Breaking Business News

One trillion euro tax evasion to be tackled says Barroso

BRUSSELS - Voicing concern about tax evasion that is estimated at one trillion euros, European Commission President Jose-Manuel Barroso said Tuesday that EU leaders will meet at a one-day summit on Wednesday to negotiate solution. The European Union can't afford to let tax evasion go on the way it is. Such large amounts of money, currently sitting in tax havens, would be greatly beneficial ...
Overall economy likely to pick up in Q2 says German central bank

FRANKFURT - Germany's central bank Deutsche Bundesbank expects the country's economy to improve "markedly" in the second quarter relying on signals of pick up in industrial orders and likelihood of weather related downturn in construction sector no longer impacting investment sentiments a development that could boost the wider eurozone as it struggles to get out of recession. "Overall ...
Pfizer discontinues NHL cancer drug development

NEW YORK - Pharma major Pfizer has discontinued the development of cancer candidate inotuzumab ozogamicin, which is part of a class of therapies called antibody-drug conjugates (ADCs), in the haematological cancer non-Hodgkin lymphoma after it failed to show benefit in overall survival during phase III trials. Pfizer has notified the study investigators and appropriate regulatory authorities ...
GrubHub and Seamless to merge

WASHINGTON - GrubHub Inc. and Seamless North America LLC, two of the biggest online services for food-delivery in the U.S., have entered into a definitive agreement to combine their companies to take on rivals in the growing market for online meal orders. The merger will create a combined company well positioned to drive more orders to restaurants, deliver a better experience for hungry ...
Housing market picking up in UK

LONDON - The UK housing market seems to be picking up with gross mortgage lending up 4.3 per cent in April over previous month to 12.1 billion pounds, the highest in over four years, according to the Council of Mortgage Lenders (CML). The mortgage lending was 21% higher than April 2012, but this data is skewed by the end of the stamp duty concession on 24 March, 2012. Under the stamp duty ...

Movie Review

Over the Hedge

The computer-animated comedy Over the Hedge, which is being billed as the new movie from the creators of Shrek and Madagascar even though the only thing they have in common is the fact that they were all produced by DreamWorks (no, wait, co-director Tim Johnson g ... ...

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Work starts on creation of new Dubai island

Work began on Monday on the development of a man-made island in Dubai, 500 metres directly opposite the Jumeirah Beach Residence complex. To be known as Bluewaters Island, the new development will house five star hotels and resorts, al fresco dining and entertainment zones, and residential apartments and villas. The focal point of the island city, which will cost $1.6 billion, will be a 688 ...
Microsoft Unveils New Xbox One Game Console

REDMOND, WASHINGTON Microsoft Corp gave the world the first look at its new game console on Tuesday, hoping the Xbox One will attract existing video game fans while also becoming a hub for living room entertainment. The third-generation Microsoft console, coming eight years after the Xbox 360, was unveiled by games unit chief Don Mattrick at an event at the software company's campus ...
Actavis buying Warner Chilcott in $8.5bn deal

WASHINGTON/ DUBLIN - Actavis Inc, the largest US generic drug maker by market value, is acquiring Dublin-based Warner Chilcott in a deal worth $8.5billion (5.6billion pounds) including $3billion net debt, to create the third-biggest specialty pharmaceutical company in the country. Under the deal, Actavis, which itself has been the subject of bid speculation, would be offering $5billion in ...
Morgan Stanley to sell Indian private banking arm to StanChart

MUMBAI - The UK based Standard Chartered (StanChart) Monday announced plans to acquire the Indian private wealth management business of US multinational financial services firm Morgan Stanley for an undisclosed amount as part of plans to expand operations. The acquisition is subject to regulatory approvals. "Standard Chartered India has agreed to acquire Morgan Stanley's onshore private ...
Bank of Japan may seek to ease bond market jitters policy seen on hold

Reuters © Bank of Japan Governor Haruhiko Kuroda arrives at the G7 Finance Ministers meeting in Aylesbury, southern England May 10, 2013. REUTERS/Alastair ...

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New Malaria Drug Shows Promise in Animal Tests

ST. LOUIS, MO U.S. researchers have developed a new fast-acting drug against malaria that appears to avoid the problem with current medicines, which often lose their effectiveness against increasingly drug-resistant strains of malaria parasites, called Plasmodium.

Scientists say the new malaria medicine may have a decisive edge against this persistent tropical-world killer.

Michael Riscoe of Oregon Health and Science University, in the U.S. Northwest, says the new drug, known as ELQ-300, targets the mitochondria -- energy-producing structures in the parasite's cells -- and the DNA building blocks they produce.

A chemical model of ELQ-300. (Image courtesy of Michael Riscoe) x A chemical model of ELQ-300. (Image courtesy of Michael Riscoe) "So the Plasmodium mitochondrion serves as a factory to make these DNA building blocks, but this is completely blocked by ELQ-300," explains Riscoe. "Studies show that the drug acts very quickly to shut down this process. In fact, (in) only about 10 minutes.rdquo;

Perhaps the biggest obstacle in the fight against malaria, Riscoe adds, is the Plasmodium parasite's ability to mutate and develop resistance to each new drug used against the disease. ...