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BUSINESS NEWS

BUSINESS NEWS

  • Order dockets found in the rubble of a Dhaka garment factory where over 1,100 workers died show just why it pays foreign stores to buy from Bangladesh - clothes made for as little as a tenth of what they sell for in the West.

     

  • The International Airlines Group has raised 390 million euros ($506 million) through a convertible bond issue to help to fund the purchase of low-cost carrier Vueling.

     

  • Britain's top share index held near 5-1/2 year highs on Tuesday, with a broad selloff in miners offset by takeover talk in the utility sector after a bid for Severn Trent.

     

  • Government proposals to ensure British pub tenants are treated fairly by pub owners are based on flawed and misleading evidence and could lead to more pub closures, Enterprise Inns Plc said on Tuesday.

     

  • Nokia unveiled a lighter, metal model in its Lumia smartphone range, as it tries to catch the eye of buyers to close the huge market lead of rivals Samsung and Apple Inc in the lucrative handset market.

     

  • A New York-based hedge fund with a reputation as an activist investor has proposed that Sony Corp spin off its entertainment division via an IPO, saying the move could boost the Japanese electronics firm's shares by as much as 60 percent.

     

  • Airbus expressed growing optimism about the schedule for the keenly-awaited maiden flight of its A350 on Tuesday, amid speculation that its first new jet in almost a decade could debut before next month's Paris air show.

     

  • State-run Banco do Brasil SA likely saw profit tumble in the first quarter as provisions rose after the nation's largest bank stepped up loan disbursements at the fastest annual pace in three years, a poll of analysts said on Tuesday.

     

  • Shares in Severn Trent surged to all-time highs after the British water company confirmed it had received a takeover approach from a consortium including Borealis Infrastructure and the Kuwait Investment Office.

     

  • Nokia unveiled a metal version of its Lumia smartphone on Tuesday, striving to catch up with Samsung and Apple Inc in the lucrative handset market.

     

  • European shares fell on Tuesday, pressured by sales of stakes in some firms but with an improving economic backdrop suggesting the market could soon eclipse recent multi-year highs.

     

  • Pirates have released five Polish and Russian crew members they kidnapped from a cargo ship off the coast of Nigeria last month, the vessel's management company said.

     

  • Mainland China shares suffered their worst daily loss in three weeks on Tuesday, forcing a reversal of early gains in Hong Kong markets, after official media suggested that Beijing is unlikely to ease monetary policy despite patchy April economic data.

     

  • Platinum miner Lonmin, at the centre of violent South African strikes last year, will tell unions to curb expectations of forthcoming wage talks, warning that it remains under pressure despite reporting forecast-beating first-half earnings.

     

  • Nokia, battling to keep up with Samsung and Apple in the global phone race, lost almost 5 percentage points of market share in the first quarter, research company Gartner said on Tuesday.

     

  • Pirates have released five Polish and Russian crew members they kidnapped from a cargo ship off the coast of Nigeria last month, the vessel's management company said.

     

  • Britain's top share index held near 5-1/2 year highs on Tuesday as a jump in water company Severn Trent following a takeover approach was balanced by fresh worries for miners, including a South African strike.

     

  • South African workers of world No. 3 platinum producer Lonmin launched a wildcat strike on Tuesday, halting all of the company's mine operations and reigniting fears of deadly unrest that rocked the industry last year.

     

  • Hong Kong shares retreated further from a three-month closing high on Tuesday, dragged down by the Chinese banking and property sectors after a newspaper report stoked fears that local governments could impose more curbs on home sales.

     

  • South African workers of world No. 3 platinum producer Lonmin launched a wildcat strike on Tuesday, halting all of the company's mine operations and reigniting fears of deadly unrest that rocked the industry last year.

     

  • Sony Corp, responding to a shareholder's call for it to spin off its entertainment operations, said its entertainment businesses were important to its growth strategy and "are not for sale".

     

  • Property developer British Land is looking to sell its 255 million pound ($391 million) portfolio of retail properties in mainland Europe after the assets lost almost a fifth of their value on the back of the economic crisis in Spain and Portugal.

     

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