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Adidas Overhaul To Focus On Reebok Brand

The new boss of Adidas (ADS) announced overhaul plans on Thursday that includes changes to struggling fitness brand Reebok. Chief executive Kasper Rorsted, who took over last month, said Adidas will take one-time costs of around $33 million for restructuring at Reebok to strengthen future growth. Rorsted said on a conference call with investors and analysts, “We’re not going to have eternal patience for seeing results.” Some investors have suggested that Rorsted should consider selling Reebok. Reebok has weighed on Adidas during the decade... 
 

General Electric Reports Mixed Results For Third Quarter

General Electric (NYSE:GE) delivered mixed results for the third quarter of its fiscal year. For the September quarter, GE reported a profit of $2.03 billion, or 22 cents a share, compared with $2.51 billion, or 25 cents a share, a year ago. On an adjusted basis, the company earned 32 cents, compared with 29 cents a year ago. Analysts polled by Thomson Reuters projected 30 cents a share. Revenue rose 4.4 percent to $29.27 billion. Analysts had expected $29.64 billion. Organic revenue, which excludes growth from acquisitions, grew 1 percent in the... 
 

Will AT&T Buy Time Warner in $70B Deal?

It looks like American telecommunications company AT&T might be set to buy Time Warner in what might turn out to be a $70 billion deal. And they might do it as early as this approaching weekend. Indeed, it has been reported that AT&T is in advanced talks to acquire Time Warner, the company that is home to major cable networks like CNN, major premium networks like HBO, and a host of other popular film and television outlets, including NBA Basketball games.  Outlets like, you know, Warner Brothers movie studio (where they filmed immensely... 
 

Imports in China Disappoint, Spurring Faltering Recovery Fears

September exports in China fell 10 percent from the same period last year, a far more significant decline than originally expected. Similarly, imports shrank a little after a slight boost in August; overall this suggests that the steady China we once knew may be teetering (like the rest of us). These disappointing trade figures in the world’s second largest economy point to weaker national and international demand, which continues to grow concerns over China’s most recent yuan depreciation, which is now at a six-year low against the... 
 

Investor Throws Roadblock In The Way Of Xerox Split

A major investor has filed lawsuit to stop Xerox Corp. (NYSE:XRX) from splitting into two separate publicly traded companies. Billionaire Darwin Deason claims in the lawsuit that Xerox will destroy the value of his stake in the company if the reorganization is allowed to proceed. The lawsuit against the Rochester, N.Y.-based company was filed Oct. 11, 2016. The plan would spin off Xerox’s document outsourcing business into a new publicly traded company called Conduent. The 110-year-old Xerox will continue selling photocopiers and scanners. The... 
 

Goldman Sachs Gets Into Consumer Lending With Marcus Platform

Goldman Sachs (NYSE:GS) has announced the launch of its online lending platform, Marcus by Goldman Sachs. A statement from the bank reads, “Marcus by Goldman Sachs is a new business that benefits from the firm’s 147-year history of financial expertise, risk management and customer service.” The website for the platform went live Thursday. The platform was named after one of the banks founders, Marcus Goldman. There have been months of speculation about how the company would design its consumer lending product. Harit Talwar, head of Marcus... 
 

Mylan Settles with US Justice Department for $465 Million

It looks like Mylan NV may finally be out of hot water from that EpiPen price hike controversy. The company has just settled with the US Justice Department for $465 million settlement, after, of course, a brow beating and reprimand from Congress. On news of Friday’s settlement, Mylan shares rallied, on Monday. The settlement also helps to resolve Medicaid claims that the company had significantly overcharged the government health program for the allergy-intervention injection. And this helped to reverse some of the stock’s massive [26... 
 

Arch Coal Emerges from Financial Restructuring With Vastly Improved Outlook

At a time when it seems like every industry is getting hit hard by financial crisis, not every company is able to dig, claw, sell, or restructure their way out. Fortunately for Arch Coal Inc (NYSE: ARCH), the company has, in face, successfully completed its financial restructuring efforts to emerge from court protection. Yes, the company now has new equity that can will be available for public trade on the New York Stock Exchange (with the ticker symbol ARCH). As such, Arch Coal Chief Executive Officer John W. Eaves comments, “Today marks... 
 

