Swiss engineering giant ABB on Monday said it is buying US electrical equipment manufacturer Thomas & Betts in a $3.9bn cash transaction. The world’s largest producer of power and automation technologies offered $72 a share in cash for the Tennessee-based company. The acquisition will provide ABB access to Thomas & Betts network of over 6,000…
UK Prime Minister David Cameron late on Thursday launched an attack on his European counterparts at the World Economic Forum about their planned transaction tax “madness.” Cameron said the introduction of such a tax could cost half a million jobs and cut Europe’s economic output by around €200bn. He also risked upsetting relations with Germany…
Swiss drug giant Roche Holding on Wednesday made a hostile $5.7bn bid for DNA diagnostics company Illumina. Roche had previously attempted “multiple efforts” to start negotiations but Illumina refused to enter into “substantive discussion,” the company said. The offering of $44.50 a share represents an 18 percent premium over Illumina’s closing price per share on…
The Bank of Japan on Tuesday slashed its growth forecast for the current fiscal year, citing as reasons the appreciation of the yen, the upshot of a slowdown in overseas economies and declining post earthquake reconstruction spending. The bank’s governor Masaaki Shirakawa and the board reduced the economic forecast to two percent from an earlier…
Swedish home products retailer, Ikea, said on Monday it has decided to delay its planned entry into India’s market because of concerns about local sourcing requirements, according to an FT report. Chief executive Mikael Ohlsson noted that the country’s rule for single brand retailers was a hindrance and needs to be re-evaluated. He said: “We…
India’s Supreme Court on Friday ruled that telecoms group Vodafone will not be liable to pay more than RS13,500 crore ($2.7bn) in tax related to an acquisition five years ago. Vodafone, which is the world’s largest mobile phone company, won a landmark tax dispute regarding an $11.5bn purchase of a 67 percent stake in mobile…
Israeli hackers on Tuesday claimed to have taken down the Saudi Arabian and UAE stock exchange websites. The group of hackers, who call themselves IDF Team- an acronym for Israeli Defence Forces, was able to temporarily paralyse the two websites. The IDF Team said that the hits came in retaliation for an attack on Monday…
Egypt’s government is in discussions with the International Monetary Fund about the possibility of obtaining a $3.2bn loan package to help support its economic reform. An IMF delegation arrived in Cairo on Monday to discuss the loan package which is to assist Egypt in bridging the gap in its state budget for the fiscal year…
Normal 0 false false false EN-CA X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-style-parent:””; line-height:115%; font-size:11.0pt;”Calibri”,”sans-serif”; mso-bidi-“Times New Roman”;}Many people are aware of the high investment potential to be found in Mexico real estate, whether in buying a home or condo, or investing in land to build on. For some people it is a…
The euro on Monday fell to an 11-year low versus the yen following a mass downgrade that stripped France and Austria of their AAA rating and cut eight further sovereigns. Europe’s currency dropped to its lowest point since 2000 to reach 97.10, compared with 97.59 on Friday. Japan’s Nikkei Stock Average dropped 1.43 percent, South…
