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(MENAFN - AFP) Swiss food giant Nestle announced Thursday that it had bolstered its hand in the medical skin treatment market by finalising a deal with Canada's Valeant Pharmaceuticals International.

"As a result of the successful conclusion of the regulatory process and customary closing conditions, Nestle today completed its acquisition of Valeant Pharmaceuticals International's ...

 
(MENAFN - AFP) It has no assets, no revenues and no business plan to speak of. But a company called Cynk Technology has seen its value soar as high as $4.7 billion.

Wall Street analysts have been at loss to explain the spectacular 24,000 percent rise in Cynk, which trades on the lightly regulated over the counter (OTC) market.

While its share price and market value ...

 
(MENAFN - AFP) As some European cities install spikes on pavements to prevent homeless people bedding down for the night, one architect in Slovakia plans to give them a proper abode - made from billboards.

The Gregory Project uses advertising hoardings, usually placed along roads in a V-shape to be visible from both directions, to create small but functional homes for the ...

 
(MENAFN - AFP) China's yuan is a growing force in global finance, more than doubling in use over the past year, according to a new study from the Institute of International Finance Thursday.

Although its use in the international payments system remains dwarfed by the dollar and euro, the yuan, officially known as the renminbi, grew to 1.4 percent of total transactions.

That ...

 
(MENAFN - AFP) European stock markets dived Thursday on the back of weak industrial output data and a growing crisis at Portugal's largest lender, Banco Espirito Santo.

Sentiment was also weighed down as Chinese exports fell short of expectations.

In early afternoon deals, London's FTSE 100 dropped 0.85 percent to 6,660.88 points, after the Bank of England held interest ...

 
(MENAFN - AFP) The Bank of England opted Thursday to keep interest rates at a record-low 0.50 percent, despite governor Mark Carney's recent warning that they could rise sooner than expected.

The central bank's nine-member monetary policy committee (MPC) also decided after a two-day meeting to maintain the level of cash stimulus, or quantitative easing, at £375 billion.

Both ...

 
(MENAFN - AFP) The Catholic Church in the Philippines is encouraging members who are medical workers to refuse to implement a newly-approved birth control law, an official said Thursday.

It is the latest move by the powerful church hierarchy in the largely Catholic Philippines against a law that took effect this year, compelling the state for the first time to provide free ...

 
(MENAFN - AFP) Portugal's market regulator on Thursday halted trading in shares in the country's biggest bank Banco Espirito Santo after they plunged over allegations that its parent company covered up a 1.3 billion euro hole in the accounts.

Trading was suspended ahead of "important information" to be published by BES, the market regulator said. Shares in the firm had plummeted ...

 
(MENAFN - AFP) Heavily-indebted Greece said Thursday that it has managed to raise 1.5 billion euros ($2 billion) in a three-year bond sale, its second issue after returning to bond markets with a five-year sale in April.

A ministry source said that Athens had only set out to raise "over 500 million euros" but on Wednesday the state-run Athens News Agency had said the operation ...

 
(MENAFN - AFP) Global world oil demand is due to increase further next year thanks in part to resurgent growth in developed countries, OPEC said Thursday in its first forecast for 2015.

The Organisation for Petroleum Exporting Countries, which pumps a third of the world's crude, predicted demand would top 92.35 million barrels per day (mbpd), up 1.33 percent from 2014.

The ...

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