Inmarsat Goes after LightSquared for Missed Payment
The Reston, Va.-based closely held company failed to pay London-based telecommunications firm Inmarsat $56.3 million under a spectrum-cooperation accord, Bloomberg reported Monday. Inmarsat was providing wireless spectrum for the wireless network LightSquared wants to build out in the U.S.
French steel workers occupy ArcelorMittal plant
Workers at an idled ArcelorMittal steel plant in northeast France occupied the site Monday, seeking to put their plight on the political map ahead of a presidential election where industrial decline is a central theme.
Euro zone ministers, officials before Greek talks
Euro zone finance ministers and officials arrived on Monday to discuss a second bailout package for Greece. They were expected to approve a package of aid to draw a line under months of turmoil that has shaken the currency bloc. But technical issues remained outstanding before the meeting.
Lloyds cuts bankers' bonuses after insurance debacle
Lloyds will slash the bonuses of its former chief executive and 12 other leading members of staff, following an insurance mis-selling debacle at the part-nationalized British bank.
Bullish hedge funds hike their bets in 2012 rally
Hedge funds are cranking up their bets in equities and credit in 2012's buoyant markets in the belief that the euro zone, U.S. and Chinese economies will fare better than many were fearing last year.
LightSquared defaults on Inmarsat payment
Satellite firm Inmarsat said its partner LightSquared, a venture struggling to build a U.S. mobile broadband service with Inmarsat's spectrum, had failed to pay a $56.25 million instalment to the British company.
Dow Chemical's Olympic PR push dogged by Bhopal
Dow Chemical Co hoped an Olympic sponsorship would boost its global cache, but the company's link to a gas leak tragedy 28 years ago threatens to curb some of the benefits from the $100 million advertising deal.
Vivendi's Universal Music Group Seeks EU Approval for EMI's Music Business
Media conglomerate Vivendi, the Paris-based parent of Universal Music Group, officially sought approval from the European Union to purchase London-based EMI Group's recorded-music business, the European Commission announced Monday on its website.
Chip designer CSR boosts shares with $50 million buyback
British chipmaker CSR Plc underscored its financial strength on Monday with a share buyback of up to $50 million, helping send its shares up more than 20 percent to their highest in six months.
Banks to gulp half a trillion euros from ECB
The European Central Bank will lend nearly half a trillion euros to banks at rock-bottom rates next week through its three-year refinancing operation, despite signs institutions already have adequate liquidity, Reuters polls showed on Monday.
Putin to win Russian election in first round: poll
Vladimir Putin will be elected president in the first round of March's election with more than half the vote, avoiding a runoff that would dent his authority on the eve of his planned return to the Kremlin's top job, a state pollster predicted Monday.
Bank of China moves closer to LME membership
Bank of China International is on track to become the first Chinese member of the London Metals Exchange - giving the bourse a boost while it is considering possible takeover bids - following authorization by the UK financial regulator.
Four Seasons Health Care in talks to refinance debt, raise
Four Seasons Health Care is not trying to sell itself, as media reports suggested, but is in talks to renegotiate debt and raise new equity, a spokeswoman for Britain's biggest care home operator told Reuters.
New ECB cash injection seen bringing pain for euro
A second injection of cheap funds from the European Central Bank may give the euro a temporary boost but is likely to trigger a longer-term decline in the common currency.
U.S. official optimistic on global accounting move
A senior U.S. regulator was optimistic on Monday about finding a framework for the world's top economy to use global book keeping rules for investors to compare cross-border companies.
Analysis: China bid to boost growth a surprise in timing only
Any surprise at the timing of China's move this weekend to spur bank lending may be misplaced. Instead, investors should recognize that China is determined to engineer a soft landing for the world's second-biggest economy.
Frankfurt airport strike extended to late Tuesday
Travelers in Europe face further delays and flight cancellations this week as ground staff at Frankfurt airport plan to extend their strike until early on Tuesday, with neither side in the dispute showing any sign of giving ground.
Universal seeks EU okay for EMI buy
French media group Vivendi's Universal Music is seeking EU regulatory approval to buy British record label EMI's recorded music unit for $1.9 billion to boost its worldwide market share, the European Commission said on its website on Monday.
Internet again disrupted in Iran ahead of election
Iranians faced a second and more extensive disruption of Internet access Monday, just a week after email and social networking sites were blocked, raising concerns about state censorship ahead of parliamentary elections.
Decision day for second Greek bailout despite financing gaps
Euro zone finance ministers are expected to approve a second bailout for Greece on Monday to try to draw a line under months of uncertainty that has shaken the currency bloc, although work remains to be done to make the numbers add up.
Alibaba to secure loan, eyes HK unit buyout
Chinese e-commerce firm Alibaba Group is set to sign on Monday a $3 billion loan it plans to use to take private its Hong Kong-listed unit, Alibaba.com, Thomson Reuters publication Basis Point reported.
Philippines tries new tack: healthy man of Asia
It is getting busy in Cristino Naguiat's spacious 5th-floor office overlooking Manila Bay.
Q+A: How closed are China's commodity futures markets?
Chinese authorities keep a tight grip on the country's commodity exchanges as part of efforts to deter speculators from driving up food and resource prices.
China's Party leaders pledge prudent policies in 2012
China's ruling Communist Party leadership will implement prudent monetary policy and proactive fiscal policy in 2012, the official Xinhua news agency reported on Monday, reiterating the basic policy tone Beijing set at the end of last year.
Wal-Mart to take majority stake in China e-commerce firm
Wal-Mart Stores Inc said on Monday it is taking a controlling stake in Chinese e-commerce firm Yihaodian, as the world's largest retailer seeks new revenue sources to fend off rising competition in the world's fastest-growing major economy.
Apple's legal woes in China offer hope to rivals
Apple Inc's legal row over its iPad trademark in China creates a window of opportunity for rivals such as Lenovo Group Ltd and Samsung Electronics Co Ltd as they try to chip away at the U.S. firm's dominance of the potentially vast Chinese tablet market.
Euro zone officials eye Greek escrow account: Fekter
Euro zone officials are discussing an escrow account for Greek bailout funds as part of a package they will address on Monday, Austrian Finance Minister Maria Fekter said.
Analysis: Euro zone gropes for way out of state-bank dependency
Like drunks at a bar door, the euro zone's governments and banks are leaning unsteadily on each other for support.
Japan's record trade deficit highlights weakening Chinese demand
Japan logged a record trade deficit with China in January as exports dropped by a fifth, underscoring concerns about how sharply China is slowing and its ability to buffer a frail global economy against European turmoil.
Samsung shifts to new TV technology with LCD spin off
South Korea's Samsung Electronics Co, the world's biggest maker of televisions, is shifting its focus towards new generation OLED display technology, and said it will spin off its loss-making LCD flat-screen business into an affiliate.
