Business News

DUBLIN (Reuters) - Irish drug firm Elan agreed on Monday to buy two private drug firms, spin-off its one experimental drug and buy back more shares to give a firmer idea of how the company will be reconfigured as shareholders weigh up a takeover bid.

SINGAPORE (Reuters) - The yen edged higher on Monday after Japan's economics minister said further weakness in the yen could harm households, while Asian shares rose in response to U.S. equities rallying on upbeat economic data.

(Reuters) - New York's top financial regulator has sent subpoenas to several firms seeking information on investments that guarantee steady payments to hundreds of thousands of retirees and other consumers, the Wall Street Journal said on Monday, citing people familiar with the inquiry.

(Reuters) - Chesapeake Energy Corp has hired Robert Douglas Lawler of rival Anadarko Petroleum Corp as chief executive, filling the post vacated by co-founder Aubrey McClendon, the Wall Street Journal reported, citing people familiar with the matter.

WASHINGTON (Reuters) - The chances of a deal between Democratic and Republican lawmakers that would overhaul the tax system, trim government spending and reform safety net spending programs appear to be fading.

Property prices continued to rise last month in China, defying policymakers who have sought to cool the housing market while preserving robust economic growth.

LOS ANGELES (Reuters) - In October 2004, then California Governor Arnold Schwarzenegger rolled up to a pioneering fueling station at Los Angeles International Airport in a hydrogen-powered metallic blue Hummer loaned to him by General Motors Corp.

Boeing and its customers are refocusing on fixing more technical issues that affect the reliability of the 787 jet, as the aircraft resumes commercial flights after battery woes that led to a global grounding.

Gas prices are slightly lower this year, but that's not leading to a large pick-up in consumer spending, according to a survey by Bankrate.com.

WATFORD CITY, North Dakota (Reuters) - In towns across North Dakota, the wellhead of the North American energy boom, the locals have taken to quoting the adage: "Whiskey is for drinking, and water is for fighting."

(Reuters) - Steven A. Cohen has received a subpoena to testify before a grand jury in a U.S. government insider trading investigation into his hedge fund SAC Capital Advisors, the New York Times reported, citing lawyers and executives briefed on the case.

HOUSTON/NEW YORK (Reuters) - For the past three years, the boom in the U.S. shale oil industry has outstripped all expectations. Production surged far faster than any forecasts; drillers raced to secure space in new pipelines to get their crude to market.

While rising labor costs have become almost routine for global mining firms locals in Brazil have been willing to take lower-level jobs such as operating a conveyor belt or maintaining machines for less than $10,000 a year.

Chesapeake Energy tapped Robert Douglas Lawler, a 46-year-old executive at Anadarko Petroleum, to succeed Chesapeake co-founder Aubrey McClendon as CEO of the nation's second-largest natural-gas producer.

Yahoo has agreed to pay $1.1 billion for Tumblr, a six-year-old company with more than 100 million users but very little revenue, a deal that highlights the shifting balance of power in the technology business.

Steven A. Cohen, rather than be subject to broad questions from prosecutors, is expected to assert his constitutional right against self-incrimination.    

HONG KONG (Reuters) - Armed with empty suitcases and same-day return tickets, an army of mainland Chinese is descending on suburban outlet shopping malls and international fashion chains in Hong Kong, turning cheap into the new chic as luxury falls out of favor.

An independent Scotland would have banking assets worth more than 1,250% of Scottish gross domestic product, putting taxpayers at significant risk in the event of another banking crisis, the U.K. Treasury said Sunday.

At JPMorgan Chase, the move to split the jobs of chairman and chief executive, now held by Jamie Dimon, comes as the bank is actually prospering.    

Gary Pruitt said the Obama administration’s handling of a leak investigation had already diminished journalists’ capacity to report on the government.