| International Business News |
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| In a squat, gray building in Noida, a leading outsourcing destination 15 miles from New Delhi, is the headquarters of Mindworks Global Media. Here, 90 young men and women peer into their computers, editing copy, designing and laying out pages, and even reporting over the phone. Mindworks isn't a new publication. It's a company to which media groups in Asia, Europe, and the U.S.?including the Miami Herald and South China Morning Post?outsource work that journalists and copyeditors usually do. ... |
| http://www.businessweek.com/globalbiz/content/jul2008/gb2008078_678274.htm?chan=globalbiz_asia+index+page_top+stories |
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| CHICAGO (Reuters) - An unusually large options trade in Yahoo Inc (YHOO.O: Quote, Profile, Research, Stock Buzz) on Tuesday piqued interest among market players because it signaled that at least one big investor doubts that a potential Yahoo takeover would carry a large premium.
Yahoo call options, which give the right to buy the stock, were active one day after Microsoft Corp (MSFT.O: Quote, Profile, Research, Stock Buzz) said it would be willing to reopen talks to buy part or all of Yaho... |
| http://www.reuters.com/article/ousiv/idUSN0829386720080708 |
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| NEW YORK/PASADENA, California (Reuters) - IndyMac Bancorp Inc (IMB.N: Quote, Profile, Research, Stock Buzz) said on Tuesday depositors were withdrawing cash at an "elevated" pace after a key U.S. senator questioned the big mortgage lender's ability to survive the U.S. housing crisis.
Shares of IndyMac, the largest independent, publicly traded U.S. mortgage lender, fell as much as 52 percent.
Paul Miller, a Friedman, Billings, Ramsey & Co analyst, said shareholders could be wiped out, ci... |
| http://www.reuters.com/article/ousiv/idUSN0744512020080708 |
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| ST. LOUIS (AP) - Anheuser-Busch claims that Belgian brewer InBev's unsolicited takeover bid isn't just bad for the bottom line, but is an "illegal scheme" that threatens to defraud Anheuser-Busch shareholders if a federal judge doesn't step in.
Anheuser-Busch Cos. Inc. made the claim in a lawsuit filed late Monday, just hours after InBev SA filed its own motion seeking to oust Anheuser-Busch's board of directors. The lawsuit, filed in St. Louis federal court, claims that InBev is deceiving... |
| http://www.ibtimes.com/articles/20080708/anheuser-busch-sues-suitor-inbev.htm |
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| German car maker BMW and Italy's Fiat have signed a memorandum that could result in the use of common parts for their Mini and Alfa Romeo brands.
BMW said that the joint production and development of common components and platforms would help achieve economies of scale and reduce costs.
The results of the discussions are expected by the end of the year and further details were not disclosed.
Minis are produced at the BMW plant in Cowley, Oxford.
Fiat chief executive Sergio Marchio... |
| http://news.bbc.co.uk/2/hi/business/7496105.stm |
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| The chairman of soft drinks giant Coca-Cola has defended the firm's Olympic sponsorship in Beijing despite protests about China's role in Tibet.
Neville Isdell told the BBC the firm supported the "credo of the Olympic movement", and agreed deals well before it knew where each Games would be held. The company, whose Olympic involvement dates back to 1928, was also a sponsor for the 1936 Games in Berlin.
Mr Isdell said he would have agreed to that deal too, had he been in charge.
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| http://news.bbc.co.uk/2/hi/business/7494149.stm |
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| The European Union has formally invited Slovakia to join the European single currency and has set the rate at which korunas will be exchanged for euros.
The official rate has been set at 30.1260 korunas to the euro.
Slovakia will adopt the euro on 1 January 2009, becoming the 16th official member country to do so.
The European Union's 27 finance ministers approved Slovakia's entry despite concerns from the European Central Bank about its inflation.
"I am delighted to be welcoming ... |
| http://news.bbc.co.uk/2/hi/business/7495169.stm |
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| The impact of a global economic slowdown on demand for oil has caused prices to fall by more than $5, with London seeing the largest drop.
Crude oil prices fell to about $136 a barrel, well down on the record price of almost $147 set in London last week.
Leaders at the G8 meeting also called for suppliers to boost production.
The fall in the oil price helped to boost share prices in New York where the Dow Jones index closed more than 150 points, or 1.3% higher.
US light, sweet cru... |
| http://news.bbc.co.uk/2/hi/business/7496637.stm |
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| Siemens plans to cut 16,750 jobs worldwide as the German conglomerate streamlines its operations to weather the economic downturn.
The company employs around 400,000 staff worldwide. The cuts amount to about 4% of the workforce.
Siemens issued a profit warning in March and its shares have fallen almost 35% since the beginning of the year.
The firm plans to eliminate 5,250 jobs in Germany, where around 136,000 of its workforce is located.
