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Drugmaker Shire urges AbbVie to proceed with $54bn takeover LONDON: Shire Pharmaceuticals on Wednesday urged AbbVie to proceed with its agreed $54-billion takeover, after the US drugmaker decided to reconsider the deal citing a US crackdown on tax inversions.Chicago-based AbbVie announced in a statement overnight that its board will meet next week to reconsider the Shire bid, in light of White House proposals to stop US companies moving offshore to cut their tax bills.The news sent Shire's share price plunging by almost a third in early morning deals on the London Stock Exchange."Shire confirms that overnight it received notice from AbbVie ... of the AbbVie board's intention to consider whether to withdraw or modify its recommendation," said a statement from Shire, whose registered office is Jersey in the British Channel Islands.It added: "The board of Shire believes that AbbVie should proceed with the recommended offer on the agreed terms in accordance with the cooperation agreement."If the deal is called ...

Samsung's Cheil Industries submits plans for roughly $1.4 bln IPO -source SEOUL: Cheil Industries Inc, widely seen as the de facto holding company of Samsung Group, is likely to offer around 1.5 trillion won ($1.41 billion) worth of shares in its upcoming initial public offering (IPO), a person with knowledge of the matter said on Wednesday.Cheil may sell the shares at a price ranging from 45,000 won to 55,000 won each, according to a preliminary plan submitted by the company to South Korea's stock exchange, said ...

Toyota to recall 1.75mn vehicles globally TOKYO: Toyota said Wednesday it is recalling 1.75 million vehicles globally over brake problems and other glitches that posed a fire risk, marking the latest in a string of call backs by the world's biggest automaker.The Japanese giant pointed to three problems in several models including its luxury Lexus brand.Among the issues was an improperly shaped part in the braking system that could change the "feel" of the brake pedal over time -- a problem ...

Bank of Korea cuts rates, avoids signalling end of cycle SEOUL: South Korea's central bank slashed its policy interest rate for the second time in three months on Wednesday to match its record low and gave no clear signal that its easing cycle had ended - keeping the door open for another cut.Bond prices rose modestly as Wednesday's decision had been widely expected, with the anticipated tightening in US monetary policy next year obscuring the outlook for South Korea's own policy direction.The Bank of Korea ...

Former UBS banker's tax trial opens in Florida FORT LAUDERDALE: Former UBS banker Raoul Weil went on trial here Tuesday, charged with conspiring to help Americans hide billions of dollars from US tax authorities.Impeccably dressed in a dark suit, Weil, who has pleaded not guilty, looked relaxed as his trial opened in federal court here with the selection of a 12-member jury.Prosecutors allege that the 54-year-old Swiss citizen helped US clients conceal some $20 billion in assets from tax authorities between 2002 and ...

Facebook challenging Google in online ad market NEW YORK: For years, Google has been the undisputed leader in online advertising, but Facebook is gaining quickly in the fast-evolving market.Google is still collecting about a third of the $140 billion Internet ad market in 2014, but Facebook's share has doubled over the past two years to nearly eight percent, according research firm eMarketer.And Facebook, which is able to leverage its huge membership of 1.3 billion people around the world, is not stopping there.Earlier ...

Rio Tinto 3Q iron ore output, shipments set new records SYDNEY: Rio Tinto said Wednesday its September quarter iron ore production soared to a record high, as criticism mounts that mining giants' rising output is adding to a global supply glut and depressing prices.The world's second-largest mining firm reported a 12 percent year on year jump in its third-quarter iron ore production to 76.8 million tonnes.Global iron ore shipments for the three months to September also hit new highs, surging 15 percent to 78.0 million ...


Index Closing Chg%
Arrow DJIA 16,461.32 0.92
Arrow Nasdaq 4,382.85 0.83
Arrow S&P 1,927.11 0.73
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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln