Developing

  • China Mobile beefs up supervision after audit finds accounting problems

    Reuters - Fri, May 10, 2013

    (Reuters) - China Mobile Ltd, the world's biggest mobile operator by subscribers, said its unlisted parent is beefing up its internal supervision after a government audit office highlighted problems in accounting practices and internal management. The report by China's National Audit Office comes at a time when the new Chinese leadership led by President Xi Jinping has made tackling corruption a top priority, warning that the problem is so serious it poses a threat to the party's survival. ... More »China Mobile beefs up supervision after audit finds accounting problems

  • India's Piramal says looking to exit Vodafone investment next year

    Reuters - Fri, May 10, 2013

    MUMBAI (Reuters) - India's Piramal Enterprises is looking to exit next year its investment in Vodafone Group Plc's local mobile phone unit, the drugmaker's chairman Ajay Piramal said on Friday. Piramal owns an 11 percent stake in Vodafone India Ltd, which is the country's second-biggest phone carrier. Piramal had bought the stake in two stages for a total of about 59 billion rupees (712.6 million pounds). Vodafone has the first right to buy the stake from Piramal if a planned listing of the phone unit does not happen within 18 months, Piramal said in February last year. ... More »India's Piramal says looking to exit Vodafone investment next year

  • G7 to confirm G20 currency stance, Bernanke unlikely to attend - G7 official

    Reuters - Fri, May 10, 2013

    AYLESBURY (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke is unlikely to attend the Group of Seven finance leaders' meeting on the outskirts of London this weekend, a G7 official said. The official, speaking after the dollar broke after 100 yen to its highest level in four and a half years, also said the G7 finance ministers and central bankers are likely to confirm the stance agreed upon by the larger Group of 20 nations that monetary policy would not be directed at currency rates but used for purely domestic purposes. Bernanke is scheduled to speak from 2:30 p.m. ... More »G7 to confirm G20 currency stance, Bernanke unlikely to attend - G7 official

  • Hitachi forecasts 18.5 percent rise in full-year profit, in line with estimates

    Reuters - Fri, May 10, 2013

    TOKYO (Reuters) - Hitachi Ltd forecast an 18.5 percent jump in operating profit for this fiscal year, in line with expectations, as the electronics conglomerate reaps the benefits of a weaker yen while projecting a pickup in economic recovery both at home and abroad. Hitachi, one of Japan's biggest companies with a $31 billion (20 billion pounds) market capitalisation and more than 300,000 employees worldwide, said on Friday it expected an operating profit of 500 billion yen (3.2 billion pounds) for the year to March 31, 2014. That compared with a 524. ... More »Hitachi forecasts 18.5 percent rise in full-year profit, in line with estimates

  • TUI Travel says strong summer to drive 10 percent profit rise

    Reuters - Fri, May 10, 2013

    LONDON (Reuters) - TUI Travel , the world's largest tour operator, forecast a full year profit rise of at least 10 percent, driven by strong trading in Britain and the Nordics as it narrowed first-half losses. The company, which owns the Thomson and First Choice brands, said on Friday summer 2013 sales in the UK and Nordics were up 13 and 14 percent respectively, adding that 58 percent of its overall mainstream summer programme was sold. ... More »TUI Travel says strong summer to drive 10 percent profit rise

  • Nissan Q4 profit jumps 46 percent, sees sales rising this year

    Reuters - Fri, May 10, 2013

    YOKOHAMA, Japan (Reuters) - Nissan Motor Co posted a 46.1 percent rise in its quarterly net profit, as the weakening yen helps Japanese carmakers repatriate overseas earnings at a more favourable rate than previously. In January-March, Japan's second biggest automaker by sales volume posted net profit of 110 billion yen (719 million pounds), compared with 75.3 billion yen in the same period last year. The fourth-quarter figure was above an average forecast of 100.8 billion yen net profit made by five analysts surveyed by Thomson Reuters I/B/E/S. Nissan expects global retail sales of 5. ... More »Nissan Q4 profit jumps 46 percent, sees sales rising this year

