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New Xbox more than a game console for Microsoft

Sat, 18 May 2013 23:17:07 +0800

By Malathi Nayak and Bill Rigby SAN FRANCISCO/SEATTLE (Reuters) - Microsoft Corp is set to make a splash this week with the eagerly awaited unveiling of its new Xbox game console, eight years after the last version, as it seeks a larger share of the $65 billion a year global computer gaming industry. But the small device faces some big competition from the PlayStation 4 by Sony Corp and the Wii U by Nintendo Co Ltd in a shifting market. ...

India could face junk status, S&P warns

Sat, 18 May 2013 19:48:59 +0800

India faces at least "a one-in-three" chance of losing its prized sovereign grade rating, global ratings agency Standard and Poor's has warned, amid new threats to economic growth and reforms.

Three new suicides at Apple supplier's China factory

Sat, 18 May 2013 19:45:14 +0800

Three Foxconn workers have committed suicide at a factory in China in the past three weeks, a labour rights group said on Saturday.

India Walmart lobby case 'closed'

Sat, 18 May 2013 19:04:24 +0800

India's investigation into whether Walmart may have bribed Indian officials to gain wider access to the country's vast market has been "closed" due to lack of evidence, a report said on Saturday.

Exclusive: EU cites Chinese telecoms Huawei and ZTE for trade violations

Sat, 18 May 2013 15:25:41 +0800

By Daniel Bases NEW YORK (Reuters) - Europe's top trade official for the first time late on Friday officially cited Chinese mobile telecommunications equipment makers Huawei and ZTE Corp for violating anti-dumping and anti-subsidy guidelines. European Union Trade Commissioner Karel De Gucht said he was prepared to launch a formal investigation into anti-competitive behavior by these Chinese companies in order to protect a "strategic" sector of Europe's economy. ...

China 'will not accept' carbon tax on EU flights: report

Sat, 18 May 2013 13:10:00 +0800

China will not pay for CO2 emissions by its airlines on flights within Europe, a top civil aviation official reportedly said after the European Commission warned eight Chinese firms face fines for nonpayment.

Shares in India's JM Financial soar on Pandit stake buy

Sat, 18 May 2013 04:42:29 +0800

Shares in India's JM Financial Ltd jumped nearly 17 percent Friday after the group said former Citigroup chief executive Vikram Pandit was buying a stake in the financial services company.

Greek PM in China touts country as European 'gateway'

Sat, 18 May 2013 04:22:37 +0800

Greek Prime Minister Antonis Samaras on Friday touted his troubled but improving economy as an attractive entry point for Chinese investment into the European Union.

After Google, Amazon to be grilled on UK tax presence

Fri, 17 May 2013 21:17:37 +0800

By Tom Bergin LONDON (Reuters) - Internet retailer Amazon.com Inc. will be called back to the British parliament to clarify how its activities in the UK justify its low corporate income tax bill, two lawmakers told Reuters. Amazon will follow search giant Google, which attended another grilling by parliament's Public Affairs Committee (PAC) over its tax affairs on Thursday. A Reuters report earlier this month raised questions over Google's earlier assertions that its UK-based staff don't sell to customers. ...

Google's Schmidt to meet Britain's Cameron as tax row rages

Fri, 17 May 2013 19:58:10 +0800

LONDON (Reuters) - Google Inc's Executive Chairman Eric Schmidt is due to meet British Prime Minister David Cameron on Monday as a participant of an advisory group just days after UK lawmakers lambasted the Internet company's tax affairs. The meeting is a routine one and has been long-planned, will include other high-profile business people, and tax evasion is not on the agenda, a government source told Reuters. ...

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

Fri, 17 May 2013 18:05:40 +0800

Malaysia's UMW Holdings Bhd plans to sell 39 percent of its oil and gas unit in an initial public offering this year that could raise up to $1 billion, a source said Friday.

