Business this week
General Electric won its battle to buy Alstom's energy businesses, but only after it substantially altered its bid and gave a commitment to keep Alstom's base and workforce in France. The French government is taking a 20% stake in Alstom as part of the rejigged 17 billion acquisition, GE's biggest. GE's initial proposal was accepted by Alstom's board but rejected by Fran?ois Hollande's government as a threat to the national interest. A potential spoiler offer for Alstom had also emerged from Siemens and Mitsubishi Heavy Industries.
Dubai's stockmarket fell by almost 7% on June 24th, extending a six-week slump. Property companies account for 31% of the index and investors are nervous about the management and direction of Dubai's biggest construction firm, Arabtec, which built the Burj Khalifa skyscraper. Arabtec's share price has plunged this month, though it was lifted on June 25th by reassurances that its restructuring would cut costs, prompting a rally in the stockmarket.
Etihad, a global airline based in Abu Dhabi, came to the rescue of Alitalia, Italy's loss-making national carrier, which was facing bankruptcy, by agreeing to buy a 49% holding. The deal is Etihad's eighth stake in a foreign airline.
New York state's attorney-general brought charges against Barclays for allegedly lying to investors about its safeguards to protect them from “predatory high-frequency traders” in the bank's dark-pool investments. These allow portfolio managers to shift sizeable positions in shares anonymously. New York has warned of a clampdown on high-speed trading.
America's economy shrank by 2.9% at an annual rate in the first three months of the year, according to a final official estimate, the biggest contraction in GDP since the first quarter of 2009. A notably harsh winter is said to have depressed spending and investment, but exports also suffered.
Turkey's central bank cut its main interest rate by three-quarters of a percentage point, to 8.75%. This followed a half-point cut last month that was described as “a joke” by the prime minister, Recep Tayyip Erdogan, who has put pressure on the bank to do more to boost economic growth.
There was some scratching of heads in the City after Mark Carney, the governor of the Bank of England, sought to dampen expectations of an interest-rate rise by pointing out the weak spots in the growing British economy. Mr Carney had earlier given a strong signal that the central bank would raise rates this year for the first time since 2009. Markets are still betting on that happening, though a senior Conservative MP has remarked that Mr Carney likes to give “quite a lot of guidance, not all of it seeming to point in the same direction”.
Meanwhile, the bank's Financial Policy Commitee introduced new guidelines to curb excessive mortgage lending in Britain's housing market. It said household debt did not pose an immediate threat to economic stability, but it was taking action to stop it from rising much further.
Shire, a British drug company, rejected a ?27 billion bid from AbbVie, an American rival, in the latest instance of an unsolicited takeover approach from a cash-rich American company seeking to establish business in a country with a lower corporate-tax rate. Shire itself is domiciled in Ireland.
A crippling five-month strike by platinum miners in South Africa was declared to be over when the biggest union signed a wage deal with the mining companies. It was the most expensive strike to hit South Africa, resulting in a combined 2 billion in lost revenues for the biggest firms.
The war of words continued between Dov Charney, the ousted boss of American Apparel, and the board that sacked him. Mr Charney has faced allegations from female employees of inappropriate conduct. The company has also run up a pile of debt and sales have slackened. But Mr Charney has pledged to fight his dismissal, accusing the board of being “hateful”. He owns 27% of the company.
In a victory for television and cable networks, America's Supreme Court ruled that a streaming service run by Aereo that uses tiny antennae to divert TV programmes to computers and phones violates copyright laws.
The Yo rider
Yo, a messaging app through which people can send only a one-word text—“Yo”—was downloaded 1m times in just a few days on the back of publicity about it being hacked. Investors have reportedly stumped up 1m in startup funding for the business.
1.emerge from 露出； 浮现
Simmons hopes to emerge from bankruptcy in the hands of two new private equity firms.
They are a classic form of stimulus that could help the economy emerge from the housing hangover.
2.agree to 同意，赞成
Sandy and john agree to unite their kingdoms.
She convinced a reluctant union to agree to a pay-for-performance system.
3.protect from 保护，保卫
But good samaritan laws protect from liability those who try to help others.
In 2011, scientists from the national center for food safety& technology, said that eating more tomatoes may protect from developing cancer, osteoporosis, and cardiovascular diseases.
4.describe as 描述为
He's quite bright but he's not what you should describe as intellectual.
Tokyo's chic neighbourhoods certainly look better heeled than their counterparts in taipei, which even some residents describe as outdated and quaint.