Category: World Business
Shell to buy Cove Energy for $1.6 bn
London: Royal Dutch Shell Plc has made an agreed £992.4 million ($1.6 billion) bid for Mozambique-focused Cove Energy Plc, offering a full price to open up a new gas frontier for the Anglo-Dutch oil company in East Africa.Cove’s main asset is an 8.5…
Econet seeks $3.1 bn damages from Bharti Airtel
Lagos: Econet Wireless is seeking at least $3.1 billion in damages from Bharti Airtel in a dispute over ownership of its subsidiary Airtel Nigeria, according to a suit filed on Wednesday.The move follows a Nigerian court ruling on 30 January that Bhart…
Citigroup whistleblower: I have no regrets
New York: It wasn’t Sherry Hunt’s original intent to go public on the shoddy quality control at a mortgage unit at Citigroup Inc, her employer since 2004. But by March 2011, as it became apparent to her that the problems were getting worse and not …
Dassault looks to tap Indian cos with global ambitions
San Diego: Global 3D design software and solutions major Dassault Systems is looking to tap opportunity provided by the aggressive moves by homegrown companies such as Mahindra & Mahindra and Hero MotoCorp among others, to build their brands in…
Former executives, bankers arrested over Olympus fraud
Tokyo: Four months after one of Japan’s biggest corporate scandals, police and prosecutors on Thursday arrested seven men, including a former Olympus Corp president and ex-bankers, over their role in a $1.7 billion accounting fraud at the medical equ…
Alibaba’s Taobao at center of failed Yahoo deal
New York/San Francisco: Yahoo Inc’s efforts to craft a complex $17 billion asset swap with its Asian partners stumbled over how to value Taobao, the fast-growing online retail business owned by China’s Alibaba Group, according to sources familiar w…
Kellogg to buy Pringles from P&G for $2.7 bn
New York: Kellogg Co said on Wednesday it will buy the Pringles business from Procter & Gamble Co for $2.7 billion in cash, as it aims to build its position in the global snacks market comparable to its strength in the cereal business.Photo: Bl…
Samsung Elec says considering spinning off LCD business
Seoul: Samsung Electronics Co said on Wednesday it was considering spinning off its loss-making LCD flat-screen business in a surprise move as it seeks to orient its components business towards OLED displays, touted as the next-generation technology th…
Vodafone weighing bid for C&W Worldwide
London: Vodafone Group, the world’s largest mobile operator by revenue, is considering a bid for Britain’s Cable & Wireless Worldwide, whose fixed-line network could boost bandwidth for its Internet-hungry customers.“Vodafone regularly re…
SingTel profit misses view, but outlook soothes
Singapore: Singapore Telecommunications Ltd (SingTel), Southeast Asia’s biggest phone company, posted on Monday a fourth consecutive fall in quarterly profit, hurt by weak results at home and in India due to higher costs. But SingTel comforted invest…
