Economy

President Obama Proposes $4 Trillion Budget, 15% goes to Defense

President Obama Proposes $4 Trillion Budget, 15% goes to Defense

The Obama administration has proposed a $4 trillion budget on Monday. The budget has included $585 billion to maintain the security and the defense strategies of the nation. Defense constitutes about 15% of the overall budget with a request of $25 billion more as compared to the enacted defense budget of last year.

The slice of defense is 15% in the proposed budget keeping in mind the latest security challenges that the US is facing in the Middle East and Ukraine.

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Apple CEO Tim Cook's salary more than doubled in 2014

Apple CEO Tim Cook

Technology major Apple increased the salary of CEO Tim Cook more than double after the company's stock increased to record valuation in 2014. The stock market performance and the robust Apple results have been attributed to the successful launch of its latest smartphone models.

According to a stock exchange filing, Cook received $9.22m in total compensation in fiscal year 2014, together with salary of $1.75m and $6.7m in non-equity incentive compensation.

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4,000 Jobs to be slashed by American Express

4,000 Jobs to be slashed by American Express

Soon after announcing its fourth quarter earnings, American Express stated that the improvement of operating efficiencies is a must for the financial services major. Considering this aspect the American Express has decided that the company will be cutting 4,000 jobs.

A company spokesperson revealed that in all American Express will be restricting a cost of $313 million. The first portion of this restructure will be the 4,000 job cuts at an unexpected time for the company.

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Zalando’s Shares rise 11%

Zalando’s Shares rise 11%

Multinational e-commerce company Zalando SE had earlier forecasted that it will end the year with some profits. Now, the company has traded above its initial public offering price for the first time since it made the stock market debut in the last month. The company has regained its initial public offering (IPO) price.

Shares of the Germany-based Zalando have risen about 11% to about 22.36 euros. The company's 14% of shares gain disappeared on the first day of trading. After that, they had been consistently trading below the 21.50-euro IPO price.

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Black Friday Fever hits market

Black Friday Fever hits market

It is known that every year on the Black Friday online circulars crowd on internet. Lots of sites every year release several tech deals under for this occasion.

DP World agrees to buy EZW

DP World agrees to buy EZW

Marine terminal operator DP World announced that it will buy Economic Zones World (EZW), an industrial and logistics Infrastructure Company in Dubai. According to reports, DP World has agreed to acquire EZW for $2.6 billion. Shareholders of the company have still to approve the EZW purchase.

Currently, both the companies are majority owned by Dubai World, an investment company that manages businesses and projects for the Dubai government.

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Urban Outfitters’ Shares fall 15%

Urban Outfitters’ Shares fall 15%

Shares of an American multinational clothing corporation, Urban Outfitters fell nearly 15% on Friday after investors received warning from the apparel retailer that third-quarter earnings would be hurt by declining sales.

The stock dropped to its lowest since July 2012, closing down $4.94, or 14.29%, to $29.62. The warning increased worries that teens will avoid the company's fashions at the time of the essential holiday season.

Long-standing Identity of US was at Stake, says Federal Reserve Chair

Long-standing Identity of US was at Stake, says Federal Reserve Chair

On Friday, Chair of the Board of Governors of the Federal Reserve System Janet Yellen made an announcement about broadening economic inequality in the United States. According to her, identity of the country as a land of opportunity was in the state from where it might be lost.

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Five Indian-Origin Entrepreneurs in Forbes List of US’ Richest 400

Five Indian-Origin Entrepreneurs in Forbes List of US’ Richest 400

Forbes, American business magazine, has released its annual list of 400 richest people in the US, where Microsoft's former chairman Bill Gates topped the list for the 21st year in a row. His net worth is about $81 billion. Warren Buffett, the CEO and largest shareholder of Berkshire Hathaway, has grabbed second place with a net worth of $67 billion, while Larry Ellison, co-founder and chairman of Oracle Corporation, has been locked in number three spot with a whopping $50-billion net worth.

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Producer inflation moderates by around 1% in August

Producer inflation moderates by around 1% in August

Producer inflation or the producer price index (PPI) for final manufactured goods eased by around 1 percentage point from July 2014 to August this year, according to recently released Statistics SA figures.

In its latest report released on Thursday, Statistics SA said that the PPI for final manufactured goods eased from 8 per cent to 7.2 per cent.

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