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Singapore Airlines says it will defend allegations by the watchdog Australian Competition and Consumer Commission (ACCC) that its cargo subsidiary was involved in an illegal international price-fixing freight cartel, ABC radio reported on Monday.
The ACCC claims a number of airlines fixed the price of a fuel surcharge on freight...
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Investment bank Morgan Stanley on Wednesday reported sharp fourth-quarter losses and reductions in year-on-year income for the business year that ended November 30, continuing the fallout from the economic crisis.
The company reported that its income for the year came to 1.8 billion dollars, compared with 2.6 billion dollars the...
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Investment bank Morgan Stanley on Wednesday reported sharp fourth-quarter losses and reductions in year-on-year income for the business year that ended November 30, continuing the fallout from the economic crisis.
The company reported that its income for the year came to 1.8 billion dollars, compared with 2.6 billion dollars the...
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A culture of bribery and impunity flourished at German corporate giant Siemens AG over the past decade despite repeated warnings from outside and inside the firm, according to US court documents.
The details were released Monday as Siemens pleaded guilty in US District Court in Washington to a massive global corruption scandal...
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Troubled US web portal firm Yahoo! is in negotiations to buy Time Warner Inc.'s AOL business, the financial news agency Bloomberg reported on Thursday.
Yahoo!, which earlier in the week rejected a 47.5-billion-dollar takeover bid by Microsoft in a move that saw the resignation of CEO Jerry Yang, is according to Bloomberg bidding for...
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Ford Motor Co on Friday reported a third- quarter operating loss of 2.98 billion dollars and said it would cut jobs and spending to preserve its perilous cash reserves.
One of the US' "Big Three" automakers, Ford said it used up 7.7 billion dollars in cash as revenues plunged.
The losses reported by Ford, the...
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Insurance giant American International Group Inc, bailed out of a cash-flow crisis last month by a loan that temporarily made the US government its majority shareholder, said Monday that it would stop lobbying in Washington.
A spokesman said that the company's Washington office would continue to monitor federal lawmaking to assess...
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New York state's attorney general has threatened legal action against financially troubled insurer AIG unless it takes steps to "review, rescind and recover all past unreasonable expenditures."
The move comes as US authorities are starting to investigate the behaviour of multiple financial companies in the wake of the...
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A possible compromise in the takeover battle for ailing Wachovia bank was in the making, with the two takeover rivals, Citigroup Inc. and Wells Fargo & Co. considering a deal to divide up the the bank, the Wall Street Journal reported Monday.
The newspaper said the two banks, with officials of the Federal Reserve and the US...
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The decision by Morgan Stanley and Goldman Sachs - the last two major US investment banks still on their feet - to become bank holding companies signals the end of high-wire finance on Wall Street.
After a year of turmoil in the financial industry that climaxed last week with bankruptcies and government takeovers, the two companies...
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 Yesterday, a Raytheon Hawker 800 small airplane crashed in Minnesota while it was preparing to land at the regional airport in the area. The crash killed all eight people who were on board. Among them, there were casino and construction executives.Officials who are investigating the crash believed there were nine people on board...
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Employees of India's software major Satyam, that has been rocked by a 1.45-billion-dollar accounting fraud, were uncertain about their future as business leaders worried about the scam's impact on corporate India, media reports said Thursday.
Satyam chairman B Ramalinga Raju quit Wednesday after admitting that the company, India's...
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Ukraine has blocked transit shipment of Russian natural gas to Europe, escalating an acrimonious energy dispute dispute between the two countries and increasing the threat of a natural gas shortage in Europe, Ukrainian media reported Monday.
Executives from Ukrainian natural gas monopolist Naftogaz Ukrainy refused late Sunday evening...
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A new exhibition just opened by Lebanese artist Randa Ali Ahmed would, at first glance, seem to be a fitting testament to the end of the global economic boom: The bare cement walls of a bombed-out looking Beirut gallery adorned by acrylic-on- canvas depictions of suited businessmen in varying states of dejection and...
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New Zealand's competition watchdog Commerce Commission launched legal action Monday against 13 international airlines and seven executives, accusing them of operating an illegal air freight cartel.
The commission filed papers in the Auckland High Court alleging that airlines throughout the world colluded to raise the price of...
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Thailand's Parliament opened an extraordinary session Monday to vote in a new prime minister after the last premier and much of the cabinet lost their posts in a court ruling.
The vote was expected to be close between the two nominated candidates, Democrat Party leader Abhisit Vejjajiva and the Puea Paendin Party's leader, police...
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Thailand's Parliament on Monday selected Democrat Party leader Abhisit Vejjajiva as the next prime minister, giving the 44-year-old Oxford-educated politician a slim majority to form the next government.
