MMB patented gene modified seeds are capable of secreting anti pest protein. However, the seed giant is accused of charging higher royalty fees exerting undue dominance in the seed market. Upon complaints from respective trade body, the Indian agriculture ministry has imposed ceiling for royalties on gene modified cotton seeds.
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Cloud-based startup Optimizely to lay off 10% staff
Optimizely, a San Francisco-based cloud-based startup, is slashing its workforce by 10 percent across all the departments. Based on recent round of finance, Otpimizely was valued at $585 million. Since its inception in 2009, Optimizely has raised over $146 million investments including $58 million round in 2015.
Ford Revealed Its Advanced Police Cars Doors, The First to Halt Powerful Rifles Attack
Ford introduced a new technology that makes its police cars doors able to hold powerful rifles strikes. It was the first police cars doors to be passed by the Justice Department to provide level IV protection.
Stamp prices expected to fall on April 10
The US Postal Service will cut the price of postage, the first time in nearly hundred years. While, the cost of all commodities are rising, the drop in stamp prices surprises consumers. The cost decrease is anticipated to come live on April 10, 2016.
China’s State Backed CRR Corp. Unit Bags $1.3 Billion Chicago Rail Car Contract
Chicago Transport Authority has planned to replace 2,600 age old rail cars with 846 units of 7000-Series cars. CTA has awarded the $1.3 billion deal, the largest purchase in its history to a unit of CRR Corp. on Wednesday. Chinese companies have been awarded the second major deal following $567 million contract to supply trains for Boston’s subway system.
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Venture capitalization has appeared as an investment industry rival for banks and insurances. The new trend of raising capital has become much more popular for fintech startups during 2015 while raising $13.8 billion in funding. The raised fund appears just double compared to that in previous year and expected to grow significantly also in 2016.
Diagio Plc, British liquor major, says it paid $40 million to trouble-ridden Indian businessman Vijay Mallya. This comes close on the heels of an order by Debt Recovery Tribunal (DRT) not to pay Mallya any amount.
Kenya Airlines has recorded an annual loss of $690 million during 2015. Following the ever largest corporate debacle in Kenyan history, the struggling national carrier has revealed bailout plan for $690 million. The plan needs to get approval in the board meeting scheduled to take place on Thursday.
China's stocks fell for a second session, but managed to pare early losses on buying support from state-backed institutions. However, the buying support from state-backed funds renewed concerns that inflation is rising.
A European Union rule requires prior notification to itself in restricting social information service. The rule also bars targeting a specific service. A French court has overturned a government order on Uber’s geo-localization service citing the two grounds. The verdict appears as a victory for Uber while challenging through a flurry of appeals both in France and at the EU level.
Citigroup has established a new asset management group to offer varied solutions and services to richest investors across the world. The new global asset management group will function within investment banking business and it'll bring several segments together.
The Bangladesh central bank said that it has lost $100 million from its account at the Federal Reserve Bank of New York, later discovered to be transferred to the Philippines banking system. The central bank claimed that the Fed’s system was hacked, although the New York Fed denied that there was any hacking attempt made regarding that transaction.
Constellation Brands is recalling Corona 12-pack and 18-pack bottles over concerns that there may be glass particles inside the bottle. So for the company has not received reports of any injury caused by the issue.
E.ON incurred losses has doubled in 2015 and forecasts for a gloomy 2016 due to historic low energy tariff and transformation of Germany towards renewables. Tremendous growth in the subsidized sector has forced the conventional energy firms to squeeze their businesses. Following the industry trend, E.ON has also planned for transformation focusing on renewables.
