Eduardo Saverin, the billionaire co-founder of Facebook Inc, renounced his US citizenship before an initial public offering that values the social network at as much as $96 billion, a move that may reduce his tax bill. Facebook plans to raise as much as $11.8 billion through the IPO, the biggest in history for an Internet company. Saverin&rsquo;s stake is four per cent, according to the website Who Owns Facebook. At the high-end of the IPO valuation, that would be worth about $3.84 billion. His holdings aren&rsquo;t listed in Facebook&rsquo;s regulatory filings. Saverin, 30, joins a growing number of people giving up US citizenship, a move that can trim their tax liabilities in that country.

Co-founder Saverin gives up US citizenship 

Business Standard

European Central Bank President Mario Draghi left open the option of further stimulus if the economy continues to deteriorate as investors await the outcome of elections in Greece and France.

Draghi leaves door open for more ECB action if needed

Norway&rsquo;s sovereign wealth fund sold all its Irish and Portuguese government bonds after rejecting the Greek debt swap and warned that Europe faces considerable challenges.

Norway dumps Ireland, Portugal bonds

Japan began a recess from nuclear-generated electricity, its first in more than four decades, after its sole operating power reactor was halted for scheduled maintenance last night.

Japan enters nuclear recess

Apple Inc won sanctions against Samsung Electronics Co for its failure to produce source code in a patent-infringement case in federal court in San Jose, California. US Magistrate Judge Paul S. Grewal wrote in his order that Samsung &ldquo;plainly violated&rdquo; a court order requiring it to turn over code to Apple, and ruled that Samsung won&rsquo;t be able to offer evidence in the case about its efforts to &ldquo;design- around&rdquo; three patents at issue in the case. In its lawsuit, Apple claims that Samsung&rsquo;s 4G smartphone and Galaxy Tab 10.1 tablet computer infringe its patents.

Apple wins patent infringement case against Samsung

The US Securities and Exchange Commission is planning to hire an outside investigator to probe complaints about the agency's internal watchdog unit after its top official stepped down amid complaints about his work.

SEC hires outside investigator

Renee Morrison has never bought a stock in her life, even after more than a decade working in financial services. That&rsquo;s about to change, as she prepares to invest $2,500 in social-networking website Facebook Inc.

Facebook IPO will be tough for investors to get in

Aviva Plc, the UK&rsquo;s second-biggest insurer, said Andrew Moss quit as chief executive officer after presiding over an almost 60 per cent fall in the share price over the last five years and a row over pay. The stock rose.

Aviva chief executive Andrew Moss quits

Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc, said he&rsquo;s pursuing more opportunities in Asia after boosting reinsurance sales and expanding the Iscar Metalworking Cos unit on the continent.

Buffett targets Asia for expansion

Sprint Nextel Corp Chief Executive Officer Dan Hesse agreed to return $3.25 million of his compensation, which had been increased in 2011 by excluding the costs of adding Apple Inc&rsquo;s iPhone to the carrier&rsquo;s network.

Sprint CEO to return $3.25 mn in pay

Apple wins ruling, sanctions in Samsung suit

Asian currencies fell this week by the most in more than a month, as worse-than-projected data from the US heightened concern the global recovery is stalling, damping the outlook for the region&rsquo;s exports.

Rupee leads Asia currency declines this week on recovery concern 

An index of emerging-market stocks fell this week to post the longest string of weekly declines since 2008, led by energy companies, as concern that a global slowdown will crimp consumer demand weighs on commodities.

Emerging equities post worst slump since 2008 

Thomas Cook Group Plc, the 170-year- old UK tour operator that secured an emergency loan to survive, agreed to a new financing package with lenders and said it was in talks to sell aircraft as part of a recovery plan.

Thomas Cook agrees on $2.3-bn refinancing deal 

Yahoo! Inc is under pressure from Third Point LLC, one of its largest investors, to dismiss Chief Executive Officer Scott Thompson for failing to correct false academic information on his biography.

Board to review CEO credentials 

Royal Bank of Scotland Group Plc, Britain&rsquo;s biggest publicly assisted lender, will pay back the last of its emergency aid from the UK taxpayer, bringing the company a step closer to moving out of government ownership.

RBS to repay last of government aid, reinstate dividends

Facebook Inc&rsquo;s initial public offering has so far generated lower-than-expected demand from institutional investors who are concerned about the company&rsquo;s growth prospects, people with knowledge of the matter said.

Weak demand for Facebook IPO

JPMorgan Chase &amp; Co's trading position that led to a $2-billion loss may call for increased Federal Reserve scrutiny of risk management as the central bank steps up its post-crisis supervision of lenders.

Firm's loss may call for more Fed supervision

JPMorgan Chase &amp; Co, the largest and most profitable US bank, had its credit grade lowered one level by Fitch Ratings, and Standard &amp; Poor&rsquo;s said it may follow after the bank revealed a $2 billion trading loss.

Fitch downgrades JPMorgan's rating 

Assets in bullion-backed funds in India, the biggest gold user, exceeded a record Rs 10,000 crore in April as investors bought the metal for a haven and to diversify away from stocks.

ETF assets top record Rs 10,000 cr in April 

JPMorgan Chase &amp; Co said Chief Investment Officer Ina Drew will retire after the firm suffered a $2-billion trading loss, marking the downfall of one of the highest-ranking women on Wall Street.

Bloomberg