Citing drop in revenues, Moody's Investors Service has lowered Houston's $3 billion of general obligation debt by one level to Aa4. Lower oil prices and restrictions on raising taxes are keeping further pressure on Houston's economy.
Coherent has announced acquiring Rofin-Sinar through a deal for $942 million. The deal is expected to close by the coming six to nine months. Through the acquisition, Coherent eyes to represent itself as a global leader in the area of laser and photonics technology.
LivingSocial, partly owned by Amazon, has represented itself as a foe in ecommerce business. Gautam Thakar, the new CEO has gone through a massive workforce reduction since his inception 18 months back. Beside job cuts, Thakar has transformed its business focus from daily deals to card linked discount business which is now being tested in three US cities and seems to be popular.
Federally backed $2.2 billion solar plant in California may be forced to close. The solar plant failed to supply electricity to Pacific Gas and Electric Co as promised.
Series of bankruptcy decisions indicates the decaying market stake of coal industry and Peabody appears as the latest to file chapter 11 with the New York Stock Exchange. Many coal mining companies are still operating with profits. So warning of bankruptcy by the world’s largest private coal miner doesn’t indicate possible extinction of the coal industry.
The strengthening of Yen is eroding the value of Japan's exports to the US. Its overall exports volume was flat, while the value declined over four percent owing to rising Yen.
Executives of all pioneer manufacturers have called for promulgation of uniform federal law ahead of a hearing of the Senate Commerce Committee on Tuesday. Several states in the US have enacted own law prohibiting the driverless cars which has been cited as the reason for their advocacy. However, lawmakers and analysts prefer more scrutiny before initiating a uniform law.
Shareholders of two U.S. prominent banks will vote later this year regarding the breakup plans for the banks. However shareholders are predicted to decline the plan submitted by liberal lobby activist.
Former Morgan Stanley banker Paul J. Taubman has received $75.5 million compensation in his first year as Chief Executive Officer at PJT Partners Inc. Taubman led the investment bank as a publicly traded company.
Facebook Inc is bullish on Asian market potential. Recently, Facebook's Free Basics service has been banned by Telecom Regulatory Authority of India (Trai). Despite this jolt, Facebook is still optimistic about adding number of users as the region is recording much faster growth rate than other parts of the world.
U.S. stocks swung on Tuesday ahead of Fed statement. While Morgan Stanley and JPMorgan warned that similar to Europe and Japan, stimulus program may not be effective to stimulate growth.
A two-day policy meeting of US Federal Reserve will conclude on Wednesday. US Fed Chair Janet Yellen is expected to keep short-term interest rate unchanged for now and may go for a hike in June.
European legislators have started grilling multinational companies such as Google, Apple, Alphabet and McDonald's. European nations are feeling the heat of mounting political pressure to check tax evasion by foreign multinational companies.
The on-demand shippping company startup Shyp was selected as eBay partner. Shyp will handle packing and shipping for eBay sellers.
Justin Trudeau, the new Prime Minister of Canada, has ruled out any possibility of new stimulus funds as new budget deficit is expected to be C$30 billion ($22.5 billion). Canada’s Finance Minister Bill Morneau will present the budget on 22nd of March 2016.
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