Martin Shkreli, now a former CEO of Turing Pharmaceuticals was arrested last week for security fraud. Shkreli was known for his notorious hedge fund activities in phamaceutical industry.

Dec 22, 2015 09:16 PM EST

Alibaba Holding hired Matthew Bassiur to remove counterfeit product off its site and maintain Alibaba reputation as a global marketplace.

Dec 22, 2015 09:13 PM EST

Intelligent lighting, an automated mechanism that allows the lights to move and create complicated color effects in a bid to thematic color changes, have driven away traditional lighting systems from the market. The intelligent, networked, sensor laden lights are going to form the central nervous system of every building and eventually approaching towards changing the existing communication modules through adoption of this technology.

Dec 21, 2015 08:04 AM EST

Mars issued allergy alert for its Dove Chocolate Assortment Snowflake on December 18, due to undeclared peanuts, wheat and egg ingredient.

Dec 21, 2015 02:46 AM EST

Toshiba is considering a restructuring plan to overhaul it loss-making businesses. The Japanese electronics major is said to have overstated profits for seven years and now forecast to report $4billion net loss. The company is struggling from the impact of an accounting scandal and may sell some units and stakes in some business.

Dec 21, 2015 09:02 AM EST

Myanmar Beer Ltd (MBL) is facing stiff competition from foreign brands for its local Myanmar Beer and other four products. Encouraged with robust sales volume, Denmark and Dutch brands are enhancing their brewing capacities in Yangon. Myanmar Beer Ltd is also gearing up to meet the competition and has taken up a restructuring plan. It is focusing on innovation and new products as part of the overhaul exercise to win over new customers.

Dec 21, 2015 08:44 AM EST

James Packer, an Australian billionaire, has left the board of Crown Resorts Ltd as Chairman. Crown Resorts is suffering from a drop in gambling revenues in Macau. Packer will continue as co-Chairman of Crown Resorts. Packer has decided to focus on development projects in the US and Australia.

Dec 21, 2015 03:51 AM EST

The US gasoline average retail price slips below $2 per gallon as oversupply position in the global energy sector continued. The gasoline price at $1.999 per gallon is indicating its lowest in over six years. The US economy is witnessing a rare combination of falling price and rising demand. The recent decision by Opec not to reduce production level is keeping more pressure on global oil price.

Dec 21, 2015 03:47 AM EST

Puerto Rico Electric Power Authority (Prepa) has got more time to work on the restructuring of debt and interest payment. This is for the fourth time Prepa received deadline extension. Prepa is holding discussions with insurance companies to guarantee its debt payment.

Dec 21, 2015 09:10 AM EST

As part of its restructuring plan, Swiss banking major Credit Suisse is setting up its branch in Ireland. It has received regulatory approval for opening its branch. The bank will move its 100 employees to Dublin from London office. It'll also slash 2,000 jobs.

Dec 21, 2015 08:00 AM EST

Chinese e-Commerce major Alibaba Group has been served another warning letter by the US Trade Representative Office for selling counterfeit goods. The US officials in a latest report said that several brand owners were complaining about Alibaba Group for selling fake goods online. The US officials warned Alibaba that if it doesn't check the problem, it would be added to list of notorious markets for fakes.

Dec 21, 2015 08:01 AM EST