Tag: Business news

May142023 by Waqas-ChNo Comments

Israel and Palestinians agree to ceasefire ending days of fighting and bloodshed

TEL AVIV — Israel and Palestinian Islamic Jihad have agreed to a cease-fire ending five days of fighting between the two sides, one U.S. official and one Israeli official told NBC News on Saturday.The cease-fire was mediated by Egypt and will start at 10 p.m. local time."Now, this agreement has been reached thanks to continuous Egyptian effort. We appreciate this effort," Mohamad al-Hindi told the Al Kahera Wal Nas channel. There was no immediate comment from Israeli Prime Minister Benjamin Netanyahu or other officials.Cairo called on all sides to adhere to the agreement, Egypt's Al-Qahera News television channel reported.The fighting has killed 33 Palestinians inside Gaza, including at least 13 civilians. Two people were killed by rocket fire in Israel, including an 80-year-old Israeli...

May132023 by Waqas-ChNo Comments

Inflation Reduction Act tax credit loophole boosts leasing

Business

Dave Walters of Orange County, California, stands by his newly leased Hyundai Ioniq 5 electric vehicle.Provided by Dave WaltersFed up with high gas prices and enticed by federal tax credits, Dave Walters decided he wanted an all-electric Hyundai Ioniq 5 for his next vehicle.The Orange County, California, resident initially thought about purchasing a used model, until he learned he could lease the vehicle and take advantage of a key loophole under the Inflation Reduction Act.Buying a used Ioniq, which is produced in South Korea and Indonesia, wouldn't earn him $7,500 off through a federal tax credit. Leasing the vehicle would."I ran the numbers — what it would be without the leasing credit and with the leasing credit — and that kind of put me over the top and that was the main thing of w...

May132023 by Waqas-ChNo Comments

Sweet medicine: Price of drug going off patent to drop 50%

Business

MUMBAI: Price of patented drugs will be halved as soon as they lose patent protection or are on the verge of going off patent in India, providing much-needed relief to patients, reports Rupali Mukherjee.The price of the drug losing patent will be slashed by 50%, and after a year, the MRP will change in tandem with the change in the Wholesale Price Index as stipulated for scheduled drugs, a government notification accessed by TOI said. The policy change will reflect in the Drug (Prices Control) Amendment 2023.“Over the last few years, the government has been following this principle. Now, it has been formalised,” an industry expert said. Typically, once the drug loses its monopoly status globally, prices crash as low as 90% with the entry of generic versions.The government’s decision pro...

May122023 by Waqas-ChNo Comments

Washington Commanders to be sold to Josh Harris

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A general view of fans in front of the Washington Commanders logo during the first half of the game between the Washington Commanders and the Philadelphia Eagles at FedExField on September 25, 2022 in Landover, Maryland.Scott Taetsch | Getty ImagesThe NFL's Washington Commanders entered into a deal to be sold to a consortium led by private-equity financier and professional sports team owner Josh Harris, the sides announced Friday.The deal is valued at approximately $6 billion, according to a person familiar with the matter who declined to be named as the terms weren't made public. While the deal is still subject to NFL approval, it would top last year's $4.65 billion sale of the Denver Broncos to Walmart heir Rob Walton."League staff and the finance committee will review details of the ...

May122023 by Waqas-ChNo Comments

Elon Musk confirms Twitter CEO hire: Linda Yaccarino

Business

NBCUniversal global advertising chief Linda Yaccarino has resigned to join Twitter as its next chief executive.Twitter owner Elon Musk confirmed the hire in a tweet Friday."I am excited to welcome Linda Yaccarino as the new CEO of Twitter!" Musk tweeted. He said she "will focus primarily on business operations, while I focus on product design & new technology."He added, "Looking forward to working with Linda to transform this platform into X, the everything app."The announcement comes a day after Musk said via Twitter that he would step down from the role and that there would be a new CEO of the social media website, although he didn't name the new person. Musk said in his tweet the person would start in about six weeks.Yaccarino joined NBCUniversal in 2011 and had risen to the top ...

