Canadian firm Bombardier sells 10 jets for $259m

Canadian aerospace manufacturer Bombardier has announced it has sold 10 Challenger jets for $259m (£157m) to an anonymous buyer.

Barclays fined $3.75m after record-keeping failure

Barclays has been fined $3.75m (£2.28m) by a US regulator for allegedly failing to keep proper electronic records, emails and instant messages.

Apple CEO Tim Cook's 2013 pay steady but sees part of stock award shrink

SAN FRANCISCO: Apple Inc CEO Tim Cook earned roughly the same in 2013 as in 2012, but lost part of his performance-based stock award during a year in which intense competition and margin pressure bludgeoned the iPhone maker's stock.

Toshiba to buy majority stake in UK nuclear consortium

Japanese group Toshiba has confirmed that it is in the final stages of securing a majority stake in a British nuclear power consortium, bringing a further boost to the UK's ambitious nuclear programme.

UK car production nearing six-year high, SMMT says

Car production in the UK is set to reach a six-year high of more than 1.5 million vehicles this year, the industry's trade body has said.

Rolls-Royce: SFO launches formal bribery and corruption investigation

The Serious Fraud Office has opened a formal criminal investigation into allegations of bribery and corruption at aircraft engine maker Rolls-Royce.

Royal Mail's FTSE 100 debut sparks profit-taking by shares investors

Royal Mail has been a spectacular stock market performer since its flotation in October, but its debut in the FTSE 100 yesterday was an excuse for investors to cash in some of their gains.

AT&T to join rivals with 'transparency report'

Washington (AFP) - AT&T said Friday it would join rivals in the tech and telecom sector in publishing a "transparency report" about demands for information from law enforcement agencies.

Blackberry and Foxconn agree a five-year deal

Struggling smartphone maker Blackberry has agreed a five-year deal with Foxconn, the big Taiwan-based maker of electronic products and components.

European Commission rejects Google's latest proposals to settle antitrust case

The European Commission has rejected Google's revised proposals to settle a three-year antitrust row, its competition commissioner Joaquin Almunia said today.

Serco agrees to repay £68.5m after tagging scandal

Private security firm Serco has agreed to repay £68.5m to the government for overcharging to tag criminals, says the Ministry of Justice (MoJ).

GSK to stop paying doctors to make speeches

GlaxoSmithKline (GSK) is making major changes to its incentive schemes following a damaging corruption scandal in China.

Lloyds insurance market appoints its first female CEO Inga Beale

LONDON: The Lloyd's of London insurance market has appointed its first ever female chief executive, to replace Richard Ward who announced he was stepping down from the role in July.

RSA shares close down 7% as chief Simon Lee quits over Irish woes

Shares in RSA Insurance Group closed down 7.2% after the firm's chief executive, Simon Lee, resigned amid deepening problems at its Irish unit. RSA said he would leave the group with immediate effect.

General Motors sells stake in PSA Peugeot Citroen

DETROIT: General Motors Co. has decided to unload its 7 percent stake in French automaker PSA Peugeot Citroen.

BlackBerry extends key deadline to boost capital raise

TORONTO: BlackBerry Ltd , which recently concluded a $1 billion convertible debt offering, said it has agreed with its debtholders to extend an option deadline attached to the deal, giving potential investors a chance to buy up to a further $250 million in convertible debt.

American Airlines fined for misleading fliers on fares

American Airlines was fined by the Department of Transportation on Wednesday after its agents allegedly told customers that some of the airline's fees were government-imposed taxes.

Lloyds bank fined record £28m for 'serious failings'

Lloyds Banking Group has been fined £28m for "serious failings" in relation to bonus schemes for sales staff.

Mary Barra named GM CEO to become America's first female car chief

General Motors, America’s largest car manufacturer, has named Mary Barra its chief executive, making her the first woman to head a major auto firm.

Technology firms seek government surveillance reform

Leading global technology firms have called for "wide-scale changes" to US government surveillance. Eight firms, Google, Apple, Facebook, Twitter, AOL, Microsoft, LinkedIn, and Yahoo, have formed an alliance called Reform Government Surveillance group.

Verizon Schedules Jan. 28 Vote on Vodafone Wireless Deal

Verizon Communications Inc. (VZ) scheduled a shareholder meeting for Jan. 28 to vote on its $130 billion acquisition of Vodafone Group Plc (VOD)’s stake in their wireless joint venture.

Samsung and Philips among tech firms raided by EU

Samsung and Philips have revealed that they were among several consumer electronics companies raided recently by European Commission inspectors.

Nissan to Beat China Growth for First Time Since 2011

Nissan Motor Co. (7201) forecast its growth in China will outpace industrywide sales in the country for the first time in three years as consumers in the world’s largest auto market return to Japanese brands.

Autumn Statement: Business rate rises to be capped

Increases in business rates in England are to be capped at 2%, instead of being linked to inflation, the Chancellor, George Osborne, has announced.

Hewlett-Packard plans 1,100 UK job cuts

The computer giant Hewlett-Packard says it is cutting 1,124 posts in the UK as part of a global downsizing. The US company says it will start the process next year.

RBS must do better after payment fault, says boss

The boss of RBS has admitted the bank "has to do better" amid a day of disruption for many customers following a computer failure.

loyds and Nationwide drive best quarter yet for FLS

Lloyds Banking Group and Nationwide have driven the largest increase in quarterly lending since the Bank of England launched its Funding for Lending Scheme more than a year ago.

Amazon trialling the use of drones for parcel delivery

Amazon is testing delivering its parcels using drones, the company’s CEO has revealed. The company hopes to have the scheme up and running within five years.

GM Replacing China President as Socia Retires After One Year

General Motors Co. (GM), which sells more vehicles in China than in any other country, is replacing its president in the country after a year.

Qantas seeks foreign ownership rule change

Australian airline Qantas has backed a suggestion by Treasurer Joe Hockey that rules restricting foreign investment in the carrier should be changed.

Burberry appeals as China cancels tartan trademark

Burberry has appealed against a decision by Chinese authorities to cancel trademark protection for the British trenchcoat maker's distinctive tartan pattern in one of the key markets for luxury goods firms.

Royal Mail Operating Profit Almost Doubles

LONDON — Royal Mail said rising parcel revenue and ongoing cost cuts helped the newly-privatised postal operator almost double its operating profit in the first half of the year.

Blackberry shakes up senior management

Struggling smartphone maker Blackberry has shaken up its top management as part of its continuing reorganisation.

H&M aims to pay all textile workers ‘living wage’ by 2018

Hennes & Mauritz, the world’s second-largest clothing retailer, laid out a plan on Monday to pay a fair “living wage” to some 850,000 textile workers by 2018, saying governments were acting too slowly.

Zimbabwe warns foreign firms of January 2014 arrest

The owners of foreign firms operating in certain sectors in Zimbabwe after 1 January 2014 will be arrested, a senior official has warned.

Samsung to pay Apple $290m (£180m) for copying phones

A Silicon Valley jury has ruled that Samsung must pay $290m (£180m) to Apple for copying iPhone and iPad features in its devices.

Royal Mail float: paying bankers' deferred fees would be 'mad', MP says

The government would be "mad" to pay more than £4m in deferred fees to the banks that advised on Royal Mail's privatisation because they undervalued the company, the chairman of a parliamentary committee said after grilling the bankers on Wednesday.

JP Morgan in record $13bn settlement with US authorities

US bank JP Morgan Chase has agreed to a record $13bn (£8bn) settlement with US authorities for misleading investors during the housing crisis.

Sony Entertainment Looks to Cut $100 Million-Plus

Sony Entertainment, the movie and music arm of Sony Corp., is looking to cut at least $100 million in costs and has hired consulting firm Bain & Co. to conduct a review of its operations.

Dubai Air Show: Boeing leads order books race

Airlines in the Gulf have placed a number of high-value plane orders on the first day of the Dubai Air Show, with US giant Boeing a major winner.

Nationwide reports big rise in profits

Nationwide Building Society, the UK's largest mutual lender, has reported a big rise in profits for the six months to the end of September.

France sells stake in jet engine firm Safran

The French government is selling a 3.6% stake in jet engine maker Safran worth 937m euros ($1.3bn).

Volkswagen Issues Global Recall of 2.64 Million Vehicles

Volkswagen is recommending that mineral oil be used in dual-clutch gearboxes on 1.6 million cars and vans in place of synthetic oil, Michael Franke, a spokesman at the Wolfsburg, Germany-based company, said today by phone.

Sainsbury's reports 9% rise in half-year profits

Sainsbury's has reported a half-year pre-tax profit of £433m, up 9.1% from the same period in 2012. The supermarket giant said the results were "strong" considering the "tough trading environment".

Energy companies shouldn't treat customers as 'cash cows', says Davey

Ed Davey, the secretary of state for energy and climate change, has accused the big six energy companies of using customers as "cash cows" by raising bills unfairly.

Barratts and Blockbuster fall into administration

High Street shoe chain Barratts and DVD rental chain Blockbusters have both gone into administration, putting more than 3,000 UK and Irish jobs at risk. Duff & Phelps has been appointed as administrator to Barratts.

