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Arianna Huffington, founder of the online Huffington Post news site that has become a global phenomenon, announced today she was stepping down to launch a nonprofit group focused on health and wellness. 
 
Greek-born Huffington, who launched her original American website in 2005 and sold it to Internet giant AOL in 2011, said the new venture called Thrive Global aims &quot;to change the way we work and live by ending the collective delusion that burnout is a necessary price for success.&quot; 
 
She said she would be stepping down as editor-in-chief of the Huffington Post, which now operates in 10 languages and has a user base of over 200 million. 
 
She noted that she decided to leave the online news organisation because &quot;I simply couldn&#39;t do justice to both companies.&quot; 
 
&quot;I&#39;m filled with excitement at the prospect of devoting the rest of my life to accelerating the culture shift away from merely surviving and succeeding to thriving,&quot; she said, 
 
Thrive, which has received funding led by Lerer Hippeau Ventures as well as other groups and individuals including NBA star Andre Iguodala and entrepreneur and philanthropist Sean Parker, is to launch after the US election in November. 
 
The Huffington Post was among the first major news organisations to benefit from consumer interest in online information. 
Today, in addition to the US edition, the HuffPost has English language websites for British, Canadian and Australian readers, a number of French-language editions and versions in German, Japanese, Greek, Portuguese, Arabic and Korean. It has said it plans to launch in China as well. 
 
(AFP)&nbsp; 
&nbsp;

She noted that she decided to leave the online news organisation because 'I simply couldn't do justice to both companies'

Arianna Huffington, founder of the online Huffington Post news site that has become a global phenomenon, announced today she was stepping down to launch a nonprofit group focused on health and wellness. Greek-born Huffington, who launched her original American website in 2005 and sold it to Internet giant AOL in 2011, said the new venture called Thrive Global aims "to change the way we work and live by ending the collective delusion that burnout is a necessary price for success." She said she would be stepping down as editor-in-chief of the Huffington Post, which now operates in 10 languages and has a user base of over 200 million. She noted that she decided to leave the online news organisation because "I simply couldn't do justice to both companies." "I'm filled with excitement at the prospect of devoting the rest of my life to accelerating the culture shift away from merely surviving and succeeding to thriving," she said, Thrive, which has received funding led by Lerer Hippeau Ventures as well as other groups and individuals including NBA star Andre Iguodala and entrepreneur and philanthropist Sean Parker, is to launch after the US election in November. The Huffington Post was among the first major news organisations to benefit from consumer interest in online information. Today, in addition to the US edition, the HuffPost has English language websites for British, Canadian and Australian readers, a number of French-language editions and versions in German, Japanese, Greek, Portuguese, Arabic and Korean. It has said it plans to launch in China as well. (AFP)

Founder Arianna to leave Huffington Post for wellness start-up

Royal Bank of Scotland would move its main office from Scotland if the nation were to split from the UK after Britain&#39;s vote to leave the European Union, although moving domicile would not mean major job losses, the head of RBS has said. 
 
&quot;The Royal Bank of Scotland would just be too big for the economy (...) but that&#39;s around the plaque and not about where our people (are) because we have a very big business up here in Scotland,&quot; Chief Executive Ross McEwen told the BBC in an interview. 
 
&quot;We will have the people in the right place, moving the plaque won&#39;t make any difference to that.&quot; 
 
The head of Scotland&#39;s devolved government, Nicola Sturgeon, has vowed to find ways to honour Scotland&#39;s vote to stay in the European Union, which was at odds with the overall vote in Britain to leave the bloc. As part of that, she said is not ruling out holding a second independence referendum. 
 
Less than two years ago Scots voted to stay in the UK by 55 to 45 per cent. 
 
Royal Bank of Scotland has been based in Scotland since 1727 and employs 11,000 staff. In the wake of Britain&#39;s vote to exit the EU, there has been a&nbsp;debate about the impact of Brexit on the financial services sector, which is key for Scottish jobs. 
 
Asked what his advice to Sturgeon would be, McEwen said: &quot;Take account of uncertainty, that&#39;s what you&#39;re seeing after Brexit. It&#39;s the uncertainty that slows markets down, make sure the long game is worth it, but that&#39;s going to be up to the people of Scotland.&quot; 
 
(Reuters)

Moving domicile would not mean major job losses, Royal Bank of Scotland chief says. The bank has been based in Scotland since 1727

Royal Bank of Scotland would move its main office from Scotland if the nation were to split from the UK after Britain's vote to leave the European Union, although moving domicile would not mean major job losses, the head of RBS has said. "The Royal Bank of Scotland would just be too big for the economy (...) but that's around the plaque and not about where our people (are) because we have a very big business up here in Scotland," Chief Executive Ross McEwen told the BBC in an interview. "We will have the people in the right place, moving the plaque won't make any difference to that." The head of Scotland's devolved government, Nicola Sturgeon, has vowed to find ways to honour Scotland's vote to stay in the European Union, which was at odds with the overall vote in Britain to leave the bloc. As part of that, she said is not ruling out holding a second independence referendum. Less than two years ago Scots voted to stay in the UK by 55 to 45 per cent. Royal Bank of Scotland has been based in Scotland since 1727 and employs 11,000 staff. In the wake of Britain's vote to exit the EU, there has been a debate about the impact of Brexit on the financial services sector, which is key for Scottish jobs. Asked what his advice to Sturgeon would be, McEwen said: "Take account of uncertainty, that's what you're seeing after Brexit. It's the uncertainty that slows markets down, make sure the long game is worth it, but that's going to be up to the people of Scotland." (Reuters)

RBS says would move main office if Scotland were independent

Pharmaceutical giant Pfizer plans to introduce more drugs from its global portfolio in India, including injectables from the stable of Hospira which it had acquired last year. 
 
Although the company sells most of its top 20 global products in India, it is looking to bring in a couple of drugs, the patents of which have expired, to the domestic market. 
 
&quot;Except for a couple of CNS (central nervous system) products and one pain product, we are not really missing a major portfolio. We are looking at couple of global products, though they have gone all off LOE (loss of exclusivity) to reintroduce them into India, we are also looking at that aspect of this juncture,&quot; Pfizer India Managing Director S Sridhar told analysts. 
 
Out of all the top 20 global big products that Pfizer has, other than Lipitor and another two or three very small products, the company has all the portfolio in India, either in the name as such or in the local name, he said. 
 
&quot;So for example, I have got Lyrica which is a global product out here...Prevenar which is a global product out here. I have got Magnex, I have got Dolonex, these are Indian names of Pfizer&#39;s products,&quot; Sridhar added. 
 
When asked about the company&#39;s plans to introduce products from Hospira, he said: &quot;Hospira transaction is the opportunity for us to launch some sterile injectable in India. So that is also probably we are working on.&nbsp;So it would not be a branded product, it would be a branded generic because Hospira is a generic company with branded generic but in the area of injectables, he said adding &quot;so we are looking at those options also&quot;. 
 
Last year, Pfizer had acquired Hospira in a USD $17 billion deal. At the time of acquisition, Pfizer had stated that it would have an expanded portfolio of sterile injectable pharmaceuticals, composed of Hospira&#39;s broad generic sterile injectables product line and it would create a leading global sterile injectables business. 
 
The acquisition would also help in building a broad portfolio of biosimilars in Pfizer&#39;s therapeutic areas of strength through the addition of Hospira&#39;s portfolio that includes several marketed biosimilars. 
 
(PTI)

The company sells most of its top 20 global products in India

Pharmaceutical giant Pfizer plans to introduce more drugs from its global portfolio in India, including injectables from the stable of Hospira which it had acquired last year. Although the company sells most of its top 20 global products in India, it is looking to bring in a couple of drugs, the patents of which have expired, to the domestic market. "Except for a couple of CNS (central nervous system) products and one pain product, we are not really missing a major portfolio. We are looking at couple of global products, though they have gone all off LOE (loss of exclusivity) to reintroduce them into India, we are also looking at that aspect of this juncture," Pfizer India Managing Director S Sridhar told analysts. Out of all the top 20 global big products that Pfizer has, other than Lipitor and another two or three very small products, the company has all the portfolio in India, either in the name as such or in the local name, he said. "So for example, I have got Lyrica which is a global product out here...Prevenar which is a global product out here. I have got Magnex, I have got Dolonex, these are Indian names of Pfizer's products," Sridhar added. When asked about the company's plans to introduce products from Hospira, he said: "Hospira transaction is the opportunity for us to launch some sterile injectable in India. So that is also probably we are working on. So it would not be a branded product, it would be a branded generic because Hospira is a generic company with branded generic but in the area of injectables, he said adding "so we are looking at those options also". Last year, Pfizer had acquired Hospira in a USD $17 billion deal. At the time of acquisition, Pfizer had stated that it would have an expanded portfolio of sterile injectable pharmaceuticals, composed of Hospira's broad generic sterile injectables product line and it would create a leading global sterile injectables business. The acquisition would also help in building a broad portfolio of biosimilars in Pfizer's therapeutic areas of strength through the addition of Hospira's portfolio that includes several marketed biosimilars. (PTI)

Pfizer plans to bring more global drugs to India

World shares set up camp at one-year peaks on Monday as a rally in Chinese stocks helped offset news that Japan&#39;s economic growth had ground to a halt in the last quarter, while oil prices extended their latest rally. 
 
Wall Street looked set to add fractionally to last week&#39;s string of all-time highs while London, Frankfurt, and Paris were up 0.2-0.4 per cent as healthcare and energy stocks kept them buoyant in Europe. 
 
China stood out in Asia as the blue-chip Index jumped 3.3 per cent to a seven-month high amid speculation more stimulus would be forthcoming from Beijing after a raft of weaker-than-expected July data. 
 
&quot;The big complacency is back again in some sense. It is all a bit easy,&quot; said SEB investment management head of global asset allocation Hans Peterson. 
 
&quot;Luckily we went quite long of risk after Brexit and now we have taken a bit off ... Technically one should note that volatility is extremely low and that is usually a reason to be on your toes.&quot; 
 
The need for further policy action in Japan was underlined by its subdued second-quarter economic reading, leaving the Nikkei down 0.3 per cent. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan recouped early losses to edge up 0.2 per cent. 
 
It has climbed 14 per cent since June when Britain&#39;s vote to leave the European Union unleashed a new wave of global policy stimulus, led by aggressive action from the Bank of England. 
 
All this easing has pushed rich-world bond yields dramatically lower and driven investors to seek higher returns in longer-term debt and in emerging markets. 
 
Yields on British 10-year gilts have more than halved to all-time lows of 53 basis points (bps), having been up at 1.39 per cent just before the Brexit vote. 
 
That has pulled down rates right across Europe. German Bunds were at a deeply sub zero -0.16 per cent ahead of US trading and Spanish yields were comfortably under one per cent at 0.92 per cent having fallen over 60 bps in the last couple of months. 
 
The plunge in returns on bonds has made equities look more attractive in comparison. The Dow, S&amp;P 500 and Nasdaq all made record closing highs last week for the first time since 1999. Emerging market stocks have surged by almost a third since mid-January. 
 
&quot;The broader earnings trend has shown some further improvement in Asia but we believe it is really a surge in foreign buying that has pushed markets higher,&quot; say analysts at Nomura in a note. 
 
&quot;While a continued switch in flows from developed markets to emerging is something we expect on a medium-term basis, the recent pace has been very rapid and sentiment levels are elevated. In the near-term we now recommend positioning for a pause.&quot; 
 
 
Parsing the FED 
 
High on the US calendar this week are inflation figures for July and minutes of the last Federal Reserve meeting which might offer more clues on the chance of an interest rate hike by year end. There are also five separate Fed speakers on the docket this week. 
 
US retail sales growth was unexpectedly flat in July as consumers cut back on buying clothes and other goods, while the producer price index fell 0.4 per cent in July, the biggest drop in nearly a year. 
 
The European Central Bank releases minutes of its last meeting on Thursday, and should strike a dovish tone. 
 
Investors have recently lengthened the odds on any Fed hike this year, with futures implying around a 46 percent chance of a move in December. 
 
That, in turn, has weakened the bullish case for the U.S. dollar and dragged it down against the Euro, yen and a range of emerging market currencies. 
 
The Dollar was last at 100.99 Yen and not far from important support around 100.80. The Euro was nudging higher at $1.1171 having held in a $1.1050 to $1.1230 range for the last couple of weeks. 
 
One outlier has been Sterling, which has slipped steadily since the BoE&#39;s easing. It stood at $1.2897 and ever closer to the post-Brexit trough at $1.2797. 
 
In commodity markets, oil prices crawled higher after boasting gains of six per cent last week as Saudi Arabia&#39;s oil minister held out the chance of action to help stabilize the market. 
 
Brent crude futures gained as much as 35 cents on Monday to $47.67 a barrel before losing traction, while US crude eased back after touching $45.15. Coal has also been on a roll but so too has safe-haven gold. 
 
It was up 0.4 per cent at $1,340 an ounce and is now up 25 per cent since the start of the year. 
 
&quot;In general, the negative rate environment, particularly in the euro zone and Japan, is going to keep gold well bid,&quot; Mitsubishi Corp strategist Jonathan Butler said. Traders&#39; focus remained heavily on possible US interest rates moves, he said. 
 
(Reuters)

China stood out in Asia as the blue-chip Index jumped 3.3% to a 7-month high amid speculation more stimulus is forthcoming from Beijing

World shares set up camp at one-year peaks on Monday as a rally in Chinese stocks helped offset news that Japan's economic growth had ground to a halt in the last quarter, while oil prices extended their latest rally. Wall Street looked set to add fractionally to last week's string of all-time highs while London, Frankfurt, and Paris were up 0.2-0.4 per cent as healthcare and energy stocks kept them buoyant in Europe. China stood out in Asia as the blue-chip Index jumped 3.3 per cent to a seven-month high amid speculation more stimulus would be forthcoming from Beijing after a raft of weaker-than-expected July data. "The big complacency is back again in some sense. It is all a bit easy," said SEB investment management head of global asset allocation Hans Peterson. "Luckily we went quite long of risk after Brexit and now we have taken a bit off ... Technically one should note that volatility is extremely low and that is usually a reason to be on your toes." The need for further policy action in Japan was underlined by its subdued second-quarter economic reading, leaving the Nikkei down 0.3 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan recouped early losses to edge up 0.2 per cent. It has climbed 14 per cent since June when Britain's vote to leave the European Union unleashed a new wave of global policy stimulus, led by aggressive action from the Bank of England. All this easing has pushed rich-world bond yields dramatically lower and driven investors to seek higher returns in longer-term debt and in emerging markets. Yields on British 10-year gilts have more than halved to all-time lows of 53 basis points (bps), having been up at 1.39 per cent just before the Brexit vote. That has pulled down rates right across Europe. German Bunds were at a deeply sub zero -0.16 per cent ahead of US trading and Spanish yields were comfortably under one per cent at 0.92 per cent having fallen over 60 bps in the last couple of months. The plunge in returns on bonds has made equities look more attractive in comparison. The Dow, S&P 500 and Nasdaq all made record closing highs last week for the first time since 1999. Emerging market stocks have surged by almost a third since mid-January. "The broader earnings trend has shown some further improvement in Asia but we believe it is really a surge in foreign buying that has pushed markets higher," say analysts at Nomura in a note. "While a continued switch in flows from developed markets to emerging is something we expect on a medium-term basis, the recent pace has been very rapid and sentiment levels are elevated. In the near-term we now recommend positioning for a pause." Parsing the FED High on the US calendar this week are inflation figures for July and minutes of the last Federal Reserve meeting which might offer more clues on the chance of an interest rate hike by year end. There are also five separate Fed speakers on the docket this week. US retail sales growth was unexpectedly flat in July as consumers cut back on buying clothes and other goods, while the producer price index fell 0.4 per cent in July, the biggest drop in nearly a year. The European Central Bank releases minutes of its last meeting on Thursday, and should strike a dovish tone. Investors have recently lengthened the odds on any Fed hike this year, with futures implying around a 46 percent chance of a move in December. That, in turn, has weakened the bullish case for the U.S. dollar and dragged it down against the Euro, yen and a range of emerging market currencies. The Dollar was last at 100.99 Yen and not far from important support around 100.80. The Euro was nudging higher at $1.1171 having held in a $1.1050 to $1.1230 range for the last couple of weeks. One outlier has been Sterling, which has slipped steadily since the BoE's easing. It stood at $1.2897 and ever closer to the post-Brexit trough at $1.2797. In commodity markets, oil prices crawled higher after boasting gains of six per cent last week as Saudi Arabia's oil minister held out the chance of action to help stabilize the market. Brent crude futures gained as much as 35 cents on Monday to $47.67 a barrel before losing traction, while US crude eased back after touching $45.15. Coal has also been on a roll but so too has safe-haven gold. It was up 0.4 per cent at $1,340 an ounce and is now up 25 per cent since the start of the year. "In general, the negative rate environment, particularly in the euro zone and Japan, is going to keep gold well bid," Mitsubishi Corp strategist Jonathan Butler said. Traders' focus remained heavily on possible US interest rates moves, he said. (Reuters)

China shares hit 7-month high as world yields experience downfall

Jihadist attacks and political struggles are thwarting attempts by Libya&#39;s unity government to revive an oil industry seen as vital for the economy of the impoverished North African country. 
 
