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Asian stocks edge up despite fresh China market volatility
Asian stocks rose from the day's lows on Tuesday as Chinese shares see-sawed after Beijing scrambled to prop them up while some investors took shelter from market volatility in safe-haven assets such as government bonds and the Japanese yen. Main China indexes gyrated. With most China focused stock indexes quite volatile after Beijing pledged to lend further support, sentiment remained weak with many investors looking to exit the markets at the first signs of a rally.
Honeywell to buy Melrose's Elster business for $5.1 billion
The all-cash deal for Melrose's Elster division will have a minor dilutive impact on its 2016 earnings per share, Honeywell, a maker of aircraft parts and climate control systems, said in a statement. "Elster's gas business offers products in high demand among natural gas customers and brings a strong, global distribution network and numerous cross-selling opportunities for existing Honeywell technologies," Honeywell said. Elster, which also makes flow computers and regulators for the gas industry, is estimated to post sales of $1.8 billion in 2015.
BP misses second-quarter profit forecast on spill charge
The company also lowered its expected full-year organic capital spending to below $20 billion after cutting it by 13 percent earlier this year as the industry continues to grapple with low oil prices. BP's underlying replacement cost profit, the company's definition of net income, was $1.3 billion, lower than analysts expectations of $1.64 billion. This month, BP reached an $18.7 billion settlement with the U.S. government and five states to resolve most claims from the deadly Gulf of Mexico oil spill five years ago in the largest corporate settlement in U.S. history.
Hikma to buy Boehringer's U.S. generics unit for $2.65...
Hikma said it will pay about $1.18 billion in cash and issue 40 million new Hikma shares, or about 16.71 per cent of its issued share capital, for Boehringer's Roxane Laboratories Inc and Boehringer Ingelheim Roxane Inc on closing of the deal. The Jordanian company, which makes and markets branded and non-branded generics and injectable drugs, said the deal would make it the sixth biggest U.S. generics provider.
German 'wisemen' say euro zone states should be able to...
The German government's panel of independent economic advisers favors the creation of a sovereign insolvency mechanism for euro zone states to prevent future crises and says countries should be able to leave the currency bloc as a last resort. In a special report published on Tuesday, the council of five experts known as the "wisemen", said the Greek debt crisis had underscored the urgent need for further reforms to make the euro zone more stable.
Teva to buy Allergan generic business for $40.5 billion,...
Israel’s Teva Pharmaceutical Industries will pay $40.5 billion in cash and stock for Allergan’s generic drugs business, solidifying Teva's position as the world's No. 1 maker of generics while freeing Allergan to focus on branded drugs, paying down debt and potential "transformational" acquisitions. The deal, the largest in Israel's corporate history, allows Teva stronger economies of scale, crucial in the low-margin generic drugs business. Teva, which dropped its hostile pursuit of Mylan, will likely have to sell off some drugs to allay antitrust concerns.
Baidu profit weighed down by offline mobile services push
Baidu Inc's quarterly profit missed analysts' estimates as China's biggest Internet search company spent heavily to diversify away from its core search advertising business, which is becoming less profitable ...
Syngenta says Monsanto's $2 billion break-up fee comes...
Syngenta (SYNN.VX) has said a $2 billion break-up fee that unwanted U.S. suitor Monsanto (MON.N) has pledged to pay if its proposed $45 billion merger failed would only apply in limited cases, leaving its shareholders exposed to the bulk of regulatory risks. Swiss Syngenta, the world's largest maker of farming pesticides, told Reuters that based on its legal interpretation of Monsanto's proposal, the payment would only be triggered if so-called horizontal antitrust concerns were to trip up the deal. Monsanto has rejected this interpretation.
P&G to name David Taylor CEO: WSJ
The move by P&G, the world's largest household products maker, is pending a board meeting scheduled for Tuesday, the WSJ said, citing a person familiar with the matter. The decision coincides with a massive overhaul of the company, which is struggling with sluggish sales due to "choppy" growth in developed markets, tough competition and a strengthening U.S. dollar. The company has been streamlining its business, and earlier this month announced plans to sell off more than 40 brands to perfume maker Coty Inc (COTY.N) for $12.5 billion, as it looks to narrow its focus on fewer, faster-growing brands such as Tide and Gillette.
Greek creditors seek third wave of reforms before loan
BRUSSELS/ATHENS (Reuters) - International creditors want Greece to enact a third wave of politically sensitive reforms before they will release any money to keep the near bankrupt country afloat under a third bailout they began negotiating on Monday. The government of Prime Minister Alexis Tsipras has pushed two packages of measures through parliament this month as a condition for starting talks on a three-year loan worth up to 86 billion euros ($95 billion) to keep Greece in the euro zone. Technical talks, delayed for several days by logistical issues, began as former Finance Minister Yanis Varoufakis confirmed he had made secret plans to hack into citizens' tax codes to issue a parallel currency if necessary.
Asian stocks fell to three-week lows on Tuesday as a deepening rout in Chinese stocks erased risk appetite - sending investors flocking to safe-havens.
Cramer: Here's why you care about China
Jim Cramer thinks the stock market madness in China makes a bigger impact on your money than you might expect.
The move by P&G, the world's largest household products maker, is pending a board meeting scheduled for Tuesday, the WSJ said, citing a person familiar with the matter. The decision coincides with a massive overhaul of the company, which is struggling with sluggish sales due to "choppy" growth in developed markets, tough competition and a strengthening U.S. dollar. The company has been streamlining its business, and earlier this month announced plans to sell off more than 40 brands to perfume maker Coty Inc for $12.5 billion, as it looks to narrow its focus on fewer, faster-growing brands such as Tide and Gillette.
