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View original content: http://www.newswire.ca/en/releases/archive/September2022/02/c0456.html
WASHINGTON (Reuters) -A U.S. administrative judge has ruled in favor of Illumina Inc's acquisition of cancer detection test maker Grail Inc, the U.S. maker of genetic analysis equipment said on Thursday. Michael Chappell, the U.S. Federal Trade Commission's Chief Administrative Law Judge, ruled the acquisition will not hurt competition, in a blow to the FTC under President Joe Biden which challenged the deal.
Economists assessing the trade-off facing the Fed estimate U.S. employment could drop by anywhere from a few hundred thousand positions to as many as several million before the Fed fixes the worst outbreak of inflation in 40 years. The final tally will depend on how closely the economy follows patterns seen in recent decades, to what extent things like improved global supply chains help lower inflation, and how strict the Fed is in enforcing its 2% inflation goal. With the central bank's preferred inflation measure currently increasing at a more than a 6% annual rate, Joe Brusuelas, chief U.S. economist at RSM, a U.S.-based consulting firm, estimates it would take 5.3 million lost jobs and an unemployment rate of 6.7%, substantially above the 3.7% seen in August, to lower inflation to 2%.
Britain's antitrust regulator said Microsoft Corp's $69 billion acquisition of "Call of Duty" maker Activision Blizzard could harm competition in gaming consoles, subscription services and cloud gaming, and it needs to be investigated in depth. The Competition and Markets Authority (CMA) said on Thursday the deal, the largest ever in gaming, could damage the industry if Microsoft refused to give competitors access to Activision's best-selling games. "We are concerned that Microsoft could use its control over popular games like 'Call of Duty' and 'World of Warcraft' post-merger to harm rivals, including recent and future rivals in multi-game subscription services and cloud gaming," the CMA said.
Shanghai Electric announced that Phase B of the 900-MW fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park has entered operation. As part of the world's largest photovoltaic (PV) plant under construction, the project will aid Dubai's push to upgrade and transform its energy mix by providing 2.268 billion kWh of power supply per year upon completion, enough to serve up over 240,000 homes and capable of reducing 1.1 million tonnes of carbon emission annually.
"Firms and consumers alike have adopted a cautious approach to their purchasing habits over the last few months," Shreeya Patel, an economist at S&P Global, said in a statement. The Bank of Canada surprised with a 100-basis-point rate increase to July to 2.5%, with another oversized hike expected at the next decision on Sept. 7.
Sims Limited, a global leader in metal recycling, a leading provider of circular solutions for technology, and an emerging leader in renewable energy, today announced the appointment of Philip Bainbridge as an independent non-executive director effective 1 September 2022. Mr. Bainbridge's appointment to a casual vacancy on the Board of Directors will be confirmed by shareholders at the 2022 annual general meeting scheduled for 8 November 2022.
NEW YORK (Reuters) -Starbucks Corp on Thursday named Laxman Narasimhan as its next chief executive officer, choosing an executive credited with revitalizing the maker of Lysol disinfectants to undertake a "reinvention" of the world's biggest coffee chain. Narasimhan was CEO of Reckitt, which also makes Durex condoms, Enfamil baby formula and Mucinex cold syrup. Starbucks faces a turbulent period.
Canadians were blind-sided by their loss of purchasing power in 2022
TORONTO — Fairfax Financial Holdings Ltd. has signed a definitive agreement to take Recipe Unlimited Corp., the company behind Swiss Chalet, Harvey's, St-Hubert and the Keg, private. The deal for $20.73 per share in cash values Recipe Unlimited at about $1.2 billion. Fairfax, which first announced its offer in August, is already the controlling shareholder of the company. Stephen Gunn, the chair of Recipe Unlimited's special committee reviewing the proposal, says it offers an attractive premium
WASHINGTON (Reuters) -A U.S. administrative judge has ruled in favor of Illumina Inc's acquisition of cancer detection test maker Grail Inc, the U.S. maker of genetic analysis equipment said on Thursday. Michael Chappell, the U.S. Federal Trade Commission's Chief Administrative Law Judge, ruled the acquisition will not hurt competition, in a blow to the FTC under President Joe Biden which challenged the deal.
