05042016Wed
Last update: Wed, 04 May 2016 10pm

Business & Finance - Industries & Sectors

Sanofi says sees ‘strong strategic’ fit with US cancer firm Medivation PARIS: Sanofi sees a strong strategic fit with US cancer drug maker Medivation, the French pharmaceuticals company's chief executive said on Wednesday after recently approaching the company about a tie-up. "We have a strong strategic complementarity with this company," Olivier Brandicourt said at the drugmaker's annual shareholder meeting without further elaborating. U.S firm Pfizer has approached Medivation to express interest in an acquisition, raising the possibility of a bid rivaling the $9.3 billion offer already presented by Sanofi, people familiar with the matter said on Tuesday. Copyright Reuters, 2016


Business & Finance - Banking & Finance

Fed's market guru applauds new rate-liftoff tools NEW YORK: The new tools the Federal Reserve used to pry US interest rates up from near zero in December could not have worked better, the US central bank's top market technician said on Wednesday. "Although we don't know yet whether the interest rate control exhibited to date with the new tools will continue at different settings of the target range, so far, things have gone as well as could have been expected," Simon Potter, ...

Business & Finance - Industries & Sectors

Brazil steelmaker Gerdau posts Q1 profit of 14mn reais RIO DE JANEIRO: Brazilian steelmaker Gerdau SA reported on Wednesday a first quarter net profit of 14 million reais ($3.9 million), creeping into the black in the midst of the country's deepest recession in decades and a slump in steel demand. Gerdau posted adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 930 million reais and net revenue of 10.1 billion reais. Copyright Reuters, 2016

Business & Finance - Banking & Finance

Bank of Portugal says budget consolidation halted in 2015 LISBON: Portugal interrupted the process of budget consolidation last year, the Bank of Portugal said on Wednesday, warning that the country's European commitments mean the economic adjustment has to continue to reduce imbalances. In its quarterly economic bulletin, the central bank said that "in terms of budget policy the consolidation that started in 2011 was interrupted as a result of a 0.8 percentage point fall in structural revenues" even though structural spending dropped to its ...

Business & Finance - Banking & Finance

EBRD board approves taking 15pc stake in Erste Hungary unit BUDAPEST: The European Bank for Reconstruction and Development's (EBRD) board of directors has approved taking a 15 percent stake in the Hungarian unit of Erste Group Bank, an EBRD spokesman said."EBRD board has just approved that the bank will be in a position to take a 15 percent equity stake subject to finalisation of talks between state and Erste Bank," spokesman Axel Reiserer said. He said the EBRD, which first agreed on the transaction in ...

Business & Finance - Industries & Sectors

Amazon's business marketplace hits $1 billion in sales CHICAGO: Amazon.com Inc's business marketplace, which connects businesses with suppliers, has generated $1 billion in sales in its first year, making it a significant player in a fragmented industry worth more than $8.2 trillion in the United States. Amazon Business offers US businesses exclusive pricing and discounts for buying in bulk, free two-day shipping for orders of more than $49, tax exemption and the option to get products delivered with an Amazon guarantee. "We are ...

Business & Finance - Industries & Sectors

Korean Air chief sued by pilots for belittling their jobs SEOUL: The head of Korean Air, who just resigned as the chief organiser of the 2018 Winter Olympics, was sued Wednesday by his carrier's pilots for allegedly demeaning their work.The airline's pilot union filed a defamation lawsuit with the Seoul district court against Cho Yang-Ho over a Facebook posting the chairman made in March, a Korean Air spokesman said.Responding to a Korean Air pilot who backed a pay rise demand by detailing the complex pre-flight ...