Category: World Business
HTC sees recovery but no return to US peaks
Taipei: Taiwan smartphone maker HTC Corp won’t have the United States as its largest market from this year, a sign of how far it has fallen and how much more work it has to do in Asia to regain share lost to rivals Apple Inc and Samsung Electronics.C…
Shell to buy Cove Energy for $1.8 bn
London: Royal Dutch Shell has agreed to buy Mozambique-focused explorer Cove Energy for 1.12 billion pounds ($1.8 billion) in cash, raising its earlier offer to secure access to a new gas frontier in East Africa.The oil major said on Tuesday it had inc…
Google to launch online storage service for consumers: source
San Francisco: Google Inc is preparing to roll out a service to let consumers store photos and other content online, a source familiar with the matter said, pushing into a market now dominated by the likes of Dropbox and Box.The service, to be called G…
Facebook reveals revenue, profit slide ahead of IPO
San Francisco: Facebook Inc reported its first quarter-to-quarter revenue slide in at least two years, a sign that the social network’s sizzling growth may be cooling as it prepares to go public in the biggest ever Internet IPO.The company blamed the…
Nestle to buy Pfizer Nutrition for $11.9 bn
Zurich: Swiss food group Nestle said on Monday it would buy US drugmaker Pfizer’s infant nutrition business for $11.85 billion, beating out French rival Danoneas both sought to gain preeminence in the lucrative baby food market.“Its strong brands a…
Wal-Mart probe could cost some executives their jobs
New York: Allegations that Wal-Mart Stores Inc stymied an internal investigation into extensive bribery at its Mexican subsidiary are likely to lead to years of regulatory scrutiny and could eventually cost some executives their jobs.The New York Times…
Wal-Mart hid bribery in Mexico: report
New York: Wal-Mart, the world’s largest retailer, covered up a probe of its own widespread corporate bribery in Mexico, The New York Times reported on Saturday, citing its own review.Back in September 2005, a high-ranking company attorney received an…
Citi shareholder sues Pandit, directors over compensation
New York: Citigroup’s India-born CEO Vikram Pandit and its directors have been sued by a shareholder, saying that the board spent funds in an “unwarranted and excessive” manner on compensation packages for its executives.The lawsuit was filed on …
Olympus eyes fresh start, ex-CEO mulls legal threat
Tokyo: Shareholders of Olympus Corp approved a new board on Friday, hoping for a fresh start at the camera and medical device maker that hid $1.7 billion of investment losses in Japan’s biggest corporate scandal in decades.At a sometimes rowdy extrao…
Sistema to take $1 bn writedown on India: sources
Moscow: Russian services conglomerate Sistema will take a writedown of nearly $1 billion related to the suspension of its Indian licences, sources close to Sistema said on Friday.A billboard for the mobile phone provider MTS, a brand of Sistema Shyam T…
