Developing

  • South African mine wage demands roil shares, rand

    Reuters - Mon, May 20, 2013

    By Ed Stoddard JOHANNESBURG (Reuters) - Big wage hikes demanded by the government-allied trade union in South Africa's coal and gold industries helped push the rand to a four-year low on Monday, highlighting the ripple effect of the prospect of more turmoil in the industry. The National Union of Mineworkers' (NUM) call for pay rises of up to 60 percent in a submission to the Chamber of Mines seen by Reuters on Sunday rattled mining investors after wildcat strikes at platinum and gold mines killed 50 people and cost billions in lost output last year. ... More »South African mine wage demands roil shares, rand

  • Car bomb blast kills at least 12 in Iraqi capital

    Reuters - Mon, May 20, 2013

    BAGHDAD (Reuters) - A car bomb exploded in a Shi'ite neighbourhood of the Iraqi capital Baghdad killing at least 12 people on Monday, police and hospital sources said. The blast, near a crowded market in the northern Shaab district of Baghdad, wounded 26. Earlier on Monday, at least 43 people were killed in a wave of car bomb explosions targeting Shi'ite Muslims in Baghdad and the southern oil hub of Basra, police and medics said. (Reporting by Kareem Raheem; Writing by Ahmed rasheed; Editing by Janet Lawrence) More »Car bomb blast kills at least 12 in Iraqi capital

  • Exclusive - Japan panel warns of dangers if debt not addressed

    Reuters - Mon, May 20, 2013

    By Takaya Yamaguchi TOKYO (Reuters) - A Japanese government panel warns there is "absolutely no guarantee" that domestic investors will keep financing the country's massive public debt, citing the risk of a spike in bond yields that could crimp long-term growth prospects, according to a draft report seen by Reuters on Monday. The warning from the advisory panel to Finance Minister Taro Aso comes at a critical time - when the government bond market has seen volatile price falls, underscoring a delicate balancing act for Prime Minister Shinzo Abe's government. ... More »Exclusive - Japan panel warns of dangers if debt not addressed

  • Ukrainian billionaire sues business rivals in London

    Reuters - Mon, May 20, 2013

    KIEV (Reuters) - Ukrainian billionaire industrialist Viktor Pinchuk is suing two of his compatriots in London's High Court, saying they failed to hand over an iron ore business for which he paid $143 million (94 million pounds). The Krivy Rih Iron Ore Combine is one of Ukraine's top ten iron ore producers and made a net profit of about $100 million last year. Pinchuk, a son-in-law of former Ukrainian president Leonid Kuchma, says he agreed to buy the factory in the city of Krivy Rih from Gennadiy Bogolyubov and Igor Kolomoisky in 2004, according to his claim filed in March. ... More »Ukrainian billionaire sues business rivals in London

  • EU: Eurosceptic MPs Warned By Business Leaders

    Sky News - Mon, May 20, 2013

    Some of Britain's most successful business leaders have accused eurosceptic politicians of abandoning the national interest to push for an EU exit. More »EU: Eurosceptic MPs Warned By Business Leaders

  • Five dead in Israeli bank robbery

    Reuters - Mon, May 20, 2013

    JERUSALEM (Reuters) - A bank robbery in Israel on Monday ended with the deaths of five people, including one of the holdup men who apparently shot and killed himself when police launched a raid to free hostages. Police special forces surrounded the branch of Bank Hapoalim in the southern city of Beersheba after two robbers carried out the botched lunchtime heist in a residential street. Witnesses reported volleys of gunfire, and a nearby school went into lockdown. ... More »Five dead in Israeli bank robbery

  • Ryanair's extra charges help lift profit to all-time high

    Reuters - Mon, May 20, 2013

    By Conor Humphries DUBLIN (Reuters) - A sharp rise in earnings from add-on charges for items such as baggage and pre-assigned seating helped boost Ryanair's earnings above expectations in the past year, lifting its shares to a record high. Ryanair, which helped pioneer a business model in which low ticket prices are supplemented with charges for extras like printing boarding passes and carrying luggage, flew 5 percent more passengers last year, but earned 20 percent more on extras. ... More »Ryanair's extra charges help lift profit to all-time high

  • Iran electoral watchdog hints at Rafsanjani rejection

    Reuters - Mon, May 20, 2013

    By Yeganeh Torbati DUBAI (Reuters) - Iran's electoral watchdog said on Monday it would bar physically feeble candidates from running for president, in an apparent hint that it could disqualify 78-year-old former President Akbar Hashemi Rafsanjani from the race. Rafsanjani, if he is allowed to run, would be a significant challenge to conservative hardliners who are ultra-loyal to Supreme Leader Ayatollah Ali Khamenei and who otherwise dominate the field for the June 14 presidential election. ... More »Iran electoral watchdog hints at Rafsanjani rejection