  • Hyundai Motor mulls fourth China plant - vice chairman

    Reuters - Fri, May 10, 2013

    SEOUL (Reuters) - South Korea's Hyundai Motor Co is considering building a fourth car plant in China, its vice chairman said on Friday, as it seeks to increase production overseas to counter the effect of a firm local currency coupled with a falling yen as well as labour issues. The comments from Hsueh Yung-hsing might a indicate change in the group's attitude toward capacity expansion, but it is not clear whether group chairman Chung Mong-koo will approve the move because of his disciplined capacity approach, said a person familiar with the matter. ... More »Hyundai Motor mulls fourth China plant - vice chairman

  • Insight - In eastern Syria oil smugglers benefit from chaos

    Reuters - Fri, May 10, 2013

    By Mariam Karouny BEIRUT (Reuters) - In Syria's eastern province of Deir al-Zor, a network of tribes and smugglers has exploited the chaos of war to create an illicit oil trade that makes European hopes of buying crude from President Bashar al-Assad's opponents a distant prospect. Powerful Sunni Muslim tribes have deployed armed fighters around oil production facilities and pipelines that have fallen under their control and set up smuggling and trade deals, according to sources in the province including rebels, an oil company employee and people with ties to the tribes. ... More »Insight - In eastern Syria oil smugglers benefit from chaos

  • Germany's JAB to file Master Blenders offer document soon

    Reuters - Fri, May 10, 2013

    AMSTERDAM (Reuters) - German investor Joh A Benckiser (JAB) and co-investors expect to file for regulatory approval of their offer document to buy the owner of Douwe Egberts coffee for 7.5 billion euros (6.3 billion pounds) by July 5 at the latest, Dutch coffee and tea maker D.E Master Blenders said on Friday. The Dutch company last month announced it had agreed to be bought by JAB for 12.50 euros a share. (Reporting by Gilbert Kreijger; Editing by David Cowell) More »Germany's JAB to file Master Blenders offer document soon

  • DiCaprio, Christie's to hold auction to benefit environment

    Reuters - Fri, May 10, 2013

    By Patricia Reaney NEW YORK (Reuters) - Actor Leonardo DiCaprio, the star of the new film "The Great Gatsby," and his foundation have teamed up with Christie's for a charity auction next week to benefit environmental causes. Thirty-three works, many created for and donated to the auction by some of the world's top artists, will go under the hammer on Monday in New York at The 11th Hour Auction, which aims to raise as much as $18 million (11.6 million pounds) to protect the last wild places on Earth and their endangered species. "A lot of the works of this quality have never been at auction. ... More »DiCaprio, Christie's to hold auction to benefit environment

  • ABB Chief Hogan to stand down for private reasons

    Reuters - Fri, May 10, 2013

    ZURICH (Reuters) - ABB Chief Executive Joe Hogan is leaving the company for what it said were private reasons. His departure date has not yet been decided. Hogan joined the Swiss industrial group as CEO in September 2008, and has invested some $20 billion (13 billion pounds) to strengthen the company since then, including the major acquisitions of U.S. groups Baldor and Thomas & Betts and, in April this year, solar energy company Power One . ... More »ABB Chief Hogan to stand down for private reasons

  • Carlyle bids for Rio Tinto stake in Australian copper mine - report

    Reuters - Fri, May 10, 2013

    MELBOURNE (Reuters) - U.S. private equity firm Carlyle Group has submitted a bid for Anglo-Australian miner Rio Tinto's 80 percent stake in the Northparkes copper mine in Australia, news agency Dow Jones said on Friday, citing a person familiar with the bid. Northparkes is one of several assets Rio Tinto is looking to sell as it seeks to pare $5 billion (3.2 billion pounds) in costs and focus on its best assets to help protect its single-A credit rating in a weakened commodities market. ... More »Carlyle bids for Rio Tinto stake in Australian copper mine - report

