Developing

  • Malaysia's UMW may raise $1 billion in energy unit IPO

    Reuters - Fri, May 17, 2013

    By Yantoultra Ngui KUALA LUMPUR (Reuters) - UMW Holdings Bhd , Malaysia's industrial-to-automotive conglomerate, is planning to sell 39 percent of its oil and gas unit in an IPO, a deal that some bankers say could raise up to $1 billion. The listing comes amid a pick-up in IPOs and secondary share offerings in Asia and could be one of the largest Malaysian offerings this year after independent power producer Malakoff Bhd recently announced it was delaying its debut until next year. ... More »Malaysia's UMW may raise $1 billion in energy unit IPO

  • Rig maker Lamprell says debt restructuring on track

    Reuters - Fri, May 17, 2013

    LONDON (Reuters) - Oil rig maker Lamprell said it is on track to restructure its debt and agree revised covenants by the end of June, as the company recovers from a 2012 loss. The company said its performance for the year so far was encouraging and in line with management expectations. The Dubai-based company was stung last year after moving into riskier areas such as wind turbine vessels, where operational difficulties led to a series of profit warnings. The group's order book at the end of April 2013 was $1.2 billion, with its bid pipeline at the same point in the order of $4 billion. ... More »Rig maker Lamprell says debt restructuring on track

  • ABN AMRO cuts 400 jobs as prepares for eventual sale

    Reuters - Fri, May 17, 2013

    AMSTERDAM (Reuters) - State-owned Dutch bank ABN AMRO is to cut 400 jobs, about 2 percent of its workforce, as it prepares for an eventual sale. The bank, which on Friday posted first-quarter results hit by bad loans in its home market, said the cuts are part of a reorganisation of its commercial and merchant banking division and will mostly be through natural attrition and reallocation. ABN AMRO, which was partly bought by Belgian group Fortis in 2007, was nationalised by the Dutch state a year later as part of the bailout of Fortis. ... More »ABN AMRO cuts 400 jobs as prepares for eventual sale

  • Oceania club final showcases future of broadcasting

    Reuters - Fri, May 17, 2013

    By Greg Stutchbury WELLINGTON (Reuters) - The possible future of sports broadcasting will be further highlighted on Sunday when New Zealand's Auckland City and Waitakere United play the Oceania Champions League final, with the winner qualifying for the lucrative FIFA Club World Cup. The match in Auckland, reduced to a winner-takes-all final after the Oceania Football Confederation (OFC) streamlined the competition this year, will be broadcast not only on television but also live over the Internet on the OFC's YouTube channel. "The coverage will be screened live in New Zealand ... ... More »Oceania club final showcases future of broadcasting

  • Texas Fertiliser Blast: Arson Not Ruled Out

    Sky News - Fri, May 17, 2013

    Investigations into a deadly blast at a Texas fertiliser plant have failed to identify a cause. More »Texas Fertiliser Blast: Arson Not Ruled Out

  • ECB eyes supervisor role to squeeze weak banks

    Reuters - Fri, May 17, 2013

    By John O'Donnell BRUSSELS (Reuters) - The European Central Bank could use its new supervisory role from next year to single out weak banks and make it harder for them to get its financial support, people familiar with the matter say. Such a hardening of approach would keep ECB funding flowing to Europe's most important lenders but compel laggards to beef up their capital buffers, prod national central banks to take on the problem or even force some banks to go to the wall. ... More »ECB eyes supervisor role to squeeze weak banks

  • Foxconn says needs more time to further cut workers' overtime

    Reuters - Fri, May 17, 2013

    TAIPEI (Reuters) - Foxconn Technology Group said on Friday it needs more time to reduce overtime at its China factories after labour monitors appointed by top client Apple Inc said cutting workers' hours by a July 1 target would be a challenge. Apple last year commissioned the Fair Labor Association (FLA) to investigate working conditions at the plants after Foxconn, the holding company for Hon Hai Precision Industry Co Ltd, came under fire for a series of suicides and accidents since 2010. ... More »Foxconn says needs more time to further cut workers' overtime

  • Britain's BLME eyes 15 pct asset growth, stronger Gulf ties - CEO

    Reuters - Fri, May 17, 2013

    By Bernardo Vizcaino SYDNEY (Reuters) - The Bank of London and The Middle East (BLME), Britain's largest standalone Islamic bank, is targeting 15 percent growth in assets this year, with plans for a Dubai office to help boost its capital markets and wealth management offerings. BLME plans to have a presence in the emirate's offshore financial district later this year to attract regional business from countries such as Qatar and Saudi Arabia, chief executive Humphrey Percy told Reuters in an interview. ... More »Britain's BLME eyes 15 pct asset growth, stronger Gulf ties - CEO

  • Bollywood actor Sanjay Dutt back in jail

    Reuters - Fri, May 17, 2013

    By Vivek Prakash and Danish Siddiqui MUMBAI (Reuters) - Actor Sanjay Dutt, one of Bollywood's biggest stars, has returned to prison to serve the remainder of a five-year sentence for firearms offences during the Mumbai bombings 20 years ago, forcing at least one film onto the back burner. Dutt, popular for his role as a do-good gangster in the "Munnabhai" films, was sentenced to six years jail in 2007 for acquiring illegal weapons from men convicted for the 1993 attacks that killed 257 people. ... More »Bollywood actor Sanjay Dutt back in jail

