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 ...
The UN Security Council lifted sanctions on Libya’s central bank and a key investment bank freeing tens of billions of dollars to ease a post-Kadhafi cash crunch. The United States immediately announced it would unblock more than $30 billion dollars of assets of the Central Bank of Libya and its subsidiary, the Libyan Foreign Bank (LFB). Britain said it would release more than $10 billion. An estimated $150 billion of assets were frozen... [more]
Former French president Jacques Chirac was found guilty on Thursday of embezzling funds and violating public trust for hiring members of his political party for non-existent civil jobs while he was mayor of Paris. Chirac says he will not appeal. Former French president Jacques Chirac was given a two-year suspended jail sentence on Thursday after he was convicted of embezzling public money to finance his political party. Chirac has said he... [more]
Japan was set to announce Friday it has finally tamed leaking reactors at Fukushima, in what authorities say is a vital step on the long road to recovery, nine months after its nuclear crisis began. Prime Minister Yoshihiko Noda was expected to tell a disaster-weary public that all reactors at the plant, struck by a titanic tsunami in March, were in a state of cold shutdown and were no longer at any risk of spontaneous fission. Stabilisation... [more]
The eurozone is likely to slip back into recession next year, according to a report by audit firm Ernst & Young. It says it expects the economies of the 17 member countries to shrink in the first two quarters of 2012. The report predicts growth of just 0.1% for the whole of the year and warns unemployment in the eurozone is unlikely to fall below 10% before 2015. The warning was backed up by economic data from Markit suggesting that... [more]
Infrastructure Minister Melanie Schultz van Haegen has surprised MPs by telling them that when maximum speeds on motorways are increased to 130 kilometres per hour in 2012, 20 percent of the roads will not yet be suitable for such speeds. She says this is because measures to improve safety will not be ready until later. Nevertheless, she wants to introduce the increased maximum speed as of 2012, even on roads which still need to be adapted.... [more]
The BBC faced a barrage of complaints for a second time this week after a radio DJ played the song ‘Weekend in Amsterdam’ by Irish folk singer Christy Moore. Radio Ulster DJ Gerry Anderson played the record, which describes the Dutch capital’s vices, before lunchtime in a family-oriented programme. Some listeners were offended by the lyrics. In his ballad, which also contains strong language, Christy Moore sings about Amsterdam’s... [more]
Prime Minister Vladimir Putin was on Thursday to address Russians during his trademark marathon televised phone-in session, after a rare outburst of protest against his rule. The Russian strongman is expected to use the traditional question and answer format to lay out his plans for returning to the Kremlin in 2012 polls as he seeks to tackle the most serious political crisis of his 12-year rule. “As in previous years, the head of... [more]
German banks are closing US customers’ investment accounts because they say financial reporting requirements by American authorities are just too onerous. According to the Financial Times Deutschland (FTD) newspaper, HypoVereinsbank is the latest financial institution to tell US citizens and all its clients residing in the United States that it is closing their brokerage accounts. Deutsche Bank already made the move earlier this year... [more]
Germany, as Europe’s top economy, may be currently seen as the land of plenty but its senior citizens are increasingly being forced to take a part-time job in their twilight years just to make ends meet. With more inhabitants over the age of 65 than any of its European partners, Germany’s senior citizens are having to resort to jobs such as animal- or babysitting or as a caretaker to top up their pensions. Notices such as “Still... [more]
Crisis-hit Greece is still losing billions of euros (dollars) to corruption in spite of efforts to stamp out graft and maximise the state’s tax revenue, a report said on Wednesday. The Ta Nea newspaper said that tax evasion cost Greece 13 billion euros ($17.4 billion) annually in lost revenue, citing remarks by experts and state officials at a conference on corruption on Tuesday. The finance ministry’s former information systems... [more]