Flybe set to cut 500 jobs

Flybe has warned that it plans to axe another 500 jobs in the latest round of cost-cutting at the struggling regional airline business.

Nissan boss warns UK over possible EU exit

Nissan will reconsider its investment in the UK if Britain leaves the European Union, chief executive Carlos Ghosn has told the BBC.

Twitter Resists Investor Frenzy to Avert Facebook Flop

The contours were familiar: A hot social-media company going public with investors baying to buy its stock.

Siemens splashes out on buyback as new CEO works on strategy

BERLIN: Siemens' new Chief Executive Joe Kaeser promised on Thursday to buy back up to 4 billion euros ($5.4 billion) worth of shares while asking investors for patience as he works out a strategy by May to close a gap with more profitable rivals.

Toyota raises full year profit forecast

The world's biggest carmaker, Toyota, has raised its profit forecast as the yen's weakness and cost-cutting measures helped lift its earnings.

BlackBerry Takeover Bid Collapses; CEO Heins Ousted

BlackBerry Ltd. (BBRY), coping with the collapse of a $4.7 billion buyout by Fairfax Financial Holdings Ltd. (FFH), will raise $1 billion in convertible bonds and seek a new chief executive officer for the struggling company.

Ryanair shares plunge after warning over profits

Ryanair shares have slumped 13% after the company warned that profits are likely to fall this year. It now expects to make a profit of between 500m euros (£423m; $674m) and 520m euros for the financial year ending in March, down from its previous projection of 570m euros.

London super rich give private jet market a lift

A new generation of the super rich buying expensive properties in London are providing a spin-off for the corporate and private jet market.

Facebook revenue surges 60% on strong ad sales

Social network giant Facebook reported a 60% surge in revenue, to $2.02bn (£1.26bn), in the third quarter. Revenue from advertising grew by 66% to $1.8bn, with nearly half of that coming from mobile ads.

Nissan, facing growing pains, reshuffles management

TOKYO: Nissan Motor Co said Chief Operating Officer Toshiyuki Shiga would step aside from the No.2 post to a job handling external affairs in a management makeover as the company grapples with quality issues amid an ambitious drive to boost market share.

Sony lowers profit forecast dramatically after movie loss piles on the misery

The flop of the film White House Down has added to earnings woes at Sony in the latest quarter, dragging the entertainment and electronics giant to a 19.3bn yen (£122m) loss.

Credit Suisse to cut 65 jobs in fixed income, say sources

LONDON: Credit Suisse will cut 65 jobs across its fixed income business next week as part of its recently announced plans to reduce its presence in rates, according to two sources with knowledge of the plans.

Barclays reviewing currency trades

Barclays Bank has said it will review how its currency trading operated over the past several years, amid a new inquiry into market manipulation.

Apple reports quarterly profit of $7.5 bn, sells 33.8 mn iPhones

SAN FRANCISCO: Apple on Monday reported a quarterly profit of $7.5 billion on the back of soaring iPhone sales.

Twitter share sale trial 'a success', says exchange

The New York Stock Exchange (NYSE) says a test run of Twitter's share sale was 'a success', as it tries to avoid the debacle surrounding Facebook's flotation on the Nasdaq.

Toyota settles US acceleration case after $3 mn verdict

Toyota Motor Corp reached a deal on Friday to resolve a lawsuit in the United States over unintended acceleration issues, one day after a jury found the Japanese carmaker liable and ordered it to pay $3 million for defects that caused a 2007 fatal crash.

Samsung profit rises 26% on smartphone boost

Samsung Electronics has reported a 26% jump in profit in the third quarter driven by strong smartphone sales and a recovery in its memory chip business.

Big companies push back against G20 tax avoidance plan

LONDON: Big companies have pushed back against an international drive to crack down on corporate tax avoidance, documents published by the body charged with drafting new rules showed on Wednesday.

Adidas shakes up management to restore Europe, US growth

FRANKFURT: Sporting goods group maker Adidas is shaking up its management structures in North America and western Europe as it seeks to boost growth in these regions.

Airbus Targets Doubling Japan Market Share in Boeing Challenge

Airbus SAS (EAD), which won its first order from Japan Airlines Co. (9201) this month, intends to double its market share in the country by 2020 as air travel demand climbs.

JPMorgan in tentative $13 billion deal with US Justice Department: Source

WASHINGTON: JPMorgan Chase & Co has reached a tentative $13 billion agreement with the US Justice Department to settle a range of mortgage issues, a source familiar with the talks said on Saturday.

Royal Mail shares: Vince Cable defends flotation price as shares hit 500p

Vince Cable has written to MPs to defend the pricing of the Royal Mail flotation as shares in the postal service closed above 500p at the end of their first full week of trading, representing a paper profit of 52% for investors.

IBM's China-driven revenue slide raises growth fears

IBM Corp shares fell more than 7 per cent on Thursday after a surprisingly steep drop in hardware sales in China fueled concerns the company is struggling to sustain growth through its emerging markets business.

Royal Mail shares begin full trading on stock market

Shares in Royal Mail have risen to 479.50p on the company's first day of full trading on the stock exchange.

Regulator could fine banks for 'swap' mis-selling

The Financial Conduct Authority (FCA) has said it could fine banks who mis-sold complex loan insurance products.

Italy denies Alitalia protectionism as shareholders meet

MILAN: Italy on Monday denied charges of protectionism as Alitalia held a shareholders meeting to approve a capital increase that would see the public postal service take a stake in the troubled airline.

BMW's China sales up 20 pct in January-September, eyes record sales

BEIJING: German luxury car maker BMW said on Saturday its China sales rose more than 20 per cent in the first nine months of this year, paving the way for another year of record sales in the world's biggest automobile market.

Boeing warns of layoffs as US shutdown drags on

WASHINGTON: Boeing said Saturday it may have to send home workers in its defense, space and security unit without pay if the US government shutdown in a budget battle continues.

JPMorgan sells off short-term US government debt

NEW YORK: Investment banking giant JPMorgan Chase said Thursday it has sold all of its exposure to short-term U.S. government debt out of its money market funds, following a similar move by other money market mutual fund managers.

Greggs slows sales decline as it battles to win back customers

The bakery chain Greggs has reported a modest decline in sales, as the company battles to win back customers to its hot pies and sausage rolls.

Mazda CEO says aims to sell around 500,000 Mazda3 vehicles a year

TOKYO: Mazda Motor Corp aims to sell around 500,000 redesigned Mazda3 compact cars a year around the world, Chief Executive Officer Masamichi Kogai said on Wednesday, setting the highest target ever for its best-selling model.

Royal Mail: Just 368 staff chose not to accept free shares

Just 368 out of the Royal Mail's 150,000 staff have chosen not to accept free shares in the privatised company, the BBC has learned.

Airbus and Japan Airlines agree landmark $9.5bn deal

Aircraft manufacturing giant Airbus has announced its first deal with Japanese carrier Japan Airlines (JAL).

BlackBerry faces class action shareholder lawsuit

TORONTO: A class action lawsuit has been filed against BlackBerry by a shareholder claiming the company misled investors about its future, including how the BlackBerry 10 smartphone line would fare against competitors.

Samsung Electronics reports record-high profit for 3Q

SEOUL: Operating profit at Samsung Electronics hit another record high in the July-September quarter, likely driven by robust sales of its cheaper mid-range smartphones in developing countries.

BP wins reprieve over Gulf of Mexico payouts

Oil giant BP's attempts to limit claims over the 2010 Gulf of Mexico oil spill have been given a boost after a US appeals court halted some payments.

Boeing warns US shutdown could slow jet, defense deliveries

NEW YORK: Boeing Co is taking steps to deal with possible delays in jetliner deliveries, including its new 787 Dreamliner, caused by the federal government shutdown that has idled thousands of US aviation officials needed to certify the planes.

Google offers rivals more space to get EU deal

Google has agreed to give rivals more space on its website, raising the chances of a deal with Europe's antitrust authorities and reducing the risk of a hefty fine.

Over-complicated RBS must lend more, says new chief executive Ross McEwan on first day in charge

Ross McEwan, said he wanted to “create a bank that is known for exceptional customer service and not for failure”, admitting that “sometimes we make it too hard for our customers to do business with us”.

Airlines promise a return to civility, for a fee

NEW YORK: Airlines are introducing a new bevy of fees, but this time passengers might actually like them. Unlike the first generation of charges which dinged fliers for once-free services like checking a bag, these new fees promise a taste of the good life, or at least a more civil flight.

General Motors won't tackle pension talks with UAW until 2015: Vice chairman

NEW YORK: General Motors Co will wait until its next round of labor talks in 2015 before negotiating with the United Auto Workers about the automaker's U.S. blue-collar pension obligation, GM's vice chairman said on Friday.

Pay up or dry up - Egyptian gas at a crossroads

LONDON (Reuters) - An offshore gas find in the Nile Delta is strong new evidence that Egypt has the resources to end power cuts and get export income flowing again. Its challenge is to persuade wary international oil companies to develop them.