An extraordinary session of the lower house gave Abhisit a thin victory by a 235-198 vote over his rival, police General Pracha...
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The Islamic finance industry, which refers to the banking activity conducted in accordance with the principles of Sharia (Islamic law), gained the limelight over the past two months during the global financial turmoil as one of the relatively safe havens for investments.
Executives of Islamic banks and financial institutions have been...
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Thailand's Parliament on Monday selected opposition Democrat Party leader Abhisit Vejjajiva as the next prime minister, giving the 44-year-old Oxford-educated politician a slim majority to form the next government. An extraordinary session of the lower house gave Abhisit a thin victory by a 235-198 vote over his rival, police General...
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Thailand's Parliament on Monday selected Democrat Party leader Abhisit Vejjajiva as the next prime minister, giving the 44-year-old Oxford-educated politician a slim majority to form the next government.
An extraordinary session of the lower house gave Abhisit a thin victory by a 235-198 vote over his rival, police General Pracha...
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The week-long closure of Bangkok's two airports has left the capital's hotels empty, travel agents without travellers and the entire industry waiting for a quick fix to Thailand's political mess that is not likely to materialize.
"This week Bangkok hotels are operating at single-digit occupancy and when all the existing tourists...
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The chief prosecutor of the International Criminal Tribunal for the Former Yugoslavia (ICTY), Serge Brammertz, arrived in Belgrade Monday to press Serbian officials for the arrest of Ratko Mladic, the most wanted war crimes suspect.
But Belgrade, despite its ties with the European Union hinging on the arrest of fugitive war criminals,...
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British Prime Minister Gordon Brown arrived in Abu Dhabi Monday as he completes a four-day Gulf tour which already took him to Saudi Arabia and Qatar.
Brown has already received assurances from Saudi Arabia and Qatar that they will contribute to an International Monetary Fund (IMF) account to stabilize national economies rocked by the...
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Thai prime minister Somchai Wongsawat on Friday rebuffed intense pressure to resign following a violent police crackdown against anti-government protestors.
Somchai, elevated last month, rejected a strong suggestion on Thursday by army commander Anupong Paojinda that he step down.
"This government was produced by the...
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Vietnamese authorities have ordered the South Korean-owned Miwon condiment company to suspend operations at one of its production lines for discharging pollution into the Red River north of Hanoi, provincial officials said Friday.
Miwon Vietnam, which makes about 30,000 tons of soy sauce and other condiments per year, is the second...
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Thailand's Office of the Attorney General on Friday requested the Constitution Court accept a case seeking to dissolve the People Power Party (PPP), the lead party in the coalition government.
The case, if accepted, was expected to lead to the disbandment of the PPP because the same court already convicted former PPP deputy leader...
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Hong Kong's flagship airline Cathay Pacific said Wednesday it had seen "significant drops" in first and business class bookings as the global economic crisis deepens.
Companies are shifting their executives from first class to business and from business to economy as the financial crisis deepens, airline staff were told in a...
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Somchai Wongsawat, the brother-in-law of ousted prime minister Thaksin Shinawatra, on Tuesday secured the full backing of the People Power Party to become the country's next premier after a party rift failed to scuttle his nomination.
"The People Power Party has reached a consensus to nominate Somchai as the next prime...
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Thailand's largest political party on Monday nominated Somchai Wongsawat, the brother-in-law of coup-ousted Thaksin Shinawatra, as its candidate to be the kingdom's next prime minister, but the choice has split the party.
Somchai, who has been acting prime minister since September 9 when former premier Samak Sundaravej lost his post,...
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 The Japanese Prime Minister Shinzo Abe is meeting his
Indian counterpart, Manmohan Singh to discuss and negotiate a tighter strategic
and global relationship between the two countries.
The two officials are expected to discuss subjects like civilian
nuclear, defense deals and strengthening
the bilateral trade agreement ,...
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Russia cut its supply of natural gas to Austria by 90 per cent Monday night, Austrian oil and gas supplier OMV AG said Tuesday.
The reduction came amid Ukraine's conflict with Russian state gas company Gazprom, which pipes its gas to Western Europe through the Ukraine.
OMV would be able to keep up its delivery to end customers by...
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Russian natural gas supplies to the Czech Republic dropped by 75 per cent early Tuesday amid the ongoing gas row between Russia and Ukraine, a gas importer said.
Martin Chalupsky, a spokesman for country's leading gas importer and distributor, RWE Transgas, described the drop as "serious" but said that the company is able...
