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Ex-Qualcomm executive pleads guilty to insider trading WASHINGTON: A former high-ranking executive of US computer chip giant Qualcomm pleaded guilty Monday to insider trading charges, including trades on a 2011 deal for Atheros Communications, officials said.Jing Wang, 51, the former executive pice president and president of global business operations at Qualcomm, also pleaded guilty to laundering the proceeds of his insider trading using an offshore shell company, the Justice Department said."Not satisfied with his lucrative executive position at Qualcomm, Jing Wang traded on insider information about the company's acquisitions and earnings to gain an illegal advantage in the financial market," said Assistant Attorney Leslie General Caldwell."Wang then laundered close to $250,000 in insider trading profits, and created a cover-up story to hide his crimes."According to prosecutors, Wang committed insider trading on three separate occasions over a 10-month period in 2010 and 2011 and received around $250,000 in illegal gains.The purchases included $277,739 of Qualcomm stock prior to ...

Russian steelmaker Severstal announces sale of US plants MOSCOW: Russia's steel giant Severstal announced on Monday the sale of its North American plants to US companies for a total of $2.3 billion (1.7 billion euros).Severstal is selling Severstal Columbus (Mississippi) to Steel Dynamics and Severstal Dearborn (Michigan) to AK Steel Corporation, the company said.AK Steel said separately that its acquisition was worth $700 million.The sale would be completed "by year-end 2014," Severstal's statement said."The work to prepare and sign the agreements to sell ...

UK 30-year gilt yields rise after pension reform details LONDON: British ultra-long government bond yields rose on Monday after the government gave more details on plans to allow people to access their pension savings early and spend them how they like.Thirty-year gilt yields rose by 2 basis to 3.34 percent as prices fell relative to shorter-dated British debt and 30-year German government bonds. The finance ministry said earlier on Monday that it expected strong demand for British long-dated debt to continue despite the changes, ...

British retailer Tesco says chief executive steps down LONDON: British supermarket giant Tesco said Monday that chief executive Philip Clarke will step down in October, after the group suffered its largest quarterly sales drop in four decades.Clarke, who has been at the helm for three years, will be replaced in October by Unilever executive Dave Lewis, Tesco said in a statement, adding that current trading conditions "are more challenging than we anticipated".Copyright AFP (Agence France-Presse), 2014

Australia's Fairfax in mining mogul Rinehart's sights: report SYDNEY: Australia's richest person, mining magnate Gina Rinehart, is considering taking over respected media firm Fairfax out of frustration at its direction, a report said Monday.Rinehart is already a major shareholder in the newspaper, radio and digital company which publishes The Sydney Morning Herald, The Australian Financial Review and The Age in Melbourne.But rival The Australian newspaper, which is owned by Rupert Murdoch's News Corporation, reported Monday that Rinehart had approached business associates for suggestions ...

Philips reports 23pc profit slump THE HAGUE: Electrical appliance group Philips reported a 23 percent slump in net second quarter profit on Monday, to 243 million euros ($329 million).The Dutch giant said in a statement sales were also down 5.4 percent to 5.3 billion euros.The group had blamed weak performance by its new strategic activities in healthcare equipment for a slump in profits in the first quarter.A world leader in electrical appliances for the home, industry and local authorities, Philips ...

New Zealand central bank to raise rates again, but likely signal a pause WELLINGTON: New Zealand's central bank is set to raise interest rates for a fourth consecutive meeting this week but is expected to signal it will pause its tightening as it balances sliding commodity prices, rising inflation and a high flying currency. The country has been growing at close to 4 percent a year on the back of earthquake reconstruction projects in the Canterbury region, a strong housing market, booming commodity prices, and increasing migration. That ...


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