TESCO WARNS ON PROFIT
Tesco issued its third profit warning in as many years and said
it would slash its interim dividend and reduce capital expenditure,
underscoring the challenge facing incoming CEO Dave Lewis.
RUSSIA SHUTS EIGHT MCDONALD'S RESTAURANTS
The number of McDonald's restaurants shut down by Russia's
consumer regulator continues to rise as tensions between Moscow and
the West grow after Kiev accused Russia of invading Ukraine.
SIX OSI EMPLOYEES ARRESTED IN CHINA
Chinese prosecutors announced the arrest of six OSI Group
employees, more than a month after authorities suspended the U.S.
food company's operations there, accusing one of its subsidiaries
of selling expired products to fast-food companies.
CHINA CURBS EXECUTIVE PAY AT STATE COMPANIES -XINHUA
The Communist Party of China's Politburo approved a plan to curb
executive pay and perks at major state-controlled companies, the
official Xinhua News Agency reported.
SPRINT TO SELL NEXT SONY XPERIA PHONE IN U.S.
Sprint will sell Sony's next Xperia handset in the U.S. as part
of a strategy to broaden its lineup of smartphone offerings to
limit customer flight, a person familiar with the matter said.
MALAYSIA AIRLINES REVIVAL TO COST UP TO $1.9 BILLION
Malaysia's state investor plans to spend up to US$1.9 billion to
revive Malaysia Airlines, which will cut staffing levels by 30% and
stop flying unprofitable routes.
SAAB OWNER FILES AGAIN FOR BANKRUPTCY PROTECTION
The Chinese-backed company that bought Sweden's Saab Automobile
out of bankruptcy filed its second petition for bankruptcy
protection with a Swedish court.
ANGRY BIRDS CHIEF TO STEP DOWN
Finland's Rovio Entertainment, maker of the Angry Birds mobile
game, said CEO Mikael Hed will step down in January--a move that
comes amid the company's recent struggles to refresh its games
lineup and revenue model.
JAPAN GPIF SIGNALS PORTFOLIO SHIFT
Japan's public pension reserve fund has let its domestic
bondholdings fall below the current portfolio allocation range
while increasing its equity and foreign bond ratios to the highest
levels in years.
AUDI RECALLS 70,000 CARS
Audi is recalling 70,000 cars globally because of possible
issues with a braking component. The faulty part is in some A4, A5,
A6 and A7 sedans, and Q5 and Q7 sports-utility vehicles made
between March and Dec 2012.
UGANDA'S CRUDE OIL RESERVES HIT 6.5 BILLION BARRELS
Uganda's estimated crude oil reserves have nearly doubled to hit
6.5 billion barrels following the conclusion of appraisal
activities at oil fields in three blocks in Lake Albertine Rift
basin.
VIRGIN AUSTRALIA SELLS STAKE IN FREQUENT-FLIER BUSINESS
Virgin Australia sold a stake in its frequent-flier business to
U.S. private-equity firm Affinity Equity Partners after the airline
posted a deep annual loss.
FIAT AVOIDS CHRYSLER MERGER ROAD BLOCK
Fiat got the green light from shareholders to create Fiat
Chrysler Automobiles, a company with a tax residency in the U.K.,
legal headquarters in Amsterdam and a primary stock listing in New
York.