead of Meeting with Oil Producing Countries
Russia produced 10.91 million barrels per day in March. This recorded as the highest in 30 years and raising the doubt on the production freeze.
Tesla Missed Q1 Deliveries Target Due To Parts Shortages of Model X
Tesla announced parts shortage as the factor that caused the company to miss its initial sales target for the first quarter of 2016. The company, however, retains its guideline for the full year as it already solved the root of the problem accordingly.
Home loans turn cheaper as India's RBI cuts rate to 5-year low
The Reserve Bank of India (RBI), India's central bank, has reduced repo rate by 25 basis points to 6.50 percent, indicating an over five-year low. After the rate cut, home loans will be cheaper by half a percentage.
Alaska Air Group Wil Acquire Virgin America for $2.6 billion
Alaska Air announced to acquire Virgin America on Monday. The acquisition will be another consolidation in American airline industry.
Latest News
Cyprus-based lender RCB has denied reports of extending unsecured loans. Latest British media reports turned spotlight on alleged role of RCB in providing unsecured loans to people close to Vladimir Putin, President of Russia. Cyprus Central Bank said it was probing into the issue.
Zodian and B/E Aerospace are the two leading global aircraft interior developer, but are in a practice for making delay in delivery. Annoyed Boeing has dealt with a new aircraft interior developer, Lift. Boeing expects that the Lift’s seats will offer its customers stability and reliability desired from the 737.
Mitr Phol Group of Thailand has been recognized as the largest sugar and bio-power producer in Thailand and the fifth-largest sugar producer across the globe. The group intends to get recognized as the world’s leading sugar and bio-power producer. Upholding the view, MPG has announced its ฿50.4 billion investment plan inn some select areas.
Minister Al Falih, head of Aramco, has expressed intention for investment in India’s oil industry. The intention has been revealed following its earlier decision for selling less than 5% stake of Aramco through IPO. All the moves have been analyzed as parts of Saudi bid to diversify its economy while reducing dependence on oil prices.
After a series of setbacks, UK's Serious Fraud Office will start the third trial on Libor rigging case. Five former bankers in Barclays will stand accused as conspirators.
The third largest bank in France will continue its cost cutting plan. Through the year 2020 the bank will cut 550 jobs in its retail operation.
South Africa's economy, which was once considered a darling among foreign investors, have slumped over the previous 18-month period. Market experts view the current economic situation as a major risk factor for further investment in the country.
Start-ups in India have faced a sharp decline in venture capital investments during the first quarter of 2016. According to investors, this drawback appears to be a "new normal" since it shadows a series of funding turmoil in the past two years.
Valentino has made an offer to acquire French fashion house Balmain for 500 million euros. Balmain’s heirs has decided to find a new owner after the fashion house’s former chairman and majority owner, Alain Hivelin, passed away in 2014.