Credit Suisse plans to cut 3,200 jobs in Zurich as part of a cost-cutting drive at the bank, Swiss newspaper Blick reported on Thursday, citing an unnamed company source. German newspaper Handelsblatt said up to 4,000 jobs could be cut, including a significant part at its headquarters in Zurich, citing unnamed sources familiar with the cost-cutting plans. Credit Suisse in July named asset management boss Ulrich Koerner as its new CEO, who is tasked with scaling back investment banking and cutting more than $1 billion in costs to help the bank recover from a string of scandals and losses.
Meteorological Autumn is upon us, Monday's Labor Day holiday is in view and world markets are in a sour mood. With the exception of Japan, short-term bond yields across the G7 continue to surge on a toxic mix of sky-high inflation, increasingly hawkish interest rate expectations and the prospect of a gradual withdrawal of central banks as bidders for bonds as they attempt to unwind their bloated balance sheets. The sell-off in U.S. Treasuries shows no sign of abating, with markets leaning strongly to another 75 basis point rate rise from the Federal Reserve this month, despite Thursday's surprisingly soft ADP private sector jobs report for August.
Battersea Power Station announces today that it will open its doors to the public for the first time in history from Friday 14th October 2022. Electric Boulevard, a new pedestrianised high street, which runs from the south of the Power Station, between Frank Gehry's Prospect Place and Foster + Partners' Battersea Roof Gardens to the new Battersea Power Station Zone 1 Underground station, will also open on the same day.
NEW DELHI (Reuters) -Boeing Co expects the 737 MAX 7 will be certified by the end of the year and the larger MAX 10 in the first half of 2023, a company executive said on Thursday. Major customer Ryanair Holdings PLC on Tuesday said that Boeing appeared to have accepted it would not be able to certify the MAX 10 by the year end, but it remained possible that U.S. lawmakers could give it more time. Dyson said Boeing was in talks with lawmakers and regulators about extending the deadline to ensure that all planes in the MAX family would have the same crew alerting system.
BERLIN (AP) — Europe’s energy crisis loomed larger Friday after Russian energy giant Gazprom said it couldn't resume the supply of natural gas through a major pipeline to Germany for now. The company cited what it said was a need for urgent maintenance work to repair key components — in an announcement made just hours before it had been due to restart deliveries. The Russian state-run energy company had shut down the Nord Stream 1 pipeline on Wednesday for what it said would be three days of mai
Meteorological Autumn is upon us, Monday's Labor Day holiday is in view and world markets are in a sour mood. With the exception of Japan, short-term bond yields across the G7 continue to surge on a toxic mix of sky-high inflation, increasingly hawkish interest rate expectations and the prospect of a gradual withdrawal of central banks as bidders for bonds as they attempt to unwind their bloated balance sheets. The sell-off in U.S. Treasuries shows no sign of abating, with markets leaning strongly to another 75 basis point rate rise from the Federal Reserve this month, despite Thursday's surprisingly soft ADP private sector jobs report for August.
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The Cangzhou city downtown section of the world's oldest and longest man-made river, the Beijing-Hangzhou Grand Canal, is open to navigation for tourism on September 1 and will give visitors a chance to appreciate the masterpiece of ancient China's artificial waterway, announced an official with the Cangzhou city government of north China's Hebei Province.
The Kremlin accused the European Union on Thursday of putting up barriers to the Russian energy firm Gazprom's operations, as Russia's gas exports decline and the crucial Nord Stream 1 gas pipeline is closed for maintenance. Gazprom Chief Executive Alexei Miller said on Wednesday that Western sanctions were responsible for Siemens Energy being unable to carry out regular maintenance on equipment for the Nord Stream 1 natural gas pipeline, which is currently shut for three days of maintenance.
The Global Esports Federation and Panam Sports confirm the staging of the first Pan American Esports Championships in Santiago, Chile, in October 2023. The marquee event will feature globally renowned multi-genre titles and will be staged in parallel with the 19th edition of the Pan American Games.