Five years since the fall of dictator Moamer Kadhafi, Libya&#39;s rival governments and militias are in a bitter struggle for control of crude exports. 
 
The political turmoil, coupled with Islamic State (IS) group attacks on oil facilities, has brought shipments to a near-standstill. 
 
Despite having Africa&#39;s largest oil reserves, estimated at around 48 billion barrels, Libya has only managed to export a few tankers of crude in recent months. 
 
On August 1, the Tripoli-based National Oil Company (NOC) announced that it was preparing to restart regular exports of crude. 
 
But analysts doubt Libyan oil will be gushing back to world markets just yet. 
 
&quot;Opening the ports allows the NOC to start to undertake repairs, but that will still take time,&quot; said Scott Modell, an analyst at energy consultancy Rapidan Group. 
 
&quot;One announcement about potentially opening ports that are not fully functional is not going to turn around the overall trajectory of the political process,&quot; he added. 
 
Since 2010, the country&#39;s production has plummeted from 1.5 million barrels per day (bpd) to just 300,000 bpd. 
 
Libya now has the smallest production of any member of the Organization of Petroleum Exporting Countries (OPEC). 
 
The 2014 collapse in oil prices was a further blow. Industry sources say Libya&#39;s exports this year will earn it just a tenth of the estimated $45-50 billion (40-45 billion euros) it took in 2010. 
 
That is a disaster in a country where the government depends on oil exports for nearly all of its revenue. 
 
Struggle for control 
 
Libya&#39;s Tripoli-based Government of National Accord (GNA) faces major obstacles as it tries to revive the sector. 
 
For a start, the NOC is split into two rival branches -- one loyal to the GNA and the other based in Benghazi and loyal to a rival government. 
 
Meanwhile, all of the country&#39;s export terminals in Libya&#39;s eastern &quot;oil crescent&quot; are controlled by the Petroleum Facilities Guard (PFG), a militia set up to protect them. 
 
They include the two key export terminals of Ras Lanuf and Al-Sidra, 650 kilometres (400 miles) east of the capital, which are together capable of handling 700,000 bpd. 
 
But they were shut down in January after storage tanks were set on fire during attacks by IS. 
 
The jihadists have taken advantage of the turmoil to establish a presence in Libya, but now appear close to losing their stronghold in Sirte which lies between Tripoli and the oil crescent. 
 
PFG leader Ibrahim al-Jadhran also regularly defies both of Libya&#39;s rival governments. 
 
&quot;The blockage costs Libya $30 million (27 million euros) a day,&quot; Mustafa Sanalla, chairman of the Tripoli-based branch of the NOC which supports the unity government, said in April. 
 
At the end of July, the GNA announced that it had reached an agreement with Jadhran to re-open the Ras Lanuf and Al-Sidra export terminals. 
 
The NOC said the unity government had agreed to pay salaries to the oil installation guards and provide them with schools and hospitals. 
 
East-west rivalry 
 
That agreement underlined the bitter struggle between the GNA and a rival administration based in Libya&#39;s far east that refuses to recognise the unity government. 
 
It controls much of the east through part of the Libyan army led by general Khalifa Haftar, and runs a rival NOC out of Benghazi. 
 
After the GNA&#39;s agreement with Jadhran, Haftar&#39;s forces told AFP they would bomb tankers approaching the Libyan coast without the Benghazi NOC&#39;s permission. 
 
It also moved troops towards the Zueitina terminal, another major facility on the oil crescent. 
 
But the Petroleum Facilities Guard said it was prepared to fight. 
 
&quot;We will not let them control the ports,&quot; said spokesman Ali al-Hassi. 
 
The standoff appears to have stalled an agreement, announced on July 3, to unify the rival NOCs. 
 
Germany, Spain, the United States, France, Italy and Britain have called for all the country&#39;s oil installations to be immediately handed over to the GNA. 
 
A Libyan oil industry veteran, who did not want to be named, said the country could only restore oil exports if there was &quot;a strong unified government and a single military force&quot;. 
 
&quot;As long as there are still ongoing political and power struggles... the resumption of full oil production and exports can never be achieved.&quot; 
 
(AFP)

The political turmoil, coupled with Islamic State group attacks on oil facilities, has brought shipments to a near-standstill

Jihadist attacks and political struggles are thwarting attempts by Libya's unity government to revive an oil industry seen as vital for the economy of the impoverished North African country. Five years since the fall of dictator Moamer Kadhafi, Libya's rival governments and militias are in a bitter struggle for control of crude exports. The political turmoil, coupled with Islamic State (IS) group attacks on oil facilities, has brought shipments to a near-standstill. Despite having Africa's largest oil reserves, estimated at around 48 billion barrels, Libya has only managed to export a few tankers of crude in recent months. On August 1, the Tripoli-based National Oil Company (NOC) announced that it was preparing to restart regular exports of crude. But analysts doubt Libyan oil will be gushing back to world markets just yet. "Opening the ports allows the NOC to start to undertake repairs, but that will still take time," said Scott Modell, an analyst at energy consultancy Rapidan Group. "One announcement about potentially opening ports that are not fully functional is not going to turn around the overall trajectory of the political process," he added. Since 2010, the country's production has plummeted from 1.5 million barrels per day (bpd) to just 300,000 bpd. Libya now has the smallest production of any member of the Organization of Petroleum Exporting Countries (OPEC). The 2014 collapse in oil prices was a further blow. Industry sources say Libya's exports this year will earn it just a tenth of the estimated $45-50 billion (40-45 billion euros) it took in 2010. That is a disaster in a country where the government depends on oil exports for nearly all of its revenue. Struggle for control Libya's Tripoli-based Government of National Accord (GNA) faces major obstacles as it tries to revive the sector. For a start, the NOC is split into two rival branches -- one loyal to the GNA and the other based in Benghazi and loyal to a rival government. Meanwhile, all of the country's export terminals in Libya's eastern "oil crescent" are controlled by the Petroleum Facilities Guard (PFG), a militia set up to protect them. They include the two key export terminals of Ras Lanuf and Al-Sidra, 650 kilometres (400 miles) east of the capital, which are together capable of handling 700,000 bpd. But they were shut down in January after storage tanks were set on fire during attacks by IS. The jihadists have taken advantage of the turmoil to establish a presence in Libya, but now appear close to losing their stronghold in Sirte which lies between Tripoli and the oil crescent. PFG leader Ibrahim al-Jadhran also regularly defies both of Libya's rival governments. "The blockage costs Libya $30 million (27 million euros) a day," Mustafa Sanalla, chairman of the Tripoli-based branch of the NOC which supports the unity government, said in April. At the end of July, the GNA announced that it had reached an agreement with Jadhran to re-open the Ras Lanuf and Al-Sidra export terminals. The NOC said the unity government had agreed to pay salaries to the oil installation guards and provide them with schools and hospitals. East-west rivalry That agreement underlined the bitter struggle between the GNA and a rival administration based in Libya's far east that refuses to recognise the unity government. It controls much of the east through part of the Libyan army led by general Khalifa Haftar, and runs a rival NOC out of Benghazi. After the GNA's agreement with Jadhran, Haftar's forces told AFP they would bomb tankers approaching the Libyan coast without the Benghazi NOC's permission. It also moved troops towards the Zueitina terminal, another major facility on the oil crescent. But the Petroleum Facilities Guard said it was prepared to fight. "We will not let them control the ports," said spokesman Ali al-Hassi. The standoff appears to have stalled an agreement, announced on July 3, to unify the rival NOCs. Germany, Spain, the United States, France, Italy and Britain have called for all the country's oil installations to be immediately handed over to the GNA. A Libyan oil industry veteran, who did not want to be named, said the country could only restore oil exports if there was "a strong unified government and a single military force". "As long as there are still ongoing political and power struggles... the resumption of full oil production and exports can never be achieved." (AFP)

Libya strives to improve oil exports amid jihadist attacks, political struggles

Consumers are flocking to discount apparel retailers, but investors are faced with nothing close to a bargain as stocks in the sector rally. 
 
Few expect shares of off-price retailer TJX Companies&#39; or its peer, Ross Stores, to go on a fire sale next week when they report earnings, as the trends that have favoured them over their higher-priced competitors are expected to persist. 
 
Just this year, TJX shares have gained nearly 17 per cent and Ross Stores has added slightly more, compared with gains closer to seven per cent in both the S&amp;P 500 retail index and the broader S&amp;P 500. 
 
&quot;TJX and Ross have outperformed and will continue to outperform because they are good merchandisers. They get the selection right,&rdquo; said Kim Forrest, senior equity research analyst Fort Pitt Capital Group in Pittsburgh. 
 
&quot;I don&rsquo;t own these and I regret it,&quot; she said, adding that she will wait for a stumble in the price to jump in. 
 
Contrary to the discounts shoppers find at TJX and Ross, investors are faced with a high price for their shares. At near 22 times expected earnings over the next 12 months, their price-to-earnings ratio is at its highest level in at least 15 years, according to Thomson Reuters Datastream. 
 
Both stocks set record closing highs on Friday ahead of TJX&#39;s quarterly report due on Tuesday. Ross is expected to report on Thursday. 
 
But the stock gains could continue, as sales are expected to continue to grow and investors welcome the revenue increase. Same-store sales are expected to have risen 3.3 per cent last quarter for TJX and 2.1 per cent for Ross, according to Thomson Reuters data. 
 
&quot;The off-price sector has developed a successful strategy to keep consumers coming back,&quot; said New York-based Christina Boni, a senior analyst at Moody&#39;s Investors Service. 
 
&quot;Stores have the unique ability to change product offerings quickly, which creates a &#39;scarcity&#39; effect that makes consumers feel more compelled to purchase on the spot, rather than risk someone else beating them to the checkout line,&quot; she said. 
 
Shoppers are indeed favouring discounters, and the competition is trying to catch up. Both Macy&#39;s and Nordstrom talked up their off-price lines - Backstage and Nordstrom Rack - in their most recent earnings reports. 
 
&quot;Consumers have started moving to dollar stores and places like off-price chains&quot; at the expense of Macy&#39;s and other department stores, said Burt Flickinger, managing director at retail consultancy Strategic Resources Group in New York. 
 
Activity in the options market has been leaning toward bets on declines in stock prices in the broad retail sector. In addition, options on discount retailers, including Burlington, TJX companies and Ross Stores, show a similar sense of caution. 
 
Apparel retailers reporting earnings next week include L Brands, Gap Inc and Urban Outfitters. 
 
(Reuters)

Contrary to the discounts shoppers find at TJX and Ross, investors are faced with a high price for their shares

Consumers are flocking to discount apparel retailers, but investors are faced with nothing close to a bargain as stocks in the sector rally. Few expect shares of off-price retailer TJX Companies' or its peer, Ross Stores, to go on a fire sale next week when they report earnings, as the trends that have favoured them over their higher-priced competitors are expected to persist. Just this year, TJX shares have gained nearly 17 per cent and Ross Stores has added slightly more, compared with gains closer to seven per cent in both the S&P 500 retail index and the broader S&P 500. "TJX and Ross have outperformed and will continue to outperform because they are good merchandisers. They get the selection right,” said Kim Forrest, senior equity research analyst Fort Pitt Capital Group in Pittsburgh. "I don’t own these and I regret it," she said, adding that she will wait for a stumble in the price to jump in. Contrary to the discounts shoppers find at TJX and Ross, investors are faced with a high price for their shares. At near 22 times expected earnings over the next 12 months, their price-to-earnings ratio is at its highest level in at least 15 years, according to Thomson Reuters Datastream. Both stocks set record closing highs on Friday ahead of TJX's quarterly report due on Tuesday. Ross is expected to report on Thursday. But the stock gains could continue, as sales are expected to continue to grow and investors welcome the revenue increase. Same-store sales are expected to have risen 3.3 per cent last quarter for TJX and 2.1 per cent for Ross, according to Thomson Reuters data. "The off-price sector has developed a successful strategy to keep consumers coming back," said New York-based Christina Boni, a senior analyst at Moody's Investors Service. "Stores have the unique ability to change product offerings quickly, which creates a 'scarcity' effect that makes consumers feel more compelled to purchase on the spot, rather than risk someone else beating them to the checkout line," she said. Shoppers are indeed favouring discounters, and the competition is trying to catch up. Both Macy's and Nordstrom talked up their off-price lines - Backstage and Nordstrom Rack - in their most recent earnings reports. "Consumers have started moving to dollar stores and places like off-price chains" at the expense of Macy's and other department stores, said Burt Flickinger, managing director at retail consultancy Strategic Resources Group in New York. Activity in the options market has been leaning toward bets on declines in stock prices in the broad retail sector. In addition, options on discount retailers, including Burlington, TJX companies and Ross Stores, show a similar sense of caution. Apparel retailers reporting earnings next week include L Brands, Gap Inc and Urban Outfitters. (Reuters)

Wall Street: Cheap clothes make for pricey stocks at TJX, Ross

Volkswagen has received regulatory approval for technical fixes on an additional 460,000 diesel cars, the German carmaker said today. 
 
Approval granted by Germany&#39;s motor vehicle authority KBA affects models with smaller 1.2-litre diesel engines such as Volkswagen&#39;s Polo subcompact and Spanish division Seat&#39;s Ibiza model, VW said. 
 
Chief executive Matthias Mueller said at the company&#39;s June 22 annual shareholder meeting that technical solutions on more than 3.7 million cars had been cleared by the KBA. 
 
An emissions scandal affects 11 million VW vehicles globally including about 8.5 million VW group cars in Europe. 
 
(Reuters)

Approval granted by Germany's motor vehicle authority affects models with smaller 1.2-litre diesel engines like Volkswagen's Polo subcompact

Volkswagen has received regulatory approval for technical fixes on an additional 460,000 diesel cars, the German carmaker said today. Approval granted by Germany's motor vehicle authority KBA affects models with smaller 1.2-litre diesel engines such as Volkswagen's Polo subcompact and Spanish division Seat's Ibiza model, VW said. Chief executive Matthias Mueller said at the company's June 22 annual shareholder meeting that technical solutions on more than 3.7 million cars had been cleared by the KBA. An emissions scandal affects 11 million VW vehicles globally including about 8.5 million VW group cars in Europe. (Reuters)

VW emission scandal: German carmaker gets approval for fixes on another 460,000 diesel cars

Born in Google&#39;s shadow, Niantic strode into the spotlight with a mobile internet spin on hunting Pokemon but can the obsession with the game lead to long-term financial success? 
 
