The country’s defense minister says the Islamic State’s forces have been fully eradicated, and that the country has control of the Saddam Hussain’s hometown—less than 100 miles from the capital, Baghdad. It certainly helped that the US provided some air support last week.
2 hours ago
Russia’s economic outlook goes from bad to worse.
The World Bank’s December forecast for the future of the Russian economy predicted that collapsing oil prices and Western sanctions would force a 0.7% contraction in 2015. That’s now been modified down to a 3.8% contraction (paywall), with the potential to go even further, to 4.6%, if oil prices drop further.
4 hours ago
Takeda offers $2.2 billion to settle a patient lawsuit.
Asia’s largest drug maker offered the sum to settle claims it hid the cancer risks of its Actos diabetes medicine, according to Bloomberg. In all, Takeda hopes to settle 8,000 lawsuits with the figure, following three years of litigation over the drug.
Dairy farmers were able to sharply increase production after the EU ended a cap in order to better allow European farmers to meet demand from growing markets in Asia and Africa. Smaller businesses were concerned that milk prices will drop.
4 hours ago
Chart of the Moment
Huawei can outspend even some of the biggest on R&D.
The domain-name registration and hosting company priced shares in its IPO at $20, above the expected $17-$19 range, according to Bloomberg. The company generates revenue from hosting websites, but lost $143 million last year.