Sarepta Gets Rare Fast Track Approval For New Drug

Pharmaceutical company Sarepta Therapeutics just received approval for its new $300,000 muscular dystrophy drug on September 19, even though some questions remain about its efficacy. However, the company has even more to look forward to as they have also been awarded an extremely rare fast track voucher that boost approval. This fast tracking is known as the Rare Pediatric Disease Program Voucher Program. It was established by the US Food and Drug Administration—and approved by Congress—in 2007 as an effort to encourage drug development for... 
 

Lands’ End Embarking On CEO Search

Lands’ End (NASDAQ:LE) CEO Federica Marchionni has stepped down, effective immediately, and the company is now searching for a new CEO, according to a statement from the company. Josephine Linden, board chairman, said in a statement, “Federica is stepping down at this time, leaving Lands’ End well positioned to continue its evolution and capture the growth opportunities that exist for our iconic brand in this dynamic retail environment.” The new chief will be the third since Sears spun off the company in early 2014. Marchionni... 
 

Could Yahoo’s Massive Data breach Spell Its Demise?

Yahoo may not be as big as it once was in its heyday, but the once popular web portal remains a relevant web portal for news and email. And it is quite the relevant site, in fact, that the email service has been hacked and now 500 million user accounts have been compromised. This compromise means that user information—including names, email addresses, telephone numbers, passwords, birth dates, and even, in some cases, the answers to important security questions, have all been compromised. The breach, they discovered, happened in 2014, the company... 
 

SeaWorld Sinks Slightly on Dividend Cut But Don’t Count them Out Yet

Things might be looking up for SeaWorld today. Shares opened significantly higher on the heels of the company’s announcement to cut its dividend by more than half, eventually eliminating it altogether in order to raise cash for share repurchases. Of course all of this is in light of the theme park’s concern over the future without its killer whale shows. As such, shareholders of SeaWorld Entertainment (SEAS) will soon get a cash dividend of 10 cents per share, coming October 7. This is down from 21 cents a share that the company had... 
 

US Import Decline Could Keep Fed from Raising Interest Rates

As petroleum prices fell in the US last month, foreign import prices followed suit. This is an historic sign of the way low oil prices weigh on inflation. The good news, perhaps, is that this decrease from prices a year ago was still only the smallest since October of 2014; and its not like prices have been massively high this year to begin with. For example, Barclays economist Blerina Uruci notes, “In spite of the month-to-month volatility, we view the underlying trend in imported deflation as improving and consistent with a gradual waning... 
 

British Trade Secretary Liam Fox Views Britain as “too lazy and too fat”

British Trade Secretary Liam Fox is making the media rounds this week after covert recordings of his criticisms have come to light. While he may be less candid during public speeches, the truth is that Mr. Fox views Britain as “too lazy and too fat,” and that the country is resting a bit on its proverbial laurels. As such, he is calling for a major change. In a meeting with the right-wing group Conservative Way Forward, on Thursday, he expressed his concern over Britain’s trade slowdown. He comments, “This country is not the free... 
 

MasterCard Sued For $18.6B For Excessive Fees

MasterCard (NYSE:MA) is facing a lawsuit in Britain seeking $18.6 billion in restitution for charging excessive fees on millions of transactions over a 16-year period. The suit was filed by law firm Quinn Emanuel on Thursday at the Competition Appeal Tribunal on behalf of Walter Merricks. Roughly 46 million British users of MasterCard credit and debit cards could be eligible for a payout if the lawsuit is a success. According to the details of the lawsuit, MasterCard is accused of charging stores unlawfully high fees on transactions between 1992... 
 

21st Century Fox Settles With Gretchen Carlson For $20M

21st Century Fox (NASDAQ:FOX) has reportedly headed off a lawsuit against its former leader with a settlement agreement said to be worth $20 million. Former Fox News host Gretchen Carlson filed paperwork on Tuesday to dismiss her lawsuit against former Fox News chief Roger Ailes as a result of the settlement agreement. The complaint was first filed in New Jersey state court on July 6. In the complaint, Carlson claimed she was fired from Fox News in retaliation for refusing Roger Ailes’ sexual advances. Carlson reportedly secretly taped some... 
 

Apple To Appeal $14.5B Tax Assessment

Apple (NASDAQ:AAPL) CEO Tim Cook has announced intentions to appeal the $14.5 billion tax assessment levied against his company by the European Commission. The commission ruled that Apple received an unlawful subsidy from Ireland in the form of a preferential tax deal. Apple’s unusual tax structure involved companies which are tax resident nowhere and resulted in a tax rate of less than 1 percent. The Irish government is still considering whether to launch its own separate appeal. The commission has recently turned its focus to tax laws introduced... 
 