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Ukraine has blocked transit shipment of Russian natural gas to Europe, escalating an acrimonious energy dispute dispute between the two countries and increasing the threat of a natural gas shortage in Europe, Ukrainian media reported Monday.
Executives from Ukrainian natural gas monopolist Naftogaz Ukrainy refused late Sunday evening...
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German business confidence plummeted in December to a low last seen during the 1980s oil crisis, a key survey released Thursday showed, setting the stage for a bleak year for Europe's biggest economy.
With the global economic downturn gaining momentum, the closely-watched Ifo business confidence index marked the end of the year by...
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A court in the Paris suburb of Saint-Denis on Thursday ruled that a company on the island of La Reunion must pay French First Lady Carla Bruni-Sarkozy 40,000 euros (58,400 dollars) in damages for having used her nude photo on a line of shopping bags, French media reported.
The court found that the Pardon company had used...
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A court in Saint-Denis on the island of La Reunion ruled on Thursday that a local company must pay French First Lady Carla Bruni-Sarkozy 40,000 euros (58,400 dollars) in damages for having used her nude photo on a line of shopping bags, French media reported.
The court found that the Pardon company had used Bruni-Sarkozy's image...
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France's First Lady, Carla Bruni-Sarkozy, is going to court to prevent the sale of a shopping bag adorned with a photo of her in the nude, the online edition of the weekly Le Point reported on Friday.
Bruni-Sarkozy's attorney, Thierry Herzog, said the bag - which is made by the Pardon company based on the island of La Reunion -...
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Berlin - German business confidence plunged for the sixth consecutive month in November, a key survey released Monday said, adding to signs that Europe's biggest economy is losing yet more momentum.
With the global economic gloom threatening Germany's key export machine, the nation's closely watched Ifo business confidence index...
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Two former executives at the German multinational Siemens were given prison terms Wednesday for assisting in a 1.3- billion-euro (1.6-billion-dollar) worldwide web of bribery.
The men, 58 and 69, had admitted being accessories to misappropriation and corruption at the two-day trial in Munich. Kickbacks were paid in various nations...
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Karlheinz Bellmann went to Iceland to find out what had happened to his savings of 110,000 euros (138,000 dollars), missing since the collapse of the country's Kaupthing Bank.
Four days later, on his way back to Germany, the father of four had other matters on his mind: "What can one do to help the people here?"
Crying...
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German experts compiling a brief for the G20 summit in Washington are to call for a revision of the way banking executives are paid and a worldwide loan registry, sources told Deutsche Presse-Agentur dpa Friday.
German Chancellor Angela Merkel and her Finance Minister Peer Steinbrueck commissioned the experts to rapidly draft a set...
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German experts compiling a brief for the G20 summit in Washington called Friday in Berlin for a revision of the way banking executives are paid and also called for a worldwide loan registry.
They handed a report to German Chancellor Angela Merkel and her Finance Minister Peer Steinbrueck.
Otmar Issing, a former chief economist of...
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Swedbank, one of four major Swedish banking groups, Tuesday confirmed it planned to sign on to a stability plan approved last week.
The application to join the guarantee programme was to be filed shortly, the group said.
The guarantee fund is worth 1.5 trillion kronor (201 billion dollars) and banks would have to comply with...
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Eurozone finance ministers Monday faced the unenviable double task of trying to lead efforts to reform global capitalism while seeking a fix for their troubled economies.
The evening meeting in Brussels was the first in a series designed to prepare a common European position ahead of global talks on the financial crisis taking place...
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The head of a German armoured van company where executives were quietly helping themselves to the customers' cash was jailed Friday for 11 years.
Karl-Heinz Weis, 60, was convicted of misappropriation and embezzlement in the northern city of Hildesheim. He had already been convicted in May 2007 of related offences including...
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Swedish Finance Minister Anders Borg on Friday criticized major Swedish banking groups for not signing on to a stability plan approved earlier this week.
Speaking to reporters after a meeting of parliament's committee on European Union affairs, Borg said he also urged the general public to "pick up the phone and call their bank...
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A trader believed to have been responsible for a loss of 751 million euros (954 million dollars) to the French bank Caisse d'Epargne has been taken into police custody, France Info radio reported on Wednesday.
No details were available regarding the trader's identity or the charges he may face.
The loss was reported by in...
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The Swedish parliament Wednesday approved a stability plan including the establishment of a fund to help banks that run into problems in the future.
Financial Markets Minister Mats Odell said the "stability plan would take immediate effect."
The plan included safeguarding deposits and restoring confidence between the...
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Texan space tourist Richard Gariott said Monday the Russian space agency and NASA should give business entrepreneurs wider access to the International Space Station (ISS).
