Soon to Come: Droneport, Airport for Drone
Aerodrome will build the world first droneport in the Boulder City, Nevada. This facility is approved by FAA for training and certification of drone pilot.
Dec 17, 2015 7:09 AM EST
Frutarom buys Wiberg: Raises its sales target to $2 billion by 2020
Israel’s Futarom, leading flavor and fine ingredients maker has announced that it is to acquire Austrian savory flavor maker Wiberg for $130 million. Futarom has aimed its sales target to $2 billion by 2020.
Pravin Gordhan returns as new Finance Minister: South Africa’s banking index goes high
South African President Jacob Zuma has decided to reappoint Pravin Gordhan as Financial Minister after removing David van Rooyen from the position. Gordhan will take over this position again which he had held previously for five years. Following this, shares in South Africa’s banking index surged to 15 percent.
Major U.S. Banks Raise Prime Rates After Federal Reserve Hike
Major U.S. banks raised their prime rates, a benchmark for a wide range of consumer and commercial loans, for the first time since 2006 on Wednesday, following a rate hike from the Federal Reserve. While the Fed has no direct influence on the prime rate, it is typically closely correlated to changes in the target federal funds rate.
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Third Avenue Management Obtains Exemptive Relief for Focused Credit Fund
Third Avenue Management LLC ("Third Avenue" or the "Adviser"), an investment adviser to private and institutional clients, today announced that the Adviser and the Third Avenue Focused Credit Fund ("FCF") have obtained exemptive relief from the Securities and Exchange Commission ("SEC") to continue to protect shareholders of FCF following modification of the Plan of Liquidation for FCF.
Dec 17, 2015 3:40 AM EST
Russia's Ukraine bond is official sovereign debt: IMF
IMF's board has confirmed that Russia's holding of Ukraine bond is sovereign debt, but not a commercial bond. The due date on payment of Ukraine bond is 20 December. Russia is gearing up to take legal action if Ukraine doesn't pay within a 10-day grace period.
Dec 17, 2015 3:36 AM EST
No new Boeing 747 for Air Force One: Congress
The U.S. White House decided to delay Boeing 747 order for the new Air Force One upgrade to fiscal 2017. The congressional negotiators provide less than expected spending bill for the presidential aircraft
Dec 17, 2015 3:34 AM EST
HTC One X9: An Android smartphone that looks like an iPhone
HTC plans to release its new Android smartphone called One X9. The smartphone is targeted toward midrange market, and will go on sale in early 2016.
Dec 17, 2015 3:15 AM EST
Moody's lowers rating on South Arica to 'negative' from 'stable'
South Africa's rating has been downgraded by Moody's from stable to negative. The sluggish economy, rising risks and political pressures are primary reasons for downgrading. The most developed nation in Africa is lagging in human and physical infrastructure resources. The country needs to enhance the skills set of people to make them employable.
Dec 17, 2015 1:53 AM EST
Lower fuel costs propel airline profits high
The year-long price weakness in oil is helping airlines post record level profits. During the last nine months of 2015, the US aviation industry recorded over 60 percent growth in profits. Fuel account for 30 percent of operating expenses of airlines. The drop in oil price is boosting operating profits. Airlines are also passing the oil price drop benefit to passengers as they slashed airfares.
Dec 17, 2015 1:41 AM EST
China, Belgium lead foreigners' offloading in US Treasuries
Foreigners offloading in US Treasuries reached its peak in October. China has been selling US debt after devaluing the Yuan. China also offloads through its Belgium third party account. Many other countries are also selling US Treasuries ahead of US Federal Reserve meeting.
Dec 16, 2015 10:11 PM EST
Handy Smart Wallet EKSTER Secures Belongings & Recharges Mobile Battery
Ekster, the calf leather built smart wallet, introduced by Kickstarter, Phorce appointed marketing agent, is witnessing a huge customer demand due to its unique features which include securing preserved cards through wi-fi, GPS tracking of lost device, super power storage capability as well as recharging to other devices.
Dec 16, 2015 6:25 AM EST
New Zealand May Have a New National Flag
New Zealanders have chosen a design for a new national flag. New Zealand has now chosen a preliminary winner for the new design of its national flag. It took about a year, but the final decision for the first stage in the referendum will be made Tuesday when officials announce the winner between two finalists.
Dec 16, 2015 6:09 AM EST
Canada to Legalize Marijuana
Canadian Prime Minister Justin Trudeau is going to devise and implement a system to effectively legalize and regulate marijuana. In a step towards this Trudeau's administration repeated its pledge to legalize marijuana in a speech outlining its agenda as parliament resumes after the 19 October election. The government however will restrict the access to it to prevent misuse.
Dec 16, 2015 5:24 AM EST
Asian stocks rise on Wall Street gains
Tracking overnight gains on the US markets, Asian stocks rose on Wednesday. The market is looking to the decision of US Federal Reserve on interest rate. The recovery in oil prices and short covering were the major reasons for the rebound on Asian markets.
Dec 16, 2015 4:00 AM EST
Hong Kong stocks rebound from longest losing streak since 1984
Hong Kong stocks recovered from nine-session losses, the worst phase since July 1984. The market is eagerly waiting for the outcome of the US Fed meeting. The Chinese government has postponed the reduction proposal in retail petrol prices. The fresh rally in energy stocks boosted Hong Kong and China indices.
Dec 16, 2015 3:56 AM EST
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