Abercrombie Misses On Second Quarter Earnings

Abercrombie & Fitch’s fiscal second-quarter earnings fell short of analysts’ expectations. The company posted a wider-than-expected loss of 25 cents a share during the period. Analysts projected a loss of 20 cents, on average. Abercrombie’s net loss increased to $13.1 million from $810,000 in the year-ago quarter. A same-store sales decline of 4 percent was steeper than the projected 3.8 percent expected by analysts. Comparable sales at Abercrombie fell 7 percent in the quarter, while those at Hollister dropped 2 percent. Net sales fell... 
 

Estee Lauder Misses Estimates In Current Quarter

New York City-based Estee Lauder Cos Inc. (NYSE:EL) reported a smaller-than-expected rise in quarterly sales than analysts expected for the current quarter. Sales in the current quarter are expected to be in the range of $2.86 billion-$2.89 billion, less than the average analyst estimate of $2.94 billion. MAC, Bobbi Brown and Smashbox, which it acquired in 2010, all reported double digit sales growth. Net income fell to $93.5 million, or 25 cents per share, in the quarter. On an adjusted basis, the company earned 43 cents per share. Total revenue... 
 

Target’s Sales Figures May Indicate Financial Trouble Ahead

Target’s (NYSE:TGT) sales and financial performance have slipped in recent months. Target reported that its second-quarter earnings fell 9.7 percent to $680 million. Adjusted earnings per share totaled $1.23, topping Wall Street’s expectations by 11 cents a share. The retailer said it earned $16.17 billion in revenue in the fiscal second quarter. Analysts had expected Target to report $16.18 billion in revenue. In last year’s second quarter, Target earned $1.22 a share on sales of $17.43 billion. Sales fell 7.2 percent to $16.2... 
 

US Olympic Gold Medalists May Catch A Tax Break

The Olympics is in full swing and America is, once again, raking in the gold medals. But while the athletes get to bring home the gold, apparently that also means Uncle Sam also rakes in millions of dollars in taxes. No, really. Every Olympian who wins a medal must pay taxes on their winnings. You see, every medal also comes with a cash prize. The US Olympic Committee awards $10,000 for a bronze medal, $15,000 for a silver medal, and $25,000 for a gold medal. And those numbers are, technically, “income;” which means, technically, the Olympians... 
 

IEA Lowers Global Oil Demand Forecast

The International Energy Agency lowered its forecast for the rise in global oil demand next year on the heels of a lower economic outlook. Now they warn of a “massive” amount of oil in storage that is keeping the crude oil prices down. Every month, the Paris-based IEA closely monitors this oil market report and they are now saying that global oil demand should grow by 1.2 million barrels per day in 2017. This is lower than last month’s forecast by 100,000 barrels a day and down 200,000 barrels a day from this time last year. In this report,... 
 

Is Social Security in Trouble?

Millennials catch a lot of flak over what the older generation(s) often view as a disconnect from traditional values. Of course, times are changing—as they say—and some of these “traditional values” may no longer be valid. Still, the concern of what some might consider to be Millennial apathy is also a bit invalid. Millennials actually have extremely valid concerns over how they are supposed to adhere to these traditional values when traditional resources appear to be lacking. For one—and perhaps the most valid Millennial argument—Social... 
 

Fed Cautions Rate Hike As US GDP Grew Slower Than Expected

Approaching the final stretch of the year, the US economy continues to grow very slowly. For the third straight quarter, growth has only tiptoed forward, raising yet more concern over the ability for the US economy to recover. In fact, many are now questioning the possibility of another recession as business investment failures further offset strong consumer spending. According to the United States Department of Commerce, the US gross national product—this is the value of goods and services produced within the country—increased at the seasonally... 
 

Coca-Cola Beats On Income, Misses On Revenue

The Coca-Cola Co. (NYSE:KO) beat analysts’ estimates for net income in the second quarter when it posted earnings on Wednesday. The company reported that net income rose to $3.45 billion, or 79 cents a share, for the quarter. That compared with earnings of $3.11 billion, or 71 cents a share, in the year-ago period. Excluding certain one time items, Coke said it earned 60 cents a share, beating analysts’ estimates of 58 cents a share, according to Thomson Reuters. Coke has surpassed Wall Street’s expectations for six straight quarters... 
 

