Yahoo Inc Chairman Roy Bostock and three other directors will step down as the struggling company ploughs ahead with an internal overhaul, including discussions on dealing with its stakes in China's Alibaba Group and Yahoo Japan. The corporation - once a Web powerhouse but now agonizing over a range of options to revive flagging growth - on Tuesday said it appointed former Rovi Corp CEO and International Business Machines Corp veteran Alfred Amoroso and ex-eBay COO Maynard Webb as independent directors. Yahoo's board has come under fire from investors impatient with the company's persistent inability to effect a turnaround, and frustrated with the apparent indecisiveness of stakeholders over ...
Chancellor of the Exchequer George Osborne has vowed to fight an "anti-business culture" in Britain, warning that a row overexecutive pay and bonuses threatens the country's fragile economic recovery. "Let me say something about the row over bonuses and pay," Osborne said in a speech to the Federation of Small Businesses. "Of course rewards for failure are unacceptable -- and those who believe in the free market are the first to say so. But a strong, free market economy must be built on rewards for success." The Labour Party has heaped pressure on the ruling coalition to curb excessive pay for top executives, using a House of Commons debate to demand the return ...
Japanese Prime Minister Yoshihiko Noda said on Tuesday he is resolved to settle a longstanding territorial dispute with Russia at an annual rally calling for the return of all four Russian-held islands off Hokkaido in northern Japan, the Kyodo news agency reported. "We'll continue to make steady and determined efforts to move ahead with negotiations," Noda said, stressing the need to sign a peace treaty with Russia. The four islands - which Russia calls the Southern Kurils and Japan calls the Northern Territories - has been the subject of a territorial dispute between the two nations since the end of World War ...
Amanda Knox's Italian lawyer has filed an appeal of her slander conviction in Italy, a Knox family spokesman inSeattle said Monday. In October, an Italian appeals court overturned the young Seattle woman's murder conviction in the 2007 death of her British roommate in Perugia. But the same court upheld Knox's conviction for slander — for falsely accusing bar owner Diya "Patrick" Lumumba of involvement in the slaying. Lumumba was freed after two weeks in prison for lack of evidence. Knox later said she was "manipulated" during her lengthy police interrogation. An appeal of the slander conviction was filed Monday, Knox family spokesman Dave Marriott confirmed. He doesn't know when the Italian ...
The Dutch railway will remain 'vulnerable' during wintry weather but Dutch Rail (NS) and track operator ProRail did not help matters during the current cold snap by the late introduction of schedule adjustments to cope with the conditions, transport minister Melanie Schultz van Haegen told parliament in a briefing on Tuesday. The NS and ProRail assumed on Thursday of last week that there would be three to five centimetres of snow. When the forecast was increased on Friday morning to between 10 and 15 centimetres, it was too late to change the timetables automatically, Schultz van Haegen told parliament. Drivers and conductors ...
Greece can leave the eurozone without damaging monetary union, European digital affairs commissioner Neelie Kroes says in an interview with the Volkskrant on Tuesday. Kroes, a member of the Dutch ruling right-wing Liberal party VVD, is not a supporter of Greece exchanging the euro for the drachma, but says: 'It is absolutely not a case of man overboard if someone leaves the eurozone.' The commissioner is very critical of the new Greek government and says they are not fulfilling their promises. 'Too few spending cuts, too little restructuring,' she says. She says the Greeks should follow the example of Italy where the new ...
Mitt Romney hopes his presidential campaign hasn't ignored Rick Santorum's aggressive attacks for too long, as caucuses in Colorado and Minnesota on Tuesday could reshuffle the race for the Republican presidential nomination. Santorum largely bypassed Florida and Nevada to blanket the two caucus states with criticism of Romney and lay the groundwork among conservatives who have great sway in the process. RivalNewt Gingrich praised Santorum's strategy as shrewd even as he signaled he had no interest in exiting the four-way race, which also includes Ron Paul. "I think that Santorum's going to have a pretty good day," Gingrich told reporters on the eve of the caucuses. "He targeted differently than I ...
Glencore and Xstrata agreed an all-share merger worth $90 billion (56 billion pounds) on Tuesday in the industry's largest ever deal, creating a commodities powerhouse spanning mining, agriculture and trading. Glencore, the world's largest diversified commodities tradinghouse, will issue 2.8 new shares for each Xstrata share in a deal they said was a "merger of equals." The ratio is a 15.2 percent premium to Xstrata shareholders compared with its share price last Wednesday before word leaked out about the merger talks, a joint statement said. "A merger between Glencore and Xstrata offers a unique opportunity to create a new business model in our industry to respond to ...