The Munich-based engineering group said the... |
| http://news.bbc.co.uk/2/hi/business/7495339.stm |
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| Alliance & Leicester slumped to a record low on Tuesday after one of the City?s most bearish banking analysts advised clients to keep on selling.
Shares in the mortgage lender, which started the year at 648p, fell a further 13.6 per cent to 214¾p as Sandy Chen of Panmure Gordon took the red pen to his forecasts ? he expects losses this year and next ? and set a target price of just 180p.
Mr Chen said a further £685m of structured credit writedowns were possible at A&L and the company co... |
| http://www.ft.com/cms/s/0/d1e0422e-4cb6-11dd-b527-000077b07658.html |
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| Irish bank stocks tumbled Tuesday on rising investor worries that Europe?s best performing economy over the past decade was lurching towards recession.
Alarmed at the speed of the downturn in the economy, investors marked down shares in Bank of Ireland by 9 per cent, while Allied Irish Banks and Anglo Irish Bank both dropped 10 cent. Irish Life & Permanent suffered a 14 per cent slide.
The falls, which extended the share price losses of the institutions to 60-75 per cent over the past yea... |
| http://www.ft.com/cms/s/0/d81aff68-4d14-11dd-b527-000077b07658.html |
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| Shares in Moneysupermarket.com plunged by almost a third on Tuesday after the price comparison site warned that its profits would be hit by the loss of its most lucrative product.
Moneysupermarket rushed out a trading update to warn it would be hit by the decision by Barclays to close its FirstPlus secured loans business to new customers from August 9.
FirstPlus provided more products to Moneysupermarket than any other partner, accounting for about 10 per cent of sales last year. It was... |
| http://www.ft.com/cms/s/0/d947ca6a-4cfb-11dd-b527-000077b07658.html?nclick_check=1 |
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| Another day, another selloff for Ambac (ABK) and MBIA (MBI). The bond insurers sold off anew Thursday afternoon after S&P cut its insurer financial strength ratings on the companies? main insurance units to double-A from triple-A. The news came a day after Moody?s said a downgrade of Ambac and MBIA was ?likely.? Shares fell more than 6% after dropping more than 15% Wednesday.
?The rating actions on the companies reflect our belief that these entities will face diminished public finance and... |
| http://dailybriefing.blogs.fortune.cnn.com/2008/06/05/sp-downgrades-ambac-mbia/ |
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| NEW YORK (AP) -- Oil prices rose back above $128 a barrel Thursday after the dollar fell in response to comments by European Central Bank President Jean-Claude Trichet suggesting the bank could raise interest rates.
At the pump, meanwhile, gas prices rose to a new record near $3.99, and appeared likely to hit $4 soon.
Light, sweet crude for July delivery rose as high as $128.26 before retreating slightly to settle up $5.49 at $127.79 on the New York Mercantile Exchange (Nymex), easily ... |
| http://money.cnn.com/2008/06/05/markets/oil_prices.ap/index.htm?postversion=2008060515 |
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| Rick Wagoner, General Motors? chief executive, mounted a robust defence on Thursday of Detroit carmakers? dependence on sport-utility vehicles and pick-up trucks, dismissing criticism that the companies were to blame as demand for those vehicles has collapsed.
?Is it the US manufacturers who are stupid? I don?t think so,? Mr Wagoner said in an interview with the Financial Times, referring to GM, Ford Motor and Chrysler.
He added that Japanese carmakers had made similar mistakes in cater... |
| http://www.ft.com/cms/s/0/b2ed8290-3330-11dd-8a25-0000779fd2ac.html?nclick_check=1 |
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| Softbank's June 4 announcement that it has signed up to sell Apple's (APPL) popular iPhone in Japan might seem like a major coup for the country's third-largest mobile operator. A new and improved iPhone, which Apple is widely expected to unveil at the Worldwide Developers' Conference (WWDC) in San Francisco next week (BusinessWeek, 5/27/08), could help Softbank narrow the gap with the two largest wireless carriers, NTT DoCoMo (DCM) and KDDI. The buzz alone should boost Softbank's brand image... |
| http://www.businessweek.com/globalbiz/content/jun2008/gb2008065_996799.htm?chan=globalbiz_asia+index+page_top+stories |
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| Business education is booming in India, but the bulk of rank-and-file programs in the country suffer from outdated textbooks, professors who don't keep up with economic trends, and narrow curriculums, according to a recently released report by an Indian business group.
The Business Barometer study was issued last month by the the Associated Chambers of Commerce & Industry of India (Assocham), the country's leading chamber of commerce organization. It found that beyond the top 30 instituti... |
| http://www.businessweek.com/bschools/content/jun2008/bs2008063_820520.htm?chan=globalbiz_asia+index+page_top+stories |
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