Business & Finance Top News

Google closes Motorola deal,names new Motorola CEO

Tuesday, 22 May 2012 18:55

NEW YORK: Google Inc completed its $12.5 billion purchase of Motorola Mobility, and the Web search leader named a new management team for the cellphone maker. Google said on Tuesday that Motorola Chief Executive Sanjay Jha has stepped and has been succeeded by Dennis Woodside, former president of Google's Americas region. Woodside oversaw planning for the Motorola integration, according to Google. The deal close comes just days after the companies gained approval for the acquisition from the ...

Currency gain helps MTS top Q1 forecasts

Monday, 21 May 2012 18:12

MOSCOW: MTS, Russia's top mobile phone operator, reported a 59 percent rise in quarterly profit, largely due to a currency gain, while revenue increased 3 percent. MTS, which competes with Megafon and Vimpelcom said on Monday it kept its top position in Russia's mobile phone m a rket with 69.38 million subscribers, a 0.8 percent drop from a year ago. The Russian telecoms market is maturing after many years of growth. Rival Vimpelcom said earlier in the ...

Spain names firms to value troubled banks' balance sheets

Monday, 21 May 2012 17:18

MADRID: Spain on Monday charged two global consulting firms, Roland Berger and Oliver Wyman, with valuing the battered banking system's deeply troubled balance sheets. Bank of Spain figures show the banks held problematic real estate assets, including loans and seized property, of 184 billion euros, 60 percent of their property portfolio at the end of 2011. Doubts about the real value of banks' property-related assets persist, however. In a new banking reform, announced May 11, the government required ...

Tata Steel CFO sees global steel demand improving

Friday, 18 May 2012 20:44

MUMBAI: Tata Steel, the world's No.7 steelmaker, expects global steel demand to improve and raw material prices to remain stable, finance chief Koushik Chatterjee said on Friday. Earlier on Friday, Tata Steel reported a bigger-than-expected drop in its consolidated quarterly profit, as weak prices, lower volumes and high raw material costs depressed margins in its main European market. Copyright Reuters, 2012 ...

BoE's Posen to quit to head US think tank

Friday, 18 May 2012 20:24

LONDON/WASHINGTON: Bank of England policymaker Adam Posen will not seek a second term at the central bank and instead plans to step down in August to head a leading US economic think tank, the BoE said on Friday. Posen has been the most outwardly dovish member of the BoE's rate-setting Monetary Policy Committee for most of his time at the central bank, and a leading advocate of its programme of quantitative easing asset purchases. Posen's three-year term ...

India's Mahindra Satyam swings into net profit

Thursday, 17 May 2012 19:14

MUMBAI: India's software outsourcer Mahindra Satyam on Thursday said it had swung into net profit for the three months to March, from a net loss a year earlier. Satyam posted a net profit of 5.34 billion rupees ($98 million) for the quarter. It had posted a net loss of 3.27 billion in the same period a year earlier, hit by the cost of a one-off US lawsuit. The Hyderabad-based Satyam stunned corporate India in 2009 when its ...

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