• Philadelphia newspaper guild won't bid for company

    Associated Press - 5 minutes ago

    WILMINGTON, Del. (AP) — Workers at Philadelphia's two largest newspapers won't be able to mount a bid for their troubled company, after a wealthy potential backer balked at the projected $77 million opening price. More »Philadelphia newspaper guild won't bid for company

  • Google's top social networking executive departs

    Associated Press - 5 minutes ago

    SAN FRANCISCO (AP) — Google's top social networking executive is leaving the Internet company after a nearly eight-year stint highlighted by an audacious challenge to Facebook. More »Google's top social networking executive departs

  • Stocks are mixed in choppy trading; Apple up

    Associated Press - 6 minutes ago

    NEW YORK (AP) — Stocks were mixed in choppy trading Thursday afternoon as investors balanced positive earnings results out of Apple and Caterpillar against disappointing reports from other companies including Raytheon and 3M. Investors also kept a close watch on Ukraine, where tensions with Russia were escalating. More »Stocks are mixed in choppy trading; Apple up

  • Composer Tavener to mix with Pet Shop Boys at BBC Proms festival

    Reuters - 6 minutes ago

    By Michael Roddy LONDON (Reuters) - Premieres of two pieces by Britain's late mystical religious composer John Tavener and a staging of the classic musical "Kiss Me Kate" were among the highlights announced on Thursday for the BBC Proms, one of the world's biggest classical music events. The Proms will pay tribute in its 120th season to the centenary of Britain's entry into World War One with a special "War Horse Prom" on August 4, the date Britain declared war on Germany in 1914. One of the Tavener pieces, "Requiem Fragments", sung by the Tallis Scholars, will have its premiere that same day. Neil Tennant and Chris Lowe, who together form the Pet Shop Boys electronic pop duo, will premiere their new piece "A Man from the Future", based on the life of the mathematician and computer scientist Alan Turing. More »Composer Tavener to mix with Pet Shop Boys at BBC Proms festival

  • GM posts lower profit after recall; outlook for rest of year trimmed

    Reuters - 10 minutes ago

    By Ben Klayman and Bernie Woodall DETROIT (Reuters) - General Motors Co's first-quarter profit tumbled 88 percent on Thursday due to the massive recall for defective ignition switches, and shares fell 1.3 percent after the company said expectations for the rest of the year must be trimmed. While the company's results topped expectations on strong pricing for its redesigned pickup trucks in North America, it did not raise its full-year outlook by a corresponding amount. GM said in January its 2014 earnings would finish slightly higher. While leaving the outlook for the full year unchanged on Thursday, Chief Financial Officer Chuck Stevens said the stronger first quarter means the outlook for the rest of the year will have to come down. More »GM posts lower profit after recall; outlook for rest of year trimmed

  • Tea time again in London as Unilever brews up a drinks revival

    Reuters - 18 minutes ago

    By Martinne Geller LONDON (Reuters) - Consumer goods giant Unilever opened its first European tea shop in London on Thursday, aiming to cash in on the growing appeal of unusual and luxury cuppas and ignite fresh enthusiasm for the national drink. A new generation of Britons drink more coffee than tea since the arrival of the mighty Starbucks, and a host of imitators that now crowd high streets. But with Starbucks opening a tea bar in New York last October and talking about a $90 billion (53.5 billion pounds) global market, the tide may be turning. Unilever, whose Lipton brand is the world's top-selling tea, bought Australia's T2 tea chain - where the menu ranges from a 5.75 pound box of English Breakfast to Japanese Gyokuro teas costing upwards of 25 pounds a tin - in September and hopes to appeal to the same consumers interested in upscale coffee that fuelled the last drinks boom. More »Tea time again in London as Unilever brews up a drinks revival

  • 'We don't have a magic wand', says ECB's Constancio

    Reuters - 18 minutes ago

    Societies expect too much of central banks and they don't have a magic wand to boost economic growth, European Central Bank Vice President Vitor Constancio said on Thursday. The ECB has faced pressure from France this month to weaken the euro to help breathe life into the euro zone economy. But Constancio said policy measures beyond the realm of monetary policy were needed to tackle growth and deal with the demographic challenges facing economies. "Nowadays, our societies expect too much of central banks. More »'We don't have a magic wand', says ECB's Constancio