Blackberry reports $965m second quarter loss

Blackberry has reported a second quarter net loss of $965m (£600m) following a slump in sales. The company warned investors last week that it would report a loss of up to a billion dollars, due to poor sales of its new smartphones.

Nokia defends former chief Stephen Elop's golden handshake

Nokia chairman Risto Siilasmaa on Thursday defended an 18.8 million euro ($25.4 million) payoff to former chief executive Stephen Elop as part of Microsoft's takeover of its mobile phone unit.

PPI: firms failing on complaints

An investigation by the City regulator has uncovered "serious problems" with the handling of payment protection insurance complaints at two-thirds of the firms it looked at.

The Economist: “The Fed's have-it-both-ways policy”

R.A., regarding Bernanke’s Jackson Hole speech, your column notes that you “found the tone on monetary policy to be confusing and timid.” Expectations now turn to what President Obama will say next week and what the Fed will do (or not do) when they next meet. Uncertainty again prevails.

Alexander Mirtchev

China lifts Facebook ban ... a bit - report

After years of being locked out of China, Facebook and several media companies have been given the green light in the country -- sort of.

China's Huawei to add 5,500 jobs in Europe in five years

BEIJING: Chinese telecommmunications equipment maker Huawei plans to create 5,500 jobs in Europe within five years as the company expands its services in the region, state-owned newspaper China Daily said on Saturday.

Corsair in lead to buy business bank from RBS

The Royal Bank of Scotland is very close to deciding to sell to Corsair the small business bank it has been forced by the European Commission to create and hive off.

BlackBerry to fire 4,500 employees as sales of new device plummet

BlackBerry confirmed it was firing 4,500 of its staff on Friday as the struggling smartphone firm said it expects to lose nearly $1bn in the three months to August on disappointing sales of new phones.

Sweet dreams for Boeing investors

The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, Abbott Laboratories and AbbVie, La Monica does not own positions in any individual stocks.

Securing global economic security

Inflation is a significant factor of global economic security and has the innate capacity to upend carefully laid plans

Sir, Further to the article by Sam Fleming, “Incomes will plummet as inflation soars, report claims” (May 3), I agree that the erosion of earnings by inflation should move higher on the economic agenda.

Alexander Mirtchev

JPMorgan ordered to refund $309 million over "unfair" credit card billing

The country's largest bank has been ordered to refund $309 million to customers and pay $80 million in fines over alleged unfair credit card billing, regulators at the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced Thursday.

Total says to buy Chevron petrol stations in Pakistan

PARIS: French energy giant Total and its Pakistani partner PARCO said today they had reached a deal with American oil major Chevron to buy its fuel distribution network in Pakistan.

Lloyds Bank privatisation begins

The government's sale of Lloyds Banking Group has begun, with big investors being offered 6% of the bank.

Vodafone set to take over Kabel Deutschland

Vodafone is set to complete a 7.7bn-euro (£6.6bn; $10bn) takeover of Kabel Deutschland after securing the backing of the German cable operator's shareholders.

Ford Names U.S. Sales Chief as Toyota Tests Market Place

Ford Motor Co. (F), the second-biggest U.S. automaker, named a new U.S. sales chief whose challenge will be to maintain a sales lead over Toyota Motor Corp. (7203) and its growing willingness to discount cars such as the Camry.

U.K.'s Royal Mail goes public

The British government plans to sell a majority of its stake in the Royal Mail through an initial public offering that will be one of the U.K.'s largest in decades.

JPMorgan beefs up compliance efforts: Report

JPMorgan Chase is spending billions on new compliance staff and programs to address a wave of regulatory scrutiny after recent problems, according to a report Friday.

Dell shareholders approve buyout by founder Michael Dell

According to a preliminary count, Dell shareholders have approved a $24.9bn (£15.6bn) buyout offer by Michael Dell and Silver Lake Partners.

Toyota repeats US vehicle recall on suspension worries

Toyota is recalling 780,584 vehicles in the US for a second time to address a suspension defect that may not have been fixed after a recall last year.

Japan's Suntory to buy GSK drink brands for $2.1 billion

TOKYO: Japanese drinks giant Suntory said today it would buy the top-selling Lucozade and Ribena brands from British drugs firm GlaxoSmithKline (GSK) for $2.1 billion.

What to expect from Apple's iPhone event

While there's still no official confirmation of what Apple plans to show off Tuesday, it's the worst kept secret in tech: we're getting new iPhones.

Lego becomes world's second-biggest toy maker

Denmark's Lego has become the world's second-biggest toy maker after reporting a 13% increase in sales. It generated sales of $1.8bn (£1.2bn) for the six months to 30 June, up from the same period last year, overtaking US-based Hasbro.

World leaders push big companies like Apple, Google to pay more taxes

ST. PETERSBURG: It's time to make Google, Apple and other multinational companies pay more taxes. That's the message from President Barack Obama and the leaders of the world's leading economies at a summit ending Friday.

Apple faces new China labor allegations

Apple is looking into claims of poor working conditions at a supplier in China that is said to be working on a new, cheaper iPhone.

Microsoft shares drop on $7.2 billion Nokia phone deal

HELSINKI: Microsoft is wagering $7.2 billion on the idea that owning Nokia's phone business will help the software giant grab a bigger slice of the lucrative mobile market from Apple and Google.

Sovereign Debt and Beyond: Toward a New Magna Carta?

Source: The Globalist

Alexander Mirtchev and Norman Bailey

The global debt burden appears to have gathered an unstoppable momentum, prompting divergent reactions. The world economy cannot count on growth to solve the global debt problem — and stimulus measures are not a sustainable solution. In the second installment in the series “The Search for a New Global Equilibrium,” Dr. Alexander Mirtchev and Dr. Norman Bailey explain why the solutions currently being offered are wholly inadequate to the scale of the problem, and argue the time is ripe for a “new Magna Carta” — a redefinition of the social contract among the government, Main Street and Wall Street.

Verizon bets big on U.S. wireless market

One of the biggest deals in corporate history solely targets the already saturated U.S. wireless market.

The Global Inflation Wave: Waiting for Constantine?

Source: The Globalist

Alexander Mirtchev and Norman Bailey

In the wake of the global economic crisis, the world is trying to chart an economic path to the future and find a "new normal." As Alexander Mirtchev and Norman A. Bailey explain in the first installment in their series "The Search for a New Global Equilibrium," inflation as a factor of global economic security has the innate capacity to upend carefully laid plans and further upset the equilibrium.

Boeing, Airbus face new threat of low jet sales

NEW YORK: With US military spending in decline, Boeing and Airbus investors have been counting on record commercial aircraft sales to keep profits rising.

The new EU External Energy Policy: an important move - if it is not too late

By Alexander Mirtchev

With the adoption of its new External Energy Policy, the EU has finally made a first step towards its integration as a single negotiating bloc in the world energy market. As such the External Energy Policy could become an important factor in the global energy security picture and a possible geopolitical game-changer. However, it remains to be seen whether the big EU member states will be willing to subordinate their interests to the wider EU interest. The External Energy Policy has probably come five years too late, argues Alexander Mirtchev, President of Krull Corp. and Vice-President of the Royal United Services Institute for Defence and Security Studies.

Verizon reaches agreement to acquire Vodafone's 45% stake for $130 billion

LONDON/NEW YORK: Verizon Communications agreed on Monday to pay $130 billion to buy Vodafone out of its US wireless business, signing history's third largest corporate deal to bring an end to a decade-long corporate stand-off.

Technology companies fight for funds as venture capitalists look elsewhere

European technology companies are trapped in a funding bottleneck as venture capital firms refuse to reinvest in the sector until they see a return from earlier investments, such as music service Spotify, via successful stock market flotations.

Toyota to invest $102 million to boost transmission output in US

DETROIT: Toyota Motor Corp said on Friday it will invest $102 million at its West Virginia engine transmission plant and aluminum casting factories in Missouri and Tennessee to boost production.

Vodafone confirms talks with Verizon over US stake sale

Vodafone has confirmed it is in talks with US company Verizon Communications over the sale of its 45% stake in their joint venture, Verizon Wireless.

China's Xiaomi poaches top Google exec

Chinese internet and smartphone company Xiaomi has poached Google executive Hugo Barra to help fulfill its ambition to become a global player.

Will Financial Regulation Trash Global Economic Security?

Alexander Mirtchev, Contributor

 Under the auspices of the Financial Stability Board, more than 30 recommendations have been set out as part of a massive and far-reaching G-20 financial regulatory reform package to ostensibly minimize risk in the financial system and maximize consumer protection.

Nissan plans to begin selling self-driving cars by 2020

IRVINE: Nissan Motor Co Ltd said it will be ready to bring fully self-driving vehicles to market by 2020.

Wal-Mart to cover benefits for domestic partners

Wal-Mart will offer health insurance benefits to same-sex couples and domestic partners starting in 2014.