  • Hyundai Motor considers fourth China plant - vice chairman

    Reuters - Fri, May 10, 2013

    SEOUL (Reuters) - South Korea's Hyundai Motor is considering building a fourth car plant in China as it seeks to increase production overseas to counter rising costs at home, due to a firm local currency and labour issues, its vice chairman said on Friday. "We expect our capacity in China to become constrained by 2015 and 2016 ... and are considering the western part of China for expansion," Hsueh Yung-hsing told reporters. ... More »Hyundai Motor considers fourth China plant - vice chairman

  • Huge cyber bank theft spans 27 countries

    Reuters - Fri, May 10, 2013

    By Jessica Dye, Joseph Ax and Jim Finkle NEW YORK/BOSTON (Reuters) - In one of the biggest ever bank heists, a global cyber crime ring stole $45 million (29.1 million pounds) from two Middle Eastern banks by hacking into credit card processing firms and withdrawing money from ATMs in 27 countries, U.S. prosecutors said on Thursday. The U.S. Justice Department accused eight men of allegedly forming the New York-based cell of the organisation, and said seven of them have been arrested. ... More »Huge cyber bank theft spans 27 countries

  • Venezuela's Maduro gets firm Brazilian backing, trade

    Reuters - Fri, May 10, 2013

    BRASILIA (Reuters) - Venezuelan President Nicolas Maduro got strong backing from regional heavyweight Brazil on Thursday on a tour of South American allies to cement his legitimacy as political heir to the late Hugo Chavez. The clear endorsement from the largest and most influential Latin American nation will strengthen Maduro's grip on power following his contested election in the oil-producing nation last month. ... More »Venezuela's Maduro gets firm Brazilian backing, trade

  • Turkey would support U.S.-led no-fly zone in Syria - NBC

    Reuters - Fri, May 10, 2013

    WASHINGTON (Reuters) - Prime Minister Tayyip Erdogan said Turkey would support a U.S.-enforced no-fly zone in Syria and warned that Damascus crossed President Barack Obama's "red line" on chemical weapons use long ago, according to an NBC News interview released Thursday. A no-fly zone to prohibit Syrian military aircraft from hitting rebel targets has been mentioned by American lawmakers as one option the United States could use to put pressure on Syrian President Bashar al-Assad. "Right from the beginning ... ... More »Turkey would support U.S.-led no-fly zone in Syria - NBC

  • Backstage judge drama dominates as 'American Idol' nears climax

    Reuters - Fri, May 10, 2013

    By Jill Serjeant LOS ANGELES (Reuters) - Viewers are gearing up to crown the first female winner of "American Idol" in six years, but the biggest drama at the once-dominant Fox TV singing contest is taking place backstage over which of the celebrity judges will be voted off. Audiences for what was the most-watched TV show in the United States for eight years have slumped to new lows in the current 12th season, despite the addition of singers Mariah Carey, Nicki Minaj and Keith Urban to the judging panel. ... More »Backstage judge drama dominates as 'American Idol' nears climax

  • Skilling restitution to go to Enron victims' fund

    Reuters - Fri, May 10, 2013

    By Karen Freifeld NEW YORK (Reuters) - The more than $40 million (25.87 million pounds) that will go to Enron victims under a sentencing agreement with Jeffrey Skilling this week will be used to revive a depleted victims' fund, a Justice Department official said. Spokesman Peter Carr said on Thursday the money will go to the Enron Fair Fund for investor victims, which finished paying out more than $500 million last July. Skilling agreed to allow the funds to be released as part of a deal announced on Wednesday under which his sentence will be cut by as much as 10 years. ... More »Skilling restitution to go to Enron victims' fund

