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Highlights: July 7 - July 11, 2015

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Highlights of the week
WEEK AT A GLANCE  

The summary of the last week's key headlines and the most interesting stories.

Anti-Russian sanctions to cost EU € 92.34 billion, 2.2 million lost jobs

Russia street marketThe Austrian Institute of Economic Research (WIFO) published a monograph clarifying the projected short and long-term costs of anti-Russian sanctions to the EU 28 plus Switzerland....

Hochtief to expand airport in Riyadh for 1.3 billion euros

King Khaled AirportHochtief has 55 percent stake in the joint venture Hochtief is to upgrade and expand the King Khaled International Airport in Riyadh, the capital of of Saudi Arabia....

87 Beijing companies to invest $257.8 billion

Hebei provinceDozens of companies from Beijing signed agreements with Hebei province, pledging a total investment of more than 1.6 trillion yuan ($257.8 billion)....

Oman granted Omagine rights to develop $2.5 billion real-estate project

OmagineOman's government has granted Omagine certain rights over 1mn sqm of prime beachfront land in Seeb for the development of the $2.5 billion mixed-use tourism and real-estate project known as Omagine Project....

American Apparel to close stores, lay off workers to save $30 million

American ApparelAmerican Apparel announced the next phase of its strategic turnaround plan, including a redesigned fall merchandise line and approximately $30 million in cost-cutting initiatives....

Allergan to acquire Oculeve for $125m plus milestone payments

OculeveAllergan plc entered into an agreement under which Allergan will acquire Oculeve, a development-stage medical device company focused on developing novel treatments for dry eye disease, in an all-cash transaction....

Trakm8 revenue went up 95% to 17.9 million pounds

Trakm8Trakm8 reported higher profit in its fiscal 2015. The company said its first three months of trading are ahead of last year and that it now expects to modestly exceed previous market expectations for the year ending March 31, 2016....

Russia to get $10 billion investment from Saudi Arabia

Kirill DmitrievSaudi Arabia signed a commitment to invest up to $10 billion in Russia within four to five years, Kirill Dmitriev, head of Russian Direct Investment Fund (RDIF), told Sputnik News....

TerraForm Power to buy wind power plants from Invenergy for $2 billion

TerraForm PowerTerraForm Power and SunEdison announced that TerraForm Power has signed a definitive agreement to acquire net ownership of 930 megawatt (MW) of wind power plants from Invenergy Wind....

Horizon Pharma goes hostile after Depomed, $3 billion deal rejected

Horizon PharmaDepomed confirmed that it has received an unsolicited, highly conditional, non-binding proposal from Horizon Pharma to acquire all of the outstanding shares of Depomed in an all-stock transaction valued at $29.25 per share....

U.S. unemployment rate hits seven-year low

EmploymentA Labor Department report released showed the unemployment rate falling to a seven-year low. Non-farm payroll employment increased by 223,000 jobs in June....

U.S. pension funded status deficit drops $81 billion in Q2

PensionersThe funded status of U.S. pension plans improved in the second quarter of 2015, with the deficit declining by $81 billion for the quarter....

Turkey's gold imports decrease by 95 percent

Turkey goldTurkey's gold imports decreased by 94.4 percent in June compared to the same month in 2014 and by 18.1 percent from May 2015 to 1.35 tons....

Saudi Arabia launches $1.2 billion Madinah airport

MadinahSaudi Arabia launched the $1.2bn worth Prince Muhammad Bin Abdulaziz International Airport that will span on 4m sqm, and is the Kingdom’s first airport to be constructed and operated entirely by the private sector....

Brandywine Global managers see increased risk from China

Shanghai stock exchangeAt a recent Legg Mason conference in London to discuss prospects for the often unpredictable global financial markets, portfolio managers from its affiliates were asked, "What risks do you think are not fully appreciated by investors now?"...

Technip cuts workforce by approximately 6,000

TechnipTechnip said that in anticipation of an even more challenging environment in oil and gas, it will accelerate its cost reduction and efficiency efforts worldwide through a restructuring plan in response to the downturn in the oil and gas market....

Micro Focus group revenues three times better

Micro Focus InternationalMicro Focus International plc announced audited preliminary results for the year to April 30, 2015....

Gaming and Leisure goes $1bn higher in hostile bid for Pinnacle's real estate

GLPIGaming and Leisure Properties (GLPI) raised its hostile bid for Pinnacle Entertainment's real estate assets, valuing them at $5 billion, including debt....

Microsoft to cut 7,800 jobs in phone business, will focus on search

MicrosoftMicrosoft announced plans to restructure the company’s phone hardware business to better focus and align resources....

NYSE trading halted, FBI, White House, SEC monitor the situation (Update)

NYSETwo weeks ago, the New York Stock Exchange (NYSE) announced that it will discontinue some legacy systems and, as a possible consequence of that, today's technical issues halted all trading completely. Update in the last paragraph....

South Africa's business confidence drops to 16-year low

South Africa factorySouth Africa's Business Confidence Index (BCI) dropped by 2.3 index points to 84.6 in June 2015 from 86.9 in May....

Barfresh Food Group revenue of $211,000 increased 92%

Barfresh Food GroupBarfresh Food Group reported that for the fiscal year ended March 31, 2015, revenue was $211,000, an increase of 92% compared to the prior year....

Walgreens Boots Alliance Q3 net earnings increased 82.4 percent

Walgreens Boots AllianceWalgreens Boots Alliance announced financial results for the third quarter and first nine months of fiscal year 2015 that ended 31 May 2015. GAAP net earnings attributable to Walgreens Boots Alliance increased 82.4 percent to $1.3 billion....

P&G OKs $12.5 billion offer to merge 43 P&G Beauty Brands with Coty

Procter & GambleThe Procter & Gamble company (PG) announced the signing of a definitive agreement to merge 43 of its beauty brands (RMT Brands) with Cot in a Reverse Morris Trust transaction....

Brazil's six-month inflation 6.17%, highest for half year since 2003

BrazilBrazil's inflation was little changed at 0.79% in June, rising to 8.89% over the last 12, according to the Brazilian Institute of Geography and Statistics, IBGE....

Barracuda Networks Q1 2016 total revenue increased 18%

Barracuda NetworksBarracuda Networks announced results for its first quarter of fiscal 2016, which ended May 31, 2015. Gross billings grew to $94.3 million, up from $87.6 million in Q1 2015....

SemiLEDs Q3 revenue $3.5 million, 23% down

SemiLEDsSemiLEDs Corporation announced its financial results for the third quarter of fiscal year 2015, ended May 31, 2015. Revenue was $3.5 million, a 23% decrease compared to $4.6 million in Q2 2015....

CHS earnings decreased 26 percent

CHSCHS, a farmer-owned cooperative and a global energy, grains and foods company, reported earnings of $649.6 million for the first three quarters of its 2015 fiscal year....

Bulgarian exports to Russia Q1 down 42%

Bulgaria street foodWhile Bulgarian exports to Russia dropped by about 9% last year, in the first quarter of 2015 they have decreased by more than 42%....

China Finance Online Q1 net revenues down 41%

China Finance OnlineChina Finance Online announced its unaudited financial results for the first quarter ended March 31, 2015. Net revenues were $13.7 million, a decrease of 41% from $23.2 million for the corresponding period in 2014....

Petrofac awarded $780 million project in Kuwait

PetrofacPetrofac has received an award notification for Kuwait Oil Company’s (KOC) manifold group trunkline (MGT) system in the north of Kuwait....


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