  • BOJ may seek ways to calm bond yields, policy on hold

    Reuters - Fri, May 17, 2013

    By Leika Kihara TOKYO (Reuters) - The Bank of Japan is expected to stand pat on monetary policy next week despite jitters over the recent jump in bond yields, hoping it can stem the volatility by fine-tuning market operations. The central bank may front-load bond purchases or offer funds via market operations more frequently if the bond market turbulence persists, which are technical steps that can be taken by its bureaucrats without approval by the nine-member board. ... More »BOJ may seek ways to calm bond yields, policy on hold

  • MPs challenge Google's 'smoke and mirrors' on tax

    Reuters - Fri, May 17, 2013

    By Tom Bergin LONDON (Reuters) - Google Inc faced angry questions on Thursday from MPs investigating its tax affairs and whether it had misled parliament in testimony last year, adding fuel to a debate on taxation that has risen to the top of the UK political agenda. Google's Northern Europe boss, Matt Brittin, was called back to testify to parliament's Public Accounts Committee (PAC) after a Reuters investigation showed the company employed staff in sales roles in London, even though he had told the committee in November its British staff were not "selling" to UK clients. ... More »MPs challenge Google's 'smoke and mirrors' on tax

  • Official expects surge in BP spill claims

    Reuters - Fri, May 17, 2013

    By Kathy Finn NEW ORLEANS (Reuters) - The deadline for claims against BP Plc in connection with the 2010 Gulf of Mexico oil spill is 11 months away, but the man responsible for paying the claims said on Thursday he is already bracing for a late surge in filings. Patrick Juneau, a Lafayette, Louisiana attorney experienced in complex litigation, was named by U.S. Judge Carl Barbier last year to oversee BP's settlement with the many individuals and firms who say they were harmed by the spill and its aftermath. ... More »Official expects surge in BP spill claims

  • Dell's profit dives as billionaire battle rages on

    Reuters - Fri, May 17, 2013

    By Poornima Gupta and Edwin Chan SAN FRANCISCO (Reuters) - Dell Inc, the subject of a takeover battle between activist investor Carl Icahn and the company's billionaire founder, reported a 79 percent slide in profit as personal computer sales continued to shrink. The disappointing results lend weight to Michael Dell's effort. The man who started Dell from a college dorm room wants to take the world's No.3 PC maker private for $24. ... More »Dell's profit dives as billionaire battle rages on

  • Russia says Iran must take part in proposed Syria talks

    Reuters - Fri, May 17, 2013

    By Thomas Grove MOSCOW (Reuters) - Russian Foreign Minister Sergei Lavrov said Iran must take part in a proposed international conference to try to end Syria's civil war, but that Western states wanted to limit the participants and possibly predetermine the outcome of the talks. Conflicting comments from Russia and the West over Iran's role in the possible meeting have added to disagreements which already threaten to derail the conference proposed by Moscow and Washington last week. ... More »Russia says Iran must take part in proposed Syria talks

  • U.S. adds sanctions on Syria, labels rebel chief a terrorist

    Reuters - Fri, May 17, 2013

    WASHINGTON (Reuters) - The U.S. government on Thursday blacklisted four Syrian government ministers, an airline and a television station it said helped the Assad government in its two-year crackdown on opposition forces. The same day, the State Department labelled as a terrorist Mohammad al-Golani, for being the leader of the al-Nusra Front. The group is one of the most effective forces fighting Syrian President Bashar al-Assad, but also pledged allegiance to al Qaeda leader Ayman al-Zawahri last month. ... More »U.S. adds sanctions on Syria, labels rebel chief a terrorist

  • Ex-Groupon CEO Mason moving to San Francisco to start new company

    Reuters - Fri, May 17, 2013

    By Alistair Barr SAN FRANCISCO (Reuters) - Former Groupon Inc. Chief Executive Andrew Mason is moving to San Francisco to start a company after recently recording an album of "motivational business music," according to an update on his blog on Thursday. "If there's a silver lining to leaving Groupon, it's the opportunity to start something new," Mason wrote. "I've accumulated a backlog of ideas over the last several years, my favourite of which I'll be turning into a new company this fall." "As part of this, my wife and I are moving to San Francisco later this summer," he said in the blog. ... More »Ex-Groupon CEO Mason moving to San Francisco to start new company

  • Central banks saved world economy, now beware the fallout - IMF

    Reuters - Fri, May 17, 2013

    By Alister Bull WASHINGTON (Reuters) - Central banks got it right when they saved the world economy, but their unprecedented actions risk disruptive cross-border spillovers and potentially heavy losses when the time comes to reverse course, the IMF said on Thursday. In its most detailed survey so far of the dramatic measures taken to counter the damage from the 2007-2009 financial crisis, International Monetary Fund staff repeated earlier assessments that the steps had worked but face diminishing returns. ... More »Central banks saved world economy, now beware the fallout - IMF