Sinopec Beats PetroChina as Refining Profit Boosts Net

China Petroleum & Chemical Corp. (386), Asia’s biggest refiner, posted a 24 percent increase in first-half net income after its refining business returned to profit, outperforming PetroChina Co.

Microsoft eyes new course as Steve Ballmer sets retirement

Microsoft chief executive Steve Ballmer announced Friday he would retire within 12 months, opening a new chapter for a company struggling to keep pace with the fast-changing tech sector.

UPS cuts insurance to 15,000 spouses, blames Obamacare

United Parcel Service is planning to drop 15,000 workers' spouses from its health insurance plan, citing higher costs due to Obamacare.

Microsoft chief Steve Ballmer to retire within 12 months

Microsoft chief executive Steve Ballmer is to retire from the technology giant within the next 12 months.

Panasonic to expand its business in lithium-ion batteries

OSAKA: Panasonic Corp will expand its lithium-ion battery business, which last year added to a near-record net loss but is now contributing to a turnaround strategy targeting the auto sector, people familiar with the plans said on Wednesday.

Eastman Kodak gains approval to come out of bankruptcy

Eastman Kodak has gained court approval to come out of bankruptcy as a much smaller digital imaging company.

Nissan seeks to extend Sunderland car plant

LONDON: Japan's Nissan Motor Co has applied for permission to extend its factory at Sunderland in north-east England, already Britain's largest car making plant, where it plans to produce its premium brand Infiniti from 2015.

UK has lost '40%' of its banks and building societies

Communities across the UK have lost more than 40% of their bank and building society branches since 1989, according to a new report.

Suzuki Motor Corp recalls 365, 506 cars in China over oil leakage issue

SHANGHAI: The Chinese venture of Japanese automaker Suzuki Motor Corp will recall 365,506 vehicles in China over possible oil leakage problems, China's quality watchdog said on Friday.

Swiss bank UBS repays its bailout loan

Switzerland's central bank has said a loan it granted to bail out troubled bank UBS five years ago has been repaid.

Glencore Xstrata posts jump in first-half copper output

ZURICH: Switzerland-based mining giant Glencore Xstrata said on Wednesday its copper production in the first half of the year jumped by 20 percent, thanks to ramped-up projects in Peru, Africa and Australia.

Cisco to cut 4,000 jobs despite strong profits

Network equipment giant Cisco Systems has announced plans to cut 4,000 jobs, about 5% of its workforce.

Domino's Pizza takes 75% stake in Japan business

SYDNEY: Australia's Domino's Pizza Enterprises said on Tuesday it is expanding into Asia, taking a 75 per cent stake in the fast-food brand's Japanese business for 12 billion yen (US $123.4 million).

Blackberry forms committee to explore possible sale

Smartphone maker Blackberry is exploring options for its business, which could see the company sold off. Timothy Dattels, a Blackberry board member, will head a new committee that will consider different business models, including partnerships.

Nestle sees slowing sales growth in price-conscious Europe

Nestle, the world's biggest consumer food group, says sales and profits are being held back by weak demand in Europe.

Tesco in talks with China Resources Enterprise

China Resources Enterprise (CRE) is in talks with the UK retailer Tesco about merging their hypermarkets and supermarkets in China.

Samsung Group units to wholly-own Germany's Novaled AG

SEOUL: Samsung Electronics Co Ltd and affiliate Cheil Industries Inc will acquire a 90 percent stake in Germany's Novaled AG for 311 billion won ($279.42 million), Cheil said on Friday.

Toyota just keeps roaring back

General Motors (GM, Fortune 500), Ford (F, Fortune 500), and Chrysler have been gaining ground from competitors, posting solid profits, and winning historic praise for the quality and drivability of their products.

McDonald's ties nine out of 10 workers to zero-hours contracts

McDonald's has emerged as potentially the biggest zero-hours employer in the private sector after admitting that it employs 90% of its entire workforce in Britain, or 82,800 staff, on the controversial terms.

Revlon to buy hair dye maker Colomer for $660 million

NEW YORK: Revlon is buying Colomer Group, which sells hair dye and other products to beauty salons, for about $660 million, saying the deal will help it reach new salon customers and could cut costs.

BMW to recall over 143,000 vehicles in China

SHANGHAI: BMW's China joint venture will recall 143,215 vehicles due to a problem related to their electric power steering system, the country's quality watchdog said on Monday.

EasyGroup to launch budget supermarket in Britain

EasyGroup Chairman Stelios Haji-Ioannou said on Sunday he planned to open a low-cost food retail business in Britain, easyFoodstore, aimed at undercutting prices at German discount grocers Aldi and Lidl.

Dell battle nears end after $350m cash increase

Personal computer tycoon Michael Dell is nearing victory in his battle to take private the company he founded three decades ago, after increasing his cash offer by at least $350m (£229m).

Phone company ordered to pay Calif. $24.4M in fees

LOS ANGELES (AP) -- A phone company owned by the world's richest man, Mexican billionaire Carlos Slim, has been ordered by the state's public utility regulator to pay California $24.4 million in unpaid fees and interest.

Energy companies to be at September oil conference in Libya

TRIPOLI, Libya, Aug. 2 (UPI) -- Delegates from national and multinational energy companies will address Libyan oil production at a September energy forum in Tripoli, the event organizer said.

Facebook shares soar 40% in a week on mobile ad revenue increase

Wall Street likes Facebook again. Shares in the social network todayreturned to their flotation price briefly for the first time since its disastrous initial public offering last year.

Barclays stock hit by £5.8bn cash call to plug shortfall

Barclays will issue £5.8bn in new shares as part of a move to plug a £12.8bn capital shortfall created by new regulatory demands.

Apple launches probe over China labor problems

Apple is taking action after being singled out once again for terrible working conditions in its suppliers' factories in China.

Suzuki to invest $611 million to build car plant in Indonesia

TOKYO: Suzuki Motor Corp is investing 60 billion yen ($611.4 million) to build a new passenger car plant in Indonesia, a spokesman said on Sunday, as Japanese automakers target the world's fourth most populous state.

Wonga row: Archbishop of Canterbury 'embarrassed' over Church funds

The Archbishop of Canterbury said he was "embarrassed" and "irritated" that the Church of England invested indirectly in online lender Wonga.

Samsung's record profit isn't good enough

Samsung is learning that difficult lesson Friday after reporting a record profit that nonetheless fell short of investor expectations.

Facebook shares soar 25% on strong mobile ad earnings

Shares in Facebook jumped by more than 25% at the market opening on Thursday, after it beat profit forecasts with stronger than expected mobile ad sales.

RBS fined £5.6m for incorrectly reporting trades

Royal Bank of Scotland has been fined £5.6m for failing to properly report almost 45 million trades. The fine relates to the period between November 2007 and February 2013 when regulators found mistakes in more than a third of the bank's transactions.

Most big US technology groups slip European tax net

LONDON: Most big US technology companies cut their tax bills by not declaring a tax residence in their main European markets, preventing tax authorities in those countries from even assessing their income, a Reuters analysis of hundreds of corporate filings shows.

McDonald's says eating-out market remains 'challenging'

McDonald's says the "informal eating-out market remains challenging" and that this will affect its results for the rest of the year.

German bank fund sees Commerzbank stake sale soon

FRANKFURT: Germany's bank bailout fund Soffin expects Berlin to sell its 17 percent stake in the country's second-biggest lender, Commerzbank, in the coming months, a German magazine reported on Saturday.

Panasonic pleads guilty in auto parts price-fixing case

Japanese electronics maker Panasonic has agreed to plead guilty to felony charges for its role in an auto parts price-fixing conspiracy involving at least 11 companies, the Justice Department announced Thursday.

China's economic slowdown takes toll on US companies

NEW YORK: It's official. China's slowdown is starting to hurt corporate America. As the world's second-largest economy - and still growing - China is seen as a primary source of revenue growth by the largest U.S. companies.

German finance minister says multinationals must pay fair taxes

BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble will push to stop multinational companies shifting profits to tax havens and is confident the Group of 20 nations meeting in Moscow this week will agree on common standards.

BP asks for temporary halt to Gulf compensation payments

BP has asked for a temporary halt to all compensation payments to people and businesses who say they lost money after the Gulf of Mexico oil disaster.

Barclays to fight $453 million power fine in US court

NEW YORK: Barclays will contest a record $453 million fine imposed by a US energy regulator against the British bank and four of its power traders, setting up a likely federal court battle.

Pay companies to hire youth, OECD suggests

PARIS :The plight of youth unemployment in developed economies is so severe it has prompted the OECD to call for more government intervention, possibly including paying companies to hire.

Microsoft and Blackberry cut Surface and Z10 prices

Microsoft and Blackberry have both cut prices on their flagship products in a bid to boost sales. Microsoft dropped the price of the 32GB Surface RT to £279 from £400 in the UK, with the 64GB model's price down by the same amount to £359.

JP Morgan and Wells Fargo post big jump in profits

JP Morgan has recorded a profit of $6.5bn (£4.3bn) for the second quarter of 2013, up 31% from a year ago.

