A former Merck and Co Inc financial analyst was sentenced to three years and a month in prison for insider trading charge by the US Attorney of New York.
United States
Netflix blames 'involuntary churns' for dive in profits
Netflix reported a lower than expected performance today after the company reported a total revenue of $1.74 billion for its third quarter performance. The revenue contributes to earnings of $0.07 per share, which is lower than analyst expectation of $0.08 per share.
Square suffers $5.7mn loss from single seller, files IPO
Payments startup Square, e-Commerce organization run by new Twitter CEO Jack Dorsey, is going for an initial public offer (IPO) and mentions in the filing to Securities Exchange Commission (SEC) that the fraud could be a major hurdle for it. Square was target of hacking as a single seller used its payment services resulting in a huge loss of $5.7mn for the e-Commerce startup. The automated global payment system and the liquidity of Square were the major reasons why it was the target for illegal or improper use.
Diageo sells US, UK wine biz for $552m to Aussie firm
UK alcoholic beverage giant Diageo Plc is planning to offload its wine operations across the US and the UK for $552mn (euro483mn) to Treasury Wine Estate, an Australia-based company. Treasury Wine Estate is also in the process of acquiring Blossom Hill, Britain's second largest wine brand. The acquisition deal for Diageo is subject to the approval of UK regulator and also the US anti-trust review. The acquisition deal is expected to be completed in next three months.
It's tough time for Goldman Sachs to sell Concordia debt amid pharma disruption
Goldman Sachs Group Inc is facing tough time in selling $2.8 billion of debt in the wake of ongoing drug pricing controversy in the pharmaceutical industry.
Latest News
Dell's latest acquisition deal to buyout EMC for $67billion is the biggest merger and acquisition (M&A) deal for the US technology sector in 2015 so far. About $1.68trillion worth M&A deals in the US have been announced year-to-date (YTD). The M&As in 2015 with less than three months left is just short of $1.73trillion, the full-year record level for M&As 15 years ago.
Barclays Plc, UK's third largest bank, is expected to announce Jes Staley, former JPMorgan Chase banker, as its new Chief Executive Officer (CEO). Staley is believed to have accepted the offer from Barclays, according to the unconfirmed market news. The appointment is expected to be announced within two weeks. Even after the confirmation of the offer, Staley will have to get approval from Britain's financial regulator. Barclay's investment banking activity has been under pressure for some time. Choosing Staley could result in renewed focus on the investment banking.
Global soft drink major PepsiCo Inc is testing waters in mobile devices market. The US-based food and beverage company is in the process of launching Pepsi branded smartphones in the Chinese market shortly. However, Pepsi doesn't make mobile phones but acts as a licensing partner to market mobile phones under Pepsi brand.
Microsoft announces that the company will start its US tour for the HoloLens starting this October. The HoloLens which was first introduced to the audience back in January this year saw users will have the ability to incorporate hologram with the real world unlike the virtual reality program.
The Italian luxury sports car maker, Ferrari will debut on Wall Street soon and it is expected to create a buzz for its IPO. However, investors are concerned with the long-term return from the company as the company is known for its product capped and high research cost.
How would you like your pair of sneakers made? Sure you can now have your trainers tailored according to color or design of your choice. But have you ever thought of having your shoes printed, either in store or at home?
With an objective of bagging a major chunk of market share in the world's biggest automobile market, the US automobile giant Ford Motor Corp has decided to invest Yuan 11.4billion ($1.8billion) in China. Ford will invest the amount in research and development (R&D) over next five years. Ford has been able to perform better in China market by eating into Japanese rivals' market share. Ford is planning to introduce new models in the China market soon. The new models include hybrid, plug-in hybrid and electric vehicles. Ford is also planning to roll out new generation smart cars shortly in China.
The overnight price hiked of Daraprim drug by the start-up, Turing Pharmaceutical is creating a big impact to the pharmaceutical sectors worldwide. The company which is own by a former hedge fund manager had acquired the right of the drug in August and immediately increases its price. The move is causing a backlash to pharmaceutical industry creating most of the shares down in a massive sell-off.
The EB-5 immigrant investor program, popular green card route for Chinese rich investors, may pose tough time for potential investors from the world's second largest economy if the changes under consideration come into force. The US government grants permanent residency to foreigners who invest $500,000 in the US economy creating employment opportunities.
