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Highlights: October 3 - October 8, 2016

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Staff Writer | October 10, 2016
The summary of the last week's key headlines and the most interesting stories.
Highlights of the week
WEEK AT A GLANCE  
India offers tax amnesty, $10 billion declared

Arun JaitleyNearly $10 billion of undisclosed assets have been declared during the tax evasion in India, the country's finance minister Arun Jaitley said....

Renminbi officially freely usable international currency

Christine LagardeChina's currency has officially been added to the institution's Special Drawing Rights basket (SDR)....

Henderson Group and Janus Capital agree $6 billion merger

Janus CapitalHenderson Group has agreed a $6 billion "merger of equals" with New York-listed fund management Janus Capital, with a proposal to cancel the company's London listing....

Canadian investment abroad creates jobs at home

TorontoExport Development Canada (EDC) released a study that has shed new light on why Canadian companies invest abroad, and the benefits to Canada’s domestic economy....

Numis full-year revenue increased 14% to hit record

NumisIn a trading update for the year ended September 30, Numis said revenue from its core activities was up 14% from the previous year....

Winnebago to buy Grand Design for $500 million

Winnebago IndustriesWinnebago Industries will acquire Grand Design Recreational Vehicle company, a manufacturer of towable recreation vehicles (RVs), for approximately $500 million in cash and newly issued Winnebago shares....

87% of U.S. CFOs say they somewhat depend on election outcome

Trump ClintonDeloitte's third quarter CFO Signals survey reveals 87% of U.S. chief financial officers believe the future of their company depends at least somewhat on the outcome of the U.S. presidential election....

Bass Pro Shops will acquire Cabela’s in $5.5 billion deal

Cabela’sBass Pro Shops and Cabela’s Incorporated, two American outdoor companies, entered into a definitive agreement under which Bass Pro Shops will acquire Cabela’s for $65.50 per share in cash....

Illinois suspends $30 billion business with Wells Fargo

Michael FrerichsIllinois Treasurer Michael Frerichs said that his office is suspending its annual $30 billion in investment activity with Wells Fargo for at least one year....

Tenet Healthcare will pay over $513m to resolve criminal charges

Tenet HealthcareTenet Healthcare Corporation and two of its Atlanta-area subsidiaries will pay over $513 million to resolve criminal charges and civil claims....

Congress would like to know why $8 EpiPen sells for $608

EpiPenA congressional committee asked Mylan for additional documentation related to the profitability of EpiPen amid questions about how much taxes the company actually pays on sales of the lifesaving anti-allergy devices....

Carillion wins £350m Nationwide facilities management renewal

CarillionOutsourcing company Carillion won a seven-year contract extension from Nationwide Building Society worth around £350m to provide facility management services at its branches and offices....

New overtime rules deadline set to June 1, 2017

Regulatory ReliefThe Regulatory Relief for Small Businesses, Schools, and Nonprofits Act would give employers an extra six months to come into compliance with new overtime rules by pushing the deadline to June 1, 2017....

Rimowa joins the LVMH Group for 640 million euros

RimowaDieter Morszeck, grandson of the founder of Rimowa, has chosen to partner with the LVMH Group....

Ericsson to cut 3,000 positions

EricssonEricsson announced measures intended to be implemented in Sweden, in line with the ongoing cost and efficiency program....

Ford F-150 under investigation for brake failures

Ford F-150the National Highway Traffic Safety Administration (NHTSA) opened an investigation into complaints of brake problems in some 282,000 recent model year Ford F-150 pickup trucks....

Cargill Q1 2017 adjusted EPS increased 35%

CargillCargill reported financial results for the fiscal 2017 first quarter ended Aug. 31, 2016. Adjusted operating earnings rose 35% to $827 million in the first quarter, compared with $611 million in the year-ago period....

Darden Restaurants lifts outlook, EPS up 39.7%

Darden RestaurantsDarden Restaurants lifted its outlook for fiscal 2017 net earnings per share to $3.87 to $3.97 from previous estimate of $3.80 to $3.90....

NN Group launches all-cash offer for Delta Lloyd

Delta LloydNN Group launched an all-cash unsolicited takeover offer for Delta Lloyd NV, catapulting shares in the Amsterdam-based life insurer higher....

Tesco H1 profits down 28 percent, sales up 1 percent

TescoTesco has reported a 28 percent drop in first-half profits as it counts the cost of cutting prices to compete with rivals....

Ryanair to hire thousands of new workers

RyanairRyanair announced that it is to launch a major recruitment drive as it plans to take delivery of 50 new aircraft in the next 12 months....

Acuity Brands saw record Q4 and full-year results

Acuity BrandsAcuity Brands announced record fourth quarter and full-year results for net sales, net income, and diluted earnings per share....

