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Highlights: February 27 - March 4, 2017

Staff Writer | March 6, 2017
The summary of the last week's business headlines and the most interesting stories.
Highlights
Week at a glance   
Merger between London Stock Exchange, Deutsche Börse in doubt

Deutsche BörseThe London Stock Exchange has all but ended a planned merger with Deutsche Boerse to create Europe's biggest stock exchange by ruling out meeting a European antitrust demand, saying it has strong prospects alone....

Valeant beefs up salesforce in Salix 40% in three months

Valeant SalixValeant's owned subsidiary Salix has rapidly scaled up its sales force by nearly 40 percent....

UK to invest £100 million in science and technology research centre

UK research centreA major new £100 million investment by the UK government into the development of an innovative multi-disciplinary science and technology research centre was announced by Business Secretary Greg Clark....

Kenya records 33 billion in mobile money in 2016

Kenya mobile moneyKenyans moved a record 33 billion U.S. on mobile money in 2016, up from 27.8 billion from the previous year, the data from Central Bank of Kenya showed....

Ofcom to cut BT's landline prices, customers to save 26%

OfcomMore than two million people who buy only a landline telephone service from BT would see their monthly bills cut by at least £5 per month, under plans announced by Ofcom....

Saudi Aramco to invest $7 billion in Petronas refinery

Saudi AramcoSaudi Aramco will invest $7 billion in a joint venture refinery with Malaysia's Petronas, Malaysian Prime Minister Najib Razak said....

Takata pleads guilty, will pay $1 billion for airbag scheme

Takata CorporationTokyo-based Takata Corporation pleaded guilty to one count of wire fraud and was sentenced to pay a total of $1 billion in criminal penalties stemming from the company’s conduct in relation to sales of defective airbag inflators....

Perrigo to sell Tysabri royalty stream in $2.85bn agreement

TysabriPerrigo Company has signed a definitive agreement to divest its rights to the royalty stream from the global net sales of the multiple sclerosis drug Tysabri (natalizumab) to RPI Finance Trust, an affiliate of Royalty Pharma (RPI)....

NYSE suspends hhgregg trading, will delist it

hhgreggThe New York Stock Exchange (NYSE) decided to commence proceedings to delist the common stock of hhgregg from the NYSE....

Tuniu Corporation Q4 gross profit increased 130.9%

Tuniu CorporationTuniu Corporation announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2016....

LG Electronics to build $250m home appliance plant in Tennessee

LG ElectronicsLG Electronics said it would spend $250 million to build a new factory in the U.S....

Hershey to cut global workforce by about 15 percent

HersheyHershey said it would cut its global workforce by about 15 percent as part of a restructuring program....

Iberiabank to acquire Sabadell United in $1.03 billion deal

IberiabankIberiabank Corporation, holding company of the Iberiabank, announced the definitive agreement to acquire Sabadell United Bank from Banco de Sabadell in a stock and cash transaction valued at $1.025 billion....

Chicago Bridge & Iron to sell its Capital Services business for $755m

Chicago Bridge & IronChicago Bridge & Iron (CB&I) announced it has entered into a definitive agreement to sell its Capital Services business to an affiliate of private equity investment firm Veritas Capital for $755 million in cash....

Ahold Delhaize Q4 net sales climbed 54.5 percent

Ahold DelhaizeKoninklijke Ahold Delhaize reported that its fourth-quarter net profit declined from last year, while operating income grew 25.8 percent. Net sales climbed, benefited by the Delhaize merger....

DNA test: Subway sandwiches contain just 50% chicken

Subway sandwichIf you're one of those who opt for chicken sandwiches at your favourite fast food restaurant, you may find the results of a CBC Marketplace investigation into what's in the meat a little hard to swallow....

British Land agrees Leadenhall sale for £1.15 billion

Leadenhall BuildingBritish Land has agreed the sale of the Leadenhall Building, known as the Cheesegrater, to China's CC Land for a headline price of £1.15 billion....

McDonald's CEO: We lost hundred of millions visits

McDonald'sMcDonald's announced its global growth plan, targeting sales growth of 3-5% beginning in 2019....

U.S. Job Creation Index continues gradual ascent in February

U.S. workersU.S. workers' perceptions of hiring activity reached a nine-year high in February, with many more employees saying their workplace is hiring people rather than letting workers go....

Three Gorges Project reaches 1 trillion kWh milestone

Three Gorges ProjectThe world's largest hydropower project, the Three Gorges, has generated one trillion kilowatt-hours of electricity after 14 years of operation....

LafargeHolcim admits to financing armed groups in Syria

LafargeHolcim SyriaLafargeHolcim has confirmed that its staff supplied armed groups in Syria with funding in order to ensure operations at its plant in the north of the country would continue to function....

U.S. jobless claims near 44-year-low

U.S. workersThe number of Americans filing for unemployment benefits fell to near a 44-year-low last week, pointing to further tightening of the labor market even as economic growth appears to have remained moderate in the first quarter....

World’s largest lithium ion battery-based energy storage unveiled

AES Energy StorageAES Energy Storage, a subsidiary of The AES Corporation, showcased two new Advancion battery-based energy storage sites, totaling 37.5 megawatts (MW), in partnership with San Diego Gas & Electric (SDG&E)....

Engie net loss sharply down from 4.6 billion to 0.4 billion euros

EngieEngie, formerly GDF Suez, eported that its net loss group share for fiscal year 2016 narrowed to 0.4 billion euros from 4.6 billion euros last year....

Marvell Technology Q4 earnings increased 77%

Marvell TechnologyMarvell Technology Group revealed a profit for its fourth quarter that rose from last year....

Third of UK manufacturers see no benefits from apprenticeship levy

UK apprenticeshipOver a third of British manufacturers see no benefits to the government's proposed apprenticeship levy, a survey of the industry has found....

OMV to sell Turkish unit Petrol Ofisi to Vitol for $1.45bn

Petrol OfisiOMV said it agreed to sell its Turkish fuel supply and distribution unit Petrol Ofisi to Vitol Investment Partnership, managed by the Swiss-based commodities firm Vitol, for 1.37 billion euros ($1.45 billion)....


 

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