Silicon Valley millionaire Garriott, who made his fortune designing fantasy computer games, said he fit the profile as he spoke with journalists three days after...
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German Foreign Minister Frank-Walter Steinmeier was flying to Pakistan Monday at the start of a four-day diplomatic tour that will also take in Saudi Arabia and the United Arab Emirates.
The onslaught of terrorist attacks and the growing financial crisis in Pakistan are expected to dominate his talks with Pakistan's new president,...
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German business confidence plunged to its lowest level in more than five years in October, a key survey released Monday said, as the world financial crisis triggered panic selling on global stock markets and fears grew about a looming recession.
The closely watched Ifo business confidence index dropped more than expected to 90.2...
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German Foreign Minister Frank-Walter Steinmeier was flying to Pakistan Monday at the start of a four-day diplomatic tour that will also take in Saudi Arabia and the United Arab Emirates.
The onslaught of terrorist attacks and the growing financial crisis in Pakistan are expected to dominate his talks with Pakistan's new president,...
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German Foreign Minister Frank-Walter Steinmeier is to fly to Pakistan on Monday at the start of a four-day diplomatic tour also taking in Saudi Arabia and the United Arab Emirates, aides said Friday in Berlin.
The onslaught of terrorist attacks and the growing financial crisis in Pakistan will be topics when he meets with Pakistan's...
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Even as it hopes for an invitation to join the European Union, Croatia on Friday reeled in the wake of another high- profile murder and fears that organized crime has overpowered the state.
Croatia's top security body met in an urgent session after a bomb killed journalist, editor and publisher Ivo Pukanic and the marketing director...
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France will inject 10.5 billion euros (14 billion dollars) into the country's six biggest banks by the end of the year in an effort to provide capital for business and consumer lending, Finance Minister Christine Lagarde announced late Monday.
The government is to subscribe to subordinated five-year debt issued by the six banks, which...
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In Britain, the NICE decade, defined by Bank of England governor Mervyn King as one of "non-inflationary constant expansion" - has come to an end with a bang.
The government bailout of cash-starved banks - the biggest-ever fundraising effort undertaken on behalf of the country's proud banking sector - is seen as the end of...
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Germany will not initially be buying up bad assets from banks, Finance Minister Peer Steinbrueck said Monday.
He said said the "two pillars" of the rescue plan as adopted were a guarantee for interbank lending and a recapitalization fund.
"A third pillar could be buying up the bad assets," he said, noting this...
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One day after the euro-zone summit on the finance crisis, French President Nicolas Sarkozy on Monday presented a bank rescue plan that could cost as much as 360 billion euros (490 billion dollars).
The proposal calls for a maximum of 320 billion euros of guarantees to restore confidence in the interbank credit market and stimulate...
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A short-lived rally on the London stock market evaporated Tuesday after big falls in bank shares pulled down the Financial Times Index wiping out an initial rise of 2.6 per cent.
Shares in the Royal Bank of Scotland (RBS) at one point slumped by 40 per cent, following reports that it was among three leading British banks that asked...
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The euro area's finance ministers were meeting in Luxembourg on Monday amid plummeting stock market indexes and charges that governments were not coordinating their efforts to protect citizens' savings from the credit crunch.
About a third of the 15 European Union countries that share the common currency have already moved to...
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International Monetary Fund (IMF) chief Dominique Strauss-Kahn said Sunday that his institute could serve as a kind of watchdog for the crisis-stricken world financial market.
In remarks published in the Sunday paper Le Journal du Dimanche, Strauss-Kahn said the IMF could set the norms and keep watch on the markets.
Democracy...
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A German trade union leader accepted large sums of money from industrial group Siemens under the guise of fees for training courses, a prosecutor told a court in Nuremberg Wednesday.
Wilhelm Schelsky, former leader of the conservative AUB union, went on trial for fraud and tax evasion. The court was told he filed 44 invoices for 30.3...
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Russian Prime Minister Vladimir Putin told investors at a forum in Russia's Black Sea resort of Sochi on Friday that Russia would not play politics with its market and remained open to foreigners despite acrimony over its war with Georgia.
"Our ideology and politics remain the same," Putin told executives....
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Russian Energy Minister Sergei Shmatko said Friday that Russia was doing its utmost to ensure a stable supply of oil to Europe despite a diplomatic fallout in the aftermath of the Georgia conflict.
Energy Minister Sergei Shmatko said maintaning credibility as a "reliable" oil supplier was the priority, news agency Interfax...
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Taking a tough line on the bribery scandal that has shaken conglomerate Siemens, Germany's top appeal court ruled Friday that it was a crime to set up a slush fund.
