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    Tepco president resigns after record $15bn loss

    Tokyo Electric Power, the operator of the Fukushima Daiichi power plant hit by the tsunami in March, announced on Friday an all time high $15bn net loss due to the disaster which destroyed four of its reactors. The news was followed by the resignation of Tepco’s president Masataka Shimuzu, and the head of the nuclear division, Sakae Muto, who were both criticised for their handling of the nuclear disaster. “We feel sorry for the victims of the earthquake and tsunami. At the same time we want to sincerely apologise for our nuclear reactors in Fukushima causing so much anxiety, worry and trouble to society,” Shimuzu said at a conference...
    On May 20, 2011 / By
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    Strauss-Kahn resigns as head of IMF

    Dominique Strauss-Kahn has resigned as head of the IMF according to a statement issued late on Wednesday by the global finance body. Strauss-Kahn, who faces charges of sexual assault and attempted rape in New York, said in his resignation letter: “I deny with the greatest possible firmness all of the allegations that have been made against me.” He added: “I will devote all my strength, all the time, and all my energy to proving my innocence.” John Lipsky has been appointed by the board of directors as the interim head of the IMF and will replace Strauss-Kahn at the G8 summit in Deauville on May 26....
    On May 19, 2011 / By
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    Dell profits triple

    Texas-based technology company Dell reported late on Tuesday that its Q1 profits had almost tripled due to stronger than expected big business sales. Net income according to the company jumped to $945m from $341m a year earlier and revenue rose 1 percent to $15bn. The technology stalwart saw operating income reaching $1.2bn, while enterprise solutions and services revenue was up 5 percent to $4.4bn led by a server revenue increase of 11 percent. “We’re off to a solid start in our fiscal year 2012. Our substantial profit increase demonstrates that our strategy is working and our execution is improving,” said chairman and CEO Michael Dell...
    On May 18, 2011 / By
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    BP-Rosneft £10bn deal collapses

    BP’s attempt to gain a grip in Russia’s Arctic oilfields through a £10bn share swap deal with state controlled company Rosneft has collapsed after BP failed to address a dispute and reach an agreement with its partner TNK before the midnight Monday deadline. The Russian half of the Russian-British TNK-BP joint venture had threatened in April to file a law suit for up to $10m against its parent company BP, saying BP breached its shareholder agreement for going straight to state oil company OAO Rosneft rather than through TNK-BP. Rosneft and BP signed a share swap deal in January which agreed the joint development of the Russian Arctic s...
    On May 17, 2011 / By
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    Canadian counterbid for TMX beats LSE by 20 percent

    In a deal valued an estimated $3.7bn or $49.50 a share, a group of Canadian pension funds and banks collectively known as Maple Group Acquisition, confirmed late on Sunday that it has submitted a tender to buy all of TMX Group’s shares. The bid by Maple Group to buy the operator of the Toronto Stock Exchange was 20 percent higher than the bid by LSE and was submitted by the group in the hope of derailing a planned merger between the LSE and TMX. Canadian banks had previously criticised the potential transatlantic merger, saying it could lead to foreign control of Canada’s capital markets and lessen Toronto’s position as a financial hub....
    On May 16, 2011 / By
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    Japanese government to help pay plant victims

    The Japanese government endorsed a scheme on Friday to help Tepco, Asia’s largest utility company, compensate victims of the disaster at its tsunami-stricken nuclear power plant and save it from financial collapse. Naoto Kan, Japan’s prime minister, approved the plan to create a new body to facilitate funds to utilities companies expecting to pay nuclear accident compensation claims to victims. It is said that a government committee will for a brief period take over the control of management at Tepco to monitor its restructuring measures. The detailed compensation plan has yet to be released, but compensation is estimated to reach trillio...
    On May 13, 2011 / By
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    Google braced for possible $500m antitrust settlement

    Google’s advertising system is under investigation by the US Justice Department and it has put aside $500m to settle any potential charges, the Internet search engine revealed on its website on Wednesday. The charge decreased the net income to $1.8bn, or $5.51 per share for Q1, Google said in a filing with the SEC late on Tuesday. It had earlier reported net income of $2.3bn, or $7.04 a share for Q1. Google said: “In May 2011, in connection with a potential resolution of an investigation by the United States Department of Justice into the use of Google advertising by certain advertisers, we accrued $500m for the three month period ended M...
    On May 11, 2011 / By
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    Microsoft on the verge of buying Skype

    US software giant Microsoft is in late stage negotiations to buy Internet phone service provider Skype in a deal that could be worth 8.5bn dollars, the Wall Street Journal reported on Tuesday. Confirmation of the deal is expected later on Tuesday but sources warned the deal may still fall apart. Microsoft and Skype declined to comment. The $8.5bn Skype deal would be the largest acquisition in the 36-year history of Microsoft. In 2007, Microsoft paid around $6bn for online advertising firm aQuantive, which until now was it’s biggest deal. Skype is said to have an estimated 663 million users of its Internet telephony and video calling worldwi...
    On May 10, 2011 / By
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    Apple brand world’s most valuable at $153bn

    International consumer electronics giant Apple has beaten search engine Google to the top spot as the most valuable global brand, according to a key study published by Millward Brown. Apple, which produced products including the iPad, iPod and iPhone, moved up from third place in 2010 to the top position after its brand value grew year-on-year from $83bn to $153bn, according to the study. The value of Apple’s brand has increased by 84 percent over the last 12 months, surpassing other brands such as Coca-Cola, Microsoft, IBM and McDonald’s, said the agency.  The Google brand, which held the top spot for four consecutive years, slipped t...
    On May 9, 2011 / By
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    Vale posts record Q1 net profits

    Rio de Janeiro based Vale SA, the globe’s biggest iron ore producer, announced record Q1 net profits as revenue doubled due to higher sales of metals such as copper and nickel, the company said on Friday. According to analysts Vale was expected to post per-share profit of $1.11 on an adjusted basis, the average of 12 estimates compiled. However, net income increased to $6.826bn, or $1.29 a share, from $1.604bn, or 30 cents, the same period a year ago. Vale said its result was triggered by a “robust increase” in global industrial production levels during the quarter at a rate of nearly 9 percent annually, which brought on higher-than-ex...
    On May 6, 2011 / By