Foxconn modify absorption Sharp

Imaginary walk before Sharp AQUOS "s flat-panel TVs in an electronics store in Tokyo, Thursday, February 25, 2016Image copyrightAP

captionSharp Image struggling with heavy debts and went through two main injections
Taiwanese manufacturer Foxconn says it has finally agreed to take on the struggling Japanese electronics company Sharp.

Foxconn said the deal is worth 389bn yen ($ 3.5bn, £ 2,4 billion) and give her a 66% stake in Sharp.

The Foxconn, which assembles most of the iPhones in the world, for the first time offered to invest in the troubled Japanese company in 2012, but the negotiations failed.

Both companies said that the deal will be signed on April 2nd.

This will be the first foreign capture of a major Japanese electronics firm.

Describing himself as a "world-class leaders in the technology industry", the Foxconn and Sharp announced that they will form a "historic strategic alliance."

The innovative firm

Established in 1912, Sharp is one of the oldest Japanese technology firm.

Japanese officials are reluctant to let it fall under foreign ownership because of the distinctive technology behind its display panels.

Prior to the announcement of the deal with Foxconn, Sharp discussing competing proposals from the government-backed consortium of Japanese investors.

Although in recent years there has been decline in his life, the company is still the leader in LCD technology, a key asset for Foxconn.

In 2012, Sharp was close to bankruptcy input. He is struggling with heavy debts and went through two main injections for the past four years.

Sharp innovations include mechanical pencil in 1915 and innovative developments in television technology.

Alaska Air to buy Virgin America in the $ 4 billion deal

Horizontal tail of Virgin Atlantic and Alaska Airlines aircraftImage copyrightAlaskaAirlines
Alaska Air Group has agreed to buy Virgin America in the transaction $ 4 billion (£ 2.8 billion) to create the fifth-largest US airline.

This will allow Alaska Seattle expand into profitable hubs such as San Francisco and Los Angeles.

Two board "unanimously approved" the deal, which will see the Alaska purchase Virgin America for $ 57 (£ 40) per share.

However, the Virgin founder Sir Richard Branson said that "unfortunately, nothing [he] could do to stop the" deal.

This merging of commercial airlines as US Airways and American Airlines first in the United States combined in 2013 to make the largest carrier in the world.

"Sadness"

Sir Richard BransonImage copyrightFrazer Harrison
Image captionSir Richard expressed his "sorrow" in the transaction for the acquisition of Alaska Air Virgin America
Virgin America, which accounts for about 1.5% of US domestic flight capacity was listed on the US stock market in 2014 as an offshoot of the London Virgin Group.

In a company blog, Sir Richard said: "I would be lying if I did not admit that our great sadness combined with another airline.

"Because I am not an American, the US Department of Transportation provided I take some of my shares of Virgin America, as the non-voting shares, reducing its impact on any absorption. So it was not, unfortunately, I could not do anything to stop it" .

He added that the consolidation is a trend that "can not be stopped," with the four airlines currently controlling more than 80% of the US market.

expansion

Alaska and its partner regional airlines, which together account for about 5% of US domestic flight capacity, serving more than 100 cities in the US, Canada, Costa Rica and Mexico.

If the transaction is approved by the state of US regulators and shareholders of Virgin America, the companies plan to complete the transaction before January 1, 2017.

Brad Tilden Regional, chairman and chief executive officer of Alaska Air Group, said: "With our extended network and strong presence in California, we offer customers a more attractive flight options to travel non-stop."

Virgin America shares rose 40% to $ 54.52 - just below the offer price - in early trading.

Alaska, which is reported to have beaten competition from rival Jet Blue Airlines for the company, fell 4.7% to $ 78.15.

Obama: "tax evasion is a big global problem"

President Obama warned, "tax evasion is a big global problem", and called on Congress to take action to eliminate tax loopholes.

"A lot of this is legal, but it is a problem," he said.
His comments come a day after the US Treasury announced new plans to prevent tax avoidance transactions, known as inversions.

Inversion associated American company merger with the company in a country with a lower tax rate and are becoming increasingly popular.

"These companies get all the rewards to be an American company, is not fulfilling its obligation to pay their fair share of taxes," Obama said.

The President called inversions "insidious loophole", and said that the company that made it was "game" the system.

The Ministry of Finance has taken measures to prevent the double inversions. His latest move focuses on the practice known as stripping income where the company uses internal loans to move money out of the United States in its foreign operations.

Inversion deals

Inversion of the transaction are not new but have gained more public attention in recent years.
Allergan shares fell 16% after the Treasury announcement, as investors feared that the new rules will lead Pfizer to drop $ 160 billion inversion contract with the Irish-based firm.

