Business  March 31, 2015
Philips to sell major stake in LED, car lighting arm for $2.8 bn
Dutch electronics giant Philips on Tuesday said it was selling a majority stake in its LED and car lighting arm to a consortium led by China-based GO Scale Capital investment fund in a deal worth $2.8 bnDutch electronics giant Philips on Tuesday said it was selling a majority stake in its LED and car lighting arm to a consortium led by China-based GO Scale Capital investment fund in a deal worth $2.8 bn."Philips today announced that it has signed an agreement with a consortium led by GO Scale Capital through which they will acquire an 80.1 percent...  Full Story
Asian markets mostly up after China easing, US rally
File photo of a residential district in ShanghaiAsian markets mostly rose on Tuesday after China's decision to ease mortgage rules fuelled hopes for further stimulus measures, but afternoon profit-taking pared a morning rally, with Tokyo and Shanghai ending more than one percent lower.While traders were given a strong lead from Wall Street, there is lingering nervousness over Greece's attempts t...  Full Story
Samsung, LG agree to end legal feuds
LG GroupSamsung and LG agreed Tuesday to end all pending legal disputes that had seen the South Korean electronics rivals accuse each other of stealing technology and vandalising products.A recent series of feuds between the two giants even saw one senior LG executive indicted by prosecutors for allegedly sabotaging Samsung's washing machines at a trade fa...  Full Story
Argentina unions launch transport strike over tax burden
Transport unions in Argentina have launched a 24-hour strike over a tax regime they say hurts the lowest earnersTransport unions in Argentina launched a 24-hour strike at midnight Monday over a tax regime they say hurts the lowest earners. It is the fourth major stoppage against President Cristina Kirchner, who took power in 2007 and completes her second term at the end of this year. The protest threatened to paralyze bus services, subways, trains, taxis, fu...  Full Story
Japan denies plan to join China-led development bank
JapanJapan on Tuesday ruled out any immediate plan to join the Beijing-backed Asian Infrastructure Investment Bank (AIIB), categorically denying a news report that its ambassador to China said Tokyo is likely to take part.The Financial Times reported that Masato Kitera, Tokyo's envoy in Beijing, said in an interview Japan is likely to join the AIIB with...  Full Story
German farmers not cowed by end of EU milk quotas
Dairy cows feed in a giant hangar at the Heideland farm in Kemberg, south of BerlinFresh from a massage, the cows turn slowly on a computerised "milking carousel" -- everything is ready at the Heideland farm south of Berlin to ramp up production once European milk quotas end on Wednesday."Look how well we treat them, all the space they've got, and here they even have a massage machine," says Richard Reiss, head of the giant farm ...  Full Story
Tsipras seeks 'honest compromise' as Greece wrangles with creditors
Experts from the IMF and the EU are scrutinising a list of proposed reforms that Athens says would raise an extra three billion euros ($3.3 billion) for government coffers without resorting to wage and pension cutsGreek Prime Minister Alexis Tsipras said he wanted an "honest compromise" as the cash-strapped country wrangled with eurozone creditors over a new package of reforms needed to unlock vital bailout funds.Experts from the IMF and the EU are scrutinising a list of reforms that Athens has proposed in its bid to get the creditors to release 7.2-billion ...  Full Story
Graft, economy crank up pressure on Brazil ruling party
Hundreds of fake money bags representing the donations of companies in election campaigns were distributed in front of the National Congress in Brasilia on March 24, 2015Twelve years after surging to power in Brazil, the Workers' Party (PT) is at a crossroads, struggling to deal with a tanking economy and a ballooning graft scandal that has implicated members and close allies.Party co-founder Luiz Inacio Lula da Silva, a former union leader, scored a historic poll win in October 2002, when he first led the PT to po...  Full Story
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