Fidelity money fund clients sour on SEC proposals
BOSTON - Adding to the outcry against new rules for money-market funds, Fidelity Investments has warned regulators that more than half of its money-fund clients would move some or all of their assets out of the investments if the net asset value of the funds were allowed to fluctuate.
Panasonic to warn of record $9.2 billion annual loss: report
TOKYO - Panasonic Corp is likely to forecast a record net annual loss of more than $9.2 billion, local media reported on Friday, as it tallies the cost of trying to fix its broken TV unit and writes down its Sanyo Electric acquisition, forming a trinity of beleaguered Japanese consumer electronic giants.
Facebook, and Zuckerberg, embark on mega-IPO
SAN FRANCISCO - Facebook unveiled what is expected to be Silicon Valley's largest ever initial public offering, but made it clear to outside investors that they will have little voice in its running, as founder and CEO Mark Zuckerberg will continue to exercise almost complete control.
U.S. accuses China of instigating plot against DuPont
SAN FRANCISCO - Federal authorities successfully kept a U.S. businessman in jail on Wednesday ahead of his trial on charges relating to trade secret theft, and argued that it was Chinese government representatives who directed him to obtain valuable technology manufactured by chemical giant DuPont.
Exclusive: U.S. accuses China of instigating plot against DuPont
SAN FRANCISCO - Chinese government representatives directed a U.S. businessman to obtain valuable technology manufactured by chemical giant DuPont and were seeking on Wednesday to keep him in jail ahead of his trial on charges relating to trade secret theft, U.S. prosecutors say in newly released court documents.
Sony says Hirai to become president, CEO in April
TOKYO - Sony Corp said on Wednesday that Vice President Kazuo Hirai will take over the roles of CEO and president on April 1 from Howard Stringer, who will retain the chairman's post as the company struggles to regain its standing in the consumer electronics sector in which it was once a driving force.
Exxon to sell part of Tonen stake for about $3.9 bln: sources
TOKYO - Exxon Mobil plans to sell a large part of its 50 percent stake in TonenGeneral Sekiyu KK back to its Japanese refining partner in a deal that could be worth about 300 billion yen ($3.9 billion), and will make an announcement as early as Monday, four sources with direct knowledge of the matter said.
Reuters Magazine: Felix Salmon: The devil in the CDS
- The world of international finance is largely incomprehensible, even to its practitioners. Consequently, a whole industry, of which I am personally part, has sprung up to "explain finance" to the public. This makes the public think that understanding finance is something that is possible.
Charges weigh on Procter & Gamble profit
- Procter & Gamble Co's quarterly profit plunged 49 percent, as the world's largest household products maker wrote down the value of its appliance and salon professional products businesses, and it said this year's profit would come in lower than previously expected due to the strong dollar.
Samsung posts record results powered by smartphones
SEOUL - Samsung Electronics Co, the world's top technology firm by revenue, reported a record quarterly profit on Friday, aided by its best-ever sales of smartphones, and hiked 2012 capital investment 9 percent to 25 trillion won ($22 billion) to boost chips and flat-screen production.
