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Highlights: September 19 - September 24, 2016

Staff Writer | September 25, 2016
The summary of the last week's key headlines and the most interesting stories.
Highlights of the week
WEEK AT A GLANCE  
Johnson & Johnson to acquire Abbott's vision care business for $4.33bn

AbbottJohnson & Johnson announced a definitive agreement to acquire Abbott Medical Optics (AMO), a wholly-owned subsidiary of Abbott Laboratories, for $4.325 billion in cash....

China's economic growth rate predicted at 6.5-6.6%

China economy dataChina's potential economic growth rate in the next five years is expected to be in the range of 6.5-6.6 percent as long as China continues to advance structural reform to unleash growth impetus, according to a leading university research paper....

General Electric completes $1.3bn U.S. restaurant finance assets sale

General ElectricGeneral Electric (GE) has completed the sale of GE Capital’s U.S. restaurant financing assets, through a series of separate transactions with regional buyers first announced in June 2016....

Avnet to sell Technology Solutions unit to Tech Data for $2.6 billion

AvnetAvnet has entered into an agreement to sell its Technology Solutions operating group to Tech Data Corporation in a stock and cash transaction valued at approximately $2.6 billion....

Kohl's needs more than 69,000 workers for this holiday season

Kohl'sKohl's plans to hire more than 69,000 associates nationwide this holiday season to ensure customers have a seamless omnichannel shopping experience no matter how they choose to shop....

Vista Equity Partners to buy Infoblox in $1.6 billion deal

InfobloxInfoblox has entered into a definitive agreement to be acquired by Vista Equity Partners for $26.50 per share of common stock in cash....

Baosteel and Wuhan to create world's second-largest steelmaker

BaosteelChina's Baosteel Iron and Steel will acquire its smaller rival, Wuhan Iron and Steel, in a deal that will create the world's second-largest steel producer....

GE Power receives $800m+ in Asia-Pacific digital industrial power orders

GE PowerGE Power, a division of GE, announced more than $800 million in new orders across the Asia-Pacific (APAC) region....

Allergan to buy Tobira Therapeutics for $28.35 per share in cash

Tobira TherapeuticsAllergan will acquire Tobira Therapeutics for an upfront payment of $28.35 per share, in cash, and up to $49.84 per share in Contingent Value Rights (CVRs)....

Marriott, Starwood hotels deal approved in China

Sheraton KauaiMarriott Internationa and Starwood Hotels & Resorts Worldwide said their merger transaction has received approval from the Chinese Ministry of Commerce (MOFCOM)....

China estimates Brazil-Peru train will cost $60 billion

Peru trainThe proposed inter-oceanic railroad linking South America’s Atlantic coast with its Pacific shores via Brazil and Peru will cost around $60 billion, Peruvian Vice-President and Transport Minister Martin Vizcarra revealed....

Macy's to hire 83,000 seasonal workers, hiring day September 30

Macy'sMacy's plans to hire seasonal associates for approximately 83,000 positions at its Macy's and Bloomingdale's stores, call centers, distribution centers and online fulfillment centers nationwide for the 2016 Christmas and holiday season....

Volkswagen emissions cheat may lead to 50 deaths, $423 million loss

VolkswagenBeginning in 2008, Volkswagen (VW) installed software to circumvent emissions testing by turning off the nitrogen oxides (NOx) emissions control system in real-world driving in nearly half a million cars....

Tessera Technologies to acquire DTS for $850 million

Tessera TechnologiesTessera Technologies will acquire DTS for $42.50 per share, representing a 28% premium to DTS’s 30-day volume weighted average price as of September 19, 2016....

Asian hornet identified in Gloucestershire

Asian hornetThe National Bee Unit has confirmed a sighting of the Asian hornet in the Tetbury area of Gloucestershire – the first time the hornet has been discovered in the UK....

Disease costs Asian shrimp sector $20 billion

Asian shrimpThe Asian shrimp industry has lost at least $20 billion over the last decade as a result of disease, Fish Vet Group senior scientist Andy Shinn revealed at the TARS conference....

ABB sells Power Grid's cable unit to NKT in $932mn deal

ABBABB is selling its high-voltage cabling business to NKT Cables in a deal worth 836 million euros ($932 million)....

Postal Savings Bank of China IPO raises $7.4 billion

Postal SavingsPostal Savings Bank of China (PSBC) raised $7.4 billion in the world's biggest initial public offering in two years....

Volkswagen investors seek 8.2 billion euros in damages over Dieselgate

Volkswagen investorsVolkswagen (VW) faces 8.2 billion euros in damage claims from investors over its emissions scandal in the legal district where the carmaker is based, a German court said....

Opioid epidemic costs U.S. $78.5 billion annually

Opioid epidemicAbuse of powerful prescription painkillers called opioids costs the U.S. economy $78.5 billion a year, according to a government study....

Müller to invest £100m across its UK business

MüllerMüller announced £100m investment in the operational, innovation and marketing sectors of its business....

PDVSA says it starts one of world’s largest drilling projects

PDVSAState-owned Petróleos de Venezuela (PDVSA) says it is getting ready to start "one of the world’s largest drilling projects" in the Orinoco heavy crude belt....

Maersk to split to focus on freight and logistics

MaerskA.P. Moller-Maersk will split itself up and focus on transport and logistics while seeking a way out of energy....

Korean Air will give $58.9 million loan to Hanjin Shipping

Hanjin ShippingKorean Air Lines, the largest shareholder of Hanjin Shipping, decided Wednesday to provide 60 billion won ($58.9 million) to the cash-strapped shipper....

Leading Brands Q2 increase in branded sales revenue 108.3%

Leading BrandsLeading Brands announced results for its second quarter of fiscal 2016, which ended August 31, 2016....

Twitter in search for buyers, Google and Salesforce 'in'

TwitterTwitter has started talks with several companies to explore selling itself, according to media reports....

India forecast seafood exports to hit $10 billion by 2020

India seafoodThe Government of India believes that a safe and sustainable aquaculture will help to give seafood exports a major thrust by 2020, as by that time export turnover has been forecast to hit $10 billion....

The world's first hydrogen passenger train coming to Germany

Hydrogen passenger trainAlstom has today presented its zero-emission train at InnoTrans, the railway industry’s largest trade fair in Berlin. ...

'No political will for talks but TTIP is dead anyway'

Daniel GrosThere is no "political resolve" to move Transatlantic Trade and Investment Partnership (TTIP) talks to the final stage when they have been connected to electoral politics, European experts told Xinhua....

New solar array to cut Kiribati fossil fuel bill by $290,000

Kiribati solarA World Bank project involving large scale solar panels which was launched in Tarawa on Friday is expected to save the Kiribati government $290,000 in fuel bills....


 

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