May122023 by Waqas-ChNo Comments

Msci: MSCI kicks two Gautam Adani companies from indexes

Business

NEW YORK: Global index manager MSCI Inc will exclude two Adani Group firms from its India gauge, potentially dealing a blow to their stocks that are trying to recover from the rout triggered by a short-seller report earlier this year.Adani Transmission Ltd and Adani Total Gas Ltd will drop out of the India index effective at the close of trading on May 31, according to a statement issued by MSCI on Thursday as a part of its quarterly comprehensive index review. The exclusion follows changes in MSCI’s calculation on the amount of shares considered freely tradable in the public market for the two companies.The exclusions will likely trigger a passive outflow of $186 million for Adani Total Gas and $203 million for Adani Transmission, according to estimates by Brian Freitas, an independent...

May112023 by Waqas-ChNo Comments

Medicare could face legal action over drug price negotiations

Business

Pfizer CEO Albert Bourla talks during a press conference with European Commission President after a visit to oversee the production of the Pfizer-BioNtech Covid-19 vaccine at the factory of US pharmaceutical company Pfizer, in Puurs, on April 23, 2021.John Thys | AFP | Getty ImagesPfizer CEO Albert Bourla on Thursday said pharmaceutical companies will likely take legal action against Medicare drug price negotiations — which aim to cut costs for older Americans but will likely reduce company profits."I think that there will be legal action, but I'm not sure if we'll be able to stop anything before 2026 or not," Bourla said during a live-streamed interview with Reuters. Bourla referred to a provision in the Biden administration's Inflation Reduction Act that will allow the Medicare progra...

May112023 by Waqas-ChNo Comments

Google AI event sends Alphabet stock to highest price since August

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Alphabet CEO Sundar Pichai delivers the keynote address at the Google I/O developers conference at Shoreline Amphitheatre on May 10, 2023 in Mountain View, California. Justin Sullivan | Getty Images News | Getty ImagesShares of Alphabet are trading at their highest level since August on the heels of Google's artificial intelligence announcements at its developer conference Wednesday.The stock was up about 5% and trading near $118 per share as of Thursday morning. related investing newsAt its I/O event, Alphabet-owned Google announced it would bring AI features to its signature search product to turn complex queries into simple answers by combining results from multiple sources.Google also said its suite of workplace tools like Google Docs would soon let users create new documents and fi...

May112023 by Waqas-ChNo Comments

Govt waives duty and agri cess on crude soya bean, sunflower oil imports under tariff rate quota till June 30

Business

NEW DELHI: The finance ministry has exempted imports of crude soya bean and sunflower oils from basic customs duty and agriculture infrastructure and development cess till June 30, subject to certain conditions.The duty exemption is applicable only for importers holding TRQ (Tariff Rate Quota) licence for 2022-23 fiscal.Under TRQ, a certain volume of imports are allowed at relatively low tariffs. Once the volume limit is reached, a higher tariff applies to additional imports. TRQ is allotted to importers by the Directorate General of Foreign Trade (DGFT).Through a notification, the finance ministry allowed imports of crude soya bean oil and crude sunflower oil at zero basic customs duty and zero AIDC for TRQ licence holders for FY23 up to the June 30, 2023."This notification shall come ...

May112023 by Waqas-ChNo Comments

Trump pushes false election claims at CNN town hall

Business

Former US President Donald Trump speaks at a campaign event in Manchester, New Hampshire, US, on Thursday, April 27, 2023. Adam Glanzman | Bloomberg | Getty ImagesFormer President Donald Trump on Wednesday again pushed false claims that his 2020 election loss to President Joe Biden was "rigged" as he clashed with a CNN host in a live town hall.Trump also mocked and lashed out at the woman who in a civil lawsuit accused him of rape, one day after a jury in that case found him liable for sexual abuse and defamation.The 70-minute event in New Hampshire marked Trump's first appearance on the network since the 2016 presidential campaign, according to CNN. It was moderated by "CNN This Morning" anchor Kaitlan Collins, who attempted to fact-check Trump in real time. It featured a live audience...