• Intense rescue efforts as 91 feared dead in tornado-hit Oklahoma

    Reuters - 19 minutes ago

    By Alice Mannette Ian Simpson MOORE, Oklahoma (Reuters) - Pre-dawn emergency workers searched feverishly for survivors in the rubble of homes, primary schools and an hospital in an Oklahoma City suburb ravaged by a massive Monday afternoon tornado feared to have killed up to 91 people and injured well over 200 residents. The 2-mile(3-km) wide tornado tore through town of Moore outside Oklahoma City, trapping victims beneath the rubble as one elementary school took a direct hit and another was destroyed. ... More »Intense rescue efforts as 91 feared dead in tornado-hit Oklahoma

  • Ireland says not to blame for Apple's low tax rate

    Reuters - 21 minutes ago

    By Conor Humphries DUBLIN (Reuters) - Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments after the U.S. Senate said the company paid little or nothing on tens of billions of dollars in profits stashed in Irish subsidiaries. The Irish government, which has seen the luring of U.S. multinationals with low taxes as a key part of its economic policy since the 1960s, said its system was transparent and other countries were responsible if the tax rate paid by Apple was too low. ... More »Ireland says not to blame for Apple's low tax rate

  • Manchester United top table for Premier League TV earnings

    Reuters - 28 minutes ago

    LONDON (Reuters) - Football champions Manchester United topped the table for English Premier League television income in 2012-13, raking in almost 61 million pounds ($93 million) in the final year of the current three-year contract, the League said on Tuesday. Relegated Queens Park Rangers, owned by Malaysian airline boss Tony Fernandes, received almost 40 million pounds, the lowest figure among the 20 clubs. Television income will climb further next season after telecoms company BT entered the British market, taking a share of live rights alongside pay TV operator BSkyB. BT has replaced U.S. ... More »Manchester United top table for Premier League TV earnings

  • Fiat Industrial seeks UK residence to cut tax bill

    Reuters - 31 minutes ago

    By Jennifer Clark MILAN (Reuters) - Truck and tractor maker Fiat Industrial intends to move its tax residence to the UK from Italy after its planned merger with unit CNH , according to a filing with U.S. regulators, a move that would lower its tax bill. Fiat Industrial paid 536 million euros (454 million pounds) in tax last year at an effective rate of 36 percent, according to its financial accounts, plus a 28 million euro payment for a regional tax, on a net profit of 921 million euros. ... More »Fiat Industrial seeks UK residence to cut tax bill

  • Ten South African miners hospitalised after chrome mine clash

    Reuters - 32 minutes ago

    JOHANNESBURG (Reuters) - Ten striking miners at a chrome mine in South Africa were admitted to hospital after clashes with security guards, police said. "Ten miners were admitted to hospital. They were injured after security guards fired what are reported to be rubber bullets," police spokesman Thulani Ngubane said. He added that officers had arrived at the mine, owned by chemicals group Lanxess , and the situation was under control. (Reporting by Agnieszka Flak; Editing by Ed Cropley) More »Ten South African miners hospitalised after chrome mine clash

  • Inflation falls in April, giving more leeway for stimulus

    Reuters - 45 minutes ago

    By Christina Fincher and Olesya Dmitracova LONDON (Reuters) - Inflation fell twice as fast as expected last month, giving incoming Bank of England governor Mark Carney more leeway to support the economy with more stimulus should the recovery weaken. Inflation eased to 2.4 percent from 2.8 percent in March, with almost half of that drop coming from weaker petrol and diesel costs. The pound fell and British government bonds rose after the figures. Combined with recent signs that the economy is gaining traction, the easing in price pressures will be welcome news for Carney. ... More »Inflation falls in April, giving more leeway for stimulus

  • Dutch author Bakker wins Booktrust foreign fiction prize

    Reuters - 47 minutes ago

    LONDON (Reuters) - Dutch author Gerbrand Bakker has won the 2013 Independent Foreign Fiction Prize awarded by Britain's Booktrust charity for "The Detour", a tale of infidelity, exile and isolation. Bakker will share the 10,000 pound prize with translator David Colmer for the story of Emilie, a translation professor and Emily Dickinson scholar, who retreats from her life in the Netherlands to an isolated farmhouse in Wales following an affair with a student. ... More »Dutch author Bakker wins Booktrust foreign fiction prize

  • German bank borrowing from Bundesbank hits euro-era low

    Reuters - 48 minutes ago

    FRANKFURT (Reuters) - German banks borrowed less money from the Bundesbank as part of the European Central Bank's liquidity operations in April than ever before during the 13-year history of the euro, Bundesbank data showed on Tuesday. The Bundesbank's balance sheet, published in its May monthly report, showed that German banks took 14.8 billion euros (12.53 billion pounds) from the central bank in April, less than the previous record low of 21.3 billion euros in October 2011. ... More »German bank borrowing from Bundesbank hits euro-era low