Niantic founder and chief executive John Hanke has told a story of naming the company after a whaling ship abandoned in San Francisco Harbor by crew members who rushed off to seek fortunes during the famed Gold Rush. 
 
The ship was run aground and converted into a store. 
 
The notion of such long-forgotten wrecks prompted Hanke six years ago to use the name Niantic to christen a quest to combine gaming, mobile mapping and augmented reality to playfully reveal virtual things hidden in the real world. 
 
A side project&nbsp; 
 
Niantic was a side-project for Hanke at Google, which had bought the entrepreneur&#39;s startup Keyhole in 2004 and turned it into the free mapping service Google Earth. 
 
Hanke spent years as a top executive in a Google &quot;geo&quot; division producing widely used services such as Maps and Street View. 
 
The gamer wanted to go beyond helping people navigate and have fun with the ability for mobile devices to detect people&#39;s locations. 
 
The entrepreneur toyed with the idea of launching a new startup, but instead kept Niantic anchored in the Silicon Valley technology powerhouse. 
 
&quot;Staying at Google gave us the advantage of being able to tap into the data we have at (mapping division) Geo and the infrastructure of Google,&quot; Hanke was quoted as saying in a 2012 Inc. magazine article. 
 
Portals to Pokemon 
 
The Niantic project fielded its first offering in 2011 in the form of a mobile application called Fieldtrip that served up information about where smartphone users were or nearby places of interest. 
 
The following year, Niantic launched a game called &quot;Ingress,&quot; seen as a predecessor to &quot;Pokemon Go.&quot; 
 
Ingress, which has been downloaded more than 15 million times, also uses real world surroundings as the game board. 
 
Instead of trying to catch cartoon monsters such as iconic Pikachu by targeting them with &quot;Pokeballs,&quot; Ingress players battle for control of virtual portals. 
 
Early Ingress fans submitted pictures of places as possible portals complete with satellite position metadata, essentially crowdsourcing a rich geo-location database that was put to use in Pokemon Go. 
 
When Google underwent a corporate restructuring last year to divvy its endeavors into arms of a freshly-created parent company called Alphabet, Niantic went independent. 
 
Google did invest in Niantic, as did Nintendo and The Pokemon Company. 
 
Niantic claims from 50 to 100 employees. The private company does not make its financial information public but some analysts value it at more that $3 billion. 
 
To justify such a valuation, Niantic will have to prove that Pokemon Go is a lasting and profitable, not just another passing fling for notriously fickle mobile game players. 
 
Pokemon Go has shown it can make money. Industry tracker Sensor Tower estimated that Pokemon Go generated more than $200 million in revenue during the month after its release in early July. 
 
The game is free, but players can buy virtual supplies such as PokeBalls and lures to attract Pokemon. 
 
Cafes, pubs, restaurants and other venues have taken to buying lures that tempt players to linger, and hopefully spend money, while waiting to catch Pokemon. 
 
 
Pokemon Go has a strong selling point&nbsp; 
 
During a recent Venture Beat technology conference, Hanke said that the game was designed from the outset for in-app purchases, and that revenue could also be made from sponsorships along the lines of what was done in Ingress. 
 
Ingress has portals hosted in commercial spots such as shopping centers, and Pokemon Go launched in Japan with fast food giant McDonald&#39;s sponsoring in-game locations. 
 
&quot;We are talking to a bunch of other businesses that want to take advantage of that model for Pokemon Go in other parts of the world,&quot; Hanke said at the conference. 
 
&quot;It&#39;s promising.&quot; 
 
A strong selling point for Pokemon Go sponsorships is that they get people swarming to places in a way that typical advertising does not. 
 
The power of Pokemon Go has, to some, become a bane. Parks and other public venues ripe with PokeStops or &quot;gyms&quot; where cartoon creatures battle are at times over run with players. 
 
Authorities have taken to warning Pokemon Go players against venturing where it is dangerous, illegal, in poor taste, or they are simply not wanted. 
 
The game and its creator are already in the sites of lawyers intent on suing to hold them accountable for trespassing or injuries involving players. 
 
The Washington-based Electronic Privacy Information Center has called for US regulators to investigate whether Niantic is collecting too much information about players and their whereabouts. 
 
(AFP)

Niantic founder John Hanke wanted to go beyond helping people navigate, have fun with the ability for mobiles to detect people's location

Born in Google's shadow, Niantic strode into the spotlight with a mobile internet spin on hunting Pokemon but can the obsession with the game lead to long-term financial success? Niantic founder and chief executive John Hanke has told a story of naming the company after a whaling ship abandoned in San Francisco Harbor by crew members who rushed off to seek fortunes during the famed Gold Rush. The ship was run aground and converted into a store. The notion of such long-forgotten wrecks prompted Hanke six years ago to use the name Niantic to christen a quest to combine gaming, mobile mapping and augmented reality to playfully reveal virtual things hidden in the real world. A side project Niantic was a side-project for Hanke at Google, which had bought the entrepreneur's startup Keyhole in 2004 and turned it into the free mapping service Google Earth. Hanke spent years as a top executive in a Google "geo" division producing widely used services such as Maps and Street View. The gamer wanted to go beyond helping people navigate and have fun with the ability for mobile devices to detect people's locations. The entrepreneur toyed with the idea of launching a new startup, but instead kept Niantic anchored in the Silicon Valley technology powerhouse. "Staying at Google gave us the advantage of being able to tap into the data we have at (mapping division) Geo and the infrastructure of Google," Hanke was quoted as saying in a 2012 Inc. magazine article. Portals to Pokemon The Niantic project fielded its first offering in 2011 in the form of a mobile application called Fieldtrip that served up information about where smartphone users were or nearby places of interest. The following year, Niantic launched a game called "Ingress," seen as a predecessor to "Pokemon Go." Ingress, which has been downloaded more than 15 million times, also uses real world surroundings as the game board. Instead of trying to catch cartoon monsters such as iconic Pikachu by targeting them with "Pokeballs," Ingress players battle for control of virtual portals. Early Ingress fans submitted pictures of places as possible portals complete with satellite position metadata, essentially crowdsourcing a rich geo-location database that was put to use in Pokemon Go. When Google underwent a corporate restructuring last year to divvy its endeavors into arms of a freshly-created parent company called Alphabet, Niantic went independent. Google did invest in Niantic, as did Nintendo and The Pokemon Company. Niantic claims from 50 to 100 employees. The private company does not make its financial information public but some analysts value it at more that $3 billion. To justify such a valuation, Niantic will have to prove that Pokemon Go is a lasting and profitable, not just another passing fling for notriously fickle mobile game players. Pokemon Go has shown it can make money. Industry tracker Sensor Tower estimated that Pokemon Go generated more than $200 million in revenue during the month after its release in early July. The game is free, but players can buy virtual supplies such as PokeBalls and lures to attract Pokemon. Cafes, pubs, restaurants and other venues have taken to buying lures that tempt players to linger, and hopefully spend money, while waiting to catch Pokemon. Pokemon Go has a strong selling point During a recent Venture Beat technology conference, Hanke said that the game was designed from the outset for in-app purchases, and that revenue could also be made from sponsorships along the lines of what was done in Ingress. Ingress has portals hosted in commercial spots such as shopping centers, and Pokemon Go launched in Japan with fast food giant McDonald's sponsoring in-game locations. "We are talking to a bunch of other businesses that want to take advantage of that model for Pokemon Go in other parts of the world," Hanke said at the conference. "It's promising." A strong selling point for Pokemon Go sponsorships is that they get people swarming to places in a way that typical advertising does not. The power of Pokemon Go has, to some, become a bane. Parks and other public venues ripe with PokeStops or "gyms" where cartoon creatures battle are at times over run with players. Authorities have taken to warning Pokemon Go players against venturing where it is dangerous, illegal, in poor taste, or they are simply not wanted. The game and its creator are already in the sites of lawyers intent on suing to hold them accountable for trespassing or injuries involving players. The Washington-based Electronic Privacy Information Center has called for US regulators to investigate whether Niantic is collecting too much information about players and their whereabouts. (AFP)

Named after 'abandoned ship', Google-born Niantic strides into spotlight with Pokemon hunt

Chinese e-commerce giant Alibaba saw revenues leap 59 per cent year-on-year for the quarter ended in June, it said on Thursday, its strongest growth since it listed on the New York&nbsp;Stock&nbsp;Exchange (NYSE)&nbsp;in 2014.

Revenue for the company, seen as a proxy for China&#39;s increasingly crucial consumer sector, reached 32.15 billion yuan ($4.83 billion) in the June quarter, it said in a statement.

The total was well ahead of the 30.2 billion-yuan average of estimates compiled by Bloomberg News.

Alibaba is China&#39;s dominant player in online commerce, with its Taobao platform estimated to hold more than 90 percent of the consumer-to-consumer market, and its Tmall platform is believed to have over half of business-to-consumer transactions.

But according to the company, net income plunged 77 per cent year-on-year to $1.08 billion in the latest quarter -- the first of its financial year.

Still, Alibaba&#39;s chief financial officer Maggie Wu described the results as &quot;excellent&quot;.

&quot;The 59 per cent revenue growth for the company overall and the 49 per cent revenue growth of our China retail marketplaces represent the highest growth rates we&rsquo;ve achieved since our IPO,&quot; she said in the statement.

The company&#39;s gross merchandise volume (GMV) -- a measure of value for online sales -- rose 24 per cent year-on-year to $126 billion in the June quarter, the statement said, matching the growth of the previous three months. 
 
The company, often compared to eBay or Amazon of the&nbsp;United&nbsp;States, has expanded outside its core e-commerce business, in sectors ranging from sports to entertainment. 
 
Alibaba &#39;makes the rules&#39;

In the June quarter, paying customers for Alibaba Cloud, its cloud computing unit, grew to 577,000, with the segment&#39;s revenue booming by 156 percent year-on-year.

&quot;The focus of its strategy is no longer (online) retail. It has moved to underlying services such as finance, cloud services and logistics,&quot; Li Chengdong, an independent e-commerce strategy analyst based in Beijing, told AFP.

&quot;Alibaba is using the strategy of being a platform and ecosystem for others,&quot; he said. &quot;Alibaba makes all the rules and profits from those rules. That is what makes it a greater company than its peers.&quot;

Hakon Helgesen, analyst at the research firm Conlumino, said the company showed &quot;strong&quot; performance in its home market but remains slow in fulfilling its global ambitions, with Chinese retail accounted for 73 per cent of Alibaba revenues.

&quot;Despite its success at home, Alibaba has struggled to gain traction in already established markets like the US,&quot; Helgesen said in a research note.

&quot;While this was once a stated ambition, and perhaps remains a long term goal, it is off the agenda for the short term. In our view this is correct: chasing lower margin, profit eroding international gains for the sake of vanity makes little sense.&quot;

The analyst added that Alibaba was moving into some new markets in Asia &quot;to focus on high growth markets where commerce is more embryonic&quot;. 
 
JD.com, a Chinese competitor of Alibaba, on Wednesday reported its net revenue for the second quarter increased 42 per cent on the year to $9.8 billion, but it also registered a net loss for the period.

Alibaba is not without controversy. It has faced accusations over the sale of counterfeit goods on its platforms, which the company says it has sought to address.

In June, Alibaba founder Jack Ma said unbranded goods were often better than the branded originals they imitate, drawing criticism from some industry groups.

&quot;The problem is that the fake products today, they have better quality, a better price than the real product, than the real names,&quot; Ma told investors.

Separately, the US&nbsp;stock&nbsp;market regulator is probing Alibaba&#39;s accounting practices, the company revealed in May.

The US Securities and Exchange Commission (SEC) had sought information into Alibaba&#39;s accounting for its Cainiao logistics network and its reporting practices for Singles Day, a huge sales event in China. 
 
Ma, who is also executive chairman, told state media in June the company was assisting in the SEC probe. 
 
(AFP)

Since it listed on NYSE, retail giant's profit surged by 59 per cent for quarter ending June, although net income took a knock

Chinese e-commerce giant Alibaba saw revenues leap 59 per cent year-on-year for the quarter ended in June, it said on Thursday, its strongest growth since it listed on the New York Stock Exchange (NYSE) in 2014. Revenue for the company, seen as a proxy for China's increasingly crucial consumer sector, reached 32.15 billion yuan ($4.83 billion) in the June quarter, it said in a statement. The total was well ahead of the 30.2 billion-yuan average of estimates compiled by Bloomberg News. Alibaba is China's dominant player in online commerce, with its Taobao platform estimated to hold more than 90 percent of the consumer-to-consumer market, and its Tmall platform is believed to have over half of business-to-consumer transactions. But according to the company, net income plunged 77 per cent year-on-year to $1.08 billion in the latest quarter -- the first of its financial year. Still, Alibaba's chief financial officer Maggie Wu described the results as "excellent". "The 59 per cent revenue growth for the company overall and the 49 per cent revenue growth of our China retail marketplaces represent the highest growth rates we’ve achieved since our IPO," she said in the statement. The company's gross merchandise volume (GMV) -- a measure of value for online sales -- rose 24 per cent year-on-year to $126 billion in the June quarter, the statement said, matching the growth of the previous three months. The company, often compared to eBay or Amazon of the United States, has expanded outside its core e-commerce business, in sectors ranging from sports to entertainment. Alibaba 'makes the rules' In the June quarter, paying customers for Alibaba Cloud, its cloud computing unit, grew to 577,000, with the segment's revenue booming by 156 percent year-on-year. "The focus of its strategy is no longer (online) retail. It has moved to underlying services such as finance, cloud services and logistics," Li Chengdong, an independent e-commerce strategy analyst based in Beijing, told AFP. "Alibaba is using the strategy of being a platform and ecosystem for others," he said. "Alibaba makes all the rules and profits from those rules. That is what makes it a greater company than its peers." Hakon Helgesen, analyst at the research firm Conlumino, said the company showed "strong" performance in its home market but remains slow in fulfilling its global ambitions, with Chinese retail accounted for 73 per cent of Alibaba revenues. "Despite its success at home, Alibaba has struggled to gain traction in already established markets like the US," Helgesen said in a research note. "While this was once a stated ambition, and perhaps remains a long term goal, it is off the agenda for the short term. In our view this is correct: chasing lower margin, profit eroding international gains for the sake of vanity makes little sense." The analyst added that Alibaba was moving into some new markets in Asia "to focus on high growth markets where commerce is more embryonic". JD.com, a Chinese competitor of Alibaba, on Wednesday reported its net revenue for the second quarter increased 42 per cent on the year to $9.8 billion, but it also registered a net loss for the period. Alibaba is not without controversy. It has faced accusations over the sale of counterfeit goods on its platforms, which the company says it has sought to address. In June, Alibaba founder Jack Ma said unbranded goods were often better than the branded originals they imitate, drawing criticism from some industry groups. "The problem is that the fake products today, they have better quality, a better price than the real product, than the real names," Ma told investors. Separately, the US stock market regulator is probing Alibaba's accounting practices, the company revealed in May. The US Securities and Exchange Commission (SEC) had sought information into Alibaba's accounting for its Cainiao logistics network and its reporting practices for Singles Day, a huge sales event in China. Ma, who is also executive chairman, told state media in June the company was assisting in the SEC probe. (AFP)

Chinese e-commerce giant Alibaba's Q1 data rings in record revenue

Rupert Murdoch on Friday named company veterans Jack Abernethy and Bill Shine as co-presidents to lead Fox News after chief executive officer Roger Ailes resigned last month following sexual harassment allegations. 
 
Abernethy is CEO of Fox Television Stations and Shine is senior executive vice president at Fox, a unit of Twenty-First Century Fox Inc. 
 
Both men worked at Fox when it launched in 1996. They will report to Murdoch, who has been running the day-to-day operations of the cable network on an interim basis. The appointments are effective immediately, Fox said. 
 