  • Dell says cannot disclose more information to Icahn yet

    Reuters - Mon, May 20, 2013

    (Reuters) - Dell Inc said in a letter to suitors Carl Icahn and Southeastern Asset Management that the company would not provide more information about itself unless the board determined that their proposal was "superior" to founder Michael Dell's. Earlier this month, Icahn and Southeastern offered $12 in cash per share or additional shares to existing investors as an alternative to Michael Dell's $24.4 billion bid to take the company private. ... More »Dell says cannot disclose more information to Icahn yet

  • Marks & Spencer to post second straight fall in year profit

    Reuters - Mon, May 20, 2013

    LONDON (Reuters) - British retailer Marks & Spencer is expected to report its lowest annual profit in four years on Tuesday as a struggling general merchandise division drags on the growth in food sales. The 129-year-old firm, whose clothing business has posted seven consecutive quarters of underlying sales declines, is forecast by analysts to report a profit before tax and one-off items of 640-670 million pounds, with a consensus of 658 million pounds, according to a company poll. ... More »Marks & Spencer to post second straight fall in year profit

  • Congo's army clashes with rebels near eastern city of Goma

    Reuters - Mon, May 20, 2013

    KINSHASA (Reuters) - Congolese soldiers clashed with rebel fighters for the first time in nearly six months on Monday near the city of Goma, just days before U.N. Secretary-General Ban Ki-moon is due to visit the troubled eastern borderlands. Fighting began in the early morning after the Tutsi-dominated M23 rebels attacked government positions around 10 km (6 miles) north of mineral-rich eastern Democratic Republic of Congo's largest city, a military spokesman told Reuters. M23 seized and briefly held Goma last November despite the presence of thousands of U.N. soldiers. ... More »Congo's army clashes with rebels near eastern city of Goma

  • Lowe reunited with Hamilton at Mercedes

    Reuters - Mon, May 20, 2013

    By Alan Baldwin LONDON (Reuters) - Lewis Hamilton will be reunited with Paddy Lowe sooner than expected after Mercedes announced on Monday that the former McLaren technical head was joining their Formula One team next month. Mercedes said in a statement that the Briton had been appointed executive director (technical) and would start on June 3 - the week of the Canadian Grand Prix - after agreement was reached with McLaren for him to be released from the remaining seven months of his contract. ... More »Lowe reunited with Hamilton at Mercedes

  • Qatar sets up $1 billion energy infrastructure fund

    Reuters - Mon, May 20, 2013

    DOHA (Reuters) - Three Qatari state-backed entities, including the Gulf Arab nation's acquisitive sovereign wealth fund, are setting up a $1 billion fund to invest in overseas energy infrastructure assets. The new fund will be run by Qatar Holding, Qatar Petroleum International and Qatar Electricity and Water Company (QEWC), a bourse filing from QEWC said on Monday. A country with one of the highest per capita incomes in the world and backed by its huge hydrocarbon wealth, Qatar has been snapping up assets globally. ... More »Qatar sets up $1 billion energy infrastructure fund

  • South African wage demands send rand to four year low

    Reuters - Mon, May 20, 2013

    By Ed Stoddard JOHANNESBURG (Reuters) - Big wage hikes demanded by the government-allied trade union in South Africa's coal and gold industries helped push the rand to a four year low on Monday, highlighting the ripple effect of the prospect of more turmoil in the industry. The National Union of Mineworkers' (NUM) call for pay rises of up to 60 percent in a submission to the Chamber of Mines seen by Reuters on Sunday rattled mining investors after wildcat strikes at platinum and gold mines killed 50 people and cost billions in lost output last year. ... More »South African wage demands send rand to four year low

  • Dell tells Icahn cannot disclose more information yet

    Reuters - Mon, May 20, 2013

    (Reuters) - Dell Inc sent a letter to suitors Carl Icahn and Southeastern Asset Management saying the company could not provide more information about itself unless the board determined that their proposal was "superior" to Michael Dell's. Icahn and Southeastern Asset Management have challenged Michael Dell's $24.4 billion bid to take Dell private with an offer of $21 billion in cash. (Reporting by Sayantani Ghosh in Bangalore) More »Dell tells Icahn cannot disclose more information yet

  • China trying to manage exposure of corruption online

    Reuters - Mon, May 20, 2013

    By Terril Yue Jones BEIJING (Reuters) - China's Internet is brimming with disclosures of officials collecting bribes, homes and luxury accessories as casually as they do mistresses. But while the government tolerates such anti-corruption vigilantism, it is also extremely leery of the threat the Internet can pose to Communist Party rule. The Internet is the new tool in the fight against corruption - a cornerstone policy of new President Xi Jinping, who has pledged to tackle the problem head-on. ... More »China trying to manage exposure of corruption online