Boeing's 787 problems return with Dreamliner fire in London

Just when Boeing thought its Dreamliner problems were over, the company faced a fresh crisis Friday when an empty 787 caught fire at London's Heathrow airport.

Chinese demand for Jaguar boosts JLR June sales

British luxury carmaker Jaguar Land Rover reported a 7 per cent rise in June sales as it sold more Jaguar cars in China, the company's fastest growing market.

Smartphone sales down to 8-9% in April-June triggered by rupee fall, consumer fatigue

KOLKATA: The booming Indian smartphone market seems to be losing steam as sales growth tapered down in the April-June quarter despite the launch of several new models and buyback and EMI schemes.

Telecom commission puts off divestment plans in TCIL

KOLKATA: The Telecom Commission has postponed the divestment plans in Telecommunications Consultants India (TCIL) as it is actively considering the proposals to raise cash by exiting Bharti Hexacom — in which TCIL holds 30% — a top TCIL executive told ET.

AIG, GE Capital tagged "systemically important," will face greater regulation

American International Group and GE Capital will face increased supervision after regulators announced Tuesday that the firms had been deemed systemically important and "potential threats to financial stability."

Honda aims to sell 36,000 Dream Neo bikes in Rajasthan in FY'14

JAIPUR: Honda Motorcycle and Scooter India (HMSI) aims to sell 36,000 units of its 100cc bike Dream Neo, which was launched here today, in Rajasthan this fiscal.

Lloyds Stake Said to Attract Interest From Davies-Led Group

Former Standard Chartered Plc Chairman Mervyn Davies is working to assemble an investor group to bid for part of the U.K. government’s stake in Lloyds Banking Group Plc (LLOY), according to a person with knowledge of the talks.

Duke Energy CEO wants pay-as-you-go construction

RALEIGH, N.C. (AP) -- The newly installed chief executive officer of Duke Energy Corp. wants to change how the utility is regulated in the Carolinas and Florida so that America's largest electric company can more easily pass along the cost of big power plants a little at a time.

Michael Dell is said to be encouraged by board to raise offer

Michael S Dell may have to dig deeper into his pockets if he wants his $24.4 billion bid for the computer company he founded to succeed.

Ford, General Motors, Chrysler urge 30-year tariff phase-out on Japan cars

WASHINGTON: Detroit automakers, following a failed effort to keep Japan out of regional free trade talks, outlined their fallback position on Tuesday, including a demand that U.S. auto tariffs be phased out in no less than 25 to 30 years.

BP compensation fund for Gulf oil spill victims at risk of running out

BP could soon run out of cash in the compensation fund set up for victims of the Deepwater Horizon disaster, unless it is successful in a legal challenge that will be heard in court next week.

Coal companies hit by oversupply, Obama

Coal company stocks have taken a hit lately, as a global oversupply and pending climate change rules from the Obama administration weigh on the sector.

Facebook removes ads from controversial pages to avoid boycott

Facebook has announced a major revamp of its advertising systems in an attempt to deal with concerns about offensive content.

No sign of BlackBerry turnaround in results, shares plunge

TORONTO: BlackBerry's market capitalization plunged by more than 25 per cent on Friday after the smartphone maker reported dismal quarterly results, prompting deeper investor skepticism of the company's long-promised turnaround.

Rolls-Royce 'regrets' Qantas A380 engine explosion

Rolls-Royce has said that it "regrets" the mid-air failure of one of its Trent 900 engines which happened on a Qantas A380 plane in November 2010. The explosion in the engine had forced an emergency landing of the plane.

Irish Want Obama to Keep Tax Breaks

The Irish government is preparing an intense lobbying campaign to persuade President-elect Barack Obama to keep almost 100,000 jobs in U.S. multinationals in Ireland.

Barnes & Noble Nook sales plunge

US bookstore chain Barnes & Noble has seen its fourth-quarter net loss more than double to $118.6m (£77m) as sales of its Nook e-books and devices continue to drop.

Vodafone agrees 7.7bn-euro deal to buy Kabel Deutschland

UK telecoms group Vodafone has agreed with the board of German cable operator Kabel Deutschland to buy the business for 7.7bn euros (£6.6bn; $10bn).

Companies ditch renting to cut property costs

LONDON: After decades of renting being the norm, companies with offices in the world's major cities are seeing more financial sense in buying their own buildings, prompted by a mix of cheap debt, stockpiled cash and new accounting rules.

Nokia M&A talk stirs share valuation rethink

HELSINKI: Investors alert to M&A speculation around Nokia are taking a fresh look at whether the struggling mobile handset maker's share price undervalues its assets and increasing signs of financial stability.

Manufacturing firms stuck in a rut, CBI survey shows

Britain's manufacturers have been stuck in a rut for the past three months, despite signs of a revival in other parts of the economy, according to the latest survey from the CBI.

FedEx posts higher-than expected profit, will cut more capacity

(Reuters) - FedEx Corp reported a higher-than-expected quarterly profit on Wednesday, sending its shares higher, but the world's biggest air-freight company said it was cutting more capacity between the United States and Asia.

Netflix looks for more original programming with DreamWorks deal

Video streaming service Netflix Inc will beef up its original programming menu through a new, multi-year deal with DreamWorks Animation SKG Inc, the maker of movies such as Shrek, Madagascar and Kung Fu Panda.

Microsoft releases data on US information requests

WASHINGTON: Microsoft has said it received between 6,000 and 7,000 criminal and national security requests from US authorities in the second half of last year related to 31,000 to 32,000 customer accounts.

Barclays seeks up to 700 staff for new Dallas technology hub

LONDON: Barclays is aiming to recruit up to 700 technology staff in the next 18 months at a new centre in the United States that will develop applications for investment banking and consumer banking.

Airbus A350 successfully completes maiden test flight

The newest aircraft from European planemaker Airbus has successfully completed its maiden test flight. The Airbus A350 is designed to be more fuel-efficient, and a direct competitor to US rival Boeing's 787 Dreamliner.

UK car production on track to overtake France by 2018

LONDON: Britain may overtake France as Europe's second largest automotive producer within the next five years if UK car sales and exports maintain current strong growth, industry executives said on Thursday.

Sainsbury's outperforms Tesco as sales growth continues

Sainbury's has reported steady growth in sales during the first quarter of 2013, as the grocer continues to outperform rival Tesco.

Volkswagen issues 1.2 bn euros of convertible bonds

FRANKFURT: Volkswagen will sell up to 1.2 billion euros ($1.6 billion) in bonds that will be converted into shares to bolster its car finance arm, the second such issue in seven months.

Obama Urged to Back Plan to List Owners of Shell Firms

Anticorruption activists have urged President Obama to back a plan to publicly register the owners of shell companies in the United States and around the world, a move they say is essential to thwart corrupt government officials, tax evaders and money launderers who rely on an opaque financial system.

Severn Trent rejects third takeover proposal from LongRiver consortium

Severn Trent took just a few hours on Friday evening to reject a third, improved takeover proposal from a consortium of determined financial investors seeking to take the FTSE 100 water firm private in a £5.3bn deal.

Wal-Mart Yearly Meeting Follows a Narrow Script

FAYETTEVILLE, Ark. — There were two Wal-Marts on display at the company’s shareholder meeting on Friday: the one Wal-Mart presented, and the one some investors and activists were complaining about.

Vodafone pays no UK corporation tax for second year running

Vodafone paid no UK corporation tax for a second year running last year as the world's second-largest mobile phone company benefited from tax breaks related to a multibillion-pound investment in spectrum licences and infrastructure.

General Motors CEO says dividend, share buyback possible

DETROIT: General Motors CEO Dan Akerson says the company's finances are sound enough to consider paying a dividend or even buying more stock from the US government.

Dell committee says Michael Dell deal better than Icahn proposal

NEW YORK: Dell says a buyout offer from shareholder Southeastern and billionaire investor Carl Icahn is about $3.9 billion short of the amount needed to pay shareholders as promised and operate the business.

Severn Trent rebuffs £5bn revised bid from LongRiver Partners

The water company Severn Trent has rejected a £4.96bn revised bid from a consortium of investors on the grounds that it failed to recognise the long-term future and potential of the company.

Japan Airlines finds fault on Boeing's modified Dreamliner: Reports

TOKYO: Japan Airlines found a fault with a modified Dreamliner on Sunday, reports said, a day after it resumed full operation of Boeing's flagship 787 fleet following battery problems.

Mitsubishi to buy grain company Los Gobo Ceagro do Brasil: Nikkei

Japanese trading house Mitsubishi Corp plans to acquire Brazilian grain company Los Grobo Ceagro do Brasil in a deal worth about 50 billion yen ($495 million), the Nikkei said on Friday.

Vodafone drops bid to run network in Burma amid human rights worries

Vodafone has pulled out of plans to build a mobile network in Burma, days before it was due to submit its final licence bid.The operator formed a joint venture with China Mobile and was preparing to deliver its formal bid to Burmese authorities on Monday.

Lloyds raises another £3.3bn in US mortgage bond deal

Lloyds has raised another £3.3bn as it continues to strengthen its reserves and dispose of assets that are not part of its main UK banking business.