&ldquo;While this has been a time of great transition, there has never been a greater opportunity for Fox News and Fox Business to better serve and expand their audiences,&quot; Murdoch, executive chairman of 21st Century Fox and Fox News, said in a statement. 
 
 
Harassment allegations against Ailes&nbsp; 
 
Ailes, who turned Fox into America&#39;s most lucrative and powerful cable news channel for conservatives, resigned in July following allegations of sexual harassment. 
 
Former Fox News anchor Gretchen Carlson sued Ailes last month, claiming sexual harassment. Ailes has denied the charges. Fox hired a law firm to conduct an internal investigation. 
 
New York magazine followed up with reports of other women who said they had been harassed by Ailes. The magazine also said popular Fox News anchor Megyn Kelly had told investigators hired by Fox that Ailes &quot;made unwanted sexual advances towards her&quot; about 10 years ago. Ailes has denied those charges as well. 
 
By choosing two men who worked under Ailes for years, Fox sent viewers and advertisers a message of continuity in an important election year, said Merrill Brown, who helped launch MSNBC and is now director of the school of communication at Montclair State University. 
 
But that strategy could carry risk if the independent probe reveals the harassment allegations were known to more people at Fox, he said. 
 
The Wall Street Journal on Thursday reported that Twenty-First Century Fox anticipates having to settle with the women who said they were victims of harassment by Ailes. The number of women who have come forward in the internal probe are in the double digits, the paper said. 
 
A representative for Twenty-First Century Fox did not immediately return a call for comment. 
 
Abernethy, 60, will continue to run Fox Television Stations and will oversee all business components of Fox News Channel and Fox Business News, including finance and ad sales. 
 
Shine, 53, will run all programming and news functions of each network including production and talent management. He will also continue to oversee all strategic planning through the election season. 
 
Fox News also named Suzanne Scott as executive vice president of programming and development for Fox News Channel and said Chief Financial Officer Mark Kranz was retiring. 
 
When Twenty-First Century Fox reported earnings last week, it said Fox News was on track to record its highest-rated year ever. When co-executive chairman Lachlan Murdoch was asked if Fox News would change its strategy, Murdoch said: 
 
&quot;There is no desire or need to shift the position it has in the market.&quot; 
 
Shares of Twenty-First Century Fox ended down 14 cents, or less than one per cent, at $26.02 on Friday. 
 
(Reuters)

Jack Abernethy and Bill Shine worked at the company in 1996 when it was launched. Both will report to Rupert Murdoch

Rupert Murdoch on Friday named company veterans Jack Abernethy and Bill Shine as co-presidents to lead Fox News after chief executive officer Roger Ailes resigned last month following sexual harassment allegations. Abernethy is CEO of Fox Television Stations and Shine is senior executive vice president at Fox, a unit of Twenty-First Century Fox Inc. Both men worked at Fox when it launched in 1996. They will report to Murdoch, who has been running the day-to-day operations of the cable network on an interim basis. The appointments are effective immediately, Fox said. “While this has been a time of great transition, there has never been a greater opportunity for Fox News and Fox Business to better serve and expand their audiences," Murdoch, executive chairman of 21st Century Fox and Fox News, said in a statement. Harassment allegations against Ailes Ailes, who turned Fox into America's most lucrative and powerful cable news channel for conservatives, resigned in July following allegations of sexual harassment. Former Fox News anchor Gretchen Carlson sued Ailes last month, claiming sexual harassment. Ailes has denied the charges. Fox hired a law firm to conduct an internal investigation. New York magazine followed up with reports of other women who said they had been harassed by Ailes. The magazine also said popular Fox News anchor Megyn Kelly had told investigators hired by Fox that Ailes "made unwanted sexual advances towards her" about 10 years ago. Ailes has denied those charges as well. By choosing two men who worked under Ailes for years, Fox sent viewers and advertisers a message of continuity in an important election year, said Merrill Brown, who helped launch MSNBC and is now director of the school of communication at Montclair State University. But that strategy could carry risk if the independent probe reveals the harassment allegations were known to more people at Fox, he said. The Wall Street Journal on Thursday reported that Twenty-First Century Fox anticipates having to settle with the women who said they were victims of harassment by Ailes. The number of women who have come forward in the internal probe are in the double digits, the paper said. A representative for Twenty-First Century Fox did not immediately return a call for comment. Abernethy, 60, will continue to run Fox Television Stations and will oversee all business components of Fox News Channel and Fox Business News, including finance and ad sales. Shine, 53, will run all programming and news functions of each network including production and talent management. He will also continue to oversee all strategic planning through the election season. Fox News also named Suzanne Scott as executive vice president of programming and development for Fox News Channel and said Chief Financial Officer Mark Kranz was retiring. When Twenty-First Century Fox reported earnings last week, it said Fox News was on track to record its highest-rated year ever. When co-executive chairman Lachlan Murdoch was asked if Fox News would change its strategy, Murdoch said: "There is no desire or need to shift the position it has in the market." Shares of Twenty-First Century Fox ended down 14 cents, or less than one per cent, at $26.02 on Friday. (Reuters)

Fox News taps two veterans as co-presidents after Roger  Ailes steps down

US stocks fell from record highs on Friday as tepid retail sales and producer price data dampened investor confidence in the economy&#39;s expansion.&nbsp; 
 
The retreat in stocks followed record high closes the previous day for all three major indexes on a recent rally that has many investors worried about pricey valuations. 
 
&quot;There&#39;s a fear of - &#39;Am I missing out and is it too late?&#39;&quot; said Jeff Carbone, senior partner at Cornerstone Financial Partners in Cornelius, North Carolina. &quot;And on the opposite side - &#39;Am I at the top and should I get out?&#39;&quot; 
 
Dow Chemical fell 2.51 per cent and was the top drag on the materials index, followed by a 1.98 per cent drop in DuPont a day after European Union regulators opened a full investigation of their $130 billion merger agreement. 
 
US retail sales growth was unexpectedly flat in July as people cut back on buying clothes and other goods, while the producer price index fell 0.4 per cent in July, the biggest drop in nearly a year. 
 
Cooling consumer spending and tame inflation suggest the Federal Reserve will probably not raise interest rates anytime soon despite a robust labour market.&nbsp; 
 
&quot;The data underscores that the Fed doesn&#39;t need to be aggressive about raising interest rates,&quot; said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas.&nbsp; 
 
At 2:11 pm ET, the Dow Jones industrial average was down 0.3 per cent at 18,557.36 and the S&amp;P 500 had lost 0.2 percent to 2,181.39. 
 
The Nasdaq Composite dipped 0.11 per cent to 5,222.90. 
 
Oil prices rose nearly 2 per cent as the dollar slipped following the release of the economic data. 
 
Exxon Mobil rose 1.38 per cent and gave the biggest boost to the Dow, while Chevron added 0.6 per cent.&nbsp; 
 
Seven of the 10 major S&amp;P 500 indexes were lower, with the materials sector falling 1.3 per cent. Financials dipped 0.4 per cent.&nbsp; 
 
Nordstrom rose 8.57 per cent after the department store chain operator reported better-than-expected comparable sales and quarterly profit. 
 
Declining issues outnumbered advancing ones on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 1.33-to-1 ratio favoured decliners. 
 
The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 60 new highs and 27 new lows.&nbsp; 
 
(Reuters)

Materials sector, financials worst-hit following the release of economic data, as experts ask government to go easy on interest rates

US stocks fell from record highs on Friday as tepid retail sales and producer price data dampened investor confidence in the economy's expansion. The retreat in stocks followed record high closes the previous day for all three major indexes on a recent rally that has many investors worried about pricey valuations. "There's a fear of - 'Am I missing out and is it too late?'" said Jeff Carbone, senior partner at Cornerstone Financial Partners in Cornelius, North Carolina. "And on the opposite side - 'Am I at the top and should I get out?'" Dow Chemical fell 2.51 per cent and was the top drag on the materials index, followed by a 1.98 per cent drop in DuPont a day after European Union regulators opened a full investigation of their $130 billion merger agreement. US retail sales growth was unexpectedly flat in July as people cut back on buying clothes and other goods, while the producer price index fell 0.4 per cent in July, the biggest drop in nearly a year. Cooling consumer spending and tame inflation suggest the Federal Reserve will probably not raise interest rates anytime soon despite a robust labour market. "The data underscores that the Fed doesn't need to be aggressive about raising interest rates," said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas. At 2:11 pm ET, the Dow Jones industrial average was down 0.3 per cent at 18,557.36 and the S&P 500 had lost 0.2 percent to 2,181.39. The Nasdaq Composite dipped 0.11 per cent to 5,222.90. Oil prices rose nearly 2 per cent as the dollar slipped following the release of the economic data. Exxon Mobil rose 1.38 per cent and gave the biggest boost to the Dow, while Chevron added 0.6 per cent. Seven of the 10 major S&P 500 indexes were lower, with the materials sector falling 1.3 per cent. Financials dipped 0.4 per cent. Nordstrom rose 8.57 per cent after the department store chain operator reported better-than-expected comparable sales and quarterly profit. Declining issues outnumbered advancing ones on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 1.33-to-1 ratio favoured decliners. The S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 60 new highs and 27 new lows. (Reuters)

US stocks slide amid tepid retail sales and producer price data

The British government pledged today to match European Union (EU) funding for farmers, universities and infrastructure projects after Britain leaves the bloc, to stem fears that key sectors will be left struggling. 
 
The commitment, intended to address uncertainty over the impact of the June 23 vote for Brexit, could cost around &pound;4.5 billion ($5.8 billion, 5.2 billion Euros) a year, finance minister Philip Hammond said. 
 
The commitment applies to agricultural funds until 2020, structural and investment projects signed before the government&#39;s budget update this autumn, and university bids won under the Horizon 2020 research and innovation programme. 
 
&quot;We recognise that many organisations across the UK which are in receipt of EU funding, or expect to start receiving funding, want reassurance about the flow of funding they will receive,&quot; Hammond said in a statement. 
 
&quot;That is why, I am confirming that structural and investment funds projects signed before the Autumn Statement and Horizon research funding granted before we leave the EU will be guaranteed by the Treasury after we leave. 
 
&quot;The government will also match the current level of agricultural funding until 2020, providing certainty to our agricultural community, which play a vital role in our country.&quot; 
 
The cost will depend on the level of applications for funds, and on when Britain leaves the EU. 
 
The government has said it will not trigger the two-year withdrawal process before the end of this year. 
 
&quot;Around about &pound;4.5 billion a year would be the level we would expect,&quot; Hammond said. 
 
Campaigners for Britain to stay in the EU in the June 23 referendum had highlighted the funding benefits of membership to key sectors such a farming and research. 
 
But the Brexit camp said any shortfall could be covered by ending Britain&#39;s contributions to the EU budget, which stood at about &pound;12.9 billion in 2015, after the rebate. 
 
Projects covered by the government&#39;s guarantee include a new facility at the University of Manchester to develop research into graphene -- a material which scientists say could transform consumer electronics -- using &pound;5 million from the European Regional Development Fund. 
 
(AFP)

The commitment, intended to address uncertainty over the impact of the June 23 vote for Brexit, could cost around ?4.5 billion

The British government pledged today to match European Union (EU) funding for farmers, universities and infrastructure projects after Britain leaves the bloc, to stem fears that key sectors will be left struggling. The commitment, intended to address uncertainty over the impact of the June 23 vote for Brexit, could cost around £4.5 billion ($5.8 billion, 5.2 billion Euros) a year, finance minister Philip Hammond said. The commitment applies to agricultural funds until 2020, structural and investment projects signed before the government's budget update this autumn, and university bids won under the Horizon 2020 research and innovation programme. "We recognise that many organisations across the UK which are in receipt of EU funding, or expect to start receiving funding, want reassurance about the flow of funding they will receive," Hammond said in a statement. "That is why, I am confirming that structural and investment funds projects signed before the Autumn Statement and Horizon research funding granted before we leave the EU will be guaranteed by the Treasury after we leave. "The government will also match the current level of agricultural funding until 2020, providing certainty to our agricultural community, which play a vital role in our country." The cost will depend on the level of applications for funds, and on when Britain leaves the EU. The government has said it will not trigger the two-year withdrawal process before the end of this year. "Around about £4.5 billion a year would be the level we would expect," Hammond said. Campaigners for Britain to stay in the EU in the June 23 referendum had highlighted the funding benefits of membership to key sectors such a farming and research. But the Brexit camp said any shortfall could be covered by ending Britain's contributions to the EU budget, which stood at about £12.9 billion in 2015, after the rebate. Projects covered by the government's guarantee include a new facility at the University of Manchester to develop research into graphene -- a material which scientists say could transform consumer electronics -- using £5 million from the European Regional Development Fund. (AFP)

United Kingdom vows to match EU funds, farm subsidies post Brexit

Myanmar&#39;s democratic transition instilled caution in investors, with foreign direct investment during the first four months of the government led by Aung San Suu Kyi dropping sharply from a year back, government data show. 
 
Foreign companies invested $380 million from April to July, the first four months of Myanmar&#39;s fiscal year, plummeting from $2.6 billion in the corresponding period last year, the Department of Investment and Company Administration (DICA) said. 
 
Businessmen and officials blamed reluctance to commit funds at the time of the biggest political shake-up in more than half a century, a delay in setting up a panel to approve new investments, and a new economic plan missing some details. 
 
&quot;I think the changes in the government and the respective laws made some potential big foreign investors reluctant,&quot; said Win Aung, chairman of a powerful business lobby, the Union of Myanmar Federation of Chambers of Commerce and Industry. 
 
&quot;They may have been concerned about possible risks that can arise out of the changes,&quot; he added. &quot;They will come in when things are settled. I don&rsquo;t think the first quarter inflow is enough to assess the situation for the whole fiscal year.&quot; 
 
The investment of $380 million went into 13 projects, in sectors ranging from manufacturing to transport to telecommunications, said Kyaw Win Tun, a director of the DICA. 
 
He attributed the steep fall to a delay in formation of a new Myanmar Investment Commission (MIC) to approve investments. 
 
&quot;Normally, the MIC is supposed to hold meetings twice a month, but it&rsquo;s been able to meet only three times during this fiscal year,&quot; he said. 
 
About 102 projects submitted since April were awaiting approval, Aung Naing Oo, the panel secretary, told Reuters in June. About half were foreign investment projects, with a total value of around $2.3 billion. 
 
A long-awaited economic policy released by the government last month proved to be light on specifics. It outlined 12 broad policies, from prioritising labour-intensive enterprises to the privatisation of some state-owned ones, but lacked concrete plans to accomplish the goals. 
 
(Reuters)

Foreign firms invested $380 million from April to July, plummeting from $2.6 billion in the corresponding period last year

Myanmar's democratic transition instilled caution in investors, with foreign direct investment during the first four months of the government led by Aung San Suu Kyi dropping sharply from a year back, government data show. Foreign companies invested $380 million from April to July, the first four months of Myanmar's fiscal year, plummeting from $2.6 billion in the corresponding period last year, the Department of Investment and Company Administration (DICA) said. Businessmen and officials blamed reluctance to commit funds at the time of the biggest political shake-up in more than half a century, a delay in setting up a panel to approve new investments, and a new economic plan missing some details. "I think the changes in the government and the respective laws made some potential big foreign investors reluctant," said Win Aung, chairman of a powerful business lobby, the Union of Myanmar Federation of Chambers of Commerce and Industry. "They may have been concerned about possible risks that can arise out of the changes," he added. "They will come in when things are settled. I don’t think the first quarter inflow is enough to assess the situation for the whole fiscal year." The investment of $380 million went into 13 projects, in sectors ranging from manufacturing to transport to telecommunications, said Kyaw Win Tun, a director of the DICA. He attributed the steep fall to a delay in formation of a new Myanmar Investment Commission (MIC) to approve investments. "Normally, the MIC is supposed to hold meetings twice a month, but it’s been able to meet only three times during this fiscal year," he said. About 102 projects submitted since April were awaiting approval, Aung Naing Oo, the panel secretary, told Reuters in June. About half were foreign investment projects, with a total value of around $2.3 billion. A long-awaited economic policy released by the government last month proved to be light on specifics. It outlined 12 broad policies, from prioritising labour-intensive enterprises to the privatisation of some state-owned ones, but lacked concrete plans to accomplish the goals. (Reuters)

Myanmar foreign investment drops as democracy transition inspires caution

Zimbabwe&#39;s cash-strapped government will once again delay paying the salaries of civil servants for this month, state media reported today, in a further sign of the worsening economic crisis. 
 