Amazon Teams Up With Wells Fargo to Offer Student Loan Discounts

Just about anything you could possibly ever need to buy is probably available on Amazon. Visit the site and you will see thousands—maybe millions—of products from categories like home care, apparel, personal care, electronics, and more. But apparently, you can also buy an education through Amazon now. No, we are not talking about Rosetta Stone language education programs, though you can find this software. As a matter of fact the e-commerce giant is now teaming up with one of the largest student loan providers in the United States to make competitive... 
 

Union Pacific Second Quarter Results In Line With Expectations

Union Pacific Corp. (NYSE:UNP) announced during its earnings call that its second-quarter profit fell, but remained in line with Wall Street’s expectations. The company reported net income of $979 million, or $1.17 per share, down from $1.2 billion, or $1.38 per share, a year ago. Analysts polled by Zacks Investment Research predicted earnings of $1.17 per share on average. The railroad’s revenue declined 12 percent year-over-year to $4.77 billion, slightly lower than the $4.79 billion expected by analysts. The railroad reported that it... 
 

Wells Fargo Second Quarter Results Meet Expectations

Wells Fargo reported earnings results for the second quarter that were roughly in line with analysts’ expectations. The San Francisco-based bank reported a profit of $5.56 billion, or $1.01 a share, lower than the $5.72 billion, or $1.03 a share, reported in the same period of 2015. Revenue was $22.16 billion. Both were in line with analysts’ expectations. During the first quarter, the bank’s return on equity reached 11.7 percent, the lowest ROE for the bank since the fourth quarter of 2010. This was down from 11.75 percent last quarter and... 
 

Chipotle Shares Fall On New Health Scare

Chipotle Mexican Grill Inc. (NYSE:CMG) saw its shares take a dive Thursday after concerns about food safety at the burrito chain were revived. Shares of Chipotle were down 2 percent at $393.21 per share midday Thursday after falling as much as 3.7 percent to a session low of $386.21 earlier in morning. Prior to last year’s highly publicized food safety issues, the company’s stock traded above $750. The reaction shows just how sensitive Chipotle currently is to food safety concerns. The new concerns came as best-selling author Eric Van... 
 

General Mills Launches Tiny Toast Cereal

General Mills (NYSE:GIS) has launched its first new cereal brand since 2001, a fruity offering called “Tiny Toast.” Unveiled on Monday, Tiny Toast features pieces of crunchy “toast” made from whole grain oats and corn cereal covered with powdered real fruit. It comes in two flavors, strawberry and blueberry. After being in development for more than a year, the new cereal is scheduled arrive on store shelves this month. Tiny Toast is General Mills attempt at making real tasteful fruit cereals. Most fruity cereals do not smell... 
 

Verizon Seeks Court Orders Against Striker Harassment

Verizon Communications (NYSE:VZ) has sought court orders in New York, Pennsylvania, Massachusetts and Delaware imposing restrictions on picketing workers. Verizon complained to the courts that the strikers have been harassing and threatening its replacement workers. The company also complained that the striking workers were picketing hotels where the replacement workers are housed and blocking access to its work locations. About 40,000 workers registered with the Communications Workers of America and the International Brotherhood of Electrical Workers... 
 

Abercrombie & Fitch Reports Disappointing Numbers For 1Q

Abercrombie & Fitch (NYSE:ANF) reported a disappointing first quarter as more consumers shift their spending to online shops and fast-fashion chains. For the period ended April 30, New Albany, Ohio-based Abercrombie lost $39.6 million, or 59 cents per share. This was more than the 50 cents per share loss estimated by analysts polled by Zacks Investment Research. A year ago, Abercrombie reported a first-quarter loss of $63.2 million, or 91 cents per share. The company reported that revenue declined 3.4 percent, to $685.5 million from $709.4... 
 

Bayer And Monsanto Keep Mum On Merger Terms

In some of the most surprising news of the week, German drugs and chemicals company Bayer has made an unsolicited takeover proposal to Monsanto (NYSE:MON), a U.S. seeds company. A press release from the company announced, “Bayer executives recently met with executives of Monsanto to privately discuss a negotiated acquisition of Monsanto.” Monsanto confirmed the news with a statement said that its board was reviewing the proposal. However, neither Monsanto or Bayer released the proposed terms of the takeover deal. A merger between Monsanto and... 
 