US White House hopeful Mitt Romney aims for another big caucus win in Colorado on Tuesday, as his well-oiled campaign machine works to cement his position as the Republican front runner in the US presidential race. Polls suggest he should triumph easily in the western US state -- where he scored 60 percent in 2008 -- although there is a tighter race in Minnesota, where last-placed Rick Santorum is hoping to snatch a win. Romney's main rival, former House speaker Newt Gingrich, is battling to stay in the race after two heavy losses in a row to the former Massachusetts governor, who ...
As President Christian Wulff remains mired in allegations of impropriety, anti-corruption group Transparency International (TI) has called for politicians to use the case as a chance to open up German politics. “We are very concerned that people seem to be starting to think that all politicians behave like Wulff, and that would be fatal,” Christian Humborg, TI Germany’s managing director told The Local. “I think the Wulff affair is a wonderful opportunity for German politicians to react to the cynical attitude that this is normal, and improve things,” he said. He said the fact that the authorities were investigating whether Wulff and his ...
European Central Bank President Jean-Claude Trichet urged Ireland and Greece to live up to commitments made in return for financial help and said a broader European safety fund should be beefed up. Trichet was speaking on a French talk show on the eve of a regular meeting of euro zone finance ministers which was set to discuss an increase in the effective lending capacity of the European Financial Stability Facility (EFSF). “The feeling... [more]
Swiss whistleblower Rudolf Elmer is planning to handover to WikiLeaks two CDs containing data of around 2,000 bank clients who may have been evading taxes, according to an interview published Sunday. “The documents show that they are hiding behind bank secrecy, possibly to avoid taxes,” Elmer, a former Swiss banker, told Swiss newspaper Sonntag. The data is to be handed over on Monday, during a press conference in London. The... [more]
German farmers reckon the dioxin food poisoning scandal is going to cost them around €100 million from reduce consumption and lower prices on eggs and pork. “The damage from the disruption in the market will be many times the direct damage,” said Gerd Sonnleitner, president of the German Farmers’ Association (DVB) on Saturday. He said the price producers get for pork had dropped from between €1.40 to €1.50 a kilo down to €1.12... [more]
Japan’s Prime Minister Naoto Kan has added new faces to his cabinet in a bid to appease opposition parties, help his push to mend the country’s tattered finances and boost free trade to spur growth. Among the changes in Kan’s third cabinet since becoming prime minister were new fiscal policy, trade, justice and transport ministers, but the premier kept other key posts such as foreign, finance and defence portfolios unchanged. In... [more]
Prime Minister David Cameron will face pressure from the French Prime Minister on Thursday to back deeper European integration to save the euro. Francois Fillon will warn Cameron that Britain risks disaster in its own economy if the European currency fails, he told the Times newspaper ahead of talks with his UK counterpart in London. The meeting comes a day after the euro received some welcome relief with a successful 1.25-billion-euro... [more]
China invited U.S. Defense Secretary Robert Gates inside its nuclear warfare headquarters on Wednesday, giving him a rare glimpse into control of weapons that could one day be launched at the United States. Both the U.S. and China have long-range missiles that could reach the other’s shores. Both nations say they have no intention of using the weapons that way. “There was a discussion of nuclear strategy and their overall approach... [more]
China may be the largest market for Volvo Cars by the end of 2011, as the company looks to increase sales in China six-fold by 2015, according to the head of Volvo’s China operations. “I would say (China will be the No. 1 market) in the next couple of years — hopefully one year,” Volvo Car China chairman Freeman Shen told the Reuters news agency from the Detroit auto show. Last week, Volvo announced that global sales... [more]
As the dioxin scare continues in Germany, consumers are storming organic supermarkets, clearing the shelves of eggs and pork products. But experts say the country’s organic food sector is unlikely to keep up with the new demand. At the popular Bio Company store in Berlin’s Kreuzberg district, the shelves are virtually bare, as demand for organic meat and eggs spikes amid a dioxin crisis that has shaken Germans’ faith in food. “Dioxin:... [more]
James Bond fans will be shaken and stirred to learn that the 23rd film featuring 007 is to be made this year. There were doubts over the future of the spy franchise when the film, set to be the third starring Daniel Craig, was put on hold last year. EON Productions blamed the financial difficulties of MGM Studios for the hiatus. The new owners of MGM and Michael G Wilson and Barbara Broccoli, producers of the films, confirmed that Bond will... [more]
China has the ability to manage inflation expectations and will seek a balance between containing price pressures while maintaining strong growth and restructuring the economy, Vice Premier Li Keqiang said on Tuesday. “We have the capability … to maintain price levels and to manage inflation expectations,” Li said, answering questions after giving a speech at a London dinner hosted by the China-Britain Business Council. “For... [more]
