International
Yahoo CEO resigns after shareholder claims he lied on his CV
Yahoo’s CEO Scott Thompson (in picture) is to be replaced after just four months in the position, according a statement released by the company. Following allegations that he lied on his CV, with the inclusion of a bogus IT degree, pressure from investors for his resignation mounted. Daniel Loeb, head of hedge fund Third Point, [...]
Obama: Europe should have followed US style policy after crisis
US president Barack Obama (in picture) has suggested that Europe could have avoided some of its financial woes in the wake of the global crisis, if an Obama style economic plan had been followed. “Europe is still in a difficult state partly because they didn’t take some of the decisive steps that we took early [...]
Spanish government part nationalizes bank to save it from collapse
Spain’s government has plowed public money into an ailing bank, taking over a 45 percent share and saving it from collapse. Bankia, which has billions of euros in distressed property assets, will be part nationalized with a EUR 4.47 billion loan from the Spanish state. After the announcement, finance minister Andreu Mas-Colell demanded “maximum transparency” [...]
GSK pushes takeover of Human Genome Sciences aggressively
Drug giant GlaxoSmithKline (GSK) has upped the aggression in its bid to takeover Human Genome Sciences (HGS), a genetics research based pharmaceutical company. HGS’s board earlier rejected an offer of USD 13 a share and GSK has now taken the deal straight to shareholders. GSK also refused to attend a strategic alternatives review process, started [...]
Comment: Can Greece be saved?
Guest writer Ronnie Smith looks at Greece after the recent elections and draws the line on who’s going to clean up the mess. Events in Greece are always important for Romania because of the significant Greek investments here and because the two countries are important regional trading partners. The enormous economic difficulties faced by Greece [...]
Toyota’s financial results show recovery after Japan tsunami
Toyota’s results for the financial year 2011/2012 show profits and revenues well down from the previous financial year, but a very strong recovery since the earthquake and tsunami in Japan and the flooding in Thailand savaged Toyota’s business last year. “Our business environment for the fiscal year to March 2012 was extremely challenging due to [...]
World Health Organization ‘clean hands’: 30% of intensive care patients catch hospital infections
One in ten hospital patients in the developing world pick up an infection while in health care, while for the developed world the rate is around 7 percent, according to the World Health Organization (WHO) . Among intensive care hospital patients, the rate of infection is even higher, up to 30 percent, according to WHO estimates. [...]
EU promises action on Argentina’s YPF expropriation soon
The fallout from the Argentine government’s re-nationalization of oil company YPF continues, with EU Trade Commissioner Karel De Gucht promising action soon in support of previous YPF owner, Spanish oil company Repsol, and the company’s demands for more compensation from Argentina. “We will soon be moving forward with a response to Argentina’s action in the [...]
EU and US ink deal for quicker, easier, cheaper and safer Transatlantic trade
A new trade agreement between the EU and the US should make imports and exports between them quicker, easier and cheaper. EU and US trusted companies will now be mutually recognized, giving them faster controls and reduced administration for customs clearance. The move will also improve security, according to the European Commission (EC), as it [...]
‘The Avengers’ epic movie almost covers production costs with first week-end box office revenues
The blockbuster “The Avengers”, produced by Marvel and Disney cashed in a record amount during its first box office week-end: over USD 200 million, exceeding the record held by one of the Harry Potter movies, with some USD 169 million in the first week-end. The revenues in the first week-end were close to the production [...]
First official Facebook estimate values company at less than USD 100 billion
The well-known social media company Facebook yesterday ( May 3 ) set the share value estimate for the upcoming initial public offering (IPO) at USD 28 to USD 35 per share. This would value the company at between USD 77 – 96 billion, at the low to mid end of predictions. Commentators expect the IPO [...]
Munch’s ‘Scream’ painting fetches USD 120 million at auction, sets new record
One of four extant versions of Edvard Munch’s painting ‘The Scream’ has sold for a record breaking USD 120 million at New York Sotheby’s Impressionist and Modern Art auction. The final hammer price plus buyer’s premium was USD 119,922,500. The version sold is widely considered as the best of the four and the price beats [...]
Poll: One in seven people believe world will end in their lifetime
One in seven global citizens think the world will end during their lifetime, and 10 percent think the Mayan calendar ending in 2012 could mean the world will end this year, found a survey made by Ipsos Global Public Affairs. The Mayan calendar spans about 5,125 years and ends abruptly on December 21, 2012, which [...]
Delta Air Lines buys oil refinery to save USD 300 million a year on fuel
Delta Air Lines is to acquire an oil refinery in the US. The deal is an industry first and the plan is to save money on fuel costs. The Trainer refinery costs USD 180 million, towards which Delta Air Lines will receive a USD 30 million grant, the airline has also announced USD 100 million further [...]
