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.
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Ford’s Tricky Move For Another $1.6 Billion Production Plant in Mexico Irks Deceived UAW
Following a deal with UAW, the union members are enjoying jobs in Ford’s Wayne plant sacrificing small-car plant in Mexico. Applying the loophole in negotiation terms, Ford announces another $1.6 billion production plant in Mexico in addition to previously declared $2.5 billion plant. Ford’s tricky stance has irked the UAW and the union members have demonstrated protest against the automaker’s decision.
Nigeria's Ntel Seeks $1 Billion Investment for 4G LTE Service Expansion
Ntel is seeking $1 billion loan investment for its 4G mobile broadband expansion for 2020 to take advantage of the increasing number of smartphone users in Africa. It will start its 4G LTE service to Abuja and Lagos by April 8 competing with other Nigerian four company internet and broadband providers.
Dozens of Lawsuit Against SunEdison Indicates Creditors’ Tilting Confidence
SunEdison has been passing through acute cash crunch while embattling with lawsuits. Though the lawsuits have been filed recently and remain pending for adjudication, the variety of claimants has attracted analysts’ attention. However, the event has been analyzed as instance of tilting confidence among the creditors as well as investors.
Scandinavian FSAs Summon Banks To Explain Their Accounts Against Panama Papers’ Allegations
Nordea Bank of Sweden and DNB ASA of Norway, largest lenders of the respective countries, have been accused of aiding in tax dodging by the leaked ‘Panama Papers’. DSAs of the respective countries have summoned them to explain their roles over the allegations. However, both the banks have denied any wrongdoing while reiterating commitments for upholding laws.
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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.
In response to a letter from the Greek Prime Minister Alexis Tsipras, Christine Lagarde, the IMF chief, has binned the Wikileaks’ transcript. Since IMF doesn’t act on leaks, she decided to allow the IMF team to resume the postponed bailout review. She has stressed the need for a speedy conclusion of the bailout review just for the sake of the Greek people.
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.
Elina Lepomäki, a right wing MP from National Coalition Party, has announced vying for party leadership with Alexander Stubb, the Finnish Finance Minister. In Finland, party leaders generally steps down from the cabinet membership, also following defeat in leadership challenge. NCP is scheduled to elect its new chair during the party congress in June.
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.
The US government doesn't seem be in favor of giving total access to Iran on its financial system. US President Barack Obama said the government is not looking to permit the use of its financial system in dollar-denominated deals with Iran.
