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Business - China Oceanwide to buy U.S. insurer Genworth for $2.7 billion in cash

China Oceanwide Holdings Group Co has agreed to buy U.S. insurer Genworth Financial Inc for $2.7 billion in cash, the latest in a series of moves by Chinese firms to buy overseas assets as their domestic economy slows and the yuan weakens. Genworth said in a statement on Sunday that privately held and family-owned China Oceanwide Holdings will pay $5.43 per share, a modest 4.2 percent premium to Genworth`s Friday closing price, to acquire all outstanding shares of the Richmond, Virginia-based company. Genworth said it will booking preliminary charges of $400 million to $450 million in relation to claims in its long-term care insurance business.

Monday, October 24, 2016  03:16


World - British MPs recommend retail tycoon Green lose knighthood

British lawmakers on Thursday approved a motion recommending billionaire tycoon Philip Green be stripped of his knighthood following the collapse of department store chain BHS, which cost 11,000 jobs. MPs in the House of Commons unanimously backed the non-binding motion that Green`s knighthood be `cancelled and annulled` after a debate in which they accused Green of stripping BHS assets. When it collapsed in June, BHS had debts totalling more than £1.3 billion (1.6 billion euros, $1.7 billion), including a £571-million deficit in its pension fund.

Thursday, October 20, 2016  15:42


World - Durham council agrees cricket rescue package

Cash-strapped Durham took another step towards remaining a financially viable first-class club after the local council agreed a `rescue package` for the northeast side. Durham had already agreed a £3.8 million ($4.8 million, 4.3 million euros) bail-out from from the England and Wales Cricket Board -- a cash injection that came with the tough conditions of relegation from the First Division of the County Championship and a 48-point penalty at the start of next season. Wednesday saw Durham County Council announce in a tweet that a plan had been agreed to convert £3.74 million in outstanding debt to the local authority into shares in the club`s new structure as a community interest company.

Wednesday, October 19, 2016  14:19


World - Stephen Hawking opens British artificial intelligence hub

Professor Stephen Hawking on Wednesday opened a new artificial intelligence research centre at Britain`s Cambridge University. The Leverhulme Centre for the Future of Intelligence (CFI) will delve into AI applications ranging from increasingly `smart` smartphones to robot surgeons and `Terminator` style military droids. Funded by a £10 million (11.2 million-euro, $12.3-million) grant from the Leverhulme Trust, the centre`s express aim is to ensure AI is used to benefit humanity.

Wednesday, October 19, 2016  22:52


World - British artificial intelligence hub opens

A new research centre opened its doors Wednesday at Britain`s Cambridge University to look at the implications -- good and bad -- of artificial intelligence. Professor Stephen Hawking, who was due to speak at the centre s launch later on Wednesday, said: `The rise of powerful AI will be either the best or the worst thing ever to happen to humanity. Making sure AI is used to benefit humanity is the express aim of the Leverhulme Centre for the Future of Intelligence (CFI), funded by a £10 million (11.2 million-euro, $12.3-million) grant from the Leverhulme Trust.

Wednesday, October 19, 2016  19:38


World - UK building firm says 600 jobs at risk from Brexit

British building materials supplier Travis Perkins said Wednesday that up to 600 jobs were at risk from the uncertain economic outlook arising from Brexit. A company spokeswoman told AFP that the Brexit was one of the major factors behind the gloomy outlook, adding that affected jobs were at trade-facing businesses. Travis Perkins also warned annual underlying profit, or adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), would be below market expectations of £415 million ($509 million, 462 million euros) -- and blamed weak plumbing and heating results.

Wednesday, October 19, 2016  09:29


World - Saints chase famous win at San Siro, Van Persie returns

Southampton goalkeeper Fraser Forster is looking for the Premier League club to make `a massive statement` by beating Italian giants Inter Milan in the Europa League on Thursday. You look where the club was just a few years ago and even in the time since I`ve joined the club - you meet the owner and you meet the chairman, and when we came to the club that`s what they said, that they wanted to move the club forward and get into Europe, and every summer they`ve backed us,` goalkeeper Forster told the club`s website. Southampton, who are fresh from beating Burnley 3-1 in the Premier League at the weekend, have so far beaten Sparta Prague 3-0 and drawn 0-0 away in Israel to Hapoel Beer-Sheva.

Wednesday, October 19, 2016  03:15


World - Britain must fulfil duty to Calais migrant kids: France

Britain must fulfil its duties towards unaccompanied migrant children in the Calais `Jungle` camp, French Interior Minister Bernard Cazeneuve said in an article published Tuesday, just a day after more than a dozen teenagers were transferred to the UK. `(The) French government has now decided to dismantle the Calais camp for good,` Cazeneuve said in an opinion piece for British newspaper The Guardian, adding that neither London nor Paris wants `to leave people with the right to refugee status in the cold and the mud - women and children least of all`. The makeshift settlement in Calais has become a focal point in France of Europe`s migrant crisis, the subject of heated debate among politicians and a constant source of tension with Britain, which is where many of the migrants want to go.

Tuesday, October 18, 2016  07:38


World - In Haiti, hopes dim for missing victims of Hurricane Matthew

PORT-A-PIMENT, Haiti (AP) Nobody has seen or heard from Edma Desravine, a 71-year-old grandfather known for his sly sense of humor and bad luck at cock fights, in the roughly 2 weeks since Hurricane Matthew sent floodwaters and debris crashing into his riverside shantytown.

Friday, October 21, 2016  05:24


World - Panama makes largest cocaine seizure of year

PANAMA CITY (AP) Panamanian authorities say they have seized more than 2 tons of cocaine in their largest score of the year.

Tuesday, October 18, 2016  00:34

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