Nations from Colombia to Indonesia are taking advantage of the longest emerging-market-currencies rally since 2009 to pile up record reserves, bolstering their ability to fend off the next foreign-exchange market crisis. The 12 developing nations with the biggestforeign reserves outside of China added $34 billion in the past three months, lifting their combined holdings to $2.98 trillion on April 30, the most since Bloomberg began compiling the data in 2008. A gauge of 20 major emerging-market currencies is recovering after a 12-month plunge of 11 percent sent it to a four-year low in February.
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Chinese police on Wednesday said they had charged the British former China head of drugmaker GlaxoSmithKlinePLC and other colleagues with corruption, after a probe found the firm made billions of yuan from bribing doctors and hospitals. Mark Reilly and two Chinese executives, Zhang Guowei and Zhao Hongyan, were also suspected of bribing officials in the industry and commerce departments of Beijing and Shanghai, the official Xinhua news agency reported, quoting police in Hunan province.
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As World Cup fever heats up, a note of caution: the world's most widely viewed sporting event could spell trouble for markets. "For many, the soccer World Cup is a time of anxiousness and suffering, followed by chaotic collapse (usually on penalties to Germany). England fans have come to expect this but, as a client recently pointed out, the pain doesn't always stop there. Markets also suffer around World Cup time," Dario Perkins, an economist at Lombard Street Research wrote in a note.
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Delays by the U.S. in reviewing Keystone XL are helping build momentum for an oil pipeline to Canada’s East Coast. TransCanada Corp. (TRP), the company proposing the $5.4 billion conduit to connect Alberta’s oil sands with U.S. Gulf Coast refiners, may have an easier path to approval with its alternative to the nation’s Atlantic Coast. The C$12 billion ($11 billion) Energy East would be North America’s largest oil line, with capacity to ship 1.1 million barrels a day.
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A mine explosion in western Turkey has killed 201, according to Energy Minister Taner Yildiz, and the toll could rise with many more still trapped. Yildiz told reporters 787 workers were in the Soma mine when the explosion hit a power unit, Reuters reported.
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A record number of Americans are renouncing their citizenship as they seek to remove the burden of filing complicated and costly tax returns simply for living in another country. According to Bloomberg News, just over 1,000 Americans gave up their nationality in the three months from January to March. That’s a significant increase from the 670 who did so in the same time span last year, and it’s already one third of the way to matching the total number of Americans who renounced their citizenship in 2013.
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Twitter announced that it's introducing a "muting" feature, which lets users "edit" their Twitter experience and hide certain users and their tweets from view. Now might be the time to improve your tweeting skills.--Twitter
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Not long ago, a business major asked me to recommend business books that had changed my life. I can name plenty of great books, but books that changed my life? Those had to make a lasting impact on how I think and act, which makes the list much shorter. Each of the following books meets that standard. In certain situations, I immediately flash back to a particular book and think, "I know exactly what to do."
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A major manufacturer of cement in the country, Dangote Cement Plc, has explained that the recent increase in the price of the commodity is due to low production of the commodity is as a result of turnaround maintenance of some plants and gas shortage. However, the company said it had released nine million tonnes of cement into the market in a bid to prevent the commodity’s price from soaring.
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Microsoft, United States (US) based software firm is setting its sights on $50 billion affordable device market after only recently completing its acquisition of the Nokia Devices and Services business. The technology company intends to the deliver the first mobile experience to the next billion people while introducing Microsoft services to new customers around the world. The acquisition has however been approved by Nokia shareholders and by governmental regulatory agencies around the world. The completion of the acquisition marks the first step in bringing these two organisations together as one team. “Today we welcome the Nokia Devices and Services business to our family. The mobile capabilities and assets they bring will advance our transformation,” said Microsoft chief executive officer, Satya Nadella.
Updated 5 Years ago