  • G7 looks to central banks to prop up growth

    Reuters - Fri, May 10, 2013

    By David Milliken and William Schomberg LONDON (Reuters) - Many of the world's most powerful finance chiefs will meet at an English stately home later on Friday to discuss if central banks can do more to bolster a fragile global recovery. The finance ministers and central bank governors from the Group of Seven industrialised economies look unlikely to break new ground on fixing the weak world economy, as a meeting at the International Monetary Fund took place just three weeks ago. ... More »G7 looks to central banks to prop up growth

  • Washington State system hacked, data of thousands at risk

    Reuters - Fri, May 10, 2013

    By Elaine Porterfield SEATTLE (Reuters) - The website for the Washington State court system has been hacked and up to 160,000 Social Security numbers and a million driver's license numbers may have been accessed, officials said on Thursday. The disclosure, which follows a number of major hacking incidents in recent years that have targeted a range of companies from Twitter to Apple Inc, raises concerns that the information accessed could be used to commit financial fraud. ... More »Washington State system hacked, data of thousands at risk

  • Brazil's big government seen as good for politics, bad for economy

    Reuters - Fri, May 10, 2013

    By Anthony Boadle BRASILIA (Reuters) - President Dilma Rousseff added a new minister to her Cabinet on Thursday, further enlarging a federal government whose rapid growth since her leftist party came to power a decade ago has increased Brazil's heavy tax burden. Rousseff, who is seeking re-election next year, swore in Guilherme Afif Domingos to head the newly created Ministry of Micro and Small Businesses, the country's 39th ministry. When civilian rule replaced military dictatorship in 1985, there were only 17 ministries in Brasilia. ... More »Brazil's big government seen as good for politics, bad for economy

  • CFTC may adjust new margin rule to soothe broker fears

    Reuters - Thu, May 9, 2013

    By Chris Prentice NEW ORLEANS (Reuters) - The Commodities Futures Trading Commission (CFTC) is prepared to adjust a new rule stemming from the Dodd-Frank financial reform law, an agency commissioner said on Thursday, the most concrete sign yet the U.S. regulator might bow to industry criticism. It is unclear what changes, if any, the CFTC might make to the proposed rule, which would require futures brokers to keep excess funds that exceed total customer deficits on hand at all times. ... More »CFTC may adjust new margin rule to soothe broker fears

  • Randy Jackson leaving 'American Idol' after 12 years

    Reuters - Thu, May 9, 2013

    LOS ANGELES (Reuters) - Veteran "American Idol" judge Randy Jackson said on Thursday he was leaving the Fox TV singing contest to focus on his other business ventures. Jackson, who has been a judge on the show since its start in 2002, made the announcement amid falling ratings and rampant rumours about the future makeup of the celebrity panel. "Yo! Yo! Yo! To put all of the speculation to the rest, after 12 years of judging on American Idol I have decided it is time to leave after this season," Jackson told entertainment news outlet E! News. ... More »Randy Jackson leaving 'American Idol' after 12 years

  • Italy economy minister believes no extra cuts, tax hikes in 2013

    Reuters - Thu, May 9, 2013

    ROME (Reuters) - Italy's economy minister said he did not believe additional tax hikes and spending cuts would be necessary in 2013, outlining the new government's plans for addressing a prolonged recession in the euro zone's third-largest economy. Asked whether Italy would need additional correctional budget measures this year, Fabrizio Saccomanni told La7 television in an interview: "I do not believe so". ... More »Italy economy minister believes no extra cuts, tax hikes in 2013

  • Feds sideline billionaire Falcone from fund business

    Reuters - Thu, May 9, 2013

    By Emily Flitter NEW YORK (Reuters) - One-time star money manager Philip Falcone will be barred from starting another hedge fund for two years as he winds down his existing fund and returns money to investors, under a preliminary deal with securities regulators to settle fraud and other charges that was made public on Thursday. The agreement by Falcone and his hedge fund, Harbinger Capital Partners, to settle two lawsuits brought by the U.S. ... More »Feds sideline billionaire Falcone from fund business

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