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World - Tesco announces annual net profit of £974m


London (AFP) - Supermarket group Tesco on Wednesday announced a massive jump in annual net profits, but its underlying performance showed a fall.


Wednesday, April 16, 2014  08:15

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Business - GM CEO `agonized` over putting two engineers on paid leave


By Lewis Krauskopf NEW YORK (Reuters) - General Motors Co Chief Executive Mary Barra said she `agonized` over last week`s decision to put two GM engineers on paid leave pending the outcome of an investigation into faulty ignition switches linked to at least 13 deaths. Barra`s comments, made to reporters on Tuesday after an industry conference ahead of the New York Auto Show, referred to Ray DeGiorgio and Gary Altman, two engineers involved in the development of the defective switches, which are being replaced in 2.6 million recalled GM vehicles. GM has not explained why the men were suspended, and the two have not responded to Reuters requests for comment. In the wake of the recall, announced in several waves in February and March, Barra said on Tuesday that GM is creating a new global product integrity organization that will focus on product safety and quality.


Wednesday, April 16, 2014  01:29

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World - Two dead, scores missing as S. Korea ferry sinks


South Korea said Wednesday that two people were killed and 368 rescued from a ferry that capsized at sea with 477 people on board -- mostly high school students -- as divers searched for scores still missing. The 6,825-tonne ferry, which had sailed out of the western port of Incheon on Tuesday evening, ran into trouble some 20 kilometres (13 miles) off the southern island of Byungpoong. The cause of the accident was not immediately clear, although rescued passengers reported the ferry coming to a shuddering halt after hearing a loud noise -- indicating it may have run aground.


Wednesday, April 16, 2014  06:19

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World - Ferry with 450 passengers sinking off South Korea


South Korea despatched coastguard vessels and helicopters Wednesday to rescue around 450 passengers -- mostly high school students -- on a ferry sinking off the southern coast, officials said. `There are around 450 people on board and we have coastguard vessels, commercial ships in the area, as well as helicopters all engaged in the rescue operation,` the spokesman said. Most of the passengers were believed to be high school students on a trip to the southern resort island of Jeju. The Yonhap news agency cited rescue agency officials as saying 130 passengers had already been taken off the stricken ferry, which ran into trouble 20 kilometres (13 miles) off the southern coast.


Wednesday, April 16, 2014  03:20

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World - Ferry with 450 passengers sinking off South Korea: Yonhap


South Korea despatched coastguard vessels and helicopters Wednesday to rescue around 450 passengers -- mostly high school students -- on a ferry sinking off the southern coast, officials said. `There are around 450 people on board and we have coastguard vessels, commercial ships in the area, as well as helicopters all engaged in the rescue operation,` the spokesman said. Most of the passengers were believed to be high school students on a trip to the southern resort island of Jeju. The Yonhap news agency cited rescue agency officials as saying 130 passengers had already been taken off the stricken ferry, which ran into trouble 20 kilometres (13 miles) off the southern coast.


Wednesday, April 16, 2014  02:31

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World - Britain`s Co-op Bank logs huge loss, scraps bonuses


Britain`s crisis-hit Co-operative Bank posted a vast annual loss on Friday and axed bonuses for former executives who had left prior to its near-collapse. Operating losses ballooned to £1.28 billion ($2.15 billion, 1.54 billion euros) in 2013, from £674.9 million in 2012, hit by rising bad debts and charges related to misconduct and legal issues, Co-op Bank said in a results statement. Co-op Bank expressed confidence that investors would inject another £400 million of capital, despite warning it would not make a profit in 2014 or 2015. Chief executive Niall Booker, who was appointed in June to help turn the lender around, apologised to customers and investors for its past failings that had placed the future of the business seriously at risk.


Friday, April 11, 2014  13:18

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World - Britain`s anti-EU leader denies expenses allegations


Eurosceptic UK Independence Party leader Nigel Farage said Tuesday he was considering legal action after a British newspaper reported that he faces an investigation over his EU expenses. Farage told the BBC that the `outrageous` allegations published by Rupert Murdoch`s The Times were politically motivated, ahead of European Parliament elections on May 22. The Times reported that a former UKIP official had made a complaint to the European Union`s anti-fraud office OLAF over allowances that Farage receives for his constituency office in Britain. The newspaper said Farage gets £15,500 ($25,900, 18,700 euros) a year to run the office in a converted grain store, citing transparency reports on the party`s website, but reported that it is provided rent-free by local supporters, while a former office manager said the premises only cost £3,000 a year to run.


Tuesday, April 15, 2014  19:27

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World - Royal Bank of Scotland to pay government £1.5bn


Britain`s state-rescued Royal Bank of Scotland will pay the government £1.5 billion in a complex deal paving the way for the return of shareholder dividends. The bank has agreed to pay the Treasury the equivalent of $2.5 billion or 1.8 billion euros in a move also aimed at aiding its eventual return to the private sector, it said in a statement late on Wednesday. RBS, based in Edinburgh, remains 81-percent state-owned after it was rescued with £45.5 billion of taxpayers` cash during the global financial crisis. The collapse of RBS was a key event in problems which hit part of the British financial sector at the height of the global financial crisis, and helped stoke public anger at high pay, bonuses and other practices in the banking industry.


Thursday, April 10, 2014  10:27

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World - Diageo doubles bid for India`s United Spirits, shares surge


Diageo launched on Tuesday a new $1.9-billion offer to take control of Indian whisky maker United Spirits as the British drinks giant chases expansion in emerging markets. The doubled offer worth 1.4 billion euros comes after Diageo was forced to settle for a lower stake in India`s top spirits maker than it envisaged when investors rejected its 2012 tender bid as being too low. The news sent United Spirits` stock surging on the Bombay Stock Exchange by nearly 12 percent to 2,859.00 rupees. Diageo, which already owns 28.78 percent of United Spirits Ltd (USL), said it would buy an extra stake of up to 26 percent, for £1.13 billion involving as many as 37.8 million shares.


Tuesday, April 15, 2014  11:34

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World - Diageo bids to take control of India`s United Spirits


Diageo has launched an offer to take control of Indian whisky maker United Spirits Limited as the British drinks giant chases expansion in emerging markets, it said on Tuesday. Diageo, which already owns 28.78 percent of USL, is offering to buy an extra stake of up to 26 percent, for £1.13 billion ($1.9 billion, 1.4 billion euros), it said in a statement. The offer, pitched at 3,030 rupees per share, would lift its total holding in India`s top spirits maker to 54.78 percent. Diageo is the world`s biggest producer of alcoholic drinks, making well-known brands including Baileys liqueur, Captain Morgan rum and Guinness stout.


Tuesday, April 15, 2014  08:48

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