Ford to adjust manufacturing base in Europe but no capacity cuts in the short term, Romania safe
Carmaker Ford, which runs a factory in Romania, will adjust its manufacturing base in Europe taking into account the length of the market slump, according to company representatives, quoted by Bloomberg. However, it does not plan any short term decision on capacity cuts or re-evaluating production plants. In Europe, Ford has factories in Belgium, France, [...]
Rosneft and Eni announce joint explorations in Black Sea and the Arctic
Russian oil company Rosneft and Italian Eni have signed a deal for joint exploration projects in the Black Sea and the Arctic Barents Sea. The companies agreed to exchanges of staff and technology, as well as Rosneft participation in Eni’s international projects. The agreement was announced yesterday (April 25 ) and after being signed by [...]
Big generic pharmaceuticals deal: Watson buys Actavis for EUR 4.25 billion
A big deal for big pharma, as US company Watson Pharmaceuticals announces an agreement to buy pharmaceutical firm Actavis for EUR 4.25 billion. The resulting company will be the world’s third largest producer of generic drugs. Combined revenues of USD 8 billion are expected in 2012 and the move appears to be an effort to [...]
Rich pickings from Apple’s quarterly crop of results
The voracious global appetite for all things Apple shows no sign of abating. Quarterly results published yesterday ( April 24 ) show more sales, more profits, more turnover, more everything. Revenue for the quarter ending March 31 reached USD 39.2 billion, well up from the USD 24.7 billion in the same quarter last year, while [...]
World’s Biggest McDonald’s to be built in London for Olympics
The world’s biggest McDonald’s will be built in London for the upcoming Olympic Games. The 3,000 sqm monster fast food joint will be in East London, near the Olympic Village but will not be permanent, with plans to take it down after the Olympics. The burger and fries leviathan will have seating for 1,500 people [...]
Socialist François Hollande wins first round of French presidential elections, runs off against Sarkozy May 6
Socialist candidate François Hollande won the first round of the French presidential elections. His 28.63 percent of the vote narrowly beat incumbent Nicolas Sarkozy’s 27.18 percent. It is reportedly the first time a serving president has lost the first round of voting. Sarkozy and Hollande will now go on to fight out the presidency on [...]
Nestlé to buy Pfizer baby foods for nearly USD 12 billion in cash
Swiss food giant Nestlé will acquire the nutrition division of pharmaceutical multinational Pfizer for USD 11.85 billion in a deal announced today (April 23 ) by the two companies. Nestlé describes Pfizer Nutrition as “a high-quality, high-growth infant nutrition business with strong brands, value-creating and accretive to the Nestlé model.” The move fits in with [...]
Michael Jackson hologram could soon appear onstage, after Tupac’s Coachella resurrection
Michael Jackson could follow Tupac Shakur in being resurrected with hologram technology. One of the Jackson brothers has indicated that live performances with a hologram Michael Jackson are a ‘definite possibility’. AV Concepts, the company that created the hologram of deceased rap legend Tupac for Weekend 1 of the California music festival Coachella, has declined [...]
Study: Lumberjack, dairy farmer, among worst jobs, software engineer, financial planner, among the best
Software Engineer is the best job to have in 2012, according to employment service CareerCast’s study about the best and worst jobs in the modern job market. The worst job? Lumberjack. Jobs at the top of the table, after software engineer, are actuary, human resources manager, dental hygienist and financial planner. While at the other [...]
Worldwide military expenditure stays flat in 2011 at USD 1.7 trillion
After 13 years of annual increases in military spending, the trend stopped in 2011. Figures released by the Stockholm International Peace Research Institute (SIPRI) show that USD 1.74 trillion was spent last year, only around 0.3 percent up on 2010, compared to the 2001 to 2009 period when military spending increased on average 4.5 percent [...]
First privately-owned spaceship to dock with space station scheduled for April 30 launch
The first private sector spaceship to dock with the International Space Station should be launched on April 30. NASA officials and representatives of SpaceX, the company that has designed and built the privately funded Dragon spacecraft have jointly carried out the Flight Readiness Review. The mission is intended as a demonstration, but although unmanned, the [...]
Romania strikes gold, silver and bronze at European Gymnastics Championship, wins title after four years 
‘Magic mentalist’ wins ‘Romania’s got talent’ competition after flat-lining during live show 
Three trams collide, derail in Bucharest accident, at least 86 injured 
‘The Avengers’ epic movie almost covers production costs with first week-end box office revenues 
Athletic Bilbao files official complaint over Bucharest airport delays after Europa League final 
Wajiha Haris, Scheherazade Foundation president: “No” is never an option 
Romania’s Education Minister accused of having plagiarized three international research papers 
German STEAG buys wind farm from Romanian Monsson, plans EUR 200 mln investments 
Romanian actor Serban Ionescu left bed bound after catching Lyme’s disease from tick bite 
S Immo to put EUR 66 mln into The Mark – Bucharest office building with intelligent facade
