• GM stock hits 10-month low, under IPO price

    Associated Press - Fri, Apr 11, 2014

    Shares of General Motors Co. fell to a 10-month low Friday as the company's widening recall crisis put a coveted upgrade of its credit rating in doubt. Standard & Poor's said Thursday that it might put ... More »GM stock hits 10-month low, under IPO price

  • Fitch ups Portugal outlook to positive, close to investment grade

    Reuters - Fri, Apr 11, 2014

    By Axel Bugge LISBON (Reuters) - Rating agency Fitch raised its outlook on Portugal's debt rating to "positive" from "negative" on Friday, citing the country's strong progress in cutting its budget deficit, regaining market access and improving economic growth. The agency, however, also said Portugal should go for a precautionary line of credit from its lenders when it exits its international bailout. Fitch left Portugal's rating unchanged at BB+, which is just one notch into junk territory. Fitch has the highest rating that any of the main agencies have for the country and the outlook move puts Portugal closer to regaining investment grade. More »Fitch ups Portugal outlook to positive, close to investment grade

  • NeXovation files EU complaint over sale of Nuerburgring

    Reuters - Fri, Apr 11, 2014

    U.S.-based investment company NeXovation said on Friday it had filed a complaint with European Union antitrust authorities contesting the outcome of an auction of Germany's historic Nuerburgring race track. NeXovation told authorities that its 150 million-euro (124.42 million pounds) cash offer for the racetrack had not been given proper consideration. Nuerburgring, which became insolvent in 2012, was sold last month by its court-appointed administrator to Capricorn Group, a motor-sport industry supplier, for more than 100 million euros. In a statement released in Germany, NeXovation CEO Robert Sexton said its complaint centred on the sellers' indication to NeXovation that the winning bid would not be decided until due diligence was complete on March 31, 2014, and the bidders had time to finish their financing commitments. More »NeXovation files EU complaint over sale of Nuerburgring

  • Business Round-Up And Week Ahead

    Sky News - Fri, Apr 11, 2014

    Sky's Naomi Kerbel offers a round-up of what's coming up in the week's business news. More »Business Round-Up And Week Ahead

  • China's Alibaba to buy AutoNavi

    Reuters - Fri, Apr 11, 2014

    (Reuters) - Chinese digital mapping and navigation firm AutoNavi Holdings Ltd agreed to be acquired by e-commerce firm Alibaba Group Holding Ltd in a deal valuing the company at about $1.5 billion (896.7 million pounds). AutoNavi said the company's shareholders will receive $5.25 per ordinary share, or $21 per American Depositary Share. The offer represents a premium of 4.7 percent to AutoNavi's closing price on the Nasdaq on Thursday. The deal, expected to close in the third quarter, would help Alibaba increase revenue by integrating AutoNavi's technology and data on location of establishments into maps, allowing customers to access peer review of shops and restaurants and pay for goods before arriving at a shop. More »China's Alibaba to buy AutoNavi

  • Sebelius: Work at HHS is the 'cause of my life'

    Associated Press - Fri, Apr 11, 2014

    WASHINGTON (AP) — Health and Human Services Secretary Kathleen Sebelius (seh-BEEL'-yuhs) says the government is making "tremendous progress" toward fixing what she called a broken health system. More »Sebelius: Work at HHS is the 'cause of my life'

  • Emerging market revival no signal to fill your boots

    Reuters - Fri, Apr 11, 2014

    By Natsuko Waki LONDON (Reuters) - Institutional investors are being selective in their return to emerging markets after a heavy sell-off, as there are too many pitfalls for a long-term portfolio to make a winning strategy out of simply buying cheap. Emerging dollar debt has risen more than 5 percent this year, outperforming U.S. Treasuries and global corporate bonds, and even less popular local currency debt managed a rise of 3 percent. "The long-term investment landscape suggests emerging markets will continue to underperform in the long run. More »Emerging market revival no signal to fill your boots

  • Virtual reality opens London Marathon to all

    Reuters - Fri, Apr 11, 2014

    By Mitch Phillips LONDON (Reuters) - "You're virtually there" is a common shout of encouragement to ailing runners in the London marathon but thanks to a new "interactive 3D experience" athletes the world over will be able to navigate the course from the comfort of their own treadmill. Marathon organisers have combined with established treadmill video producers Paofit to create the new system that combines HD video of the entire 26.2 mile, icon-studded route with virtual reality avatars. "It's a fantastic innovation," race director Hugh Brasher told Reuters on Friday shortly before running a treadmill mile as part of the system's official launch. "You can see the famous landmarks of the Cutty Sark, Tower Bridge, Canary Wharf, the London Eye, the Houses of Parliament and Buckingham Palace and even experience the thrill of the finish on The Mall. More »Virtual reality opens London Marathon to all