Royal Bank of Scotland narrows proposals to buy 315 of its branches

Royal Bank of Scotland has narrowed a shortlist of prospective bidders for hundreds of branches it must sell, with JC Flowers and Apollo dropping out of the race, sources familiar with the matter said.

Cisco challenges Microsoft buy of Skype in EU court

BRUSSELS: Cisco Systems Inc, the world's leading network equipment maker, will try to convince Europe's second highest court on Wednesday that it should overturn the EU's approval of Microsoft's purchase of Skype.

EU quizzes telcos on Apple sales tactics against rivals

(Reuters) - EU antitrust regulators are seeking information whether Apple's iPhone distribution deals with mobile telecoms operators may be aimed at shutting out rival smartphones makers, in a move which could lead to a formal investigation into Apple.

RBS prepares succession plan for Hester

Royal Bank of Scotland is grooming Nathan Bostock, the state-backed lender’s restructuring boss, for the top job as part of long-term plans to replace chief executive Stephen Hester.

Ireland considering reform of corporate tax system: paper

DUBLIN (Reuters) - The Irish government is examining options to close a loophole in its tax system that has allowed multinational companies to significantly reduce taxes they pay on profits, the Sunday Business Post newspaper reported.

News Corp to take charge of up to $1.4 billion this quarter

News Corp said on Friday it will write down the value of its Australian and US publishing assets by up to $1.4 billion, as the company prepares to split its business between its newspaper and entertainment operations.

France won't force companies to cap executive pay

PARIS: The French government is trying to woo executives and entrepreneurs, amid concerns that it has antagonized the businesses needed to reinvigorate the economy.

European Union wants big companies to reveal national tax bills

BRUSSELS: Europe's top regulatory official is seeking to force large companies to disclose how much tax they pay in each country where they operate, a measure some politicians say could curb tax avoidance.

Nestle expands Singapore R&D amid Asia market growth

GENEVA: Swiss-based global food giant NestleBSE 1.20 % said Wednesday that it had expanded its research and development operations in Singapore, amid robust Asian market growth.

Royal Mail profits jump as parcel sales rise

Royal Mail's annual profits have more than doubled, helped by strong growth in parcel deliveries as more people shop online.

Apple to face tax grilling

The Apple chief executive is likely to be asked to justify why his company reports a 25.2 per cent tax rate, yet pays 15 per cent to the US authorities and then sets aside additional cash for possible future tax liabilities.

Yahoo 'to buy Tumblr for $1.1bn'

Yahoo's board has approved a deal to buy New York-based blogging service Tumblr for $1.1bn (£725m; 857m euros), US media reports say.

Honda Returns to F1 Racing as Engine Supplier to McLaren

Honda Motor Co. (7267) will return to Formula One as an engine supplier to help develop its technology after exiting the racing series in 2008.

Sony investor Daniel Loeb urges company break-up

One of Sony's biggest shareholders has suggested that the Japanese firm should spin off up to 20% of its entertainment business and use the money to shore up its struggling electronics arm.

Big 4 US cellphone companies unite on anti-texting advertisement

NEW YORK: The four biggest US cellphone companies are set to launch their first joint advertising campaign against texting while driving, uniting behind AT&T's ``It Can Wait'' slogan to blanket TV and radio this summer.

Oil company offices raided in EU pricing probe

The offices of several firms involved in the oil market have been raided by European Commission officials.

Gas use up 18% on cold weather, British Gas says

Centrica, which owns British Gas, says gas use in the first four months of 2013 was almost a fifth higher than last year because of the cold weather.

UK's top companies condemned for prolific use of tax havens

The UK's 100 biggest public companies are running more than 8,000 subsidiaries or joint ventures in onshore and offshore tax havens, according to research published on Monday, raising fresh concerns about the full extent of corporate tax avoidance.

Chevrolet Corvette probed by US regulators for headlamp issue

DETROIT: US safety regulators said on Friday they have opened an investigation into possible problems with the headlights on General Motors Co's model year 2005 to 2007 Chevrolet Corvette sports cars.

Moody's downgrades Co-op Bank's debt rating to 'junk'

Ratings agency Moody's has downgraded the Co-operative Bank's debt rating to "junk" status, citing fears that it is vulnerable to potential losses.

Ford tells shareholders to be patient about stock price

WILMINGTON: The executive chairman of Ford Motor Co asked for patience from investors who pressed him about the company's languishing stock price at the automaker's annual meeting on Thursday.

Barratt says market 'most positive for five years'

Housebuilder Barratt Developments has said market conditions are "the most positive we have seen for five years".

Coca-Cola goes global with anti-obesity push; to make lower-calorie drinks

NEW YORK: Coca-Cola says it will work to make lower-calorie drinks and clear nutrition information more widely available around the world.

EU backs Apple in Google's Motorola patent move

BRUSSELS: EU anti-trust officials said on Monday that Google-owned Motorola was abusing its leading position in Germany's mobile phone market by filing a patent injunction against Apple over some core smartphone functions.

Firms rush to relocate in low-tax Britain

More than 40 multinational companies have inquired about relocating their headquarters to the UK because of the cuts in corporation tax.

Nigerian regulator aims to limit MTN mobile dominance

ABUJA (Reuters) - Nigeria's telecoms regulator has ordered South African mobile operator MTN to charge customers the same rate whether calling rival operators or other MTN users, in order to reduce its market dominance, it said on Friday.

RBS sees government stake sale next year as it posts quarterly profits of £826m

Royal Bank of Scotland has reported its best quarterly result in more than a year with a pre-tax profit of £826m and said it expects the goverment to be able to start selling its stake it the lender by the middle of next year or even earlier.

BMW profits fall on tougher European markets

BMW saw profits fall in the first quarter of 2013 after the carmaker suffered tougher trading in Europe.

Google faces fresh grilling by MPs over tax

Matt Brittin, head of Google's northern European operations, will be called again to face the Public Accounts Committee, along with its auditor Ernst & Young.

Gazprom profits fall 10 per cent in 2012

MOSCOW: The world's largest gas company Gazprom today reported $ 38 billion in net profits for 2012, the third-biggest profits of any global company, but the figure was down around 10 per cent from the year earlier due to falling sales and rising costs.

Apple lays groundwork for first debt sale ever

LONDON: Apple took initial steps Monday for what would be its first debt sale ever, as the US computer giant lays the groundwork for what would be one of the most anticipated bond sales of the year.

Volkswagen committed to European plants: CEO Martin Winterkorn

VIENNA: German carmaker Volkswagen will keep its plants in Europe despite weak markets in the region that will require flexible manufacturing and could entail cuts to temporary staff, Chief Executive Martin Winterkorn said.

Honda profits boosted by weaker yen and overseas sales

Honda has reported a 74% jump in annual profits, boosted by a recovery in overseas sales and a weak Japanese yen.

Samsung Electronics profits boosted by smartphone sales

Samsung Electronics has posted a record quarterly profit, boosted mainly by growing sales of its smartphones. It made a net profit of 7.15tn won ($6.4bn; £4.2bn) during the period, up from 5.05tn won a year ago.

International deliveries seen boosting UPS in near term

(Reuters) - United Parcel Service Inc , the world's No. 1 package delivery company, said its international package business will drive results in the near term and that it expects the small-package market to grow faster than the U.S. economy in 2013.

Google rivals criticise offer to end EU competition investigation

Google's rivals have begun to weigh in on the detail of concessions it has offered to European competition watchdogs, as the search engine aims to avoid costly litigation.

Dreamliner: Boeing 'may never find battery fault cause'

Boeing has admitted that it may never know what caused the battery malfunctions that resulted in all its 787 Dreamliner aircraft being grounded.

Blackstone founder's Rhodes-style China scholarship

Stephen Schwarzman, the billionaire founder of private equity giant Blackstone, is spearheading a drive to create an elite international education programme in China modelled on the 111-year-old Rhodes Scholarship.

General Electric profits lifted by NBC stake sale

General Electric has reported a 16% rise in first quarter profits, helped by a one-off gain from the sale of its stake in NBC Universal.

Bruising fall for Apple shares: Is the company no longer a market dictator?

Where's the old love, Apple? Wall Street has turned viciously on its one-time iDarling.

Coca-Cola profits lose fizz in Europe

Profits at soft drink giant Coca-Cola have fallen by 15% on the back of sagging sales in the US and recession-hit Europe.

Citigroup profit rises 31 pc as investment banking grows

Citigroup Inc reported a higher-than-expected 31 percent rise in first-quarter profit on Monday as revenue from its securities and investment banking business swelled.

Obama Budget Cuts Set to Squeeze Infosys’ Sales: Corporate India

nfosys Ltd. (INFO), the Indian software developer which plunged last week after forecasting sales that lagged estimates, may struggle to win clients as U.S. President Barack Obama’s $85 billion in spending cuts prompts companies to rein in spending.

Google launches tool to determine data use after death

Google will allow users to decide what happens to their data after they die or become inactive online, the first major company to deal with the sensitive issue.