  • Apple's Tim Cook Faces Tax Avoidance Questions

    Sky News - 50 minutes ago

    Apple CEO Tim Cook will be questioned about the company's use of Irish affiliates to avoid paying billions of dollars in US income taxes when he appears before the US Senate. More »Apple's Tim Cook Faces Tax Avoidance Questions

  • IT firm iGate sacks CEO over undisclosed relationship

    Reuters - 53 minutes ago

    By Sumeet Chatterjee and Harichandan Arakali MUMBAI/BANGALORE (Reuters) - IT outsourcing company iGate Corp said it had sacked its chief executive, Phaneesh Murthy, for not disclosing a relationship with a subordinate after investigating one of the industry's best-known executives for sexual harassment. Murthy had led several initiatives to improve the performance of the Fremont, California-based company, including charging clients for business results instead of man hours, the billing method more commonly used by IT outsourcing firms. ... More »IT firm iGate sacks CEO over undisclosed relationship

  • Congolese army, rebels clash for a second day near Goma

    Reuters - 54 minutes ago

    By Jonny Hogg KINSHASA (Reuters) - The Congolese army clashed with rebel fighters near the eastern city of Goma for a second day on Tuesday, threatening an uneasy six-month peace in the region ahead of a scheduled visit by U.N. Secretary-General Ban Ki-moon this week. Government forces and the M23 insurgents exchanged heavy weapons fire from early on Tuesday, with both sides reporting an unspecified number of dead and accusing the other of starting the clashes. ... More »Congolese army, rebels clash for a second day near Goma

  • UK Motor Insurer Hastings Plots Stake Sale

    Sky News - 55 minutes ago

    Hastings, one of Britain’s biggest providers of motor insurance, is drawing up plans to sell a minority stake in a deal that could value the company at as much as £800m. More »UK Motor Insurer Hastings Plots Stake Sale

  • Germany on track for solid second quarter recovery - Bundesbank

    Reuters - 56 minutes ago

    FRANKFURT (Reuters) - Germany, the euro zone's largest economy, is on track for a solid recovery thanks to a pick-up in demand for its products from abroad, the Bundesbank said on Tuesday. Germany skirted recession in the first quarter thanks to a rise in private consumption. Its central bank said in its monthly report that it expected a further strengthening in the second quarter not only due to a catch-up in construction. ... More »Germany on track for solid second quarter recovery - Bundesbank

  • UK buy-to-let lender Paragon to launch bank in 2014

    Reuters - 1 hour 0 minutes ago

    By Matt Scuffham LONDON (Reuters) - British buy-to-let mortgage provider Paragon plans to set up a bank next year, taking advantage of new rules designed to encourage competition to Britain's established lenders. Under pressure from lawmakers to increase choice in a sector dominated by five banks, Britain's financial regulator said in March that start-up banks would no longer need as much capital as their established rivals. ... More »UK buy-to-let lender Paragon to launch bank in 2014

  • Royal Mail sees profits more than double before privatisation

    Reuters - 1 hour 3 minutes ago

    LONDON (Reuters) - Royal Mail said annual profit had more than doubled on the back of an online shopping boom, providing a timely boost ahead of a stock market listing expected later this year. An initial public offering (IPO) of the state-owned firm, which has 150,000 staff and sales of 9.15 billion pounds, is expected to value Royal Mail at between 2 and 3 billion pounds, and would be the biggest privatisation of a British asset for 20 years. ... More »Royal Mail sees profits more than double before privatisation

  • Mercedes South Africa strike ends, union demands sector pay hike

    Reuters - 1 hour 5 minutes ago

    By Wendell Roelf CAPE TOWN (Reuters) - A two-day wildcat strike at a Mercedes Benz plant in South Africa ended on Tuesday but industrial union NUMSA demanded a hefty pay hike for the sector, raising the prospect of labour unrest in factories alongside turmoil in the mines. The German luxury car maker said Friday's unscheduled walkout had nothing to do with wage demands but the stoppage served as further evidence of the fragility of labour relations in Africa's biggest economy, hitting the rand. The currency tumbled for its ninth straight session, breaching the 9. ... More »Mercedes South Africa strike ends, union demands sector pay hike

  • Vodafone India exec says IPO unlikely this year

    Reuters - 1 hour 12 minutes ago

    NEW DELHI (Reuters) - A planned initial public offering of Vodafone Group Plc's Indian unit is unlikely this year, the unit's Chief Executive Marten Pieters said in New Delhi on Tuesday. Pieters said the company will wait for clarity on rules around airwaves and cellular permits before going ahead with the IPO. (Reporting by Devidutta Tripathy; editing by Matthias Williams and Gopakumar Warrier) More »Vodafone India exec says IPO unlikely this year