In accordance with the terms of the deal Pfizer will buy Allergan - Dublin- based on Botox maker- and move its headquarters to Ireland, where the corporate tax rate is 12.5%.

The corporate tax rate in the US is more than 30%.

In 2014, in another recent deal inversion, Burger King bought the Canadian coffee and donut chain Tim Horton.

Joint Group moved its headquarters in Ontario, Canada, where the corporate tax rate is 26.5%.
Over the weekend a massive leak of data in a Panamanian law firm identified a number of world leaders, as well as authorized by the corporation, using offshore accounts to hide money and avoid taxes.

Trump presidency ranking among the top 10 global risks: EIU

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Donald Trump wins the US presidency is regarded as one of the top 10 risks facing the world, according to the Economist Intelligence Unit.

The research firm has warned that it may disrupt the global economy and to strengthen the political and security risks in the United States.

However, he does not expect that Mr. Trump to defeat Hillary Clinton, which he sees as "his most likely challenger democratic".

It is estimated as more risky than the UK leaving the European Union or of an armed conflict in the South China Sea.

China faces a "hard landing" or a sharp slowdown in economic growth and Russia's intervention in Ukraine and Syria, preceding a new "cold war" are among the events considered to be more dangerous.

"Until now, Mr. Trump has given very little information about its policies - and they tend to be prone to constant review," said the EIU in its global risk assessment, which looks at the impact and likelihood.

The EIU ranking uses a scale from one to 25 years, Mr. Trump received a rating of 12, the same risk level as "the growing threat of terrorism jihadist destabilize the world economy."

Global risk rating EIUImage copyrightEIU
Image captionThe Economist Intelligence Unit (EIU) estimates the global risk on a scale from one to 25
"He was extremely hostile to free trade, including in particular naphtha, and repeatedly labeled China as a" currency manipulator "," the EIU said.

He warned that his strong language directed towards Mexico and China in particular, "can quickly escalate into a trade war."

Mr. Trump has called for "a great big wall", which will be built on the US-Mexico border, paid for by Mexico to keep its illegal immigrants and drug dealers from the United States.

Analysis: Anthony Zurcher, BBC News North America reporter

Why Donald Trump is considered only slightly less of a threat to global security than a new Cold War? Perhaps this is because, unlike the traditional favorites of the presidential candidate has little or no substance policy to support him to shoot because of the hip-style statements.

Do you want more information about how a New Yorker would be to restructure the US trade relationship with China? Or, as it will be to implement the proposed ban Muslim immigration? Good luck to find out.

Mr. Trump has been promising to show his foreign policy team in mid-February, but life keeps getting extended.

A well-developed foreign policy campaign structure will provide not only the substance behind the rhetoric of Mr. Trump, it would also provide links to foreign leaders for their questions.

Until now, however, it seems to be on international affairs and national security experts in the US are more focused on the termination of Mr. Trump than trying to help him. Until that changes, expect global alarms continue to sound.

EU referendum: CBI warns UK release of "serious shock"

British withdrawal from the EU would cause "severe economic shock", potentially costing the country £ 100 billion and nearly one million jobs, according to a report by CBI request.

Group business lobby said the study showed that the vote to leave will have a "negative reverberations" lasting many years.

He said that the cost may be either 5% of GDP and 950,000 jobs by 2020.

But Vote Leave executive director Matthew Elliott said, employment and the economy will continue to grow after the release.

He said that "even in a distorted selection of CBI in the script to exit," he was "forced to admit" that this will happen.

CBI General Director Carolyn Fairbairn said the EU output "will be a real blow to the life, work and growth."

She said: "The savings from the reduction of EU budget contributions and regulation is largely outweighed by the negative impact on trade and investment.

"Even in the best case, it will cause a serious shock for the economy of the UK."

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For the CBI, the accounting firm PwC investigated what would happen if the United Kingdom have signed a free trade agreement with the EU, or have decided to do business as a member of the World Trade Organization, in the event of a vote in the United Kingdom, to leave in a referendum on June 23.

The company predicts that if Britain had voted to stay in the EU, average GDP growth in the period will be 2.3% between 2016 and 2020.

That compares with a 1.5% economic growth in the framework of the free trade agreement (FTA), and 0.9% if the UK had a deal as a WTO member, PwC's said.

Nevertheless, Mr. Elliott says that the average annual economic growth in both scenarios yield between 2020 and 2030 will be equal to - and in some cases beat - UK GDP forecasts for the remainder of the EU.