Wall Street slides in wake of China crash
U.S. stocks slumped on Monday after China's stock market plunged overnight in its worst selloff in eight years amid worries over the world's No. 2 economy.
Time to buy gold miners?
The GDX gold miners ETF is down almost 25 percent in the past month. How to play the space, with Larry McDonald, Societe Generale.
(Reuters) - Baidu Inc's quarterly profit missed analysts' estimates as China's biggest Internet search company spent heavily to diversify away from its core search advertising business, which is becoming less profitable and more competitive. Baidu's shares fell more than 8 percent in extended trading on Monday after the company's current-quarter revenue forecast also fell short of analysts' expectations. The Chinese company has been investing heavily to diversify away from its bread-and-butter search advertising business, which is less profitable on smartphones than on PCs, especially as there are more mobile internet users than PC users in the country.
IMF paints dim picture for Europe, suggests more money...
The IMF is urging the European Central Bank to keep its money presses rolling, perhaps beyond the target late next year.
Chinese regulator vows share support after markets tumble...
China said on Monday it was prepared to buy shares to stabilize the stock market and avert "systemic risks", after major indices plunged more than 8 percent in the biggest one-day fall since 2007.
US stocks slip in midday trade; Chinese market drops
BEIJING (AP) — China's stock market was volatile Tuesday after falling the most in eight years the day before while other markets also flitted between gains and losses.
A $15 minimum wage could hurt those it's meant to help
A new study by the American Action Forum and Manhattan Institute say that raising the federal minimum wage to $12 or $15 would kill jobs and hurt low-income workers the most.
Delta Air to buy stake in China Eastern Airlines
Delta said it will pay $450 million to buy a stake in China Eastern Airlines as the Atlanta-based airline seeks to expand into China's fast-growing travel industry. The deal will give Delta a 3.55 percent ...
US appeals court rejects apartheid cases against Ford, IBM
Victims of apartheid in South Africa cannot sue IBM Corp. and Ford Motor Co. in New York because they cannot show that the companies' alleged offending behavior occurred in the United States, a federal ...
Disney CEO Iger: ESPN could one day be sold direct
Disney chief Bob Iger says ESPN could be eventually sold directly to consumers. He also talked China, technology and "Star Wars."
Apple Watch to be sold at Best Buy stores from August
The Apple Watch and Apple Watch Sport models will be sold at more than 300 Best Buy stores in time for the holiday shopping season, a spokeswoman for Apple Inc (AAPL.O) said. "Customers love Apple Watch, and we are thrilled to begin offering it at Best Buy," she said in an email. Best Buy is the first retailer to sell the watch outside of the Apple retail store.
3 pension funds sue New Jersey for billions in damages
Three public workers' pension funds are suing New Jersey for billions in damages, claiming the state government breached contracts when it contributed less than planned. The filing Friday is the latest ...
Orders for US durable goods jump 3.4 percent in June
Orders to U.S. factories for big-ticket manufactured goods posted a sizable gain in June, but the advance was fueled by higher demand for commercial aircraft. Outside of this volatile category, a key category ...
Facebook to scale up free mobile Internet service to...
Facebook Inc plans to scale up its service to offer free basic Internet on mobile phones, an executive said, after introducing the application in 17 developing countries over the past year. In a blog post released to mark the first year of the initiative, Facebook said it will open a portal allowing any mobile operator to offer the service under its Internet.org platform. Facebook currently partners with specific operators to launch the service in different countries.
Baidu, JD.com winners in China slowdown: Munster
For those investors, who view the recent drop as a buying opportunity for Chinese stocks traded in the American marketplace, Gene Munster, senior research analyst at Piper Jaffray suggest Baidu and JD
Teva Pharmaceutical to buy Allergan's generic...
Israel's Teva Pharmaceutical to buy Allergan's generic pharmaceuticals business for $40.5B.
UBS fails to impress with forecast-beating earnings
Swiss bank UBS (UBSG.VX) failed to impress investors with a jump in second-quarter profit and a boost to its capital as strong earnings from rival Credit Suisse (CSGN.VX) last week had raised hopes for even better results. Net profit rose 53 percent on the year to 1.2 billion Swiss francs (805.46 million pounds) thanks to a solid performance across the board at Switzerland's biggest bank, far above the 3.2 percent rise forecast in a Reuters poll of analysts. Better-than-expected profit last week from smaller rival Credit Suisse, and a surprisingly strong showing from its private banking arm, had raised expectations that UBS could post numbers well above forecasts.
Oil bulls flee at fastest pace in three years
Speculators’ conviction that oil will rally weakened at the fastest pace in three years, just before futures tumbled into a bear market. The net-long position in West Texas Intermediate contracted 28 percent in the seven days ended July 21, U.S. Commodity Futures Trading Commission data show. Oil traded in New York fell more than 20 percent from its June high, meeting the common definition of a bear market.
With most of its growth coming from China, should Apple...
Tim Cook is bullish on China, but is the Apple chief's outlook for the world's No. 2 economy too bright? Yahoo Finance asked several experts.
Wall Street slides amid economic woes
U.S. stocks dropped sharply on Friday as traders worried about the U.S. and Chinese economies and braced for next week's Fed meeting.