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Pfizer to buy Allergan in $160 billion deal NEW YORK: Pfizer Inc on Monday said it would buy Botox maker Allergan Plc in a record-breaking deal worth $160 billion to cut its US tax bill by moving its headquarters to Ireland.The acquisition will create the world's largest drugmaker, with combined annual revenue of about $64 billion. It is also the biggest-ever tax inversion deal, an increasingly popular and controversial maneuver aimed at helping US companies lower their taxes by reincorporating overseas. US President Barack Obama has called inversions unpatriotic and has tried to crack down on the practice. To avoid potential restrictions, the transaction was technically structured as smaller Dublin-based Allergan buying Pfizer, although the combined company will be known as Pfizer Plc and continue to be led by Chief Executive Officer Ian Read. The merger will delay by two years the Lipitor and Viagra maker's decision on whether to split itself into two. That decision, which could ...

Nestle adopts action plan for Thai seafood ZURICH: Swiss packaged food giant Nestle has adopted a plan for handling seafood from Thailand that aims to address concerns about human rights abuses in the sector, it said on Monday. Its action plan for this year and next encompasses steps "to protect workers from abuses, improve working conditions and tackle unacceptable practices including juvenile and teenage working," it said in a statement. Since August, US law firm Hagens Berman has filed two lawsuits against ...

Colombia central bank to hike interest rate to 5.75pc BOGOTA: Colombia's central bank will raise the benchmark interest rate 50 basis points for the second consecutive month this week, in a bid to control inflation which looks set to stay at above-target range levels during the next year, a Reuters survey showed on Monday. The seven-member board will raise the key lending rate to 5.75 percent, 12 of 21 analysts said. The nine remaining analysts said the board would raise the rate by 25 ...

Greece's Alpha Bank, Eurobank detail allocation of share issue ATHENS: Greece's Alpha Bank said on Monday new shares issued to fill a capital hole identified in a European Central Bank (ECB) health check would be allocated to investors in a bookbuilding process and to bondholders who took part in a debt-for-equity swap. Rival Eurobank said 80 percent of the new shares it sold in a share offering completed last week were allocated to investors in the placement, while the remaining 20 percent went to ...

Fed's Tarullo says worried about too-low inflation WASHINGTON: Federal Reserve Governor Daniel Tarullo said on Monday there is still a lot of uncertainty on inflation and that the path of interest rate hikes should be influenced by how much inflation moves towards the Fed's 2 percent target rate. "It's hard to overlook the fact that both market-based measure of inflation compensation and survey-based measures of inflation expectations are sort of near historic lows it will be important for us to keep our ...

Lufthansa cabin crew to strike Thursday, Friday FRANKFURT: Lufthansa cabin crew have been called to another round of strikes starting Thursday and Friday, the head of trade union UFO, Nicoley Baublies, told Reuters on Monday. The cabin crew union staged a week of strikes earlier this month, costing the company tens of millions of euros and forcing the cancellation of about 4,700 flights.Lufthansa said it took note of the strike annoucement with "consternation", saying the company had tried to defuse the conflict ...

Norway central bank chief says monetary policy contributing to currency's weakness JEVNAKER: The Norwegian economy has been made more competitive by the weakening of the country's crown currency, central bank Governor Oeystein Olsen said on Monday. Norges Bank has cut its key policy rate three times in the last year, and the value of crown has dropped by about 12 percent on a trade weighted basis. "Monetary policy alone can't be credited with this, as the oil price has been the initial driver, but in a ...


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Foreign Debt $62.649bn
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