  • Starbucks suffers first UK sales drop after tax criticism

    Reuters - 19 minutes ago

    By Tom Bergin LONDON (Reuters) - Starbucks suffered its first ever drop in UK sales last year, a period in which the company became the subject of boycotts and public criticism over its tax practices. Accounts for the group's main UK subsidiary, Starbucks Coffee Company (UK) Ltd, showed turnover fell in the year to the end of September 2013 to 399 million pounds from 413 million pounds the previous year. Starbucks said the result was not because of weakness in the business but reflected the closure of unprofitable stores. "The UK business is moving in the right direction: gross profit is up 13 percent ... We are confident this performance will continue as we continue to reduce costs," a spokesman said, adding that the group plans to open 100 news stores across the country this year. More »Starbucks suffers first UK sales drop after tax criticism

  • Museum housing Henry VIII's flagship up for British award

    Reuters - 20 minutes ago

    A museum in the British city of Portsmouth that displays the salvaged hulk of King Henry VIII's flagship "Mary Rose", which sank in an attack on a French invasion fleet in 1545, is among the six finalists named on Thursday for a 100,000-pound prize. The Mary Rose Museum made the shortlist for Museum of the Year, the Art Fund charity said, for its "extraordinary and elegant" exhibition of the ship, which was rediscovered in 1971 and salvaged in one of the costliest such operations in history. Other finalists for the award, whose winner will be announced in July, are the Ditchling Museum of Art + Craft in the English county of East Sussex, the Hayward Gallery in London, the Sainsbury Centre for Visual Arts in Norwich, Tate Britain in London and the Yorkshire Sculpture Park in Norwich. Stephen Deuchar, director of the Art Fund, and chairman of the judges, said in a statement that given the quality of the competition for the prize, it is "no wonder that the international reputation of UK museums is riding so high". More »Museum housing Henry VIII's flagship up for British award

  • Gym Fees 'Could Stop Mortgage Approvals'

    Sky News - 26 minutes ago

    Homebuyers could find themselves turned down for a mortgage because of their gym memberships, phone bills and pension payments, under new rules introduced this weekend, experts have warned. Mortgage advisers said new restrictions introduced under the Mortgage Market Review (MMR) would drastically increase the intrusiveness of checks undergone by applicants. Those commitments might include items as innocuous as informal club memberships, according to Peter Marriott of Westexe Mortgage Solutions. He said: "They might have a gym membership, they might be contributing to a pension plan - anything that's deemed by a mortgage lender to be a commitment could be held against them as an ongoing expense, which would in turn affect the affordability and the lender's decision on how much they can borrow." More »Gym Fees 'Could Stop Mortgage Approvals'

  • Japan's NTT Docomo to exit Indian market - Nikkei

    Reuters - 38 minutes ago

    (Reuters) - Japan's NTT DoCoMo Inc will unload its 26 percent stake in its loss-making Indian mobile phone joint venture, Tata Teleservices Ltd, and withdraw from the country, the Nikkei newspaper reported. The joint venture, operating under the Tata DoCoMo brand, had 63 million mobile customers as at the end of March, ranking in No.7 in the crowded Indian market. The Japanese mobile giant is in talks to unload the stake to the Tata Group, the Nikkei said in an unsourced report. DoCoMo bought its stake in the joint venture for $2.7 billion in 2009. More »Japan's NTT Docomo to exit Indian market - Nikkei

  • Manufacturers see better times for economy, jobs

    Associated Press - 42 minutes ago

    NEW YORK (AP) — Big companies are finally starting to spend money, and that could mean a better economy and more jobs are on the way. More »Manufacturers see better times for economy, jobs

  • Russia's Putin calls the Internet a 'CIA project'

    Associated Press - 42 minutes ago

    MOSCOW (AP) — President Vladimir Putin on Thursday called the Internet a CIA project and made comments about Russia's biggest search engine Yandex, sending the company's shares plummeting. More »Russia's Putin calls the Internet a 'CIA project'

  • Luton airport owner Aena expects expansion approval within weeks

    Reuters - 44 minutes ago

    Britain is expected to give final approval to expand Luton Airport in the next few weeks for a capacity boost of up to 18 million passengers, the chairman of the world's biggest airport operator Aena said on Thursday. Expansion of the airport and its runway would require investment of 98 million pounds ($164.6 million), Aena's Jose Manuel Vargas told Spain's Chamber of Commerce at an awards ceremony in London, according to a statement from the company in Madrid. Spain-based Aena, whose airports division is a potential privatisation candidate, bought Luton airport last year. More »Luton airport owner Aena expects expansion approval within weeks

