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.