  • Ryanair Profit Up 13% But Expects Slowdown

    Sky News - Mon, May 20, 2013

    Budget carrier Ryanair has posted record full-year earnings but warned profit growth would slow sharply in the coming 12 months. More »Ryanair Profit Up 13% But Expects Slowdown

  • China investigates Agricultural Bank former VP for corruption

    Reuters - Mon, May 20, 2013

    BEIJING (Reuters) - Chinese Communist Party discipline authorities are investigating a former vice president at Agricultural Bank of China on suspicion of accepting bribes, media said on Monday, the latest casualty in a campaign against corruption. Yang Kun is being investigated by the party's Central Commission for Discipline Inspection for "serious violations of the law", the state Xinhua news agency said on its official microblog, confirming an earlier Reuters story. State media said the move underscored the commitment by newly installed President Xi Jinping to tackle corruption head-on. ... More »China investigates Agricultural Bank former VP for corruption

  • Vodafone withdraws from BT mobile partner talks - sources

    Reuters - Mon, May 20, 2013

    LONDON (Reuters) - Vodafone has withdrawn from the running to provide a mobile service to fixed-line operator BT , two industry sources told Reuters, bringing to an end a nine-year partnership. Vodafone had been the so-called mobile virtual network operator for BT, providing mobile services to staff, small companies and multi-national corporations which are clients to the BT Global Services division. The Vodafone-BT tie-up was cancelled once Vodafone acquired rival fixed-line business Cable & Wireless Worldwide, but Vodafone had been in the running to win a new contract with the British firm. ... More »Vodafone withdraws from BT mobile partner talks - sources

  • Bison Eyes London Float Amid US Fracking Boom

    Sky News - Mon, May 20, 2013

    UK stock market investors are poised to gain their first exposure to the fracking boom sweeping the US energy market through the flotation of Bison Energy Services. More »Bison Eyes London Float Amid US Fracking Boom

  • EU law key to ending "too big to fail" banks - BoE's Tucker

    Reuters - Mon, May 20, 2013

    By Huw Jones and Claire Davenport LONDON/STRASBOURG, France (Reuters) - A European Union law up for a vote on Monday will only fully shield taxpayers from bailing out troubled banks if there is a global framework as well, a top UK regulator said on Monday. Bank of England Deputy Governor Paul Tucker said the EU law on bank recovery and resolution would be a milestone towards a global system and help convince markets that governments were no longer willing to rescue "too big to fail" lenders. ... More »EU law key to ending "too big to fail" banks - BoE's Tucker

  • GE Capital plans to pay $11 billion in dividends to GE

    Reuters - Mon, May 20, 2013

    (Reuters) - GE Capital Corp's board has approved a plan to pay $6.5 billion (4.2 billion pounds) in dividends and a further $4.5 billion in special dividends to parent General Electric Co in 2013. "This announcement is consistent with our goal to reduce the overall size of GE Capital and for it to return significant cash to GE," GE Chairman and CEO Jeff Immelt said in a statement. (Reporting by Mridhula Raghavan in Bangalore) More »GE Capital plans to pay $11 billion in dividends to GE

  • Universal takes charge on Philippine payout at heart of FBI probe

    Reuters - Mon, May 20, 2013

    TOKYO (Reuters) - Japan's Universal Entertainment Corp booked a charge on Monday against a $25 million (16.4 million pounds) payment at the centre of a FBI investigation into possible bribery in the Philippines, saying there was no reason for the payment to have been made. Universal had previously booked the $25 million as a payment to Rodolfo Soriano, a consultant with ties to the former head of the Philippine gaming regulator, to secure land development rights for its $2-billion casino project on Manila Bay. ... More »Universal takes charge on Philippine payout at heart of FBI probe

  • Bird Flu Outbreak Costs China £100m Each Day

    Sky News - Mon, May 20, 2013

    China's human H7N9 bird flu outbreak has cost the country's poultry industry more than £4.3bn as consumers shun chicken, government officials have said. More »Bird Flu Outbreak Costs China £100m Each Day

  • F1 tyre changes to be less dramatic than feared

    Reuters - Mon, May 20, 2013

    By Alan Baldwin LONDON (Reuters) - Changes to the Formula One tyres due to be introduced next month will be less dramatic than some have feared or hoped for, supplier Pirelli said on Monday. Motorsport director Paul Hembery told Reuters that the Italian company would find a solution that all teams could agree on without the outcome having a major impact on the championship. He said the aim was "to make the changes that you have to make with minimal disturbance to the sporting equity. "What we're trying to do is find the mid ground and that's where we're at. ... More »F1 tyre changes to be less dramatic than feared

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