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KaloBios removes Shkreli as CEO

(Reuters) - Drugmaker KaloBios Pharmaceuticals Inc said it removed Martin Shkreli as chief executive on Dec. 17, the day he was arrested on charges of a securities fraud. Shkreli, who stepped down as CEO of private drugmaker Turing Pharmaceuticals Inc, also resigned from KaloBios' board of directors. Shkreli was arrested for engaging in what...
Dec 21, 2015 |

Wall Street higher on financials; Brent slides

Trading volumes are expected to be relatively light this week, with stock markets operating a shortened session on Thursday and closing on Friday for Christmas. U.S. stock indexes slumped on Thursday and Friday as weak crude prices dampened the optimism sparked by the first Federal Reserve interest rate hike in nearly a decade. At 11:03 a.m. ET...
Dec 21, 2015 |

Ericsson signs patent deal with Apple, shares soar

Swedish mobile telecom gear maker Ericsson said it had signed a patent license deal with Apple Inc over technology that helps smartphones and tablets connect to mobile networks, sending its shares up much as 8 percent. The deal ends a year-long dispute with Apple, one of the biggest legal battles in mobile technology and Ericson said it would pave...
Dec 21, 2015 |

BMW hit with $40 million U.S. penalty for safety lapses

U.S. auto safety regulators on Monday fined BMW $10 million, part of a $40 million civil settlement over the German automaker's safety lapses. The fine is the second paid by BMW since 2012 and the latest in a series of civil penalties imposed on major automakers by the National Highway Traffic Safety Administration (NHTSA). Under the...
Dec 21, 2015 |

Oil prices hit eleven-year low as global supply balloons

By Catherine Ngai NEW YORK (Reuters) - Brent crude oil prices hit their lowest in more than 11 years on Monday, while U.S. crude flirted with seven-year lows on more signs that swelling global supply looked set to outpace tepid demand again next year. Global oil production is running close to record highs and, with more barrels poised to enter the...
Dec 21, 2015 |

Asian stocks edge up in thin trade, oil hits fresh low

SYDNEY/SINGAPORE (Reuters) - Asian share markets advanced on Monday after a lackluster start, defying a dive on Wall Street, and the price of Brent crude threatened to plumb lows last seen in 2004 on renewed worries over a global oil glut. Brent crude prices , which touched a seven-year low of $36.32 overnight, were trading at $36.47 at 0245 GMT as...
Dec 21, 2015 |

Brent crude at 2008 low as market rout heads into Christmas

Brent crude prices fell on Monday to their lowest since 2008 on renewed worries over a global oil glut, with production around the world remaining at or near record highs and new supplies looming from Iran and the United States. U.S. West Texas Intermediate (WTI) futures were down 20 cents at $34.53 per barrel and close to last Friday's 2015...
Dec 21, 2015 |

Volkswagen chairman eyes job rotation for key roles: Welt am Sonntag

Volkswagen plans to limit the time staff can remain in certain roles, its supervisory board chairman told a German weekly, in a step to improve oversight at the German carmaker. VW said in September it had cheated U.S. emissions tests and installed software capable of deceiving regulators, wiping billions of euros off its market value and forcing...
Dec 20, 2015 |

WTO backs agricultural reforms, split on Doha

By Edith Honan NAIROBI (Reuters) - The World Trade Organization reached deals on agricultural export subsidies, food aid and other issues on Saturday, capping a ministerial conference in the Kenyan capital where rich and poor countries had been split over the path of trade reform. Members said the Nairobi deal had drawn a line under years of...
Dec 20, 2015 |

Martin Shkreli says securities fraud charges are 'baseless'

By Frank McGurty NEW YORK (Reuters) - Martin Shkreli, the pharmaceuticals entrepreneur vilified for jacking up the price of a life-saving AIDS drug, said on Saturday that unrelated securities fraud allegations that resulted in his arrest this week were "baseless and without merit." Federal prosecutors have alleged that Shkreli was running...
Dec 20, 2015 |

Fed's Lacker says four rate hikes in 2016 would be 'gradual'

Federal Reserve forecasts pointing to four interest rate hikes in 2016 show what the U.S. central bank means when it says it anticipates raising rates at a "gradual pace," Richmond Fed President Jeffrey Lacker said on Friday.
Dec 19, 2015 |