  • China president takes charge of sweeping economic reform plans - sources

    Reuters - Fri, May 17, 2013

    By Kevin Yao BEIJING (Reuters) - Chinese President Xi Jinping has taken charge of drawing up ambitious reform plans to revitalise the economy, sources close to the government said, shunning policy stimulus for fear it could worsen local government debt and inflate property prices. A consensus had been reached among top leaders that reforms would be the only way to put the world's second-largest economy on a more sustainable footing, said the sources, who are familiar with the plans and Xi's involvement. ... More »China president takes charge of sweeping economic reform plans - sources

  • What U.S. Congress should ask IRS, but probably won't

    Reuters - Fri, May 17, 2013

    By Nanette Byrnes (Reuters) - The U.S. House of Representatives Ways and Means Committee on Friday will hold the first of three hearings on the Internal Revenue Service "Tea Party" targeting scandal. Tax experts hope the hearings go beyond finger-pointing and get to the heart of the IRS's long-standing problems. If they can get past the fist-pounding stage, here are some questions lawmakers should ask: * Why do IRS reviews take so long? According to the IRS website, the tax exempt organizations sections is assigning agents to review applications filed more than a year ago. ... More »What U.S. Congress should ask IRS, but probably won't

  • Obama picks temporary IRS head as Tea Party decries scandal

    Reuters - Fri, May 17, 2013

    By Jeff Mason and Patrick Temple-West WASHINGTON (Reuters) - U.S. President Barack Obama on Thursday chose a White House budget official to lead the beleaguered Internal Revenue Service and vowed to ensure that the tax-collection agency will not single out any more groups based on their political beliefs. Danny Werfel, who has been Obama's point man in overseeing the controversial "sequestration" budget cuts, will tackle the biggest scandal of Obama's presidency when he takes charge of the IRS on May 22. It could be a thankless job. ... More »Obama picks temporary IRS head as Tea Party decries scandal

  • Official set for surge in BP spill claims as deadline nears

    Reuters - Fri, May 17, 2013

    By Kathy Finn NEW ORLEANS (Reuters) - The deadline for claims against BP Plc in connection with the 2010 Gulf of Mexico oil spill is 11 months away, but the man responsible for paying the claims said on Thursday he is already bracing for a late surge in filings. Patrick Juneau, a Lafayette, Louisiana attorney experienced in complex litigation, was named by U.S. Judge Carl Barbier last year to oversee BP's settlement with the many individuals and firms who say they were harmed by the spill and its aftermath. ... More »Official set for surge in BP spill claims as deadline nears

  • Finding permanent IRS chief now difficult job for Obama

    Reuters - Fri, May 17, 2013

    By Patrick Temple-West WASHINGTON (Reuters) - Finding a permanent Internal Revenue Service commissioner who is ready to endure a gruelling Senate confirmation hearing could be a challenging task for President Barack Obama in the wake of the controversy engulfing the agency over its targeting of conservative groups seeking tax-exempt status. Under law, Danny Werfel, the acting commissioner appointed Thursday by President Barack Obama, can only serve until early June. On Wednesday, reacting to the scandal, Obama replaced Steven Miller, who was also an acting commissioner. ... More »Finding permanent IRS chief now difficult job for Obama

  • Obama names budget official Werfel as acting IRS head

    Reuters - Fri, May 17, 2013

    WASHINGTON (Reuters) - President Barack Obama named top White House budget office aide Daniel Werfel to be acting commissioner of the Internal Revenue Service, the White House said on Thursday. Obama ousted acting IRS commissioner Steven Miller late on Wednesday shortly after the revelation the IRS had targeted conservative groups for special scrutiny. The president called the targeting inexcusable, but the incident has become a embarrassment for him. Werfel is controller of the White House Office of Management and Budget. ... More »Obama names budget official Werfel as acting IRS head

  • Factbox - U.S. IRS's rich history of scandals, political abuse

    Reuters - Fri, May 17, 2013

    By Dena Aubin NEW YORK (Reuters) - A crisis engulfing the U.S. Internal Revenue Service over its scrutiny of conservative groups seeking tax-exempt status adds to a long history of scandal and abuse - both real and alleged - at the tax agency. Here are some high-profile cases over the past 80 years, based on historical articles, books and news reports. 1930s - President Franklin Roosevelt used the IRS against political enemies, launching investigations into the finances of publisher William Randolph Hearst, Louisiana Governor Huey Long and controversial radio priest Charles Coughlin. ... More »Factbox - U.S. IRS's rich history of scandals, political abuse

  • Developing countries to get bigger share of investments - World Bank

    Reuters - Fri, May 17, 2013

    By Anna Yukhananov WASHINGTON (Reuters) - The percentage of global investment that goes to developing countries should triple in the next two decades as emerging economies catch up to richer nations and become more integrated into financial markets, the World Bank predicted in a report on Thursday. These nations and their comparatively younger and bigger populations are also set to become the largest sources of capital, with China and India turning into the world's two biggest investors by 2030, the global development lender said. ... More »Developing countries to get bigger share of investments - World Bank

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