  • First lady gets resume from girl with jobless dad

    Associated Press - 54 minutes ago

    WASHINGTON (AP) — Michelle Obama's annual question-and-answer session with the children of Executive Office employees took a serious turn Thursday when a 10-year-old girl in the front row told the first lady that her dad had been out of work for three years. Then the girl popped up to hand the first lady his resume. More »First lady gets resume from girl with jobless dad

  • ECB looking at all instruments, no decisions yet - Constancio

    Reuters - 55 minutes ago

    The European Central Bank is looking at "all instruments including asset purchases" should it need to respond to a period of inflation being low for too long, ECB Vice President Vitor Constancio said on Thursday. Speaking in Madrid, Constancio stressed that the ECB had not yet taken any concrete decisions on potential policy action. More »ECB looking at all instruments, no decisions yet - Constancio

  • Vivendi to return 5 billion euros to shareholders after asset sales

    Reuters - 59 minutes ago

    By Leila Abboud PARIS (Reuters) - French conglomerate Vivendi said it would pay out close to 5 billion euros in dividends and buy backs this year and next, rewarding shareholders after three major asset sales including that of its biggest unit, telecom operator SFR. The plan, which will be put to a vote at a June 24 shareholder meeting, caps Vivendi's two year-old strategy overhaul to cut exposure to capital-intensive telecoms activities and focus on media. It has already sold video games maker Activision Blizzard and is soon to close a sale of Maroc Telecom to Gulf operator Etisalat . After the 17 billion euro sale of SFR to French cable operator Numericable closes, Vivendi pledged to return "a significant part of the available cash" or 3.5 billion euros in dividends or share buy backs. More »Vivendi to return 5 billion euros to shareholders after asset sales

  • Google social networking boss Gundotra leaving company

    Reuters - 1 hour 3 minutes ago

    SAN FRANCISCO (Reuters) - Google Inc's head of social networking services, Vic Gundotra, announced on Thursday that he is leaving the Internet search company. Gundotra, who has worked at Google for eight years, did not say where he was going in a message he posted on the Google+ social network announcing the move. In 2011, Gundotra oversaw the launch of the Google+ social network as the Internet search giant sought to catch up with Facebook Inc in the fast-growing social networking market. (Reporting by Alexei Oreskovic; Editing by Jan Paschal) More »Google social networking boss Gundotra leaving company

  • Zimmer to buy Biomet for $13.35 billion in latest consolidation

    Reuters - 1 hour 8 minutes ago

    Zimmer Holdings Inc said on Thursday it would buy rival orthopaedic products maker Biomet Inc for more than $13 billion (£7,736,713,682.08), the latest deal in a wave of consolidations in the healthcare industry. Investors gave a resounding thumbs up to the announcement, sending Zimmer shares up more than 18 percent on expectations the larger scale will help it navigate stiffer pricing pressure on medical devices from hospitals and insurers. "Biomet is a perfect fit for us," Zimmer Chief Executive David Dvorak told analysts and investors on a conference call. More »Zimmer to buy Biomet for $13.35 billion in latest consolidation

  • Canadian Fashion Tycoon Eyes Lehman F1 Stake

    Sky News - 1 hour 14 minutes ago

    One of the global fashion industry’s most successful entrepreneurs has become the latest tycoon to hold talks about investing in Formula One (F1) motor racing, even as the sport’s long-serving boss stands trial on bribery charges. Sky News has learnt that Lawrence Stroll, who has held the marketing rights to brands including Ralph Lauren, Pepe Jeans and Tommy Hilfiger, has been in discussions in recent weeks about buying a minority stake in F1’s parent company. Mr Stroll, a Canadian whose wealth is estimated at $2.7bn (£1.6bn) by Forbes magazine, is understood to have held talks with the estate of the bankrupted Wall Street investment bank Lehman Brothers about acquiring part or all of its 15% stake in F1. A motor racing enthusiast, much of Mr Stroll’s wealth was derived from his successful leadership of Michael Kors, the North American fashion house, which he took public in 2011. More »Canadian Fashion Tycoon Eyes Lehman F1 Stake

