Citing drop in revenues, Moody's Investors Service has lowered Houston's $3 billion of general obligation debt by one level to Aa4. Lower oil prices and restrictions on raising taxes are keeping further pressure on Houston's economy.
Industry
Coherent To Acquire Rofin-Sinar Eyeing Global Dominance Over Laser and Photonics Technology
Coherent has announced acquiring Rofin-Sinar through a deal for $942 million. The deal is expected to close by the coming six to nine months. Through the acquisition, Coherent eyes to represent itself as a global leader in the area of laser and photonics technology.
Morgan Stanley lowers Gap's stock to underweight
Morgan Stanley lowered Gap's stock to an "underweight" rating from "equal-weight", citing key weakness in the company's business. Analyst at Morgan Stanley fixed an objective price of $26 for Gap's stock, down 11% from the present level.
India's New Jewelry Tax Poses Major Threat To Gold Market, Sparks Protest From Jewellers
India’s gold market is threatened as the government revealed a new jewelry tax regulation, requiring a 1 percent sales tax on gold jewelry. Import taxes has not been changed, even though jewellers have expected the government to eliminate the 10 percent import duty.
Boeing picks London as its European base
Boeing has chosen London as its home for new European headquarters. Boeing's decision came soon after a joint pronouncement of a host of businessmen in favor of Britain staying in Europe.
Latest News
LivingSocial, partly owned by Amazon, has represented itself as a foe in ecommerce business. Gautam Thakar, the new CEO has gone through a massive workforce reduction since his inception 18 months back. Beside job cuts, Thakar has transformed its business focus from daily deals to card linked discount business which is now being tested in three US cities and seems to be popular.
A huge slump in Valeant Pharmaceutical stocks on Tuesday made Pershing Capital to lose more than $1 billion in one day. Meanwhile Bill Ackman planned to take more active role in the drugmaker.
FedEx said in a statement that “a new entity competing” with the company will have to spend tens of billions of dollars to replicate its current extensive network. The statement, referring to Amazon’s new plan to get into the logistic business, also assured that FedEx’s relationship with Amazon remain strong.
McKesson is terminating 1,600 staffs from its US division in an effort to trim expenses after some important customers left the company.
Executives of all pioneer manufacturers have called for promulgation of uniform federal law ahead of a hearing of the Senate Commerce Committee on Tuesday. Several states in the US have enacted own law prohibiting the driverless cars which has been cited as the reason for their advocacy. However, lawmakers and analysts prefer more scrutiny before initiating a uniform law.
Shareholders of two U.S. prominent banks will vote later this year regarding the breakup plans for the banks. However shareholders are predicted to decline the plan submitted by liberal lobby activist.
Ctrip reported a 50% increase in its net revenues for the fourth quarter ended December 31, 2015, as demand for online ticketing increases.
Celator Pharmaceuticals shares jumped more than 400% in Tuesday trading. Meanwhile, hedge fund manager Steve Cohen unvelied his 8.3% shares of the company.
Sources believe that Apple is trying to enhance its security for iCloud amid the legal dispute with the FBI. However, the tech giant will have its challenges to ensure security while retaining users convenience. Reports also said that the company has moved some of its iCloud services to Google servers.