Rio Tinto puts largest 'red' diamond on market

Fri, 17 May 2013 16:04:30 +0800

Rio Tinto said Friday it was putting up for sale the biggest "red" diamond ever produced by its Australian mine amid an "explosion" in demand from Asia for the rare pink-hued stones.

ANA reports fault on modified Dreamliner

Fri, 17 May 2013 16:03:57 +0800

Japan's All Nippon Airways on Friday said a modified Dreamliner had experienced a fault earlier this month, but insisted it would not affect the restart of the high-tech planes.

Bangladesh economic growth slows to four-year low

Fri, 17 May 2013 14:38:03 +0800

Troubled Bangladesh's economy is forecast to have grown at a four-year low of 6.03 percent in the fiscal year to June, more than a percentage point below the government target, officials said on Friday.

Deal sees Auckland Blues operations part-privatised

Fri, 17 May 2013 13:55:22 +0800

The licence to operate the Auckland Blues Super 15 franchise has been partially sold-off to a private investment firm, the New Zealand Rugby Union (NZRU) said on Friday.

Tycoon says Australia treating mining firms as ATMs

Fri, 17 May 2013 11:15:57 +0800

Australia's richest person Gina Rinehart on Friday accused the government of using the mining industry as an ATM, warning of an unhealthy reliance on the sector and unsustainable debt levels.

Dell's profit dives as billionaire battle rages on

Fri, 17 May 2013 08:35:50 +0800

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

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

Fri, 17 May 2013 08:13:02 +0800

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

Asia shares rise, led by Tokyo on economy hopes

Fri, 17 May 2013 08:08:06 +0800

Asian shares mostly rose on Friday, led by fresh gains in Tokyo on growing expectations for Japan's economic recovery on the back of its new government's economic measures.

Bangladesh factory safety deal hailed as landmark

Fri, 17 May 2013 04:34:33 +0800

Two global labour umbrella groups on Thursday praised top retailers for joining their drive to make Bangladesh's garment factories safer, after 1,127 people died in a factory collapse last month.

Singapore Airlines full-year net profit up 12.8 percent

Fri, 17 May 2013 02:05:10 +0800

Singapore Airlines said Thursday its net profit in the year ending March rose 12.8 percent, boosted by surplus from the sale of aircraft, spares and spare engines, but warned the outlook remained bleak.

LulzSec hackers who "wreaked havoc" at Sony jailed in UK

Fri, 17 May 2013 01:50:42 +0800

By Li-mei Hoang LONDON (Reuters) - A group of British hackers who "ran riot" causing millions of dollars of damage to computer networks run by Sony, the CIA and other agencies were sentenced to jail terms on Thursday. Police said four men, members of the hacking collective known as "LulzSec", put thousands of internet users' personal data at risk through their high-profile cyber attacks in 2011. ...

SLeone, China sign huge infrastructure deal

Fri, 17 May 2013 00:27:28 +0800

China has signed a $6 billion mining and construction deal with Sierra Leone, which the west African nation said Thursday would boost an economy still recovering from an 11-year civil war.

UK lawmakers challenge Google's 'smoke and mirrors' on tax

Thu, 16 May 2013 23:56:58 +0800

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

China warns EU to drop telecom probe, solar panel tax

Thu, 16 May 2013 19:34:56 +0800

China warned the European Union against escalating trade disputes Thursday, urging Brussels to drop plans to probe Chinese telecom products and impose hefty taxes on its solar panels.

Struggling Singapore Airlines fights back to boost growth

Thu, 16 May 2013 05:14:53 +0800

By Anshuman Daga SINGAPORE, May 16 (Reuters) - Singapore Airlines Ltd, caught between the rapid emergence of Gulf carriersand low cost Asian rivals, is attempting a big strategy overhaulto revive growth, pushing into the low-cost segment andexpanding its regional network. State-backed Emirates Airline, Etihad Airways and QatarAirways are stitching deals, while Gulf states race to becomeregional hubs linking the Asia-Pacific region and Europe. SIA's promotional fares on its mainstay long-haul routeshave helped it boost traffic, but yields are under pressure. ...