  • JPMorgan profit weaker than expected as trading revenue falls

    Reuters - Fri, Apr 11, 2014

    JPMorgan Chase & Co posted far weaker-than-expected quarterly profit as uncertainty about the U.S. economy weighed on investor trading volumes and consumer borrowing. JPMorgan's bond trading revenue plunged 21 percent, and mortgage lending revenue fell 84 percent from the same quarter last year. Most of the bank's big businesses, including commercial lending and credit cards, delivered lower profits. "It's not like selling cereal - it's not like your volumes go up 2 percent every day," Chief Executive Jamie Dimon said to reporters on a conference call. More »JPMorgan profit weaker than expected as trading revenue falls

  • Moody's, Turkish court decisions mark twin setback for Erdogan

    Reuters - Fri, Apr 11, 2014

    By Gulsen Solaker and Orhan Coskun ANKARA (Reuters) - Turkish Prime Minister Tayyip Erdogan suffered a double blow on Friday when a court rolled back his government's efforts to tighten its grip on the judiciary and Moody's cut its outlook for the economy on which for many his reputation stands. Erdogan has divided opinion at home and unnerved Western governments with his response to a corruption scandal swirling around his inner circle since December, removing thousands of police and judiciary officials and blocking social media sites. His ruling AK Party's victory in municipal elections on March 30, despite the scandal, reassured nervous financial markets, but also raised the political stakes ahead of an August presidential election and parliamentary polls next year. Cutting its sovereign outlook on Turkey to negative, Moody's said political uncertainty would weigh on weak points in its economy, notably its high external financing needs, throughout the voting cycle, damaging its growth prospects. More »Moody's, Turkish court decisions mark twin setback for Erdogan

  • Wells Fargo's earnings rise 14 percent

    Associated Press - Fri, Apr 11, 2014

    First-quarter profit for Wells Fargo & Co., the biggest U.S. mortgage lender, surged 14 percent in the latest quarter as the bank continued to trim its losses on soured loans. More »Wells Fargo's earnings rise 14 percent

  • Crocodile close calls: UK man walks length of Nile

    Associated Press - Fri, Apr 11, 2014

    JUBA, South Sudan (AP) — Close calls with crocodiles, a brutal civil war and even the death of a fellow traveler have not deterred a British man from attempting to walk the length of the Nile River. More »Crocodile close calls: UK man walks length of Nile

  • AutoNavi agrees to be acquired by Alibaba

    Associated Press - Fri, Apr 11, 2014

    Chinese digital mapping and navigation company AutoNavi Holdings Ltd. has agreed to be acquired by e-commerce company Alibaba Group Holding Ltd. in a deal valued at $1.5 billion. More »AutoNavi agrees to be acquired by Alibaba

  • Athletics-Virtual reality opens London Marathon to all

    Reuters - Fri, Apr 11, 2014

    By Mitch Phillips LONDON, April 11 (Reuters) - "You're virtually there" is a common shout of encouragement to ailing runners in the London marathon but thanks to a new "interactive 3D experience" athletes the world over will be able to navigate the course from the comfort of their own treadmill. Marathon organisers have combined with established treadmill video producers Paofit to create the new system that combines HD video of the entire 26.2 mile, icon-studded route with virtual reality avatars. "It's a fantastic innovation," race director Hugh Brasher told Reuters on Friday shortly before running a treadmill mile as part of the system's official launch. "You can see the famous landmarks of the Cutty Sark, Tower Bridge, Canary Wharf, the London Eye, the Houses of Parliament and Buckingham Palace and even experience the thrill of the finish on The Mall. More »Athletics-Virtual reality opens London Marathon to all

  • Forces in Sudan could attack South Sudan refugee camp - U.N.

    Reuters - Fri, Apr 11, 2014

    The United Nations warned on Friday that forces in Sudan could attack a refugee camp in South Sudan because it was being used by armed groups, an assault that would rekindle tensions between the oil-producing neighbours. An unidentified aircraft circled Yida camp, in South Sudan's border state Unity, this week, raising fears of a strike, Melissa Fleming, spokeswoman for the U.N. High Commissioner for Refugees (UNHCR), told journalists in Geneva. South Sudanese fighters ended decades of conflict with the Sudanese government with a peace deal in 2005 that paved the way for South Sudan to split away as an independent country six years later. More »Forces in Sudan could attack South Sudan refugee camp - U.N.

  • Australian PM confident sounds are from Flight 370

    Associated Press - Fri, Apr 11, 2014

    PERTH, Australia (AP) — Authorities are confident that signals detected deep in the Indian Ocean are from the missing Malaysian jet's black boxes, Australia's prime minister said Friday, raising hopes they are close to solving one of aviation's most perplexing mysteries. More »Australian PM confident sounds are from Flight 370

  • UK investors join forces to fight for boardroom change

    Reuters - Fri, Apr 11, 2014

    By Simon Jessop and Chris Vellacott LONDON (Reuters) - British company bosses could face a rougher ride at investor meetings in future after two trade bodies representing trillions of pounds joined forces to fight for change in the boardrooms of the largest firms. The tie-up will see Britain's Investment Management Association merge with the Association of British Insurers' (ABI) investment affairs unit, which advises members how to vote at company meetings. The decision comes days after EU financial services chief Michel Barnier proposed new rules on shareholder rights to make companies more answerable to their owners. "It is better and more powerful if you do it as a single and more unified voice," Robert Hingley, director of the ABI investment unit that will move across to join the new trade body, said in an interview with Reuters. More »UK investors join forces to fight for boardroom change