It instructed a lower court to hear anew a case against two executives who misappropriated corporate money to bribe managers at Italian electricity company Enel into...
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The German government has not discerned any signs that Russia might cut oil deliveries to Europe as part of its response to the crisis over Georgia, a spokesman said Friday.
"We firmly assume that contracts will be adhered to," government spokesman Ulrich Wilhelm said.
He was responding to a report in the London-based...
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 Environmentalists end their week-long demonstrations of
their Heathrow-based Camp for Climate Action with a promised “direct action day”:
protests spread beyond the initial
location to other five locations in Suffolk, London and Oxford.
Some protesters remained close to the initial premises, blocking the
entrance at the...
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US
digital music retailer, Rhapsody America, is the most recent company to adopt MP3 downloads without any copy restraints
and represents a threat to the supremacy of Apple Inc.'s iTunes.
Rhapsody will be supplied with such songs by four major
record labels, Universal, EMI, Sony and Warner, while only one major label
provides...
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 A filling with the Securities and Exchange Commission revealed on Friday that Ford Motor Co. rewarded its Chief Executive Alan Mulally with 21.7 million dollars in 2007 alone.According to The Detroit News, the total amount was raised with a 2 million dollars salary, 7 million dollars in bonuses and various stock awards, while its...
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 Spring is coming
and seems to bring along new decisions and changes inside high tech companies.
First of all it was Steve Berkowitz who left his position as the senior vice
president of Microsoft’s online business group. He was followed by several
other executives who seemed to have had enough of working at Microsoft.
But now...
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 A group of security researchers have found a serious flaw in the Android software from Google. This comes just after a few days from T-Mobile’s G1 smartphone launch on Wednesday. One of the researchers, Charles A. Miller, notified Google about the flaw. Furthermore, he announced the error publicly in order to show cell phone users that...
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 Although Google
hasn’t released yet any sales predictions for mobile phones based on its
already popular mobile operating system Android, one of the company’s
executives proved very confident already. On Thursday, Rich Miner, Google’s
group manager for mobile platforms, made public his opinion that Android-based
mobile phones will...
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 Sony Ericsson announced today a
brand new smart cell phone that is going to rival Apple’s popular iPhone. Sony
Ericsson’s new mobile phone will also be the company’s first product using
Microsoft’s Windows Mobile operating system.
Called Xperia X1, the smart phone
will hit the market in the second half of the year, when it starts...
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 New media reports confirm that Novartis, the Swiss
pharmaceutical group, on Monday faced a fresh blow to prospects for its new
painkiller Prexige after UK, German and Austrian drug regulators suspended the
medicine on concerns over liver damage.
The move follows the decision by Australia to withdraw the
drug in August after side...
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 The first ever Linux lawsuit is
ready to explode! The theoretical debates over open source software and the
patent laws are ready now to be discussed also in court, as the most important
Linux sellers, Novell Inc. and Red Hat Inc., have been sued for patent
infringement.
IP Innovation represents a
subsidiary company of the...
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Opportunities for German
business beckon in Algeria, a trade official said in Berlin before
Chancellor Merkel's arrival later Wednesday in the North African nation
at the head of a business delegation. Andreas Hergenroether,
chief executive of the German-Algerian Chamber of Commerce, said
Algerians had high respect and awareness...
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 The Munich-based Ifo economic institute's monthly index of 7.000 German executives, which was released on Wednesday, showed that the business confidence has fell to an almost two- year low, over worries about growth in Europe's biggest economy wiped out the low rise in the index in November.The Ifo economic research institute said that...
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 A survey that was published on Tuesday has shown that the German business confidence rose unexpectedly, while the international market still deals with the regress imposed by the United States mortgage crisis and the soaring oil prices.The German Ifo economic institute’s index has increased, rising the business confidence at 104.2 points...
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 The popular company Wal-Mart
Stores Inc. is likely to increase its salesby no less than $287 million by just
fixing something. As one of the company’s executives have stated on Friday, the
company could increase its sales with that huge amount of money by just fixing
a small portion of its inventory problems by using the radio...
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 Doctors will be stripped of their traditional white coats as
part of a new hygiene project to make hospitals as clean as possible. It has
been known for years that the white robes doctors wear are not hygiene
efficient enough to protect patients against possible viruses on the clothes
the doctor wears underneath their uniform. Ties,...
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 Time Warner Inc. announced its AOL LLC unit is to move its HQ from Dulles, Va. to New York, where its advertising executives are already based. Also, AOL announced a revamped global ad platform dubbed Platform A, which is virtually a new division combining its Advertising.com online ad unit, along with recently-acquired online marketer...
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