Germany suddenly interested in Deutsche Bank's fate

Deutsche BankThe German government is in talks with U.S. authorities to help Deutsche Bank secure a swift settlement over the sale of toxic mortgage bonds....

Teva to sell UK and Ireland Actavis assets in £603m deal

TevaTeva will sell assets and operations of Actavis Generics in the UK and Ireland to Accord Healthcare, a subsidiary of Intas Pharmaceuticals, for £603 million, subject to final approval from the European Commission....

Dairy farmers in UK got £200 million less than they should get

CalvesDairy farmers are the first to feel the pressure of challenging market conditions, and the last to see any benefit....

TalkTalk gets record £400,000 fine for failing to prevent attack

TalkTalkTalkTalk has been issued with a record £400,000 fine by the UK's ICO for security failings that allowed a cyber attacker to access customer data “with ease”....

Amedica announces 38% headcount reduction

AmedicaAmedica Corporation announced that it has reduced its workforce by approximately 38% to lower its operating expenses....

AZZ Q2 2017 net income decreased 41.9% to $10 million

AZZAZZ announced financial results for the three month period ended August 31, 2016. Revenues for Q2 2017 were $195 million compared to $214.2 million for the same quarter last year, a decrease of 9%....

UK creates £3 billion fund for small firms to build homes

UK homesThe Chancellor, Philip Hammond, and Communities Secretary, Sajid Javid, have announced new measures to build more houses in the form of the Home Building Fund (HBF)....

Deutsche Bank to cut 1000 jobs, total is now 4,000

Deutsche BankDeutsche Bank has reached an agreement with its Group and General Works Councils and signed all remaining balance of interests agreements planned for 2016 on role reductions in Germany....

Agreement reached to mitigate international aviation emissions

AviationGovernment, industry and civil society representatives have agreed on a new global market-based measure (GMBM) to control CO2 emissions from international aviation, the International Civil Aviation Organisation (ICAO) said....

Mylan was overcharging Medicaid for EpiPen for years

EpiPenMylan did overcharge Medicaid for EpiPen for years, two congressional investigators say and the company could face a $400 million-plus liability for unpaid rebates....

September tropical cyclones cost global economy more than $4 billion

September tropical cyclonesImpact Forecasting, Aon Benfield's catastrophe model development team, launches the latest edition of its monthly Global Catastrophe Recap report....

Global wheat and rice harvests poised to set new record

FAO harvestGlobal food markets will likely remain "generally well balanced" in the year ahead, as prices for most internationally-traded agricultural commodities are relatively low and stable, FAO said....

Delta Lloyd rejects NN Group's takeover, price is not right

Delta LloydDelta Lloyd onfirmed that it received an unsolicited and conditional proposal from NN Grou for a possible cash offer for Delta Lloyd at a price of €5.30 per ordinary share....

Total sells Atotech to Carlyle Group for $3.2 billion

TotalTotal has agreed to sell its speciality chemicals business Atotech to private equity firm Carlyle Group for $3.2 billion....

Bank software provider Misys set for UK's biggest 2016 IPO

MisysA UK company Misys that supplies software to some of the world's largest banks is returning to the stock market in the biggest float of the year....

Record 26 percent growth for Norwegian seafood exports

Norwegian seafoodNorway has beaten all previous records and exported seafood worth NOK 65 billion this year to date. This is an increase of 26 percent or NOK 13.2 billion compared with the same period last year....

Pfizer to sell infusion business to ICU Medical

PfizerPfizer said it would sell its global infusion therapy business to ICU Medical Inc for $1 billion in cash and stock that will give it a major stake in the smaller company....

UK industrial production unexpectedly drops in August

UK industrial productionUK industrial production unexpectedly declined in August, while manufacturing production rose less than expected, according to data from the Office for National Statistics....

Avolon Holdings to buy CIT Group's unit for $10 billion

CIT GroupAvolon Holdings, part of China's acquisitive HNA Group, said it agreed to buy the aircraft leasing business of CIT Group for $10 billion....

Qatar Airways orders 40 planes from Boeing worth $18.6 billion

Qatar AirwaysBoeing and Qatar Airways announced an order for 30 787-9 Dreamliners and 10 777-300ERs, valued at $11.7 billion at list prices....

Mylan agrees to settle EpiPen issues with DOJ, others for $465m

Mylan EpiPenMylan N.V. said its subsidiary, Mylan Inc., has agreed to the terms of a $465 million settlement with the U.S. Department of Justice (DOJ) and other government agencies....

Russia set to overtake EU as world's leading grain exporter

Russia wheatThe UN Food and Agriculture Organisation (FAO) has declared that the world is headed for record wheat production this season....


 

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