BUSINESS NEWS MARCH 25TH, 2016
U.S:ECONOMY GREW SLIGHTLY MORE IN 4TH QUARTER THAN ESTIMATED
U.S. economic growth slowed in the fourth quarter, but not as sharply as previously estimated, with fairly strong consumer spending offsetting the drag from efforts by businesses to reduce an inventory overhang.Gross domestic product increased at a 1.4 percent annual rate instead of the previously reported 1.0 percent pace, the Commerce Department said on Friday in its third GDP estimate.Relatively strong consumer spending underscores the economy's underlying strength and should further allay fears of a recession, which triggered a massive stock market sell-off early this year. That, together with a tightening labor market and rising inflation likely keeps the Federal Reserve on a path to gradually raise interest rates this year.
MORE THAN 30 COUNTRIES TO JOIN THE CHINA'S BIGGEST FOREIGN POLICY: AIIB
China-backed bank:Asian Infrastructure Investment Bank (AIIB) says more than 30 countries are waiting to join, adding to its 57 founding members, its president said on Friday.The AIIB, first proposed by President Xi Jinping less than two years ago, has become one of China's biggest foreign policy successes.Despite the opposition of Washington, almost many major U.S. allies - Australia, Britain, German, Italy, the Philippines and South Korea - have joined.China says it will be an international institution and not used to boost its influence.Speaking on the sidelines of the Boao Forum on southern China's Hainan island, AIIB president Jin Liqun said the bank was working on accepting the new members.
$1 BILLION IN GLOBAL PROFITS KEEP UBER'S CHINESE OPERATION ALIVE
Ride hailing app company Uber Technologies Inc [UBER.UL] is generating more than $1 billion in profit a year in its top 30 cities globally, and partly using that money to bankroll its expansion in China, Chief Executive Travis Kalanick said in an interview.The company said in February it was losing more than $1 billion a year in China's red-hot ride hailing market, where it is battling large local incumbents to win customers.Kalanick said China was the company's most intense market, but also a crucible for new ideas that it has exported to other markets, and that its investment here was sustainable."If you took our top 30 cities today, today they're generating over $1 billion in profit a year, just our top 30 cities.
SENATE'S REQUEST FOR INFO FROM ACKMAN RELATED TO VALEANT
U.S. legislators investigating price hikes in the pharmaceutical industry have asked William Ackman's hedge fund for information on Valeant Pharmaceuticals International Inc, according to a person familiar with the matter.Ackman's $12 billion Pershing Square Capital Management owns a 9 percent stake in Valeant and is the Canadian drug company's third largest investor.On Thursday, Ackman told his investors that Pershing Square received a request for information a week ago from the U.S. Senate Special Committee on Aging. Ackman said his fund was cooperating with the probe, but he did not give details on what was being sought by lawmakers in his letter to clients.