The delays are likely to spark further discontent among the public service employees who are already battling to cope with the increasing cost of living. 
 
In July, government employees staged a strike over late pay, after going for weeks without income. 
 
The Herald newspaper reported that August salaries for army personnel, police, teachers and health workers would be delayed by at least a week. 
 
&quot;It is a fact that we have revenue challenges,&quot; Prisca Mupfumira, the country&#39;s public service minister, told the newspaper when announcing the new pay dates. 
 
The military are normally the first priority for payment due to their role in protecting the regime of President Robert Mugabe, 92. 
 
They are normally paid on the 14th or 15th of every month. 
 
Mupfumira said the army would get their salaries on August 23, health personnel on the 26th, followed by police on the 30th. 
 
The teachers would get paid on September 2 and the rest of the civil service on September 5. 
 
In June only police and security forces were paid, while other civil servants received a $100 advance with the news their salaries had been delayed. 
 
The government has in the past months been announcing varying pay dates for each month for different government departments. 
 
Zimbabwe spends at least 80 per cent of its revenue on state workers&#39; wages, according to officials, while about 90 per cent of the population has no formal employment. 
 
(AFP)

The delays are likely to spark further discontent among the public service employees who are already coping with increasing cost of living

Zimbabwe's cash-strapped government will once again delay paying the salaries of civil servants for this month, state media reported today, in a further sign of the worsening economic crisis. The delays are likely to spark further discontent among the public service employees who are already battling to cope with the increasing cost of living. In July, government employees staged a strike over late pay, after going for weeks without income. The Herald newspaper reported that August salaries for army personnel, police, teachers and health workers would be delayed by at least a week. "It is a fact that we have revenue challenges," Prisca Mupfumira, the country's public service minister, told the newspaper when announcing the new pay dates. The military are normally the first priority for payment due to their role in protecting the regime of President Robert Mugabe, 92. They are normally paid on the 14th or 15th of every month. Mupfumira said the army would get their salaries on August 23, health personnel on the 26th, followed by police on the 30th. The teachers would get paid on September 2 and the rest of the civil service on September 5. In June only police and security forces were paid, while other civil servants received a $100 advance with the news their salaries had been delayed. The government has in the past months been announcing varying pay dates for each month for different government departments. Zimbabwe spends at least 80 per cent of its revenue on state workers' wages, according to officials, while about 90 per cent of the population has no formal employment. (AFP)

Delay in civil servants' salaries hints at worsening economic crisis in Zimbabwe: State media

It was the year 2005 and I was in the 9th grade. My whole family was talking about a distant relative who got admission in London School of Economics (LSE) for her masters. And just a year later, everyone was again talking about her as she&rsquo;d got a job with some big company in London with a monstrous pay package. In such talks, no one ever knows the exact name of the company or the exact figure of the money. When news travels through multiple sources, such details are often lost in transit. 
&nbsp; 
At an impressionable age of 15, such talks leave a significant impact. One doesn&rsquo;t even realise when they become part of the sub-conscious and influence one&rsquo;s future decisions in one way or the other. Fast forwarding to 2011, I completed my undergraduate studies in Economics from Delhi University and was holding an offer letter from LSE for Masters. It was just 4 years after the financial crisis had rocked the world and the effects of this meltdown had not significantly subsided. Moreover, in the same year, the UK government had stopped giving 2-year work permits along with the student&rsquo;s visas. They were protecting jobs for their own citizens. 
&nbsp; 
A year later, I graduated but with a job in a niche think tank in Delhi. Many of us still reminisce the pre-2008 period. At that time, every student was holding almost two to three jobs with decent salaries much before his/her final exam. Job seekers held the bargaining power. People were taking loans to buy houses and expensive cars as paying the instalments was not a big deal. We indulged, our governments indulged and sometimes over-indulged. There was an element of irrational exuberance. 
&nbsp; 
There are four stages in a business cycle: boom, recession, depression and recovery, with the names themselves indicative of their meanings. Most of us think that recession and depression are the worst phases of a business cycle but are they really? Instead, it is during boom when we take the most stupid decisions, plummeting ourselves into a recession. &nbsp; 
&nbsp; 
Every time there is a boom, we make mistakes and, often, those turn out to be big mistakes. In a paper on the 1997 Asian crisis, Paul Krugman writes: &ldquo;as long as the real estate prices and stock markets were booming, even the questionable investments tended to look good. As the air began to go out of the bubble, losses began to mount, further reducing the confidence and causing the supply of fresh loans to shrink even more.&rdquo; 
&nbsp; 
Before the 2008 crisis, more importance was given to international finance than to international trade. We started moving from real to nominal - an important factor for not being able to contain the crisis in just one part of the world. Most of the European economies were over-leveraged before 2008, thus falling into an abyss of debt crisis after the shocking financial year. 
&nbsp; 
Similarly, in Venezuela, they focused so much on oil during the boom years and lavishly spent their windfall. When the oil prices fell recently, they were unable to bear the losses. Oil was their only source of income. They made the age-old mistake of putting all their eggs in the same basket. 
&nbsp; 
Also, many of the South American economies like Brazil, Colombia, etc. gorged on debt during the so-called happy times with the entire debt being denominated in US Dollars. When the Dollar appreciated significantly and the exports of commodities fell sharply, these countries were unable to service their debt and, as a result, their GDPs contracted and the standards of living worsened. Instead of maintaining the same level, the South American people have actually become poorer. &nbsp;&nbsp; 
&nbsp; 
When there is boom, every institution in every country demands lowering of rules and regulations. Everyone wants to ride the wave, be it the government, banks, financial institutions, citizens or international bodies. People behave irrationally, completely disregarding the consequences of their actions. 
&nbsp; 
We may need a regulator monitoring the activities of the various institutions during such periods of the business cycle so that it stops anyone from making those mistakes which have severe consequences in the long term. But here too, the regulator is caught up in a catch - 22 situation. If the regulator stops irrational behaviour in the beginning and things are upward looking for a while, then people think that the regulating body was panicking for no reason as everything is going great. Nobody understands that this is because the bad elements were weeded out at the right time. 
&nbsp; 
As a world, we need to arrive at a solution to clip this irrational exuberance when we are healthy. Maybe we need to devise a mechanism where someone reminds us of our past mistakes so that we don&rsquo;t repeat them in future.&nbsp;

Every time there is a boom, we make mistakes and, often, those turn out to be big mistakes

It was the year 2005 and I was in the 9th grade. My whole family was talking about a distant relative who got admission in London School of Economics (LSE) for her masters. And just a year later, everyone was again talking about her as she’d got a job with some big company in London with a monstrous pay package. In such talks, no one ever knows the exact name of the company or the exact figure of the money. When news travels through multiple sources, such details are often lost in transit. At an impressionable age of 15, such talks leave a significant impact. One doesn’t even realise when they become part of the sub-conscious and influence one’s future decisions in one way or the other. Fast forwarding to 2011, I completed my undergraduate studies in Economics from Delhi University and was holding an offer letter from LSE for Masters. It was just 4 years after the financial crisis had rocked the world and the effects of this meltdown had not significantly subsided. Moreover, in the same year, the UK government had stopped giving 2-year work permits along with the student’s visas. They were protecting jobs for their own citizens. A year later, I graduated but with a job in a niche think tank in Delhi. Many of us still reminisce the pre-2008 period. At that time, every student was holding almost two to three jobs with decent salaries much before his/her final exam. Job seekers held the bargaining power. People were taking loans to buy houses and expensive cars as paying the instalments was not a big deal. We indulged, our governments indulged and sometimes over-indulged. There was an element of irrational exuberance. There are four stages in a business cycle: boom, recession, depression and recovery, with the names themselves indicative of their meanings. Most of us think that recession and depression are the worst phases of a business cycle but are they really? Instead, it is during boom when we take the most stupid decisions, plummeting ourselves into a recession. Every time there is a boom, we make mistakes and, often, those turn out to be big mistakes. In a paper on the 1997 Asian crisis, Paul Krugman writes: “as long as the real estate prices and stock markets were booming, even the questionable investments tended to look good. As the air began to go out of the bubble, losses began to mount, further reducing the confidence and causing the supply of fresh loans to shrink even more.” Before the 2008 crisis, more importance was given to international finance than to international trade. We started moving from real to nominal - an important factor for not being able to contain the crisis in just one part of the world. Most of the European economies were over-leveraged before 2008, thus falling into an abyss of debt crisis after the shocking financial year. Similarly, in Venezuela, they focused so much on oil during the boom years and lavishly spent their windfall. When the oil prices fell recently, they were unable to bear the losses. Oil was their only source of income. They made the age-old mistake of putting all their eggs in the same basket. Also, many of the South American economies like Brazil, Colombia, etc. gorged on debt during the so-called happy times with the entire debt being denominated in US Dollars. When the Dollar appreciated significantly and the exports of commodities fell sharply, these countries were unable to service their debt and, as a result, their GDPs contracted and the standards of living worsened. Instead of maintaining the same level, the South American people have actually become poorer. When there is boom, every institution in every country demands lowering of rules and regulations. Everyone wants to ride the wave, be it the government, banks, financial institutions, citizens or international bodies. People behave irrationally, completely disregarding the consequences of their actions. We may need a regulator monitoring the activities of the various institutions during such periods of the business cycle so that it stops anyone from making those mistakes which have severe consequences in the long term. But here too, the regulator is caught up in a catch - 22 situation. If the regulator stops irrational behaviour in the beginning and things are upward looking for a while, then people think that the regulating body was panicking for no reason as everything is going great. Nobody understands that this is because the bad elements were weeded out at the right time. As a world, we need to arrive at a solution to clip this irrational exuberance when we are healthy. Maybe we need to devise a mechanism where someone reminds us of our past mistakes so that we don’t repeat them in future.

The classic economic conundrum: Slipping as you rise

Cheng Wei, 34, was once an assistant to the head of a foot massage firm. Last week, his company Didi Chuxing bagged Uber&#39;s China business in a deal valuing his ride-hailing start-up at $35 billion -&nbsp;second success in as many years in a gruelling battle with a rival. 
 
Investors and Didi staff say Cheng has a cool head, a keen strategic eye and a lack of ego - all pivotal in taking on and beating Uber in a two-year, multi-billion-dollar scrap for China&#39;s competitive ride-hailing market. 
 
But his leadership style is also cut-throat and tinged with nationalism, say some of those who know him. He often references China&#39;s history and military in his speeches. 
 
He will be closely watched now as he looks to turn his vast, money-losing ride-hailing company into a meaningful business. Chinese media have reported that Didi users and drivers fear the company&#39;s virtual monopoly will mean pricier rides and lower wages. 
 
&quot;He&#39;s probably one of the fastest growing CEOs I&#39;ve seen. If not the best then definitely one of the top three, and I back a lot of people,&quot; said Hans Tung, managing partner at GGV Capital, which has funded Beijing-based Didi. 
 
Cheng, who favours rectangle-framed glasses and polo shirts, also has an astute eye for talent - such as hiring foreign-educated rainmaker and ex-Goldman Sachs banker Jean Liu - and managed Didi&#39;s relationship with major investors Alibaba and Tencent, who are bitter internet rivals, say those who have worked with him. 
 
&quot;From the outside, you&#39;d say this guy is really lucky, but on the flip side, he knows who the right people to know are and who to have good relationships with, and how to get them to work with him,&quot; said a person who has worked with and advised Cheng for years. It&#39;s a very unique personality trait.&quot; 
 
Off on the wrong foot 
 
Cheng was born in 1983 in a small town in the southeastern province of Jiangxi. 
 
When the time came to sit China&#39;s demanding university entrance exams, he was ill but did enough to get into Beijing University of Chemical Technology, said Allen Zhu, managing director of GSR Ventures and an early investor in Didi. 
 
A graduate in Administration, Cheng took a job at a healthcare company&nbsp;but found it wasn&#39;t quite what he had expected. 
 
&quot;He was an assistant to a chairman at a foot massage company,&quot; said Zhu. &quot;He thought it wasn&#39;t interesting, and after about a year he applied to join Alibaba as a sales person.&quot; 
 
In six years, Cheng rose to being a sales manager for the north of China, before moving to the e-commerce group&#39;s online payment arm, Alipay, where he was deputy general manager. 
 
In 2012, he founded Beijing Orange Technology Co and launched Didi Dache - meaning &quot;Beep Beep Call a Taxi&quot; - the initial incarnation of his ride-hailing service. 
 
The following year, Didi had its first run-in with Uber, but as a potential suitor rather than a rival. 
 
Uber co-founder and chairman Garrett Camp was in China at the time Didi was having a second round of fundraising, recalled GGV&#39;s Tung, who was then at Qiming Venture Partners and introduced the two parties. 
 
&quot;I encouraged Uber to invest in Didi because China&#39;s not an easy market to crack, but it was too early for Uber,&quot; he said. 
 
Instead, Tencent funded Didi in mid-2013, helping spark a grinding war against Alibaba-backed rival Kuaidi Dache. Both threw hundreds of millions of dollars into subsidising rides for passengers and giving drivers bonuses to gain market share. 
 
Early last year, that war ended with a merger of the two companies into Didi Kuaidi, which later became Didi Chuxing. 
 
&quot;It&#39;s tough competition,&quot; said the adviser to Cheng of the ride-hailing sector. &quot;But that&#39;s one of the extraordinary things about him; when it&#39;s time to do a deal, he&#39;s very practical.&quot; 
 
Macho, Patriotic 
 
The reprieve, though, was short-lived. 
 
Uber rapidly gained traction in China after its local unit received a cash injection in late 2014 from Baidu Inc, the third of China&#39;s three internet heavyweights. 
 
Eventually, Didi won out after it also gained backing from Apple Inc. 
 
For Cheng, who will sit on Uber&#39;s board, winning was about more than his company seeing off a rival. 
 
&quot;He kept saying that Chinese internet companies on Chinese soil have not lost to a foreign company, and Didi won&#39;t be the first to do so,&quot; said a former employee who didn&#39;t want to be named for fear of jeopardising business relationships. 
 
Cheng pepped up employees with patriotic songs, such as Tu Honggang&#39;s &quot;Jingzhong Baoguo&quot;, about someone protecting China during a time of war. 
 
GGV&#39;s Tung says Cheng is &quot;jianghu&#39;, which translates as having a &#39;wild toughness&#39; or someone who has a &#39;rule of the jungle&#39; mentality. &quot;That passion is very macho in a Chinese sense. People will think: &#39;This is a guy I can stick with because he&#39;s going to take care of us and lead, and we&#39;ll kick ass and make history&#39;,&quot; he said. 
 