If Britain is in, he said PwC's GDP is projected to expand by an average of 2.3% between 2021 and 2025 and between 2026 and 2030.

In free trade scenarios, said PwC's average annual growth of 2.7% between 2021 and 2025, and an average of 2.3% in subsequent years up to 2030.

In the WTO agreement, the average annual GDP growth will be 2.6% between 2021 and 2025 and 2.4% up to 2030, PwC's forecast.

AVERAGE ANNUAL GDP growth forecasts
2016-2020 2021-2025 2026-2030
Britain is 2.3% 2.3% 2.3%
FTA scenario 1.5% 2.7% 2.3%
WTO Scenario 0.9% 2.6% 2.4%
By 2020, PwC's said it expected employment reached 32.2 million, but it could fall to 550,000 in the free trade scenario, and 950,000 in the WTO agreement.

Rate Leave say that jobs will still be created in any of the scenarios presented by PwC. By 2030, if Britain left the EU, employment will reach 34.5 million, said Vote Leave.

If left in the UK and made the free trade deal, employment will reach 34.1 million, or hit 33.9 million in the transaction of the WTO in 2030, according to calculations Vote Leave.

The report PwC said it is likely to be "significant economic and political uncertainty", when Britain voted to leave, because it can take at least two years before the United Kingdom explained its relationship with the EU on trade and other issues .

Ms. Fairbairn said: "The economy will recover slowly over time, but never keeps track of where it would be leaving in the EU would mean a smaller economy in 2030."

Mr Elliott said: "If we want to take back control and strike the kind of deal on free trade CBI refuses to even consider, the only safe option to vote to leave."

The biggest business lobby group Britain issued a report after a recent PwC survey found that 80% of respondents in the survey of members wanted to remain in the EU.

CBI said that no joins both sides of the debate, but, following the results of the survey, presented economic arguments in favor of the UK to remain in the EU.

Bangladesh Bank eyes NY Fed lawsuit after cyber theft

codeImage copyrightAP
Bangladesh Bank (BB) - the country's central banking is considering filing a lawsuit against the Federal Reserve Bank of New York after cyber hackers stole $ 81m (£ 57m) from his account.

BB hired a US lawyer, but has not yet been sued.

In February, hackers succeeded in instructing the Federal Reserve Bank of New York, to transfer money from the account to the accounts of BB in the Philippines.

After the theft, the New York Fed said that the violation did not occur in his system.

He also said that payments were verified by "standard authentication protocols."

"To date there is no evidence of any attempts to penetrate systems of the Federal Reserve System in connection with the payment in question, and there is no evidence that any Federal Reserve system has been compromised," the bank said in a statement.

"Legitimate claims"

A criminal case was initiated in Manila against the two suspects on Tuesday.

Cyber ​​robbery is one of the largest ever made.

According to Reuters, seen, the BB "is preparing the ground to make a legal claim on the loss of funds against the [Federal Reserve Bank of New York] through the judicial process."

The report from the BB states that 35 sets of instructions transfer payments were sent to the New York Fed, 30 of which were rejected by the US bank.

The incident led to the resignation of the governor of the central Bangladesh Bank Atiur Rahman.

Bangladeshi investigators are still combing the central banks of a system to obtain additional evidence and US investigators stepped in to help.

Uber sued the Indian rival Ole on "false accounts"

Indian Uber drivers to show mobile phones given to them in companyImage copyrightAFP / Getty
Image captionIndian drivers for Uber to show mobile phones given to them by
Uber is suing Indian rival Ola, alleging he has created more than 90,000 fake accounts to prevent his business, and frustrate their drivers.

The US company claims that the counterfeit bills were used to make more than 400 thousand of false orders, which eventually canceled.

He filed a lawsuit in the Delhi High Court this month requesting an injunction against Ola and $ 7.4m (£ 5.2m) in damages.

OlaCabs denies the allegations, calling them "frivolous and false."

"It is not beyond our imagination, it is an attempt to divert attention from the current market realities, where Uber has faced serious setbacks," the company said in a statement.

The Uber, considered the most valuable in the world of start-up, declined to comment beyond their legal petitions.

The struggle for the transport market in India has warmed over the past few months, with Uber to invest $ 1 billion over the past nine months.

Ola, who with the support of SoftBank Group in Japan and hedge fund Tiger Global Management, is part of the alliance, aimed at to reduce the dominance of the market in Uber.

Other members include LYFT San Francisco, Southeast Asia and China to capture the rival Didi Kuaidi.

The hearing at the request of the Indian Uber has been set for 14 September.