Business News

Tue, May 22, 2012

India faces mass default and restructuring as devaluation looms

By Jonathan Rogers

SINGAPORE, May 22 (IFR) - India's mounting economic and political woes are prompting market players to raise the specter of a ...

Tue, May 22, 2012

Best Buy results top estimates; outlook maintained

By Dhanya Skariachan

NEW YORK (Reuters) - Best Buy Co Inc reported better-than-expected quarterly results and maintained its outlook for the year as a turnaround ...

Tue, May 22, 2012

Fitch cuts Japan as politics hinders debt plan

By Stanley White

TOKYO (Reuters) - Fitch cut Japan's sovereign credit status on Tuesday to the lowest level among global ratings agencies as a ...

Tue, May 22, 2012

Glencore takes control of Mutanda with $480 million deal

LONDON (Reuters) - Commodities trader Glencore has taken majority control of its fast-growing Mutanda copper operation in Congo with deals worth $480 million, marking the ...

Tue, May 22, 2012

Vodafone makes writedown on European weakness

By Kate Holton

LONDON (Reuters) - Mobile operator Vodafone made a writedown of 4 billion pounds ($6.3 billion) and cut its medium-term sales target ...

Tue, May 22, 2012

IMF tells Britain: Do more to drive growth

By Sven Egenter and Fiona Shaikh

LONDON (Reuters) - Britain must do more to bolster demand and the Bank of England should purchase more assets ...

Tue, May 22, 2012

Nissan aiming for 10 percent of China luxury car market

By Alison Leung

HONG KONG/BEIJING (Reuters) - Nissan Motor Co Ltd said it aims to triple global sales of its premium Infiniti brand by ...

Tue, May 22, 2012

Citigroup says cautious on U.S. small-, mid-cap cos

(Reuters) - Citigroup said it has a cautious view on the U.S. small-and mid-cap companies on concerns over earnings pressure in the second half ...

Tue, May 22, 2012

Tesco CEO turns down $590,000 bonus

LONDON (Reuters) - Tesco boss Philip Clarke has opted not to take an annual bonus of about 372,000 pounds ($588,000) following a poor ...

Tue, May 22, 2012

Insight: Morgan Stanley cut Facebook estimates just before IPO

By Alistair Barr

(Reuters) - In the run-up to Facebook's $16 billion IPO, Morgan Stanley, the lead underwriter on the deal, unexpectedly delivered some ...