&quot;It&#39;s not about algorithms and data and the best model. It&#39;s a lot more human touch.&quot; 
 
(Reuters)

He will be closely watched now as he looks to turn his vast, money-losing ride-hailing company into a meaningful business

Cheng Wei, 34, was once an assistant to the head of a foot massage firm. Last week, his company Didi Chuxing bagged Uber's China business in a deal valuing his ride-hailing start-up at $35 billion - second success in as many years in a gruelling battle with a rival. Investors and Didi staff say Cheng has a cool head, a keen strategic eye and a lack of ego - all pivotal in taking on and beating Uber in a two-year, multi-billion-dollar scrap for China's competitive ride-hailing market. But his leadership style is also cut-throat and tinged with nationalism, say some of those who know him. He often references China's history and military in his speeches. He will be closely watched now as he looks to turn his vast, money-losing ride-hailing company into a meaningful business. Chinese media have reported that Didi users and drivers fear the company's virtual monopoly will mean pricier rides and lower wages. "He's probably one of the fastest growing CEOs I've seen. If not the best then definitely one of the top three, and I back a lot of people," said Hans Tung, managing partner at GGV Capital, which has funded Beijing-based Didi. Cheng, who favours rectangle-framed glasses and polo shirts, also has an astute eye for talent - such as hiring foreign-educated rainmaker and ex-Goldman Sachs banker Jean Liu - and managed Didi's relationship with major investors Alibaba and Tencent, who are bitter internet rivals, say those who have worked with him. "From the outside, you'd say this guy is really lucky, but on the flip side, he knows who the right people to know are and who to have good relationships with, and how to get them to work with him," said a person who has worked with and advised Cheng for years. It's a very unique personality trait." Off on the wrong foot Cheng was born in 1983 in a small town in the southeastern province of Jiangxi. When the time came to sit China's demanding university entrance exams, he was ill but did enough to get into Beijing University of Chemical Technology, said Allen Zhu, managing director of GSR Ventures and an early investor in Didi. A graduate in Administration, Cheng took a job at a healthcare company but found it wasn't quite what he had expected. "He was an assistant to a chairman at a foot massage company," said Zhu. "He thought it wasn't interesting, and after about a year he applied to join Alibaba as a sales person." In six years, Cheng rose to being a sales manager for the north of China, before moving to the e-commerce group's online payment arm, Alipay, where he was deputy general manager. In 2012, he founded Beijing Orange Technology Co and launched Didi Dache - meaning "Beep Beep Call a Taxi" - the initial incarnation of his ride-hailing service. The following year, Didi had its first run-in with Uber, but as a potential suitor rather than a rival. Uber co-founder and chairman Garrett Camp was in China at the time Didi was having a second round of fundraising, recalled GGV's Tung, who was then at Qiming Venture Partners and introduced the two parties. "I encouraged Uber to invest in Didi because China's not an easy market to crack, but it was too early for Uber," he said. Instead, Tencent funded Didi in mid-2013, helping spark a grinding war against Alibaba-backed rival Kuaidi Dache. Both threw hundreds of millions of dollars into subsidising rides for passengers and giving drivers bonuses to gain market share. Early last year, that war ended with a merger of the two companies into Didi Kuaidi, which later became Didi Chuxing. "It's tough competition," said the adviser to Cheng of the ride-hailing sector. "But that's one of the extraordinary things about him; when it's time to do a deal, he's very practical." Macho, Patriotic The reprieve, though, was short-lived. Uber rapidly gained traction in China after its local unit received a cash injection in late 2014 from Baidu Inc, the third of China's three internet heavyweights. Eventually, Didi won out after it also gained backing from Apple Inc. For Cheng, who will sit on Uber's board, winning was about more than his company seeing off a rival. "He kept saying that Chinese internet companies on Chinese soil have not lost to a foreign company, and Didi won't be the first to do so," said a former employee who didn't want to be named for fear of jeopardising business relationships. Cheng pepped up employees with patriotic songs, such as Tu Honggang's "Jingzhong Baoguo", about someone protecting China during a time of war. GGV's Tung says Cheng is "jianghu', which translates as having a 'wild toughness' or someone who has a 'rule of the jungle' mentality. "That passion is very macho in a Chinese sense. People will think: 'This is a guy I can stick with because he's going to take care of us and lead, and we'll kick ass and make history'," he said. "It's not about algorithms and data and the best model. It's a lot more human touch." (Reuters)

Once assistant to foot massage firm's head, Didi's Cheng Wei is the Chinese patriot who tamed Uber

Chipmaker Nvidia Corp reported its fastest quarterly sales growth in nearly five years, powered by strong demand for the company&#39;s processors used in gaming computers and in data centres. 
 
Shares of the company, which also forecasts current-quarter revenue above analysts&#39; estimates, were up about 3 per cent at $61.43 in after-hours trading on Thursday, on pace to open at a record high on Friday. 
 
Nvidia has emerged as a dominant player in the high-end PC gaming market, where its chips power graphics for popular video games such as &quot;Grand Theft Auto&quot; and &quot;Call of Duty&quot;.&nbsp;The gaming division accounts for more than half of the company&#39;s total revenue. 
 
The company is also benefiting from the rising popularity of e-sports, or competitive games played online for big prize money.&nbsp;Nvidia has been diversifying into fields such as self-driving cars, virtual reality and into making processing units for deep learning, a fast-growing field of artificial intelligence that helps computers crunch and make sense of huge amounts of data. 
 
The chipmaker in May unveiled its GeForce GTX 1080 and 1070 graphics processors (GPUs) based on its Pascal technology. 
 
&quot;Strong demand for our new Pascal-generation GPUs and surging interest in deep learning drove record results,&quot; Chief Executive Jen-Hsun Huang said in a statement. 
 
Jen-Hsun Huang said on a post-earnings call that he expected deep learning to drive growth in the current quarter as well.&nbsp;Data centres have emerged as a growth engine for the company, notching a near 110 per cent jump in sales in the latest quarter from a year earlier. 
 
Revenue from the company&#39;s gaming business, which makes chips that render graphics in video games, rose 18.3 per cent to $781 million in the second quarter ended July 31. 
 
&quot;Nvidia had a great quarter and appear to be hitting on all cylinders,&quot; said analyst Patrick Moorhead of Moor Insights &amp; Strategy.&nbsp;Nvidia forecast revenue to increase to $1.68 billion plus or minus two percent in the current quarter. Analysts on average had expected a rise to $1.45 billion, according to Thomson Reuters I/B/E/S. 
 
Revenue rose about 24 per cent to a record $1.43 billion in the three months ended July, topping analysts&#39; average estimate of $1.35 billion.&nbsp;Nvidia&#39;s net income soared to $253 million, or 40 cents per share, in the latest quarter from $26 million, or five cents per share, a year earlier. 
 
Analysts on average had expected a profit of 37 cents per share.&nbsp;Up to Thursday&#39;s close of $59.70, the company&#39;s shares had gained about 81 per cent this year. 
 
(Reuters)

The US company makes chips for games like Call of Duty and Grand Theft Auto, and is diversifying into self-driving cars and virtual realiy

Chipmaker Nvidia Corp reported its fastest quarterly sales growth in nearly five years, powered by strong demand for the company's processors used in gaming computers and in data centres. Shares of the company, which also forecasts current-quarter revenue above analysts' estimates, were up about 3 per cent at $61.43 in after-hours trading on Thursday, on pace to open at a record high on Friday. Nvidia has emerged as a dominant player in the high-end PC gaming market, where its chips power graphics for popular video games such as "Grand Theft Auto" and "Call of Duty". The gaming division accounts for more than half of the company's total revenue. The company is also benefiting from the rising popularity of e-sports, or competitive games played online for big prize money. Nvidia has been diversifying into fields such as self-driving cars, virtual reality and into making processing units for deep learning, a fast-growing field of artificial intelligence that helps computers crunch and make sense of huge amounts of data. The chipmaker in May unveiled its GeForce GTX 1080 and 1070 graphics processors (GPUs) based on its Pascal technology. "Strong demand for our new Pascal-generation GPUs and surging interest in deep learning drove record results," Chief Executive Jen-Hsun Huang said in a statement. Jen-Hsun Huang said on a post-earnings call that he expected deep learning to drive growth in the current quarter as well. Data centres have emerged as a growth engine for the company, notching a near 110 per cent jump in sales in the latest quarter from a year earlier. Revenue from the company's gaming business, which makes chips that render graphics in video games, rose 18.3 per cent to $781 million in the second quarter ended July 31. "Nvidia had a great quarter and appear to be hitting on all cylinders," said analyst Patrick Moorhead of Moor Insights & Strategy. Nvidia forecast revenue to increase to $1.68 billion plus or minus two percent in the current quarter. Analysts on average had expected a rise to $1.45 billion, according to Thomson Reuters I/B/E/S. Revenue rose about 24 per cent to a record $1.43 billion in the three months ended July, topping analysts' average estimate of $1.35 billion. Nvidia's net income soared to $253 million, or 40 cents per share, in the latest quarter from $26 million, or five cents per share, a year earlier. Analysts on average had expected a profit of 37 cents per share. Up to Thursday's close of $59.70, the company's shares had gained about 81 per cent this year. (Reuters)

Nvidia Corp quarterly growth fastest in five years

Indian conglomerate Aditya Birla Group plans to merge its subsidiaries Grasim Industries Ltd and Aditya Birla Nuvo Ltd through a stock swap and spin off its financial services business, it said on Thursday. 
 
The plan is part of a restructuring of the group, run by billionaire Kumar Mangalam Birla, to simplify its complex holding structure and focus more on financial services. 
 
&quot;Our financial services business has reached the size and scale where value can be unlocked,&quot; Birla told reporters at a news conference to announce the plans. 
 
The companies aim to complete the merger by next March, and the financial services company should list on the Mumbai stock market by May or June 2017, Birla said. 
 
The listed company, to be called Aditya Birla Financial Services Ltd, will run all of the group&#39;s financial services businesses ranging from stock broking to insurance. They are currently run by Aditya Birla Nuvo. 
 
Aditya Birla Nuvo has stakes in a host of other industries including telecommunications and retail, which will be merged into Grasim, owner of India&#39;s biggest cement business through its UltraTech subsidiary. 
 
Stock swap 
 
The merger follows a similar restructuring in Aditya Birla Group last year when it brought its lifestyle retail businesses under a single company, Aditya Birla Fashion and Retail Ltd. 
 
Under the stock swap plan, for every 10 shares held in Aditya Birla Nuvo, shareholders will get three new shares of Grasim, Aditya Birla Group said in a statement. 
 
Aditya Birla Group will hold 39 per cent of the merged entity, which will retain the name Grasim, and public shareholders will hold 61 per cent. 
 
When Aditya Birla Financial Services is spun off from Grasim, shareholders will get seven shares of the financial services company for each share held in Grasim. 
 
Grasim will retain a 57 per cent stake in the financial services company after the listing. As a result of the merger, Grasim will also take Aditya Birla Nuvo&#39;s 23.3 per cent stake in India&#39;s third-biggest mobile phone carrier Idea Cellular. 
 
Aditya Birla Group, with annual revenue of $41 billion, is also the largest shareholder in top Indian aluminium producer Hindalco Industries Ltd. 
 
(Reuters)

The plan is part of a restructuring of the group to simplify its complex holding structure and focus more on financial services

Indian conglomerate Aditya Birla Group plans to merge its subsidiaries Grasim Industries Ltd and Aditya Birla Nuvo Ltd through a stock swap and spin off its financial services business, it said on Thursday. The plan is part of a restructuring of the group, run by billionaire Kumar Mangalam Birla, to simplify its complex holding structure and focus more on financial services. "Our financial services business has reached the size and scale where value can be unlocked," Birla told reporters at a news conference to announce the plans. The companies aim to complete the merger by next March, and the financial services company should list on the Mumbai stock market by May or June 2017, Birla said. The listed company, to be called Aditya Birla Financial Services Ltd, will run all of the group's financial services businesses ranging from stock broking to insurance. They are currently run by Aditya Birla Nuvo. Aditya Birla Nuvo has stakes in a host of other industries including telecommunications and retail, which will be merged into Grasim, owner of India's biggest cement business through its UltraTech subsidiary. Stock swap The merger follows a similar restructuring in Aditya Birla Group last year when it brought its lifestyle retail businesses under a single company, Aditya Birla Fashion and Retail Ltd. Under the stock swap plan, for every 10 shares held in Aditya Birla Nuvo, shareholders will get three new shares of Grasim, Aditya Birla Group said in a statement. Aditya Birla Group will hold 39 per cent of the merged entity, which will retain the name Grasim, and public shareholders will hold 61 per cent. When Aditya Birla Financial Services is spun off from Grasim, shareholders will get seven shares of the financial services company for each share held in Grasim. Grasim will retain a 57 per cent stake in the financial services company after the listing. As a result of the merger, Grasim will also take Aditya Birla Nuvo's 23.3 per cent stake in India's third-biggest mobile phone carrier Idea Cellular. Aditya Birla Group, with annual revenue of $41 billion, is also the largest shareholder in top Indian aluminium producer Hindalco Industries Ltd. (Reuters)

Grasim Industries Ltd and Aditya Birla Nuvo to merge through stock swap

Asian stocks inched up on Friday, after a surge in oil prices helped propel Wall Street to record highs overnight, while Chinese economic indicators that missed expectations did not dent gains in mainland shares. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan nudged up 0.2 per cent. It was on track to gain 1.9 per cent for the week. 
 
Both China&#39;s CSI300 index and the Shanghai Composite rose about 0.5 pe rcent after fixed asset investment, retail sales and industrial output all rose but were below expectations. Both indexes were headed for gains of about 1.4 per cent for the week. 
 
Fixed asset investment from January to July increased by 8.1 per cent from a year earlier, the slowest rate in more than 16 years, compared with expectations for 8.8 per cent. 
 
July retail sales increased 10.2 per cent, versus 10.6 per cent the previous month and a forecast 10.5 per cent. Industrial output rose 6.0 per cent from a year earlier, slowing from June&#39;s 6.2 per cent and just missing forecasts of 6.1 per cent. 
 
Hong Kong shares rose 0.7 per cent and were at their highest in more than eight months. 
 
Japan&#39;s Nikkei rose 0.7 per cent on a slightly weaker yen, and is poised to end the week 3.7 per cent higher. 
 
South Korea&#39;s Kospi, which touched the highest level since July 2015, was little changed. Australian stocks gained 0.3 per cent. 
 
The S&amp;P 500, the Dow and Nasdaq all closed at historic highs on Thursday for the first time since 1999 on higher crude oil and upbeat corporate results. 
 
The pan-European FTSEurofirst 300 stock index also jumped, climbing 0.85 per cent to its highest close since late May. 
 
MSCI&#39;s 46-country All World index held close to a one-year high touched overnight. 
 
Supporting investor appetite for risk, oil prices climbed more than 4 per cent overnight after a Saudi oil minister hinted at possible action to stabilise prices and triggered a round of buying. 
 
They retained that momentum on Friday, with US crude futures up 0.5 per cent at $43.72 a barrel, on track to gain 4.5 per cent on the week. 
 
Global benchmark Brent crude climbed 0.3 per cent to $46.18, set to end the week 4.6 per cent higher. 
 
&quot;Asia Pacific markets are set to finish the week on a high following strong leads from European and US investors,&quot; wrote Michael McCarthy, chief market strategist at CMC Markets. 
 
&quot;Industrial commodities rose, led by oil, and overnight trading displayed &#39;risk on&#39; characteristics despite the lack of an obvious trigger. Important data from China may change the course of the trading day.&quot; 
 
Global markets will also sift through the string of US data, notably retail sales, due later in the session for latest cues about the world&#39;s largest economy and whether it is robust enough to withstand further monetary tightening. 
 
US retail sales are expected to show a 0.4 per cent monthly increase in July, according to the median estimate of 64 economists polled by Reuters. 
 
In currencies, the dollar rose after San Francisco Fed President John Williams told the Washington Post that the US central bank should raise rates this year because of improving labour market conditions and the likelihood that inflation is heading higher. 
 
The greenback inched up 0.1 per cent to 102.035 yen after gaining 0.7 per cent on Thursday, and is heading for a 0.25 per cent weekly rise. The euro was steady at $1.11375 after losing 0.3 per cent overnight. 
 
The dollar index, which tracks the greenback against a basket of six major peers, rose 0.1 per cent to 95.924, but was on track for a loss of 0.3 per cent for the week. 
 
The New Zealand dollar slipped 0.1 per cent to $0.7202 after surging on Thursday to $0.7351, its highest in more than a year after the Reserve Bank of New Zealand cut rates by 25 basis points to 2.0 per cent, a smaller cut than some investors had expected. 
 
