The Star Online: Business
The Star Online: Business |
- Asian markets slump on euro debt worries
- Microsoft signs confidentiality pact with Yahoo
- James Murdoch quits UK newspaper boards
| Asian markets slump on euro debt worries Posted: 23 Nov 2011 05:53 PM PST KUALA LUMPUR: Key Asian markets were lower in Thursday's early morning trade due to continued worries over the euro zone's debt crisis after slightly less than two-thirds of the bonds offered at a German bond auction were sold. Investors were alarmed that the euro zone's debt crisis could be taking another turn for the worse after a rise in German and French bond yields. There were also concerns over the Chinese economy as China watchers have forecasted the world's second-biggest economy to see a slowdown in its growth momentum to 8.5% next year, due to weakening external demand and rising export prices caused by increasing wages and costs. At 9.40am today, Tokyo's Nikkei 225 was down 1.47% to 8,192.90, Hong Kong's Hang Seng Index dropped 0.49% to 17,777.44 and Shanghai's A share index was 0.73% lower at 2,377.51. Singapore's Straits Times Index dipped 0.28% to 2,669.03 while the local bourse's benchmark index was 0.31% lower at 1,428.72. At Bursa Malaysia, losers overwhelmed gainers by 233 to 116 while 165 other counters were traded unchanged. There were 277.44 million shares done with a total turnover of RM102.48 million. At 9.40am today, Nymex crude oil in electronic trade was US$1.84 lower at US$96.17 per barrel. Spot gold was quoted at US$1,692.50 per ounce while spot silver was quoted at US$31.60. Full content generated by Get Full RSS. |
| Microsoft signs confidentiality pact with Yahoo Posted: 23 Nov 2011 04:54 PM PST SAN FRANCISCO (Reuters) - Microsoft Corp has signed a confidentiality agreement with Yahoo Inc, allowing the software giant to take a closer look at Yahoo's business, according to a source familiar with the matter. Microsoft joins several private equity firms that are also poring over Yahoo's books and operations, as they explore various options for striking a deal with the struggling Internet company. Yahoo, which fired its chief executive in September, is undergoing a "strategic review," to revamp its business and its stagnant revenue growth. Private equity firms KKR and TPG Capital have also signed confidentiality agreements with Yahoo, people familiar with the matter previously told Reuters. The firms are looking to potentially buy minority stakes in Yahoo of up to 20 percent, with an eye toward eventually taking over the whole company, the people said. Silver Lake, another private equity firm, has also signed an nondisclosure agreement with Yahoo, according to the technology blog AllThingsD. Some private equity firms have balked at signing Yahoo's NDA because of restrictions that would prevent them from forming consortiums, people familiar with the matter told Reuters. Reuters reported last month that Microsoft, which has a cash pile of $57 billion, was considering a joint bid for Yahoo. Microsoft's signing of a nondisclosure agreement with Yahoo occurred "recently," according to the source. The confidentiality agreement between the two companies was earlier reported by the New York Times on Wednesday. Yahoo and Microsoft declined to comment. Microsoft last tried buying Yahoo in 2008, offering to pay as much as $47.5 billion, or $33 per share. But Yahoo rebuffed the offer. After that failed bid, Microsoft struck a 10-year search deal with Yahoo in 2009, that allows Microsoft's technology to power Yahoo's search results and gives Microsoft a 12 percent cut of advertising revenue on Yahoo. Full content generated by Get Full RSS. |
| James Murdoch quits UK newspaper boards Posted: 23 Nov 2011 04:52 PM PST LONDON (Reuters) - James Murdoch has resigned from the boards of the publishing units within News Corp's British newspaper arm, which used to include the now-defunct News of the World tabloid at the centre of the phone hacking scandal, regulatory filings show. Murdoch, son of media mogul Rupert and deputy chief operating officer of News Corp, remains chairman of News International, the News Corp unit that houses its British newspapers, and a member of the Times editorial board. The News International unit has been damaged this year by the revelation that people working for the popular Sunday tabloid hacked into the phones of thousands to generate news. Slow-burning investigations into the matter became front-page national news when it was revealed in July that one of the victims was missing schoolgirl Milly Dowler, who appeared to have been picking up voicemails but was later found murdered. Ex-News of the World editor Rebekah Brooks resigned as chief executive of News International the following week, and was replaced by Tom Mockridge, the former head of News Corp-owned Sky Italia, on July 15. "Following the appointment of Tom Mockridge as CEO of News International, in September James Murdoch stepped down from the boards of a number of News International subsidiary companies including News Group Newspapers and Times Newspapers Ltd ," News International said in a statement. Mockridge replaced Murdoch on the two company boards. News Corp shares were down 1.6 percent at $16.14 at 1708 GMT, broadly in line with the S&P media index <.gspme>. Harriet Harman, Britain's shadow minister for culture, media and sports from the opposition Labour party, said Murdoch should explain himself. "James Murdoch should make clear why he has stepped down in this way. This does not lessen in any way the need for him to answer questions or take responsibility for what happened on his watch," she said in a statement. The filings show that Murdoch resigned on September 13 from Times Newspapers Ltd and on September 19 from NGN. September 13 was the date on which he discovered he would be recalled by a British parliamentary committee to answer more questions. NGN is the company that has been sued by many of the phone-hacking victims, including Hollywood star Jude Law and his ex-girlfriend, actress Sienna Miller. Media lawyer Mark Stephens said he did not believe the move had any legal implications for the phone-hacking cases. "He's either liable for what happened under his watch, or he's not," he told Reuters. James Murdoch survived a vote to remain on the News Corp board last month only thanks to support from his family and another loyal shareholder. Next week, he faces shareholders of British satellite broadcaster BSkyB , who will have to decide whether he should remain as non-executive chairman. Harman said: "The concerns about whether he is a fit and proper person to run BSkyB remain." Some News Corp investors would like to see the company sell its newspapers, in which media interest is disproportionate to the small contribution they make in revenues and profits. Ivor Gaber, professor of political journalism at London's City University, said the move could indicate that Murdoch was still worried over his own exposure to the phone hacking scandal or that News Corp was preparing to sell its UK newspaper holdings. "The Sun is now the only thing keeping the ship afloat, in commercial terms," he told Reuters. |
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