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Highlights: September 26 - October 1, 2016

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Staff Writer |
Highlights of the week
WEEK AT A GLANCE  

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

3.56 million new companies were set up in China

China workerThe number of newly registered enterprises in China surged 28.9 percent year on year in the first eight months this year....

Marriott hotel group to double presence in China

Marriott OahuMarriott International - the newly-merged company that is the world's biggest hotel group - plans to double its presence in China....

Three quarters of UK companies mulling moving out of UK

British businessesMore than 75% of British business leaders have said they are pondering moving their businesses overseas because of the EU referendum, a survey has found....

Lanxess to buy Chemtura in $2.7 billion deal

ChemturaGerman specialty chemicals group Lanxess rallied after announcing the acquisition of Philadelphia-based company Chemtura in a $2.7 billion deal....

Aldi posts record UK sales, will invest £300 million

AldiAldi promised to invest £300m in its British stores, as it rides the wave of its record £7.7bn sales in 2015 - a 12% increase....

Investing in house building in Greece down 95 percent

Greece housesInvestment in the construction of new houses in Greece contracted by 95 percent from 2007 to the end of June....

Eskom: We will have $11 billion for nuclear plant

EskomPower utility Eskom from South Africa estimates it would have $11 billion within the next decade to help fund a nuclear expansion programme....

Brookfield consortium to take majority stake in Petrobras' NTS for $5.2bn

BrookfieldBrookfield Infrastructure said it will acquire a 90% controlling stake in Nova Transportadora do Sudeste (NTS) owned by Petrobras, for approximately $5.2 billion....

Manufacturing growth in U.S. eases again in September

Manufacturing growth U.S.September data highlighted a further upturn in U.S. manufacturing output, but the rate of expansion was modest and only slightly faster than seen on average during the first half of 2016....

Merrill Lynch fined $3 million by six exchanges

Merrill LynchThe Bats BZX Exchange, Bats BYX Exchange, Bats EDGX Exchange, New York Stock Exchange, NYSE Arca, and The NASDAQ Stock Market collectively fined Merrill Lynch, Pierce, Fenner & Smith Incorporated....

South Korea import saw fastest growth in nearly 2 years

South Korea importSouth Korea's import volume posted the fastest monthly growth in nearly two years last month, indicating expectations for economic recovery in the near future....

U.S. top choice for sending children abroad for college

Education abroadNearly one in two parents (48%) rated the United States as the top destination for their child’s international college education....

China's Orient Hontai spends $1.4bn on AppLovin

AppLovinAppLovin, a Palo Alto-based mobile marketing platform, said Chinese private equity firm Orient Hontai Capital had bought a majority stake in the company for $1.4 billion....

WTO significantly cuts 2016 global trade forecast

World tradeWorld trade will grow more slowly than expected in 2016, expanding by just 1.7%, well below the April forecast of 2.8%, according to the latest WTO estimates....

Onion exports from India up 73% in first quarter

India onionIndia's onion exports increased by 73.15 % in the first quarter of the current fiscal, as compared to the corresponding period of last financial year....

New Zealand trade gap widens 16% yoy in August

New Zealand milkNew Zealand posted a NZD 1265 million trade deficit in August of 2016, compared to a NZD 1090 million shortfall a year earlier....

Russia and U.S. bought 70 tonnes of heavy water from Iran

Ali Akbar SalehiIran has sold 70 tonnes of heavy water, a material used in nuclear reactors, to Russia and the United States and is in talks with other countries....

Boston Scientific to acquire EndoChoice in $210 million deal

Boston ScientificBoston Scientific has agreed to acquire EndoChoice. Upon completion of the transaction, EndoChoice will become part of the Boston Scientific endoscopy business....

Allergan generates $6.35 billion for California

AllerganA new study shows that Allergan's California operations generated a combined annual economic activity in the state of approximately $6.35 billion and net economic impact of $3.45 billion....

California and Massachusetts first states in energy efficiency

California energy efficiencyIn a dramatic photo finish, California and Massachusetts both won the top spot in the 10th edition of the 2016 State Energy Efficiency Scorecard by the American Council for an Energy-Efficient Economy (ACEEE)....

Deutsche Post to buy UK Mail in £242.7 million deal

Deutsche PostDeutsche Post has agreed to buy integrated mail and parcel operator UK Mail Group for 440p per share, valuing the company at £242.7m....

IFC invests record $1.8 billion in Turkey during FY 2016

IFCIFC, a member of the World Bank Group, invested $1.8 billion in Turkey last fiscal year....