Turing Pharma names chairman to replace Shkreli as CEO

(Reuters) - Martin Shkreli, the poster boy for prescription drug price increases who was arrested for securities fraud this week, has stepped down from his post as chief executive officer of Turing Pharmaceuticals Inc, the company said on Friday. Shkreli was replaced by Turing Chairman Ron Tilles, who said in a statement that the company was...
Dec 19, 2015 |

California extends deadline to review VW diesel emissions fix

By David Shepardson WASHINGTON (Reuters) - The California Air Resources Board said on Friday it was extending a deadline to approve or reject a diesel emissions repair plan submitted by Volkswagen AG (VOWG_p.DE) for nearly 500,000 2.0 liter vehicles until Jan. 14. On Nov. 20, VW submitted a repair plan to the Environmental Protection Agency and...
Dec 19, 2015 |

Wall St. slides on lower crude prices, stock options expiry

The S&P and Dow had their worst two-day performance since Sept. 1, while indexes posted losses for the week. "It's a confluence of all the factors: oil prices continuing to run down, the Chinese trying to counteract the dollar and everyone is digesting, globally, what the Fed's announcement means for emerging markets and...
Dec 19, 2015 |

Wall St. dips as crude heads for third weekly loss

Volatility was slightly higher than usual on account of "quadruple witching," the expiry of options on stocks and indexes as well as futures on indexes and single stocks. There's no new news that's any kind of substance that's driving this," said Jeff Powell, managing partner of Polaris Wealth Advisors in California....
Dec 18, 2015 |

Turing Pharma close to replacing CEO Shkreli: WSJ

(Reuters) - Privately held drugmaker Turing Pharmaceuticals Inc is close to replacing Chief Executive Martin Shkreli, the Wall street Journal reported on Friday, a day after the FBI arrested him on charges of securities fraud.
Dec 18, 2015 |

Prospects still slim for major global economic pickup

By Ross Finley, Silvio Cascione and Rahul Karunakar LONDON/BRASILIA/BENGALURU (Reuters) - The world economy may be set for another year like 2015, with modest growth in developed economies offsetting persistent weakness elsewhere but generating very little inflation and keeping interest rates low. The U.S. Federal Reserve's long-awaited rise...
Dec 18, 2015 |

Vilified for drug pricing, CEO Shkreli busted for securities fraud

By Nate Raymond and David Ingram NEW YORK (Reuters) - Martin Shkreli, the boyish pharmaceutical entrepreneur who caused a public uproar after he drastically raised the price of a life-saving prescription drug, was arrested on Thursday for engaging in what U.S. prosecutors said was a Ponzi-like scheme at his former hedge fund and a pharmaceutical...
Dec 18, 2015 |

Asia stocks down, Japan gives up brief gains after BOJ stimulus

By Nichola Saminather and Lisa Twaronite SINGAPORE/TOKYO (Reuters) - Asian shares took their cue from Wall Street and slipped on Friday, and Japanese stocks returned to negative territory after briefly jumping on the central bank's statement that it would expand parts of its stimulus program. MSCI's broadest index of Asia-Pacific shares...
Dec 18, 2015 |

Oil heads for third weekly loss after new signs of inventory building

By Aaron Sheldrick TOKYO (Reuters) - Crude futures were mixed in Asian trading on Friday as fresh signs of inventory building and the Federal Reserves rate hike this week kept prices under pressure amid a global glut of oil that shows no sign of abating. U.S. crude's West Texas Intermediate (WTI) futures were down 13 cents at $34.82 a barrel...
Dec 18, 2015 |

Hezbollah buries militant Qantar, says Israel will be held accountable

Lebanon's Hezbollah group said on Monday that Israel would be held accountable for killing prominent militant Samir Qantar in an air strike in Syria, and accorded him an elaborate funeral of... Read More

Russia says black box from warplane downed by Turkey unreadable

Investigators in Moscow said on Monday they were unable to retrieve information from the damaged black box of a Russian warplane shot down by Turkey last month, data the Kremlin hoped would support... Read More

Exclusive: U.S. glossed over Oman's human rights record during Iran talks

By Jason Szep, Matt Spetalnick and Yara Bayoumy WASHINGTON/MUSCAT (Reuters) - As the United States negotiated this year’s nuclear pact with Iran, the State Department quietly agreed to spare the... Read More