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Bank of England's Tucker to leave after losing out to Carney
LONDON (Reuters) - Bank of England Deputy Governor Paul Tucker, who lost out on the bank's top job to Canadian Mark Carney, will leave the BoE probably later this year. Tucker had been expected to stand down ever since Carney was named late last year as the surprise choice to succeed Mervyn King as governor. King is retiring from the BoE at the end of this month. Tucker is likely to stay on for the first months of Carney's term, which starts on July 1, and the exact date of his departure will be confirmed in due course, the central bank said in a statement. ...
Cerberus questions management of Japan's Seibu ahead of annual meeting
TOKYO (Reuters) - Cerberus Capital Management LP publicly questioned the management of Seibu Holdings on Friday, hoping to garner support for its plans to shake up the board of the Japanese railway and property group at a shareholders meeting scheduled for later this month. The disclosure of questions critiquing Seibu's management is the latest salvo in a months-long war of words over the terms of Seibu's planned relisting on the Tokyo Stock Exchange. The U.S. private equity fund raised its stake in Seibu by 3 percentage points to 35. ...
Euro zone inflation off three-year lows, fall in employment deepens
By Martin Santa BRUSSELS (Reuters) - Prices of electricity, fruit and vegetables lifted the euro zone inflation off its three-year low in May, while the single currency bloc's record high jobless rate showed in its deepening inability to create jobs in the first quarter. Economic recovery in the euro area is expected to kick in later this year, but risks to the growth are on the downside as governments continue with painful fiscal consolidation and companies struggle to access credit in banks. Consumer prices rose by 0. ...
Airbus's newest aircraft, A350, takes off on maiden flight
TOULOUSE, France (Reuters) - Europe's newest passenger jet, the Airbus A350, successfully began its maiden flight on Friday. Watched by over 10,000 employees and spectators, the sleek jet with curled wingtips took off from Airbus's Toulouse plant under cloudy skies, with a crew of six wearing parachutes and orange jumpsuits and with tons of test equipment on board. The flight, with two British and French former fighter pilots at the controls, was expected to last four hours and caps eight years of development estimated to be worth $15 billion. ...
Royalty says most Elan shareholders to reject acquisition deals
By Padraic Halpin DUBLIN (Reuters) - U.S. investment firm Royalty Pharma said on Friday it expects the majority of takeover target Elan's shareholders will reject the Irish firm's own proposed acquisition deals at a shareholder meeting on Monday. Royalty, hoping to convince Elan shareholders that they should accept its bid in the face of opposition from the Irish drug firm's board, raised its offer last week for the third time to as much as $15.50 per share, or around $8 billion. ...
U.S. shale is a boon to manufacturers but not their workers
By James B. Kelleher YOUNGSTOWN, Ohio (Reuters) - This city has been down for so long, it's hard to believe what's risen up here in the heart of America's "Rust Belt." On an industrial site littered with scrap metal, a French-Japanese joint venture called Vallourec Star has just opened a $1.1 billion state-of-the-art steel pipe mill. ...
Britain's treasure islands make G8 tax test for Cameron
By William James and Guy Faulconbridge LONDON (Reuters) - Pitching tougher rules on tax evasion to the G8 is a precarious undertaking for Prime Minister David Cameron. Britain's own tax havens are world leaders. Britain's list of exotic Overseas Territories reads like an accountant's dream menu for a cash-rich Russian oligarch with something to hide, while British lawyers lead the field as gatekeepers for elaborate global mazes of offshore trusts. ...
Asian shares recover after bruising selloff on Wall Street rebound
By Chikako Mogi TOKYO (Reuters) - Asian shares recovered from multi-month lows on Friday, as a rebound in U.S. equities on the back of upbeat economic data calmed nerves after a bruising selloff in global markets, but investors remained cautious ahead of next week's Federal Reserve policy meeting. Wall Street rallied more than 1 percent on Thursday and the dollar pared losses on better-than-expected U.S. retail sales in May and a drop in the weekly jobless benefits claims, which signaled resilience despite fiscal tightening in America. ...
Boeing set to confirm plans for larger 787 Dreamliner: sources
(Reuters) - Boeing Co is poised to launch a larger member of its 787 Dreamliner jetliner family to meet demand for long-haul travel within Asia and other long-haul routes, sources told Reuters on Thursday. Long-discussed plans for a 323-seat version of the 787 are likely to be formally announced at next week's Paris Airshow, the sources said, confirming a Wall Street Journal report. "We have no comment on the report but we are engaged in discussions with customers on a potential new member of the 787 family," a Boeing spokesman said. ...
Japan approves growth steps, promises to do more after polls
By Kaori Kaneko TOKYO (Reuters) - Japan's cabinet rubber-stamped a set of measures on Friday to boost economic growth that so far have failed to impress markets and made Prime Minister Shinzo Abe promise to take more steps after next month's upper house elections. The growth strategy is a part of Abe's economic revival plan that also includes hyper-easy monetary policy and big government spending and has been unveiled in batches over past few months to lukewarm reception of investors and commentators. ...
Exxon CEO says delays in gas export permits hurt U.S.
By Ayesha Rascoe and Valerie Volcovici WASHINGTON (Reuters) - Delays in approval of more natural gas export projects are costing U.S. companies millions of dollars a day and giving a leg up to rival countries also looking to boost exports, the chief of Exxon Mobil Corp said on Thursday. The comments by Exxon's Rex Tillerson came hours after new U.S. Energy Secretary Ernest Moniz told lawmakers he hopes to "expeditiously" begin evaluating the more than a dozen applications awaiting approval to export liquefied natural gas (LNG). "It's a very competitive marketplace. ...
'Ringleader' says Apple did not raise e-books prices
By Nate Raymond NEW YORK (Reuters) - An Apple Inc executive at the center of an antitrust lawsuit by the U.S. government said on Thursday the company "didn't care" what price publishers set for e-books. Eddy Cue said he was not surprised when publishers increased prices for new and best-selling titles after Apple entered the e-books market in 2010, but he disputed that Apple caused prices industry-wide to increase. "I didn't raise prices," he testified in federal court. Apple is the sole remaining defendant in a lawsuit in which it is accused of working with five major U.S. ...
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WeChat says it complies with all Indian regulations
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