Walmart in negotiations for $1 billion Flipkart investment

FlipkartWalmart has reportedly entered negotiations to take a stake in India's Flipkart Online Services, in a deal reported to be valued at around $1 billion....

Abu Dhabi and China to launch $10 billion investment fund

Abu Dhabi and ChinaThe Abu Dhabi-Sino Investment Forum, organised by the Abu Dhabi Department of Economic Development (ADDED) in Abu Dhabi attracted more than 250 businessmen and investors....

Phoenix Group to buy Abbey Life from Deutsche Bank

Deutsche BankPhoenix Group has agreed to buy Abbey Life from Deutsche Bank subsidiary Deutsche Holdings for £935m in cash....

Iran's steel exports up by 70% in 4 months

Iran steelIran's steel exports experienced a growth of 70% in the first 4 months of the current Iranian calendar year (started March 20, 2016) compared to the same period last year....

After loss of $372 million BlackBerry to stop making phones

BlackBerryBlackBerry announced an agreement with newly formed joint venture PT BB Merah Putih to license BlackBerry software and services for the production of handsets for the Indonesian market....

GSK raises £477m from selling final Aspen shares

GlaxoSmithKlineGlaxoSmithKline (GSK) has sold its remaining shares in South Africa's Aspen Pharmacare to raise 8.47bn rand (£477m)....

S&P 500 buybacks fall 21% in Q2 2016

500 buybacksS&P Dow Jones Indices announced preliminary results indicating that S&P 500 stock buybacks, or share repurchases, totaled $127.5 billion in Q2 2016....

Commerzbank to cut 9,600 jobs and suspend dividend

CommerzbankTroubled German lender Commerzbank will reduce its workforce by 20% in the next few years by cutting 9,600 jobs, in an attempt to cut costs and boost profitability....

Argentina judge suspends 500% gas tariff hikes on small business

Argentina gas 500An Argentinian federal judge suspended a 500% hike in natural gas tariffs on small and midsized businesses....

U.S. durable goods orders flat in August

Durable goods ordersNew orders for U.S. manufactured durable goods were unchanged in August from July of 2016, following a downwardly revised 3.6 percent gain in the previous period....

Exploding washing machines: Samsung facing federal class action

Samsung washing machinesA lawsuit filed in the federal court in New Jersey alleged that there was loud noise and damage to garage wall as the washing machine went off with a boom....

Taiwan's losses from Typhoon Megi at least $31.89m

Typhoon MegiTaiwan's agricultural losses from Typhoon Megi, which battered much of Taiwan on Tuesday, had reached at least NT$1 billion ($31.89 million) as of Wednesday, according to an initial estimate released by the Council of Agriculture (COA)....

Farmers suing Syngenta over GMO corn granted class action status

SyngentaA federal judge has granted class action status to at least 440,000 farmers accusing agrochemical giant Syngenta....

Alcoa board approves separation of company

AlcoaAlcoa board has approved the completion of the Company’s separation into two independent, publicly-traded companies....

Cooper Tire to reach more than 10,000 students through Dream It. Do It.

Cooper TireMarking its second year as a member of the National Association of Manufacturers’ (NAM) and Manufacturing Institute’s (MI) Dream It. Do It. program, Cooper Tire will connect with more than 10,000 students — primarily eighth graders — for Manufacturing Day (MFG Day) events throughout October. ...

Railway employees in India to get 78-day wages as bonus

Railway employees IndiaAhead of the festive season, government gave its approval to pay 78-day wages as bonus to railway employees, the same for the fifth consecutive year. ...

Foreign arrivals to Turkey down 38% in August

Turkey touristsThe number of foreigners visiting Turkey fell 37.96 percent year-on-year to 3.1 million in August from 5.1 million a year earlier....

U.S. GDP growth upwardly revised by more than expected in Q2

U.S. economy grewThe Commerce Department released a report showing that U.S. gross domestic product increased by more than previously estimated in the second quarter....

U.S. oil rig count rose by seven to 425 this week

U.S. oil rig countThe count of active oil rigs in the U.S. rose by seven to 425 this week, according to Baker Hughes. ...

UK average farm gate milk price increased

Farm gate milkThe UK average farm gate milk price for July 2016 is 20.57p per litre. This represents a 3.3% (0.66p per litre) increase on June 2016 and 13% lower than the same month last year....

Volkswagen to pay $1.21 billion to settle U.S. dealer claims

Volkswagen U.S. dealersVolkswagen said it will make $1.21 billion in payments to 652 U.S. brand dealers as part of its $16.5 billion diesel emissions settlement to date....


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