9 July, 2015 by The TZ Newswire Staff Comments Off on China stocks surge for second day as support measures calm nerves
China stocks surge for second day as support measures calm nerves
China stocks bounced sharply for the second day on Friday, reversing an early-week slump in frenetic trading as markets regained a measure of composure following a barrage of government support steps to stem the rout. The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 5.4 percent, to 4,106.56, while the Shanghai Composite Index gained 4.6 percent, to 3,877.80 points.
9 July, 2015 by The TZ Newswire Staff Comments Off on Greeks hope for deal after latest bailout proposals
Greeks hope for deal after latest bailout proposals
Greeks awoke on Friday hoping their government would finally seal a cash-for-reforms deal with its international creditors after Prime Minister Alexis Tsipras offered last-minute concessions to try to save the country from bankruptcy. The Greek parliament will vote on whether to throw its weight behind the new proposals and two senior figures from the ruling Syriza party sounded an optimistic note on Friday morning on securing the lawmakers’ backing.
9 July, 2015 by The TZ Newswire Staff Comments Off on Asian shares ride China bounce, euro soars on Greek hopes
Asian shares ride China bounce, euro soars on Greek hopes
Asian shares and the euro gained on Friday as investors took heart from strength in recently volatile Chinese markets, and after Greece’s offer of a new reform plan raised hopes of a deal at a weekend summit of European leaders. The luster was expected to rub off on European shares, with financial spreadbetters expecting Britain’s FTSE 100 to open up as much as 0.8 percent, Germany’s DAX 2.1 percent higher, and France’s CAC 40 is seen opening up 1.8 percent.
9 July, 2015 by The TZ Newswire Staff Comments Off on Uber pushes back against California driver lawsuit
Uber pushes back against California driver lawsuit
Uber argued on Thursday that a lawsuit filed by drivers should not proceed as a class action with the ride service citing statements of support from hundreds of other Uber drivers in a case that could decide whether they are independent contractors or employees. Three drivers sued Uber in San Francisco federal court, contending they are employees and entitled to reimbursement for expenses, including gas and vehicle maintenance. If allowed to proceed as a class action, the lawsuit could cover more than 160,000 California drivers.
9 July, 2015 by The TZ Newswire Staff Comments Off on China fears propel Apple shares toward five-day losing streak
China fears propel Apple shares toward five-day losing streak
Apple Inc’s (AAPL.O) stock was heading toward its first five-session losing streak since January on Thursday as investors worried about the economic health of China, a key market for iPhones. Apple shares were down 2 percent at $120.15 in afternoon trade and have lost about 4 percent since July 1. In the first three months of the year, for the first time, Apple sold more iPhones in China than in the United States, a trend expected to grow as Chinese consumers upgrade from less expensive handsets.
9 July, 2015 by The TZ Newswire Staff Comments Off on Walgreen to pay $22.4 million in N.Y. Medicaid improper billing case
Walgreen to pay $22.4 million in N.Y. Medicaid improper billing case
Walgreen Co has reached a $22.4 million settlement with the New York attorney general resolving claims that a unit improperly billed the government for reimbursement for a pediatric drug. The settlement, disclosed in court papers filed in Manhattan federal court on Thursday, resolves claims first asserted in 2009 by a whistleblower in a lawsuit against Trinity Homecare LLC, a pharmacy primarily owned by Walgreen.
9 July, 2015 by The TZ Newswire Staff Comments Off on Former Tencent employees, including Alibaba executive, held in China graft probe
Former Tencent employees, including Alibaba executive, held in China graft probe
Chinese authorities have detained about half a dozen former employees of Tencent Holdings Ltd, the country’s biggest social network and online media company, as part of a graft investigation following an internal company probe, Tencent said late on Thursday. Amid a continuing crackdown on corruption by Chinese President Xi Jinping, Tencent said in a statement that “five or six” unidentified people were detained.