The Australian dollar dipped 0.3 per cent to $0.7678 . 
 
(Reuters) 
 
 
&nbsp;

Hong Kong shares rose 0.7 per cent and were at their highest in eight months,?Japan's Nikkei rose 0.7 per cent on a slightly weaker Yen

Asian stocks inched up on Friday, after a surge in oil prices helped propel Wall Street to record highs overnight, while Chinese economic indicators that missed expectations did not dent gains in mainland shares. MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.2 per cent. It was on track to gain 1.9 per cent for the week. Both China's CSI300 index and the Shanghai Composite rose about 0.5 pe rcent after fixed asset investment, retail sales and industrial output all rose but were below expectations. Both indexes were headed for gains of about 1.4 per cent for the week. Fixed asset investment from January to July increased by 8.1 per cent from a year earlier, the slowest rate in more than 16 years, compared with expectations for 8.8 per cent. July retail sales increased 10.2 per cent, versus 10.6 per cent the previous month and a forecast 10.5 per cent. Industrial output rose 6.0 per cent from a year earlier, slowing from June's 6.2 per cent and just missing forecasts of 6.1 per cent. Hong Kong shares rose 0.7 per cent and were at their highest in more than eight months. Japan's Nikkei rose 0.7 per cent on a slightly weaker yen, and is poised to end the week 3.7 per cent higher. South Korea's Kospi, which touched the highest level since July 2015, was little changed. Australian stocks gained 0.3 per cent. The S&P 500, the Dow and Nasdaq all closed at historic highs on Thursday for the first time since 1999 on higher crude oil and upbeat corporate results. The pan-European FTSEurofirst 300 stock index also jumped, climbing 0.85 per cent to its highest close since late May. MSCI's 46-country All World index held close to a one-year high touched overnight. Supporting investor appetite for risk, oil prices climbed more than 4 per cent overnight after a Saudi oil minister hinted at possible action to stabilise prices and triggered a round of buying. They retained that momentum on Friday, with US crude futures up 0.5 per cent at $43.72 a barrel, on track to gain 4.5 per cent on the week. Global benchmark Brent crude climbed 0.3 per cent to $46.18, set to end the week 4.6 per cent higher. "Asia Pacific markets are set to finish the week on a high following strong leads from European and US investors," wrote Michael McCarthy, chief market strategist at CMC Markets. "Industrial commodities rose, led by oil, and overnight trading displayed 'risk on' characteristics despite the lack of an obvious trigger. Important data from China may change the course of the trading day." Global markets will also sift through the string of US data, notably retail sales, due later in the session for latest cues about the world's largest economy and whether it is robust enough to withstand further monetary tightening. US retail sales are expected to show a 0.4 per cent monthly increase in July, according to the median estimate of 64 economists polled by Reuters. In currencies, the dollar rose after San Francisco Fed President John Williams told the Washington Post that the US central bank should raise rates this year because of improving labour market conditions and the likelihood that inflation is heading higher. The greenback inched up 0.1 per cent to 102.035 yen after gaining 0.7 per cent on Thursday, and is heading for a 0.25 per cent weekly rise. The euro was steady at $1.11375 after losing 0.3 per cent overnight. The dollar index, which tracks the greenback against a basket of six major peers, rose 0.1 per cent to 95.924, but was on track for a loss of 0.3 per cent for the week. The New Zealand dollar slipped 0.1 per cent to $0.7202 after surging on Thursday to $0.7351, its highest in more than a year after the Reserve Bank of New Zealand cut rates by 25 basis points to 2.0 per cent, a smaller cut than some investors had expected. The Australian dollar dipped 0.3 per cent to $0.7678 . (Reuters)

Asia rises on Wall Street's record highs while China data misses forecasts

Economic stagnation in France and Italy contributed to a slowdown in growth in the euro-zone from April to June after a strong performance in the first three months of the year, estimates showed today. 
 
Gross domestic product in the 19-country currency bloc expanded 0.3 per cent in the second quarter from the first and was up 1.6 per cent compared with the same quarter last year, statistics agency Eurostat said, confirming market expectations and its own initial data issued in late July. 
 
The quarterly rate of growth halved from January-March&#39;s 0.6 per cent expansion, while the annual rate of growth was only marginally slower than the first quarter&#39;s 1.7 per cent. 
 
The slowdown was mainly due to France and Italy reporting no growth in the quarter, offsetting relatively robust readings for Spain and the Netherlands of 0.7 per cent and 0.6 per cent respectively. 
 
Italy&#39;s standstill was below the expected 0.2 per cent growth and adds to the woes of Prime Minister Matteo Renzi, who in autumn faces a constitutional referendum on which he has staked his job. 
 
Growth in Germany, the bloc&#39;s biggest economy, slowed to 0.4 per cent in the second quarter from 0.7 per cent in the first, but that was better than the 0.2 per cent consensus forecast of economists polled by Reuters. 
 
&quot;Today&#39;s German and Dutch flash GDP estimates surprised to the upside, more than offsetting a flat GDP print in Italy,&quot; Marco Protopapa, an&nbsp;economist at JPMorgan, said in a note. 
 
The stronger-than-expected German data helped the bloc as a whole avoid a downward revision from Eurostat&#39;s preliminary estimates for the quarter, as some economists had feared. 
 
&quot;The fact that Q2&#39;s growth rate was not revised down from the &#39;preliminary flash&#39; estimate of +0.3 per cent was something of a relief after the additional national data released earlier this morning,&quot; said Jonathan Loynes of Capital Economics. 
 
The euro zone&#39;s smaller economies fared well. Belgium&#39;s GDP grew 0.5 per cent on the quarter, faster than the 0.2 per cent rise in the first three months of the year. 
 
Greece emerged from a mild recession in the first quarter, posting 0.3 per cent growth in the April-June period. 
 
The European Union economy grew slightly faster than that of the euro zone, expanding 0.4 per cent on the quarter and 1.8 per cent compared with the same period last year. 
 
(Reuters)

Gross domestic product in the 19-country currency bloc expanded 0.3 per cent in the second quarter from the first, Eurostat said

Economic stagnation in France and Italy contributed to a slowdown in growth in the euro-zone from April to June after a strong performance in the first three months of the year, estimates showed today. Gross domestic product in the 19-country currency bloc expanded 0.3 per cent in the second quarter from the first and was up 1.6 per cent compared with the same quarter last year, statistics agency Eurostat said, confirming market expectations and its own initial data issued in late July. The quarterly rate of growth halved from January-March's 0.6 per cent expansion, while the annual rate of growth was only marginally slower than the first quarter's 1.7 per cent. The slowdown was mainly due to France and Italy reporting no growth in the quarter, offsetting relatively robust readings for Spain and the Netherlands of 0.7 per cent and 0.6 per cent respectively. Italy's standstill was below the expected 0.2 per cent growth and adds to the woes of Prime Minister Matteo Renzi, who in autumn faces a constitutional referendum on which he has staked his job. Growth in Germany, the bloc's biggest economy, slowed to 0.4 per cent in the second quarter from 0.7 per cent in the first, but that was better than the 0.2 per cent consensus forecast of economists polled by Reuters. "Today's German and Dutch flash GDP estimates surprised to the upside, more than offsetting a flat GDP print in Italy," Marco Protopapa, an economist at JPMorgan, said in a note. The stronger-than-expected German data helped the bloc as a whole avoid a downward revision from Eurostat's preliminary estimates for the quarter, as some economists had feared. "The fact that Q2's growth rate was not revised down from the 'preliminary flash' estimate of +0.3 per cent was something of a relief after the additional national data released earlier this morning," said Jonathan Loynes of Capital Economics. The euro zone's smaller economies fared well. Belgium's GDP grew 0.5 per cent on the quarter, faster than the 0.2 per cent rise in the first three months of the year. Greece emerged from a mild recession in the first quarter, posting 0.3 per cent growth in the April-June period. The European Union economy grew slightly faster than that of the euro zone, expanding 0.4 per cent on the quarter and 1.8 per cent compared with the same period last year. (Reuters)

Eurozone growth goes sluggish as Italy and France stall

Toshiba Corp on Friday said extensive restructuring helped the Japanese conglomerate swing to its first operating profit in six quarters, signalling recovery from a $1.3 billion accounting scandal that unmasked underperforming operations. 
 
Toshiba, whose output is as diverse as consumer electronics and nuclear power reactors, reported a profit of 20.1 billion Yen ($197 million) for April-June. That compared with a year-earlier loss of 6.5 billion Yen&nbsp;and missed the Starmine SmartEstimate of a 33.5 billion Yen profit based on five analyst estimates. 
 
The conglomerate kept its outlook for the financial year through March at 120 billion Yen in profit, a turnaround from the 708.74 billion Yen loss in the previous year. 
 
Toshiba began an investigation in April last year uncovering seven years of accounting manipulation. To remedy, it cut its workforce by 14,000 people, shrunk its semiconductor business, and sold divisions making home appliances and medical devices.&nbsp;Toshiba emerged as a company focused on chips, nuclear energy, and social infrastructure. 
 
But analysts said Toshiba&#39;s recovering balance sheet has come under a new threat from US&nbsp;engineer Chicago Bridge &amp; Iron Co NV (CB&amp;I), which sold its nuclear construction business to Toshiba&#39;s US subsidiary Westinghouse Electric Co. 
 
CB&amp;I said last month it was suing Westinghouse to protect itself from a potential $2 billion claim from Westinghouse for additional payments related to the October sale.&nbsp;CB&amp;I in its complaint said Westinghouse used a provision of the purchase agreement to justify its claim. 
 
Westinghouse said it has &quot;fully met, and will continue to fully meet, all of its obligations under the purchase agreement&quot;. 
 
If CB&amp;I&#39;s claim is upheld, Toshiba may need to book $2 billion in liabilities and consider strengthening its capital base such as by issuing new shares or listing its semiconductor business, analysts said. 
 
Toshiba shares were up 4.4 per cent in afternoon trade, while the benchmark Nikkei index was up 1.1 per cent. Earlier in the day, Toshiba said a report by the Nikkei business daily putting first-quarter profit at 20 billion Yen was &quot;close&quot;. 
 
(Reuters)

To remedy losses stemming from 7-years of accounting manipulation costing $1.3 billion, it restructured and cut its workforce by 14,000

Toshiba Corp on Friday said extensive restructuring helped the Japanese conglomerate swing to its first operating profit in six quarters, signalling recovery from a $1.3 billion accounting scandal that unmasked underperforming operations. Toshiba, whose output is as diverse as consumer electronics and nuclear power reactors, reported a profit of 20.1 billion Yen ($197 million) for April-June. That compared with a year-earlier loss of 6.5 billion Yen and missed the Starmine SmartEstimate of a 33.5 billion Yen profit based on five analyst estimates. The conglomerate kept its outlook for the financial year through March at 120 billion Yen in profit, a turnaround from the 708.74 billion Yen loss in the previous year. Toshiba began an investigation in April last year uncovering seven years of accounting manipulation. To remedy, it cut its workforce by 14,000 people, shrunk its semiconductor business, and sold divisions making home appliances and medical devices. Toshiba emerged as a company focused on chips, nuclear energy, and social infrastructure. But analysts said Toshiba's recovering balance sheet has come under a new threat from US engineer Chicago Bridge & Iron Co NV (CB&I), which sold its nuclear construction business to Toshiba's US subsidiary Westinghouse Electric Co. CB&I said last month it was suing Westinghouse to protect itself from a potential $2 billion claim from Westinghouse for additional payments related to the October sale. CB&I in its complaint said Westinghouse used a provision of the purchase agreement to justify its claim. Westinghouse said it has "fully met, and will continue to fully meet, all of its obligations under the purchase agreement". If CB&I's claim is upheld, Toshiba may need to book $2 billion in liabilities and consider strengthening its capital base such as by issuing new shares or listing its semiconductor business, analysts said. Toshiba shares were up 4.4 per cent in afternoon trade, while the benchmark Nikkei index was up 1.1 per cent. Earlier in the day, Toshiba said a report by the Nikkei business daily putting first-quarter profit at 20 billion Yen was "close". (Reuters)

Toshiba achieves first quarterly profit after scandal

Wipro chairman Azim Premji and tech giant HCL co-founder Shiv Nadar are the only two billionaires from India in Forbes&#39; list of the world&#39;s 100 richest people in technology, ranking in the top 20 ahead of Google boss Eric Schmidt and Uber CEO Travis Kalanick.&nbsp; 
 
The &#39;100 Richest Tech Billionaires In The World 2016&#39; list has been topped by Microsoft founder Bill Gates with an estimated fortune of USD 78 billion. 
 
Premji ranks 13th on the list with a networth of USD 16 billion and Nadar comes in on the 17th spot with USD 11.6 billion of net worth. Two Indian-American technology czars Symphony Technology Group CEO Romesh Wadhwani and founders of IT consulting and outsourcing company Syntel Bharat Desai and his wife Neerja Sethi are also on the list. 
 
Forbes said Premji, who heads India&#39;s third-largest outsourcer, Wipro has been on a buying spree in the past year to boost growth. Premji&#39;s son Rishad, who heads strategy and sits on the board, also oversees Wipro&#39;s USD 100 million venture capital fund. 
 
Nadar co-founded HCL, which is reportedly mulling a US listing, Forbes said adding that Nadar also owns HCL TalentCare, a skills-development firm that provides training to new graduates. His latest venture is a USD 500 million fund to invest in startups and US healthcare tech firms. 
 
Wadhwani comes in on the 67th position with a USD 3 billion net worth. A recipient of the 2013 Forbes India Non-Resident Philanthropist Award, Wadhwani announced in 2015 that he plans to commit up to USD 1 billion to fund entrepreneurship initiatives in India. 
 
Forbes said despite a tumultuous year for the stock market, &quot;it was a good time to be a tech billionaire&quot;. 
 
The titans on Forbes&#39; second annual list of the world&#39;s richest in technology are worth a combined USD 892 billion, six per cent more than a year ago. Just over half of the 100 richest in tech are from the US, including eight of the top 10 richest on the list. 
 
China has the second highest number of tech tycoons, with 19 people worth a combined USD 132.7 billion. The richest Chinese member is Alibaba founder Jack Ma, who is on the 8th spot and has an estimated net worth of USD 25.8 billion. Canada has five tech billionaires and Germany has four. 
 
Forbes said the second richest person in tech Amazon founder and CEO Jeff Bezos is also the biggest gainer on the list this year and has an estimated USD 66.2 billion fortune, an increase of USD 18.4 billion since this list was released last year. That puts him ahead of Oracle chairman Larry Ellison, who comes in on the 4th spot. 
 
Ellison was also beaten by Facebook founder and CEO Mark Zuckerberg, who climbed from fourth to third place thanks to a 30 per cent jump in the value of Facebook&#39;s stock; he is now also California&#39;s richest person, another title that previously belonged to Ellison. 
 