JP Morgan makes record quarterly profit

JP Morgan has reported record first quarter profits of $6.5bn (£4.2bn) and says there are signs the US economy is "healthy and getting stronger".

Tesco expected to scrap struggling US grocery chain Fresh & Easy

More than five years ago, Tesco planted its flag firmly on US shores by launching the Fresh & Easy chain. Next week, Britain's largest supermarket owner is set to confirm that it is abandoning the venture, having sunk £1bn into its doomed transatlantic foray.

Nissan to make new van at Renault French site: Sources

PARIS: Nissan plans to move production of a mid-sized van from Spain to Renault's Sandouville plant in France, sources said, helping its French alliance partner keep a pledge to raise domestic output in return for union concessions.

Microsoft accuses Google of pushing services to Android

Microsoft has accused rival Google of pushing Android handset makers to use its applications such as YouTube and Maps.

Cloudy outlook makes Canadian companies shy of investment

OTTAWA (Reuters) - Canadian businesses see a challenging year ahead after surviving the weakest two quarters of growth since the 2008-09 recession, and they expect only modest sales growth, cautious investment, and tame inflation, a Bank of Canada poll showed on Monday.

Avon Products Inc plans to cut over 400 jobs, exit Ireland

Avon Products Inc said on Monday it will slash more than 400 jobs as part of a turnaround plan aimed at restoring the cosmetics maker to profitability.

Canada provides £170m loan to Telefónica to help save BlackBerry

Canada has provided a £170m loan facility to European telecoms firm Telefónica to help it buy BlackBerry products and services, as the Ontario-based company tries to recover from a year in which it made a £425m loss and revenues fell 40%.

'Green' car maker Fisker fires 75 pct of workforce

DETROIT: Fisker Automotive, the struggling government-backed hybrid sports car maker, on Friday terminated most of its rank-and-file employees in what sources said was a last-ditch effort to conserve cash and stave off a potential bankruptcy filing.

Facebook releases 'home' software for Android phones

Facebook is releasing software that puts feeds from the social network on the home page of Android phones.

Mortgage rates set for fall, Bank of England survey shows

Mortgage rates are about to drop “significantly” over the next three months, a Bank of England survey discovered, offering an extra boost to the housing market in the wake of government measures unveiled in the Budget.

Verizon denies interest in buying Vodafone

US telecoms group Verizon Communications has denied that it wants to buy or merge with UK mobile phone operator Vodafone.

UK retailers boosted as investment pours into shopping centres

Britain’s retail industry has received a welcome vote of confidence after a spike in investment in shopping centres this year.

Panasonic investigated in US for alleged bribes: Report

WASHINGTON: The US government is investigating whether a unit of Japanese electronics giant Panasonic Corporation paid bribes abroad to facilitate business deals, The Wall Street Journal reported Monday.

Apple denied iPad Mini US trademark

Apple has been denied a trademark for the popular iPad Mini by the US Patent and Trademark Office.

Foreign firms seek action from China's new leaders

BEIJING: Foreign companies in China say they want the country's new leadership to act on pledges to reduce bureaucracy and remove investment barriers as the business climate gets tougher, the American Chamber of Commerce in China said Friday.

BP to go ahead with $500 million Shetlands investment

LONDON (Reuters) - British oil group BP is pressing ahead with a $500 million-plus investment in the Shetland Islands, a shot in the arm for the government's efforts to revive the North Sea oil industry to help kickstart a flagging economy.

Wal-Mart may get customers to deliver packages to online buyers

SAN FRANCISCO: Wal-Mart Stores Inc is considering a radical plan to have store customers deliver packages to online buyers, a new twist on speedier delivery services that the company hopes will enable it to better compete with Amazon.com Inc.

Prudential fined £30m over AIA bid

Insurance giant Prudential has been fined £30m by regulators over its 2010 bid to buy AIA, an Asian subsidiary of US insurer AIG.

Sharp says no investment deal with Taiwan's Hon Hai

TOKYO: The deadline for a crucial capital injection in Sharp from Taiwan's Hon Hai Precision lapsed Tuesday without any deal, the struggling Japanese electronics giant said, citing regulatory hurdles.

Bankia Stock Value Is Nearly Wiped Out Under Recapitalization Plan

MADRID — Shares in Bankia, the giant Spanish mortgage lender whose collapse last year led to a banking crisis in Spain, slumped Monday in the first day of trading after regulators wiped out most of the stock’s value.

Airbus-Boeing battle shifts to Indonesia

JAKARTA: A new rivalry between the world's biggest planemakers is heating up in Indonesia after a record deal for Airbus in a market with huge potential that until now has been a "fortress" for Boeing.

BP to buy back $8bn in shares after Russian sale

Oil giant BP has said it will buy back $8bn (£5.2bn) of shares, returning to shareholders the money they had put into a complicated Russian venture.

H&M profits fall amid tough economy, bad weather

STOCKHOLM (AP) — Swedish fashion retailer Hennes & Mauritz AB reported Thursday a 10 percent fall in its first-quarter net profit, to 2.46 billion kronar ($380 million), mainly due to unfavorable weather conditions and a tough economic climate.

Apple brand less 'inspiring', survey says

Technology giant Apple is perceived as less "inspiring" than it was three years ago, a brand survey suggests.

Weak Europe, U.S. weighs on Volvo February shipments

STOCKHOLM (Reuters) - World number two truck maker Volvo said on Wednesday that shipments of its trucks fell 26 percent year-on-year in February as lingering weakness in Europe and North America offset stronger demand in Latin America.

US companies stash more cash abroad, tax likely factor: report

WASHINGTON: Apple Inc, Microsoft Corp, PfizerBSE -0.04 % Inc and other big US multinational corporations boosted cash held offshore in 2012, likely in an effort to flee US taxes, said a report released on Tuesday.

Dreamliner: Boeing says flights to restart in 'weeks'

Boeing has said that it expects commercial flights of its Dreamliner 787 plane to restart within "weeks".

Can US airlines attract investors with better returns?

ATLANTA: US airline stocks, long derided as investment duds, have been gaining altitude in recent years. Now, some see room for them to fly even higher. Recent mergers have brought in new, profit-focused managements who are running larger, leaner operations than in the past.

JP Morgan accused of hiding losses by Senate report

US bank JPMorgan Chase has been accused of hiding its huge trading losses by a US Senate panel. The bank lost $6.2bn (£4.1bn) in trades last year by an employee nicknamed the London Whale.

Samsung set for crucial Galaxy S4 smartphone launch

Samsung is set to launch a device in its flagship premium smartphone range, expected to be named the Galaxy S4. It follows the S3, a handset that has sold more than 40 million units. The Galaxy handsets are seen as the closest competitor to Apple's iPhone.

Banking reform 'still does not go far enough'

The government's proposed reforms of the banking sector still do not go far enough, according to a banking commission set up in the wake of the Libor scandal.

European Union mulls cut in executive salaries of listed companies

BRUSSELS: After reaching an agreement last week to cap bankers' bonuses, the European Union plans to rein in the salaries of managers and board members of all stock exchange listed companies across the EU block.

Sony Chairman Howard Stringer Says He’ll Retire in June

Sony Corp. (6758) board Chairman Howard Stringer, who became the first non-Japanese executive to lead the company, said he will retire in June.

News Corp will start its new life with $2.6bn after split

Rupert Murdoch's News Corp will start its new life primarily as a publishing company with no debt and $2.6bn (£1.7bn) in cash when it is spun off.

Barclays and RBS disclose number of staff paid £1m-plus

A total of 428 employees of Barclays and 93 at RBS earned more than £1m last year, the banks have disclosed. Five members of staff were paid more than £5m, the Barclays said, but they did not include the chief executive, Antony Jenkins, who received £2.6m.

Workers don't share in companies' productivity gains

Companies are on a tear in terms of productivity and profits, but they aren't sharing much of the gains with their workers.

Samsung in final talks to take 3% stake in Sharp: Sources

TOKYO: South Korea's Samsung Electronics is in final talks with Sharp Corp to invest about 10 billion yen ($107 million) for a 3 percent stake in the Japanese company, two sources familiar with the discussions told Reuters.

Singapore's Temasek raises stake in Spain's Repsol

MADRID: Spanish oil group Repsol has sold a 5 percent stake to Singapore's government fund, Temasek, in a further step towards financial stability after the sale last week of gas assets to Shell.

HSBC pays $4.2bn for fines and mis-selling in 2012

HSBC paid out $4.2bn (£2.8bn) last year to cover the cost of past wrongdoing. As well as $1.9bn in fines for money laundering, the bank also set aside another $2.3bn for mis-selling financial products in the UK.

Swiss Voters Approve Limits on ‘Fat Cat’ Executive Pay

Swiss voters approved some of the world’s toughest limits on executives’ pay in a referendum, a move critics say could make Switzerland less attractive to multinational corporations.

US judge orders cut in Samsung payout to Apple

A judge in the US has ordered $1bn (£660.4m) in damages awarded to Apple last year against Samsung be cut by 40%, and set a new trial to assess the level of damages.