Amazon To Take On Grocery Chains With Private Label Products

Amazon (NASDAQ:AMZN) is reportedly preparing to unveil its own private-label brand for foods and household items. The Seattle-based online retailer plans to sell private label nuts, spices, tea, coffee, baby food and vitamins, according to a report in the Wall Street Journal. Amazon is expected to introduce the new lines in the coming weeks. Sources are saying that Amazon could start rolling out these products as early as end of May or early June. The products will only be available to Amazon Prime members, who pay $99 a year for inclusion in the... 
 

Payday Lenders No Longer Welcome On Google Ads

Google has announced that it will no longer be showing ads for payday lenders, effectively barring them from advertising on the platform. Google is defining payday loans as loans due within 60 days of being issued. Google is also banning ads in the US for loans with an annual interest rate of 36 percent or higher. Other types of loans, like car and student loans, can still be advertised. The new policy goes into effect next month starting June 13th. After that date, the ads that appear on the top and right-hand side of a search results page will... 
 

Aeropostale Blames Supplier For Bankruptcy Filing

Struggling teen apparel retailer Aeropostale Inc filed for Chapter 11 bankruptcy protection on Wednesday. In an unexpected twist, the company is blaming another business for its financial woes, namely Sycamore Partners, its main lender and the owner of a critical supplier for the company. Aeropostale asked a court for permission to investigate Sycamore Partners, claiming that the company deliberately forced its deterioration. In the filing submitted to the United States Bankruptcy Court for the Southern District of New York, Aeropostale’s Chief... 
 

Future Looks Bleak For The Sports Authority

Last week, The Sports Authority gave up hope it could re-organize under bankruptcy protection. Now, the company is planning to auction itself off to the highest bidder. The company is planning to sell almost all of its assets at a court supervised auction on May 16. The Sports Authority has not yet said whether it will shutter its entire fleet of stores. The company currently employs approximately 15,000 workers in 41 states. In January, Sports Authority failed to make a $20 million debt payment. In March, the retailer filed for Chapter 11 protection... 
 

Losses by Samsung and Apple Spell Gains for Huawei

Smartphones have started 2016 rough. The first quarter was the first time in history for the global market of smartphones that a contraction in sales occurred on an annualized basis, said Strategy Analytics an online research firm. That concern was seconded by IDC, which reported 334.9 million mobile handsets had been shipped worldwide during the 2016 first quarter, marking the smallest growth for year over year. The company said that the strong saturation of smartphones in the developed markets, along with a decline of year over year for both Samsung... 
 

Barclays Shares Increase as Turmoil Weathered by Investment Bank

Barclays announced that revenue in its investment bank was down less than had been expected in the turbulent markets and the company avoided new charges of misconduct, helping it investors overlook its larger loss from the sale of unwanted assets. Profit before taxes fell by 25% to just over £793 million equal to $1.15 billion from last year’s £1.06 billion, said the bank, based in London, in a regulatory filing on Wednesday. Revenue was down 13% to just over £4.6 billion, topping estimates of £4.48 billion. Shares climbed at the bank to their... 
 

Mercedes Benz Far From Worried Over China

Economic growth across China might be weaker than any point in the past 7 years, but the appetite in the country for luxury, premium autos is bigger than at any time before. Mercedes Benz, which Daimler owns, just reported a rise of 24% in China’s sales during the first quarter. China became the automaker’s largest single market anywhere after its sales surged by 40%. Over the last two years, a lot of effort by the company has been put into R&D, design and bringing the products that are right to China, and it is now paying off, said a board... 
 

Caterpillar Cuts Forecast As Rally in Commodities Could End

Caterpillar Inc, the major industrial stock that has performed the best in 2016, lowered its sales and profit forecasts as a commodities rally of three months is at risk of losing its momentum. The company, in a prepared statement, said that prices of commodities improved from recent lows, but there remains an excess supply. It is not yet clear that the prices current in the market will be either sustainable or even sufficient to drive more demand for new equipment. Caterpillar CEO Doug Oberhelman is shuttering factories as well as cutting over... 
 

St. Jude Medical Increases Outlook Beats Expectations

On Wednesday, St. Jude Medical increased its forecast for profit for the 2016 full year and released an upbeat view on its quarter, as the business reported that both revenue and earnings that beat expectations. The medical device company based in St. Paul, Minnesota increased its forecast for adjusted earnings for the full year to between $4.01 and $4.11 per share from its range previously released of between $3.95 and $4.05. For the current three-month period, St. Jude said it is expecting earnings to be between $1.05 and $.107 per share, which... 
 

