Regions

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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Fiat Chrysler gears up to help dealers trim costs

Fiat Chrysler Automobiles (FCA) has prepared a blueprint on business growth for its Fiat dealers. The new plan enables Fiat dealers to trim operational costs and restore trust in the brand. FCA has also advised dealers to close down unviable stand-alone dealership outlets.

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Amazon Leased 20 Boeing 767 Aircrafts To Handle U.S. Delivery Service

Amazon said on Wednesday to start its own air delivery in United States. The largest electronic retailer leased 20 Boeing 767 cargo aircraft from Air Transport Services Group Inc.

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India Affixes Cap On Royalty Fees For Gene Modified Cotton Seeds

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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Diageo confirms $40-mln payment to Vijay Mallya

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.

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Sky and Fox Invested in Football Streaming Startup FuboTV

Sky Plc and 21st Century Fox Inc. invested $6 million each to FuboTV. Along with other investors which generated a total of $15 million in Series B funding for the football streaming startup company.

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Kenya Airways Reveals $690 Million Bailout Plan After Incurring Loss $261 Million Last Year

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.

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Bill Ackman's Pershing Square Capital Get One Board Seat in Valeant Pharmaceuticals

The Canadian drugmaker on Wednesday announced to add three new directors to its board. Representative from Pershing Square Capital Management was added as one of the directors.

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China stocks decline, but trim losses

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.

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Citigroup sets up new group for rich investors

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.

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French Court Verdicts In Favor of Uber’s Geo-Localization Service

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.

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Japan Will Promote Wine-Tourism Industry to Revive Economy in Disaster Zone

As Japan tried to revive economy in northeastern area after devastating tsunami and earthquake, winery is considered a good solution. Winery is pioneered in Miyagi prefecture to boost economy in disaster zone.

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VW Group America CEO Michael Horn to step down

Michael Horn is stepping down as CEO of Volkswagen Group of America. Hinrich J. Woebcken will act as an interim CEO for Volkswagen Group of America from 1 April 2016 onwards.

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German Utility E.ON Incurred Losses Doubled In 2015, Mulling For Focusing On Renewables

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.

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New York City Approves Time Warner Cable Acquisition, Arises Concerns

In a Wednesday's public meeting, Franchise and Concession Review Committee of New York City approve the acquisition. The merger will create the second-largest cable operator in the United States, which raised a concern.

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