US factories grow at fastest pace since June 2011

WASHINGTON: US manufacturing expanded in February at the fastest pace since June 2011, buoyed by increases in new orders and production.

Apple CEO Tim Cook to face investors with $137 billion on their mind

SAN FRANCISCO: As Apple CEO Tim Cook takes the stage at this year's shareholder meeting, he may not get the reception he received in 2012, when investors lauded the company's performance and rising shares.

Mizuho hunting for banking assets in Asia, U.S

TOKYO (Reuters) - Mizuho Financial Group Inc , Japan's second-largest lender by assets, is looking to further expand overseas by acquiring either an Asian investment bank or a U.S. commercial bank over the next three years.

JP Morgan Chase takes job cuts up to 19,000

JP Morgan Chase has increased its planned job cuts to 19,000 by the end of next year.

Vodafone can invest in Europe without Verizon sale, says CEO

BARCELONA: Vodafone says that it does not need to sell part of its stake in the highly profitable Verizon Wireless joint venture in the United States to bolster its position in Europe.

Analysis: U.S. companies plan to spend, a boost for the economy

(Reuters) - U.S. companies' capital spending plans are holding up, and mostly exceeding Wall Street forecasts, in the face of policy concerns created by arguments in Washington over the fiscal cliff, the debt ceiling and now automatic spending cuts.

Wal-Mart warns of weak sales throughout quarter

Wal-Mart said sales were slow at the start of the month and warned they would remain sluggish throughout the February to April quarter.

Toyota aims for record global production in 2013

TOKYO: Toyota Motor Corp plans to make a record 8.79 million vehicles under the Toyota and Lexus brands in 2013 and 9.5 million in 2014, a member of the Toyota labour union federation said on Wednesday.

Boeing's latest problem: Strike threat

The last thing Boeing needs right now is a strike but that may just happen after 11,000 technical workers voted to reject a new contract in a dispute that could shut its assembly lines.

Ford, Peugeot and Toyota lead Europe auto sales to new low

PARIS: Ford, PSA Peugeot Citroen and Toyota led European car sales to a new low in January, kicking off 2013 with an 8.5 percent decline, the Association of European carmakers said on Tuesday.

US factory output falls on weak auto production

WASHINGTON: US factories slowed production in January after two solid months of cranking out goods. The weakness reflected a big drop in output at auto factories that is likely temporary.

Airbus A350 to avoid Boeing 787-style lithium-ion batteries

Airbus says it will not use lithium-ion batteries in its forthcoming A350 plane because of problems that have grounded rival Boeing's 787 Dreamliner.

Rolls-Royce sees good profit growth after 2012 jump

LONDON: Britain's Rolls-Royce reported a 24 percent rise in full-year profit, led by strong growth at its civil aerospace unit and a strong performance at Tognum, its marine and industrial engine joint venture with Daimler.

US companies restocked at slower pace in December

WASHINGTON (AP) — U.S. companies restocked their store shelves and warehouses at a slower pace in December, a sign of caution as sales weakened.

Coca-Cola warns of volatile year to come

Coca-Cola, the world's biggest soft-drinks maker, saw sales in Europe and China fall in the last quarter of 2012 and warned the year ahead would be unpredictable.

Barclays misled shareholders about source of £3bn

Barclays misled shareholders and the public about one of the biggest investments in the bank's history, a BBC Panorama investigation has found.

Dell shareholder rejects bid by founder Michael Dell

The largest independent shareholder in PC-maker Dell has vowed to oppose a plan by its founder, Michael Dell, to buy back the company.

McDonald's sales fall again amid weakness in Asia

NEW YORK: McDonald's says a key sales figure dropped again in January as the world's biggest hamburger chain struggled with ongoing weakness in Japan and supply chain issues in China.

Boeing gets permission for Dreamliner test flights

The US Federal Aviation Administration (FAA) has allowed Boeing to carry out test flights of 787 Dreamliner planes.

Sony cuts quarterly losses amid recovery hopes

Signs that Sony's recovery plan may be working came with news that the struggling electronics group has cut its quarterly losses.

Fujitsu, Panasonic to merge chip business in FY 2013: Report

TOKYO: Fujitsu Ltd and Panasonic Corp will merge their chip units in the next fiscal year, sources said, in the latest example of Japanese firms combining struggling units to compete with the likes of South Korea's Samsung Electronics Co Ltd..

Dell computers to be bought back by founder Michael Dell

Michael Dell has said he will buy back the world's number three PC-maker that he founded and that carries his name. Along with technology investor Silver Lake, and with financial backing from Microsoft, he will offer to buy the firm for $24.4bn (£15.5bn).

Samsung gains tablet market share as Apple lead narrows

Samsung doubled its share of the tablet PC market in the last three months of 2012, research firm IDC has said.

Suzuki hasn't posted profit in Europe since 2008: Report

FRANKFURT: Japanese carmaker Suzuki has failed to post a profit for its European operations in four years and cannot say when it will cease posting losses, its regional chief told Germany's WirtschaftsWoche.

January auto sales indicate strong start to 2013

DETROIT (Reuters) - U.S. auto sales rose 14 percent in January, kicking off the industry's fourth straight year of recovery since the depths of recession as American consumers increasingly sought to replace their aging cars and trucks.

Mattel raises prices after ho-hum holiday quarter

(Reuters) - Mattel Inc , the maker of Barbie dolls and Hot Wheels cars, is raising prices globally as it looks to rebound from a lackluster holiday selling season plagued by concerns about the U.S. economy.

Banks to pay for 'swap' mis-selling, FSA demands

Four banks will now compensate tens of thousands of small businesses who were mis-sold complex insurance deals, says the Financial Services Authority.

BlackBerry maker changes its name and launches long-awaited BlackBerry 10

The future of once-mighty Research in Motion rests on its new Blackberry 10 operating system -- a fact RIM played up Wednesday by changing its name to BlackBerry.

Toyota reclaims world's top vehicle maker title

Japanese carmaker Toyota has regained its slot as the world's biggest vehicle maker, capping a year of a dramatic turnaround in its fortunes.

Vikram Pandit, ex-Morgan Stanley boss John Mack begin to co-invest with Indian PE fund GTI Capital

MUMBAI: Two former bosses of multinational banks, Vikram Pandit of Citi and John Mack of Morgan Stanley, are among a few high net-worth individuals co-investing with Indian private equity fund GTI Capital, to purchase stake in Indian companies.

US companies offset weak sales growth with fat margins

After four years of belt-tightening, American companies are good at squeezing more profit out of every dollar of sales - a skill that chief executives regard as critical in the face of an uncertain economy.

Davos 2013: Carney says next two years decisive for banks

The incoming governor of the Bank of England has said the next two years will be "decisive" for bank reform.

PepsiCo replacing Gatorade ingredient after online petition

PepsiCo Inc is removing a controversial chemical from its Gatorade drinks following concerns from consumers and an online petition by a Mississippi teenager.

Apple shares fall 12% on growth fears

Apple shares have tumbled 12% as investors fret over whether the company could lose its dominance in the smartphone market.

French multinationals, Iran to team up in Lebanon energy projects

The French multinational energy corporations Total SA and GDF Suez SA have invited Iran to cooperate with them in oil and gas projects in Lebanon, according to the representative of a French company.

Dreamliner: Japan and US probe battery maker

US and Japanese authorities have begun a joint investigation into GS Yuasa, the Japanese battery maker for Boeing's troubled 787 Dreamliner aircraft. It comes after an All Nippon Airways (ANA) 787 had to make an emergency landing due to a battery malfunction.

Google says Wall Street estimates need adjusting

SAN FRANCISCO: Google Inc issued a rare advisory to Wall Street on Friday that analyst estimates for its fourth quarter financial results are flawed.

'Buddy' scheme to give more multinationals access to ministers

The government is expanding a controversial scheme which pairs dozens of multinational companies with a ministerial "buddy", giving them privileged access to the heart of government, the Guardian has learned.

Ireland recalls 10 mln burgers on horsemeat fears

DUBLIN (AP) — An Irish meat processor recalled 10 million burgers Wednesday from supermarkets across Ireland and Britain amid fears that many could contain horsemeat, a discovery that poses no danger to public health but threatens to undermine the beef business central to Ireland's rural economy.

Nike investigates Indonesian suppliers over wage abuse

JAKARTA: US sporting goods giant Nike said Tuesday it was investigating claims by labour activists that its manufacturers in Indonesia were trying to evade paying its workers the minimum wage.

Apple shares hit by iPhone 5 order fears

Shares in technology giant Apple have fallen by more than 3% in early trading after reports suggested orders for its iPhone 5 had been lower than expected.

Ford takes next step of Lincoln overhaul with lux crossover

DETROIT: Ford Motor Co will unveil this week a luxury crossover designed to help the company gain a foothold in a fast-growing and profitable segment of the US luxury automotive market.

Honda to cut 800 jobs in Swindon

Honda is planning to cut 800 jobs at its Swindon plant, blaming weak demand across Europe. The Japanese carmaker, which began manufacturing there in 1992, has been hard hit by the eurozone crisis.