  • F1 Boss Ecclestone Denies Bribery Charges

    Sky News - 1 hour 15 minutes ago

    Formula One chief executive Bernie Ecclestone has denied bribery charges as he appeared in a Munich court at the start of his trial. The trial could threaten his control of F1 and, if found guilty, could see him jailed for up to 10 years. In a four-hour personal statement read out in German by his lawyers, Ecclestone said he was "grateful" to be able to give his side of the story though he told judges he would answer questions through his lawyers rather than personally. Ecclestone, 83, is accused of paying a $44m (£26m) bribe to a German banker to facilitate the sale of the Bavarian bank BayernLB's stake in F1 to its current owners, the private equity group CVC. More »F1 Boss Ecclestone Denies Bribery Charges

  • Gherkin skyscraper enters receivership

    Reuters - 1 hour 15 minutes ago

    London's landmark Gherkin office tower has been placed into receivership by its creditors, accountancy firm and joint receivers Deloitte said on Thursday, paving the way for a possible partial sale of the skyscraper. Germany's IVG Immobilien, which co-owns the 40-storey Gherkin with Evans Randall Ltd, filed for insolvency last year after years of cost overruns and mounting debt. One of Germany's best known property firms, IVG sought protection last year from its creditors after failing to reach an agreement over the restructuring of its debt. Co-owner Evans Randall said on Thursday it was ready to invest further equity into the building but the company had been unable to agree on a new financial structure with IVG due to the German partner's financial situation. More »Gherkin skyscraper enters receivership

  • Renault revenue hit by weaker emerging markets

    Reuters - 1 hour 18 minutes ago

    By Laurence Frost PARIS (Reuters) - Renault said an emerging-market currency slide against the euro wiped out sales gains in the first quarter, when the French carmaker's revenue fell 0.1 percent. Revenue decreased to 8.257 billion euros (£6,790,454,085.58) in January-March from 8.265 billion a year earlier, Renault said in a statement on Thursday, despite a 5.1 percent gain in vehicle deliveries. Thanks to its no-frills car offering and success in markets such as Russia and Latin America, Renault has proved more resistant to a six-year European market slump than peers such as PSA Peugeot Citroen and Fiat . But a slowdown combined with weaker currencies in Russia, Latin America and parts of Asia is beginning to hurt, wiping out sales gains and efforts to raise pricing. More »Renault revenue hit by weaker emerging markets

  • Ukraine forces kill up to five rebels, Russia starts drill near border

    Reuters - 1 hour 25 minutes ago

    By Aleksandar Vasovic and Alexei Anishchuk SLAVIANSK, Ukraine/ST PETERSBURG, Russia (Reuters) - Ukrainian forces killed up to five pro-Moscow rebels on Thursday as they closed in on the separatists' military stronghold in the east and Russia launched army drills near the border in response, raising fears its troops would invade. Under an international accord signed in Geneva last week, illegal armed groups in Ukraine, including the rebels occupying about a dozen public buildings in the largely Russian-speaking east, are supposed to disarm and go home. But they have shown few signs of doing so and on Thursday the Ukrainian Interior Ministry said its forces backed by the army had removed three checkpoints manned by armed groups in the separatist-controlled city of Slaviansk. A rebel spokeswoman in Slaviansk said two fighters had died in a clash in the same area, northeast of the city centre. More »Ukraine forces kill up to five rebels, Russia starts drill near border

  • Australia rules out link between debris and Malaysian plane

    Reuters - 1 hour 32 minutes ago

    By Byron Kaye and Sonali Paul PERTH/MELBOURNE (Reuters) - Authorities ruled out any link between debris picked up on an Australian beach and a missing Malaysian jetliner on Thursday as a tropical cyclone again threatened to hamper a 26-nation air, surface and underwater search of the Indian Ocean. The debris, found on Wednesday on a beach at the southern tip of Western Australia state, was seen as the first lead since April 4 when authorities detected what they believed was a signal from the black box of Malaysia Airlines flight MH370, which disappeared on March 8 with 239 people on board. But it took Australian authorities less than a day to analyse detailed photographs of the beached debris, no description of which was given, and dismiss the possibility that it may be linked to the plane. "We're not seeing anything in this that would lead us to believe that it is from a Boeing aircraft," Australian Transport Safety Bureau commissioner Martin Dolan the Australian Broadcasting Corp. That puts the focus of the search, the most expensive in aviation history, back on U.S. Navy undersea drone Bluefin-21, which will soon finish scouring a 10 square kms (6.2 square mile) stretch of seabed where the acoustic pings were located. More »Australia rules out link between debris and Malaysian plane

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