(PTI)&nbsp; 
&nbsp;

The '100 Richest Tech Billionaires In The World 2016' list has been topped by Microsoft founder Bill Gates with an estimated fortune of USD

Wipro chairman Azim Premji and tech giant HCL co-founder Shiv Nadar are the only two billionaires from India in Forbes' list of the world's 100 richest people in technology, ranking in the top 20 ahead of Google boss Eric Schmidt and Uber CEO Travis Kalanick. The '100 Richest Tech Billionaires In The World 2016' list has been topped by Microsoft founder Bill Gates with an estimated fortune of USD 78 billion. Premji ranks 13th on the list with a networth of USD 16 billion and Nadar comes in on the 17th spot with USD 11.6 billion of net worth. Two Indian-American technology czars Symphony Technology Group CEO Romesh Wadhwani and founders of IT consulting and outsourcing company Syntel Bharat Desai and his wife Neerja Sethi are also on the list. Forbes said Premji, who heads India's third-largest outsourcer, Wipro has been on a buying spree in the past year to boost growth. Premji's son Rishad, who heads strategy and sits on the board, also oversees Wipro's USD 100 million venture capital fund. Nadar co-founded HCL, which is reportedly mulling a US listing, Forbes said adding that Nadar also owns HCL TalentCare, a skills-development firm that provides training to new graduates. His latest venture is a USD 500 million fund to invest in startups and US healthcare tech firms. Wadhwani comes in on the 67th position with a USD 3 billion net worth. A recipient of the 2013 Forbes India Non-Resident Philanthropist Award, Wadhwani announced in 2015 that he plans to commit up to USD 1 billion to fund entrepreneurship initiatives in India. Forbes said despite a tumultuous year for the stock market, "it was a good time to be a tech billionaire". The titans on Forbes' second annual list of the world's richest in technology are worth a combined USD 892 billion, six per cent more than a year ago. Just over half of the 100 richest in tech are from the US, including eight of the top 10 richest on the list. China has the second highest number of tech tycoons, with 19 people worth a combined USD 132.7 billion. The richest Chinese member is Alibaba founder Jack Ma, who is on the 8th spot and has an estimated net worth of USD 25.8 billion. Canada has five tech billionaires and Germany has four. Forbes said the second richest person in tech Amazon founder and CEO Jeff Bezos is also the biggest gainer on the list this year and has an estimated USD 66.2 billion fortune, an increase of USD 18.4 billion since this list was released last year. That puts him ahead of Oracle chairman Larry Ellison, who comes in on the 4th spot. Ellison was also beaten by Facebook founder and CEO Mark Zuckerberg, who climbed from fourth to third place thanks to a 30 per cent jump in the value of Facebook's stock; he is now also California's richest person, another title that previously belonged to Ellison. (PTI)

Only two Indian billionaires, Azim Premji and Shiv Nadar,  in Forbes list of 100 richest tech tycoons

Bill Maris, the chief executive and founder of Alphabet Inc&#39;s venture capital arm, GV, is leaving the company, Recode reported, citing sources. 
 
Maris, who leaves on Friday, will be replaced by GV managing partner David Krane, Recode, a technology and news website that focusses on business of Silicon Valley, said.&nbsp; 
 
A GV spokeswoman declined to comment on the report. 
 
GV, previously known as Google Ventures, was founded in 2009 and has invested in more than 300 companies including Uber Technologies Inc and online retailer Jet.com, according to GV&#39;s website. 
 
Alphabet&#39;s projects have seen some high-profile departures in recent months. Chris Urmson, chief technical officer for its self-driving car project, left last week, while Anthony Levandowski, product manager for the program, left earlier this year to co-found a startup. 
 
Tony Fadell, a well-known Silicon Valley executive who was once expected to play a central role in Alphabet&#39;s hardware efforts, stepped down as chief executive of its Nest unit in June. 
 
(Reuters)&nbsp;

GV is the venture capital arm of Alphabet Inc that has seen some high-profile departures in recent months

Bill Maris, the chief executive and founder of Alphabet Inc's venture capital arm, GV, is leaving the company, Recode reported, citing sources. Maris, who leaves on Friday, will be replaced by GV managing partner David Krane, Recode, a technology and news website that focusses on business of Silicon Valley, said. A GV spokeswoman declined to comment on the report. GV, previously known as Google Ventures, was founded in 2009 and has invested in more than 300 companies including Uber Technologies Inc and online retailer Jet.com, according to GV's website. Alphabet's projects have seen some high-profile departures in recent months. Chris Urmson, chief technical officer for its self-driving car project, left last week, while Anthony Levandowski, product manager for the program, left earlier this year to co-found a startup. Tony Fadell, a well-known Silicon Valley executive who was once expected to play a central role in Alphabet's hardware efforts, stepped down as chief executive of its Nest unit in June. (Reuters)

Google Ventures founder and CEO Bill Maris quits: Recode

Russia&#39;s anti-monopoly watchdog said on Thursday Google would have to pay a 438 million Rouble ($6.8 million) fine for pre-installing applications on mobile devices running its Android operating system. 
 
The watchdog, FAS, ruled last September that Google had broken anti-monopoly laws, following a complaint by Russia&#39;s Yandex. 
 
&quot;We have received a notification from FAS about the imposed fine,&quot; Google&#39;s press service said today in a written statement.&nbsp;&quot;We will familiarise ourselves with the ruling before deciding on further actions.&quot; 
 
The watchdog said Russian customers would benefit from its decision and that international corporations have to obey Russian law defending fair competition as well as other companies. 
 
(Reuters)&nbsp;

Google pre-installed applications on mobile devices using an Android operating system. A watchdog had ruled against the company last year

Russia's anti-monopoly watchdog said on Thursday Google would have to pay a 438 million Rouble ($6.8 million) fine for pre-installing applications on mobile devices running its Android operating system. The watchdog, FAS, ruled last September that Google had broken anti-monopoly laws, following a complaint by Russia's Yandex. "We have received a notification from FAS about the imposed fine," Google's press service said today in a written statement. "We will familiarise ourselves with the ruling before deciding on further actions." The watchdog said Russian customers would benefit from its decision and that international corporations have to obey Russian law defending fair competition as well as other companies. (Reuters)

Google to pay $6.8 million fine breaking Russian anti-monopoly laws

In a letter addressed to Chinese Premier Li Keqiang, 46 global business groups spanning finance, information technology, insurance and manufacturing urged Beijing to revise its draft cyber rules, which they said would hamper trade. 
 
The signatories include industry associations from Asia, Australia, the United States, Mexico and Europe, according to a copy of the letter seen by Reuters. 
 
Foreign industry groups have made no secret of their concerns over China&#39;s draft cyber security law, which in June underwent a second of three parliamentary readings typically required before being adopted. 
 
They say the draft regulations, as well as cyber rules from China&#39;s insurance regulator, include provisions for invasive government security reviews and onerous requirements to keep data in China. 
 
&quot;Trade-inhibiting security reviews&quot; for information and communications technology products and services under the rules may weaken security and constitute technical barriers to trade under the World Trade Organization, the groups said in the letter. 
 
Broad data residency requirements &quot;would impede economic growth and create barriers to entry for both foreign and Chinese companies&quot;, they said, urging China to revise the rules. 
 
&quot;The current drafts, if implemented, would weaken security and separate China from the global digital economy.&quot; 
 
China&#39;s foreign ministry did not respond immediately to a request for comment on the letter on Thursday. 
 
Chinese officials have said the cyber security rules, along with internet restrictions including the blocking of popular foreign sites like Google and Facebook, are needed to ensure security against growing threats such as terrorism. 
 
The first draft of the cybersecurity law, published more than a year ago, toughened user privacy protection from hackers and data resellers, but also boosted the government&#39;s powers to access and block dissemination of private information records that Chinese law deems illegal. 
 
It is not clear when the law may be adopted, but it could undergo a final reading by the standing committee of the National People&#39;s Congress, or parliament, later this year. 
 
The petition from the industry groups came as China prepares to host world leaders at the G20 summit in the eastern Chinese city of Hangzhou in September. 
 
Beijing hopes it will be a platform to address slower economic growth and rising protectionism, even as it struggles to make difficult reforms at home. 
 
Foreign businesses in China are becoming increasingly pessimistic, in part due to rules that companies think could make it harder to operate there. 
 
The cyber rules have added to problems between China and its trade partners, from overcapacity in the steel sector to worries about Beijing&#39;s Made in China 2025 plan, which calls for a progressive increase in domestic components in sectors such as advanced information technology and robotics. 
 
(Reuters)&nbsp; 
&nbsp;

'The current drafts, if implemented, would weaken security and separate China from the global digital economy,' the business groups said

In a letter addressed to Chinese Premier Li Keqiang, 46 global business groups spanning finance, information technology, insurance and manufacturing urged Beijing to revise its draft cyber rules, which they said would hamper trade. The signatories include industry associations from Asia, Australia, the United States, Mexico and Europe, according to a copy of the letter seen by Reuters. Foreign industry groups have made no secret of their concerns over China's draft cyber security law, which in June underwent a second of three parliamentary readings typically required before being adopted. They say the draft regulations, as well as cyber rules from China's insurance regulator, include provisions for invasive government security reviews and onerous requirements to keep data in China. "Trade-inhibiting security reviews" for information and communications technology products and services under the rules may weaken security and constitute technical barriers to trade under the World Trade Organization, the groups said in the letter. Broad data residency requirements "would impede economic growth and create barriers to entry for both foreign and Chinese companies", they said, urging China to revise the rules. "The current drafts, if implemented, would weaken security and separate China from the global digital economy." China's foreign ministry did not respond immediately to a request for comment on the letter on Thursday. Chinese officials have said the cyber security rules, along with internet restrictions including the blocking of popular foreign sites like Google and Facebook, are needed to ensure security against growing threats such as terrorism. The first draft of the cybersecurity law, published more than a year ago, toughened user privacy protection from hackers and data resellers, but also boosted the government's powers to access and block dissemination of private information records that Chinese law deems illegal. It is not clear when the law may be adopted, but it could undergo a final reading by the standing committee of the National People's Congress, or parliament, later this year. The petition from the industry groups came as China prepares to host world leaders at the G20 summit in the eastern Chinese city of Hangzhou in September. Beijing hopes it will be a platform to address slower economic growth and rising protectionism, even as it struggles to make difficult reforms at home. Foreign businesses in China are becoming increasingly pessimistic, in part due to rules that companies think could make it harder to operate there. The cyber rules have added to problems between China and its trade partners, from overcapacity in the steel sector to worries about Beijing's Made in China 2025 plan, which calls for a progressive increase in domestic components in sectors such as advanced information technology and robotics. (Reuters)

46 global business groups urge Chinese Premier to revisit cyber rules?

Walt Disney Co&#39;s quarterly profit and revenue on Tuesday beat&nbsp;analysts&#39; estimates fuelled by movie studio hits, and the media&nbsp;company said that it was taking a stake in a streaming video&nbsp;technology company to sell more content directly to consumers. 
 
Disney and other media companies are struggling with &quot;cord&nbsp;cutting&quot; consumers who abandon large bundles of channels sold by&nbsp;cable TV providers. In buying a 33 per cent stake in video-streaming&nbsp;firm BAMTech for $1 billion, Disney is hoping to lure online viewers.&nbsp;It will begin with an ESPN subscription streaming service by year&#39;s&nbsp;end. 
 
The service will not, however, include any of the content that&nbsp;appears on ESPN&#39;s TV networks, Disney said. 
 
Disney has the option to acquire majority ownership in coming&nbsp;years in BAMTech, which was formed by Major League Baseball&nbsp;(MLB) and is separate from the league&#39;s content business. The&nbsp;technology is lauded as one of the best in the industry and is used&nbsp;by HBO Now and the National Hockey League as well as baseball. 
 
The investment will help &quot;allay investors fears about Disney&#39;s&nbsp;relevance in a world where content is delivered online,&quot; Pivotal&nbsp;Research Group analyst Brian Wieser said. 
 
&quot;That said, I think it doesn&#39;t do anything specifically to allay fears of&nbsp;unbundling&quot; of cable networks,&quot; he said. 
 
Disney Chief Executive Bob Iger described the coming ESPN online&nbsp;service as complementary to its TV channels. Programming will&nbsp;include Major League Baseball and National Hockey League games&nbsp;already licensed to BAMTech, he said. 
 
&quot;Our goal is to ensure that our brands, notably ESPN, remain strong,&nbsp;vital and relevant in a totally changed media landscape,&quot; Iger said of&nbsp;the investment. 
 
For the June quarter, Disney&#39;s movie and theme parks divisions&nbsp;topped expectations, although a rise in cable networks revenue and&nbsp;operating profit was slightly below Wall Street targets, according to&nbsp;FactSet Street Account. 
 
Shares of Disney fell about two per cent in extended trade. 
 
Revenue at Disney&#39;s cable networks business rose 1.4 per cent to&nbsp;$4.20 billion in the third quarter ending July 2, but missed an&nbsp;analyst consensus of $4.31 billion. 
 
ESPN &mdash; the company&#39;s cash cow &mdash; drove the increase in cable&nbsp;networks operating income due to affiliate and advertising revenue&nbsp;growth, although the number of subscribers fell and programming&nbsp;costs rose. 
 
&lsquo;The Jungle Book&rsquo; and &lsquo;Captain America: Civil War&rsquo; fuelled gains at&nbsp;the movie studio, with revenue increasing 39.6 per cent to $2.85&nbsp;billion. Operating income rose 62 per cent to $766 million. 
 
Revenue at its theme park and resorts business was up six per cent&nbsp;to $4.38 billion. 
 
The net income attributable to the company rose to $2.6 billion, or&nbsp;$1.59 per share, in the third quarter, from $2.48 billion, or $1.45 per&nbsp;share, a year earlier. 
 
Revenue rose to $14.28 billion from $13.10 billion. 
 
Excluding items, the company earned $1.62 per share. Analysts on&nbsp;average had expected a profit of $1.61 per share and revenue of&nbsp;$14.15 billion. Disney&#39;s shares fell to $94.92 in extended trade on&nbsp;Tuesday, down from a close of $96.67. 
 
(Reuters)

The decision was taken in a bid to stay relevant and lure online viewers. Movie studio hits help firm beats estimates for June quarter.

Walt Disney Co's quarterly profit and revenue on Tuesday beat analysts' estimates fuelled by movie studio hits, and the media company said that it was taking a stake in a streaming video technology company to sell more content directly to consumers. Disney and other media companies are struggling with "cord cutting" consumers who abandon large bundles of channels sold by cable TV providers. In buying a 33 per cent stake in video-streaming firm BAMTech for $1 billion, Disney is hoping to lure online viewers. It will begin with an ESPN subscription streaming service by year's end. The service will not, however, include any of the content that appears on ESPN's TV networks, Disney said. Disney has the option to acquire majority ownership in coming years in BAMTech, which was formed by Major League Baseball (MLB) and is separate from the league's content business. The technology is lauded as one of the best in the industry and is used by HBO Now and the National Hockey League as well as baseball. The investment will help "allay investors fears about Disney's relevance in a world where content is delivered online," Pivotal Research Group analyst Brian Wieser said. "That said, I think it doesn't do anything specifically to allay fears of unbundling" of cable networks," he said. Disney Chief Executive Bob Iger described the coming ESPN online service as complementary to its TV channels. Programming will include Major League Baseball and National Hockey League games already licensed to BAMTech, he said. "Our goal is to ensure that our brands, notably ESPN, remain strong, vital and relevant in a totally changed media landscape," Iger said of the investment. For the June quarter, Disney's movie and theme parks divisions topped expectations, although a rise in cable networks revenue and operating profit was slightly below Wall Street targets, according to FactSet Street Account. Shares of Disney fell about two per cent in extended trade. Revenue at Disney's cable networks business rose 1.4 per cent to $4.20 billion in the third quarter ending July 2, but missed an analyst consensus of $4.31 billion. ESPN — the company's cash cow — drove the increase in cable networks operating income due to affiliate and advertising revenue growth, although the number of subscribers fell and programming costs rose. ‘The Jungle Book’ and ‘Captain America: Civil War’ fuelled gains at the movie studio, with revenue increasing 39.6 per cent to $2.85 billion. Operating income rose 62 per cent to $766 million. Revenue at its theme park and resorts business was up six per cent to $4.38 billion. The net income attributable to the company rose to $2.6 billion, or $1.59 per share, in the third quarter, from $2.48 billion, or $1.45 per share, a year earlier. Revenue rose to $14.28 billion from $13.10 billion. Excluding items, the company earned $1.62 per share. Analysts on average had expected a profit of $1.61 per share and revenue of $14.15 billion. Disney's shares fell to $94.92 in extended trade on Tuesday, down from a close of $96.67. (Reuters)

Disney buys stake in video streaming firm