  • Telefonica, Vodafone hit by defections in tight Spanish market

    Reuters - 1 hour 13 minutes ago

    MADRID (Reuters) - More than half a million Spaniards switched mobile phone operator in March to take advantage of the cheap deals on offer from competitors, with the market's main players Telefonica and Vodafone the biggest losers. In the first three months of the year more than 1.8 million consumers moved to another mobile company, data from telecoms regulator CMT showed on Tuesday. ... More »Telefonica, Vodafone hit by defections in tight Spanish market

  • UK competition watchdog may force cement makers to sell plants

    Reuters - 1 hour 17 minutes ago

    LONDON (Reuters) - Britain's competition regulator may force major cement producers to sell plants as part of efforts to break open the country's cement market, after finding a limited number of players was likely to be causing higher prices. The Competition Commission (CC) said on Tuesday the cement market was highly concentrated with only four producers - Lafarge Tarmac, Cemex, HeidelbergCement's Hanson and Hope Construction Materials - a situation that had weakened competition and cost British consumers at least 180 million pounds ($274 million) over the 2007-2011 period. ... More »UK competition watchdog may force cement makers to sell plants

  • Lafarge rejects watchdog criticism of UK market

    Reuters - 1 hour 17 minutes ago

    PARIS (Reuters) - French cement group Lafarge rejected criticism of the level of competition among peers in the UK by the local watchdog on Tuesday, saying there was already "effective competition in the sector". The UK Competition Commission said it was considering measures such as requiring one or more of the top three producers to dispose of some plants or reduce their cement production capacity to boost competition. ... More »Lafarge rejects watchdog criticism of UK market

  • Marks & Spencer says investment to hold back profits

    Reuters - 1 hour 26 minutes ago

    By James Davey LONDON (Reuters) - British retailer Marks & Spencer posted its lowest annual profit since 2009 on Tuesday, hit by a drop in clothing sales, and said growth this financial year would be held back by investments online and in logistics. The 129-year-old firm, battling to reverse seven straight quarters of falling underlying sales in clothing and homewares, said it expected a stronger performance next fiscal year, when new fashion ranges deliver results and capital spending falls. At that point, it would look at improving returns for shareholders, it said on Tuesday. ... More »Marks & Spencer says investment to hold back profits

  • Obama to meet with China's Xi in California June 7-8

    Reuters - 1 hour 41 minutes ago

    WASHINGTON (Reuters) - President Barack Obama and Chinese President Xi Jinping will hold their first meeting since Xi became president in March when they sit down for a June 7-8 summit in Rancho Mirage, California, the White House announced on Monday. The two leaders are likely to discuss ways to apply pressure on North Korea to give up its nuclear weapons program after a period of bellicose rhetoric and threats from Pyongyang. The United States also has concerns about cyber attacks it says are emanating from China. ... More »Obama to meet with China's Xi in California June 7-8

  • Israel extends Palestinians' Gaza fishing zone

    Reuters - 1 hour 51 minutes ago

    JERUSALEM (Reuters) - Israel on Tuesday expanded the distance it permits Gaza fishermen to head out to sea, restoring a limit it cut in half two months ago in response to rocket fire from the Palestinian enclave. The Defence Ministry announced the decision two days before a visit by U.S. Secretary of State John Kerry, who is trying to revive Israeli-Palestinian peace talks stalled since 2010. Prime Minister Benjamin Netanyahu approved the expansion of the zone from three to six nautical miles (5.5 to 11 km), a statement said. ... More »Israel extends Palestinians' Gaza fishing zone

  • G4S Chief Nick Buckles Quits After Setbacks

    Sky News - 2 hours 0 minutes ago

    British outsourcing group G4S says its chief executive will step down after a string of high-profile setbacks and a profit warning that damaged investor confidence. More »G4S Chief Nick Buckles Quits After Setbacks

  • EU antitrust regulators to rule on ICE, NYSE deal by June 24

    Reuters - 2 hours 4 minutes ago

    BRUSSELS (Reuters) - European antitrust regulators will decide by June 24 whether to clear an $8.2 billion (5.4 billion pounds) takeover bid by IntercontinentalExchange Inc for New York Stock Exchange operator NYSE Euronext . ICE, a derivatives exchange and clearinghouse operator, is making its second bid to buy NYSE in a deal that will give it control of Liffe, Europe's second-largest derivatives market, and boost its presence in the interest-rate futures business. It would also strengthen the Atlanta-based company against U.S. ... More »EU antitrust regulators to rule on ICE, NYSE deal by June 24

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