Advocacy groups heavily criticized the draft as it allows company to hide their activities. Meanwhile, Iceland Prime Minister has resigned following protest over Panama leaks.
People
3D Printing Pen, BioPen, Will Enable Surgeons Draw Stem Cells Onto Patients' Bones and Joints Directly
BioPen uses 3D bioprinting technology to enable surgeons draw viable human stem cells in order to reconstruct bones of damaged joints. The product is still at the R&D stage and is still being actively tested and improved.
Clothing and Accessories Emerged as The Biggest Category in E-Commerce, Outpacing Computer Hardware Sector
Clothing and accessories sector is outpacing other sectors in e-commerce sales. Some factors, including better shipping and return policies and changes in mobile uses, are encouraging more people to make more small purchases online.
Canadian Pension Fund to Acquire 40% Stake in Agriculture Unit of Glencore For $2.5 Billion
Glencore is possibly nearer to a deal with Canda’s largest pension fund to sell 40% stake in its agriculture business. CPPIB has agreed to pay $2.5 billion against a total valuation of $6 billion. However, there is no guarantee that the deal will surely take place.
US oil prices up 5% on surprise drop in crude stocks
US oil prices gained 5.18 percent owing to an unexpected drop in domestic crude stockpiles. US crude stocks eased by 4.9 million barrels last week as imported declined.
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Yahoo Inc’s revenues may drop by 15 percent for 2016 year, while earnings are also predicted to tumble 20 percent. The global internet company is expected to slash jobs by 1,500 to 9,000 in 2016.
Goldman Sachs-backed consumer finance startup CompareAsiaGroup got its new CEO Sam Allen. In 2015, CompareAsiaGroup closed a Series A round of funding led by Goldman Sachs and is planning to go for a Series B round funding soon.
Fever-Tree founders have reportedly sold their shares worth £18 million in total as a result of demands by investors. However, they claim to still be sticking with the business and still have the majority of their shares.
FMA of Austria will investigate Raiffeisen Bank International and Hypo Landesbank Vorarlberg. The Austrian banks were named in Panama Papers in helping money laundering scheme.
The Reserve Bank of India (RBI), India's central bank, has reduced repo rate by 25 basis points to 6.50 percent, indicating an over five-year low. After the rate cut, home loans will be cheaper by half a percentage.
The Panama Papers documents leak suggest that Ukrainian President Petro Poroshenko might be using an offshore company to evade tax. However, the president has denied such accusations, saying that he has not been managing the assets since he became president in 2014.
Following a deal with UAW, the union members are enjoying jobs in Ford’s Wayne plant sacrificing small-car plant in Mexico. Applying the loophole in negotiation terms, Ford announces another $1.6 billion production plant in Mexico in addition to previously declared $2.5 billion plant. Ford’s tricky stance has irked the UAW and the union members have demonstrated protest against the automaker’s decision.
SunEdison has been passing through acute cash crunch while embattling with lawsuits. Though the lawsuits have been filed recently and remain pending for adjudication, the variety of claimants has attracted analysts’ attention. However, the event has been analyzed as instance of tilting confidence among the creditors as well as investors.
Nordea Bank of Sweden and DNB ASA of Norway, largest lenders of the respective countries, have been accused of aiding in tax dodging by the leaked ‘Panama Papers’. DSAs of the respective countries have summoned them to explain their roles over the allegations. However, both the banks have denied any wrongdoing while reiterating commitments for upholding laws.