EU warns China of telecoms probe

Thu, 16 May 2013 02:45:00 +0800

The EU has alerted China to its decision to launch an anti-dumping and anti-subsidy probe involving the mobile telecommunications networks sector, Trade Commissioner Karel De Gucht announced on Wednesday.

Malaysian growth slows in first quarter

Wed, 15 May 2013 22:44:16 +0800

Malaysia's economy grew a solid but slower than expected 4.1 percent in the first quarter as weak manufacturing and mining dragged on overall performance, according to data announced Wednesday.

Honda 'to announce Formula One comeback'

Wed, 15 May 2013 22:36:41 +0800

Honda are expected to announce shortly they will return to Formula One in 2015 as an engine supplier to British team McLaren to revive their championship-winning partnership, a company source said Wednesday.

Sri Lanka hype runs out as economy struggles

Wed, 15 May 2013 22:12:08 +0800

After crushing Tamil rebels four years ago Sri Lanka expected to become South Asia's tiger economy, but exuberance has given way to mediocre growth and fears of more trouble ahead.

Asia shares gain, Tokyo jumps as yen tumbles

Wed, 15 May 2013 18:18:59 +0800

Asian shares were mostly higher Wednesday, with the tumbling yen pushing Japanese stocks to a fresh multi-year high as improving confidence in the US economy boosted prospects for regional exporters.

Sony shares surges after US fund proposes spin-off

Wed, 15 May 2013 16:51:51 +0800

Sony shares rocketed Wednesday after a US hedge fund called for the partial sell-off of its entertainment unit, in a rare bid by a major foreign shareholder to penetrate Japan's staid corporate culture.

HSBC to cut $2-3 bn more costs by 2016

Wed, 15 May 2013 16:35:40 +0800

Asia-focused bank HSBC announced Wednesday that it will make another $2-3 billion (1.5-2.3 billion euros) of new cost savings, as the group seeks to boost profitability.

Environmentalist outrage as Rio Tinto gets mine go-ahead

Wed, 15 May 2013 15:30:47 +0800

Australia on Wednesday gave Rio Tinto the go-ahead for a controversial Aus$1.3 billion (US$1.3 billion) bauxite mine project in a decision environmentalists blasted as "vandalism on a grand scale".

Japan nuke regulator to halt reactor restart

Wed, 15 May 2013 15:04:22 +0800

Japan's atomic regulator on Wednesday ordered a halt to plans to restart an experimental reactor because of safety concerns, as a strong anti-nuclear mood grips the nation.

China central bank 'looking into' Bloomberg scandal

Wed, 15 May 2013 12:47:16 +0800

China's central bank, which manages the world's largest foreign exchange reserves, is looking into a growing scandal over the access journalists at Bloomberg News had to potentially sensitive data, reports said Wednesday.

BHP to scale back capital spending by a fifth

Wed, 15 May 2013 11:39:07 +0800

Global mining giant BHP Billiton has outlined plans to slash capital spending by almost a fifth, with new chief executive Andrew Mackenzie warning the brakes could be applied even further.

New Zealand signs off on Qantas-Emirates tie-up

Wed, 15 May 2013 11:22:03 +0800

New Zealand on Wednesday gave the green light to an alliance between Qantas and Emirates, saying it will increase competition on the busy trans-Tasman route between Australia and New Zealand.

SingTel net profit down 32.6% in fourth quarter

Wed, 15 May 2013 10:26:45 +0800

Singapore Telecom said Wednesday its net profit fell 32.6 percent in the fiscal fourth quarter, weighed down by a loss on the sale of its stake in a Pakistani mobile phone firm.

S.Korea jobless rate dips in April

Wed, 15 May 2013 10:03:08 +0800

South Korea's unemployment rate dipped slightly in April with the creation of new jobs in the manufacturing and service sectors, according to the latest government data.