Mars Food Says To Go Easy on Pasta Sauce

Food company Mars Food is planning to label some of its pasta sauces from Dolmio, macaroni and cheese and other products as being fit for consumption just once per week because of their high levels of fat, salt or sugar. The plan is part of the company’s larger initiative to encourage habits that are healthier. Mars is a privately held food company based in the U.S. The plan comes when large food companies or Big Food, have come under greater pressure from advocates for public health as well as regulators struggling in their battle against the... 
 

Retail Sales Fall Unexpectedly in March As Consumers Save

Sales at retailers across the U.S. fell unexpectedly during March, which has raised concerns that spending by consumers is losing its momentum. The drop of 0.3% in purchases followed February’s little change in figures released by the Commerce Department on Wednesday. The average forecast of economists called for an increase in retail sales of 0.1%. The decrease was driven by the largest drop in demand for vehicles in one year and the cutbacks experienced by clothing stores, restaurants and online businesses. Sustained increases in spending by... 
 

Reddit Unveils Its iOS and Android App

Reddit launched its premier native app on iOS and Android platforms. The new app is available at this time in the United States, the United Kingdom, Australia and Canada only. However, the company said it is planning to make the apps available for other countries during the next couple of months. Users of Reddit, a discussion forum, have relied on the app Alien Blue for a long time. The app was made by one of Reddit’s fans, Jason Morrissey, to give users the ability to browse the site on tablets and smartphones. The company purchased Alien Blue... 
 

You Can Watch NFL Football On Twitter On Thursdays This Fall (NYSE:TWTR)

Starting this fall, NFL fans will be able to watch the Thursday games via Twitter. The announcement was made by NFL commissioner Roger Goodell on his Twitter feed in his first Tweet in 19 months. The games will appear on Twitter’s mobile and desktop apps, as well as on video game consoles that use Twitter apps, such as Microsoft’s Xbox. The rights package also includes in-game highlights of the Thursday games and pregame Periscope broadcasts from players and teams. The agreement between the NFL and Twitter is a one year deal, although the exact... 
 

FDA Gives Approval to Knockoff for Rheumatoid

The U.S. Food and Drug Administration has cleared the sale of a knockoff of Remicade the Johnson & Johnson anti-inflammatory drug, the second treatment in the fledgling market in the U.S. for less expensive copies of biotechnology high-priced drugs. The FDA announced this week it had approved Inflectra a drug developed by Celltrion Inc based in South Korea and licensed to Pfizer, for the treatment of inflammatory bowel diseases, rheumatoid arthritis and other types of conditions. Inflectra is what the drug industry and regulators call a biosimilar... 
 

Deal Between Orange and Bouygues Collapses

Ramon Fernandez the CFO of Orange SA took to Twitter after the talks with Orange to acquire the Bouygues SA phone business collapsed. He tweeted that following three months of intense diplomacy the talks had fallen apart. The previous night, after the markets had been closed for the weekend, the two companies called the talks off giving up hope of reaching a deal. Following a weekend where investors became very nervous, the stocks on Monday opened with huge declines. The deal was going to consolidate the phone industry in France. Success prior to... 
 

Huawei Posts Best Growth In Revenue in Seven Years

Huawei Technologies Co based in China posted on Friday its biggest annual growth in revenue since 2008. The smartphone maker was boosted by the adoption in China of 4G mobile technology as well as strong worldwide smartphone sales. Huawei, one of the largest equipment makers for telecom in the world, said its total revenue increased 37% to over 395 billion yuan equal to $61.1 billion during 2015, which was just above its 390 billion yuan forecast. The company, based in Shenzhen, said it is expecting revenue this year to increase to over $75 billion,... 
 

ADB Slashes Growth Forecast for Asia for 2016

The Asian Development Bank has slashed its forecast for economic growth for 2016 in developing Asia, citing a weaker outlook in China and global headwinds. Developing Asia is expected to grow by 5.7% in 2016 and 2007, said the lender based in Manila in its most recent report Asian Development Outlook it released early Wednesday. In its outlook report in December, the ADB forecasted a growth in 2015 across the region of 6%. The region, which includes 45 countries in the Asia Pacific, expanded in 2015 by 5.9%. The growth forecast by ADB in China,... 
 
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