  • Tech sell-off roils global markets

    Associated Press - Fri, Apr 11, 2014

    LONDON (AP) — Renewed weakness in the tech-heavy Nasdaq index in the U.S. roiled global markets Friday. More »Tech sell-off roils global markets

  • Russia says any oil-for-goods deal with Iran would follow U.N. rules

    Reuters - Fri, Apr 11, 2014

    Russian Finance Minister Anton Siluanov said on Friday any oil-for-goods deal between Moscow and Iran would follow United Nations rules on sanctions, not U.S. rules. "We act on the basis of the decisions made by the United Nations that set sanctions, set product groups which would be sanctioned and we operate within those decisions," Siluanov told journalists during the International Monetary Fund-World Bank meetings in Washington. Our American partners have their own legislation which differs somewhat from the provisions set by the United Nations and they follow their own rules." Siluanov would not say whether a deal had been sealed with Iran. U.S. Treasury Secretary Jack Lew warned Siluanov on Thursday on the sidelines of the meeting in Washington that any oil-for-goods deal Moscow might strike with Iran could run afoul of U.S. sanctions. More »Russia says any oil-for-goods deal with Iran would follow U.N. rules

  • City Fights Back In Row Over £1bn Essar Deal

    Sky News - Fri, Apr 11, 2014

    A group of powerful City investors took steps on Friday to block a £1bn takeover of Essar Energy, an India-based oil refiner which is fast-becoming a test-case for the protection of minority shareholder. Sky News has learnt that the Association of British Insurers (ABI) has formed a special committee and brought in legal advisers to consider ways of preventing the billionaire founders of Essar Energy from forcibly removing the company from the London Stock Exchange. The row centres on the 70p-a-share offer for the 22% of the shares not owned by Essar Global, the vehicle of the Ruia brothers, who listed Essar Energy by selling shares less than four years ago priced at six times the price they now want to pay. The cut-price offer has sparked fury from big City institutions, including Standard Life Investments, which in February described it as "cynical opportunism" and "a calculated attempt to deprive minority shareholders of the substantial future upside in Essar Energy’s valuation". More »City Fights Back In Row Over £1bn Essar Deal

  • Wells Fargo profit beats estimates, helped by one-time gains

    Reuters - Fri, Apr 11, 2014

    By Peter Rudegeair and Anil D'Silva (Reuters) - Wells Fargo & Co , the biggest U.S. mortgage lender, reported a higher-than-expected 14 percent rise in first-quarter net profit, as a series of one-time gains helped offset the continued slowdown in its home loan business. The bank received regulatory approval in March to increase its quarterly dividend to 35 cents from 30 cents and to repurchase an additional $17 billion of stock, or about 6.5 percent of the total outstanding. More »Wells Fargo profit beats estimates, helped by one-time gains

  • Madagascar names new prime minister - presidency official

    Reuters - Fri, Apr 11, 2014

    ANTANANARIVO (Reuters) - Madagascar has named Kolo Christopher Laurent Roger as its new prime minister, a senior presidency official said on Friday, part of a process aimed at ending years of political crisis on the Indian Ocean island. "Kolo Christopher Laurent Roger has been named prime minister and head of government," Colonel Roger Ralala, secretary general of the presidency, said. (Reporting by Lovasoa Rabary; Writing by George Obulutsa; Editing by James Macharia) More »Madagascar names new prime minister - presidency official

  • European stocks sink on 'overvalued' tech sector

    AFP - Fri, Apr 11, 2014

    European stock markets slid, joining a fierce global sell-off as investors took flight on resurgent fears about the 'overvalued' technology sector More »European stocks sink on 'overvalued' tech sector

  • IMF says Ukraine's debt is sustainable; Fund can lend to Kiev

    Reuters - Fri, Apr 11, 2014

    The International Monetary Fund is able to lend to Ukraine because the country's debt is sustainable, the head of the IMF's European department, Reza Moghadam, said on Friday. "Debt in Ukraine is sustainable," Reza Moghadam said in a news conference during the IMF and World Bank spring 2014 meetings. He noted that Ukraine's external debt, which has suffered as a result of the country's political crisis and tensions with Russia, was only around 30 percent of its GDP. Ukraine's total debt would be around 50 percent of GDP this year and next, he said. More »IMF says Ukraine's debt is sustainable; Fund can lend to Kiev

  • Gummy bear loses latest round in copyright fight

    Associated Press - Fri, Apr 11, 2014

    BERLIN (AP) — Swiss chocolatier Lindt & Spruengli AG has won the latest round in its battle of the bears against Germany's Haribo GmbH. More »Gummy bear loses latest round in copyright fight

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