Iran considers an offer to negotiate directly with the US a &ldquo;step forward&rdquo; and expects to resume meetings with world powers later this month, the Persian Gulf nation&rsquo;s Foreign Minister Ali Akbar Salehi said.

Open to U S offer for talks: Iran's Salehi

Business Standard

Facebook Inc accused an application developer in a lawsuit of continuing to display information about users of the social-networking website after Facebook tried to add protections to the data.

Facebook sues application developer over use of user data

A multistate probe of alleged manipulation of interest rates threatens to leave banks liable for billions of dollars in estimated state and local losses from the scandal, even as they settle with national regulators.New York Attorney General Eric Schneiderman is helping lead a probe into claims that banks rigged global benchmarks for borrowing, adding to investigations by other authorities, including the US Justice Department. Royal Bank of Scotland Group Plc agreed yesterday to pay about $612 million to US and UK regulators to resolve their claims.â€œThe damage to public entities is a matter of great concern to state and local governments,â€ Schneiderman said in an interview. â€œThese were allegations of really despicable conduct.â€More than 12 states are participating in the probe, according to a person familiar with the matter who requested anonymity because he isnâ€™t authorised to speak publicly.States have joined forces as banks r

Libor accords leave banks facing 'massive' state claims

Bloomberg

The number of women taking the role of chief financial officer increased 35 per cent at big US companies in the past year, putting more female executives in the top ranks of management after decades of slow gains.There were 54 women serving as CFO among Standard & Poor 500 Index companies as of last month, up from 40 a year earlier, according to data compiled by Bloomberg Rankings. While men still account for almost 90 per cent of CFOs in the index, the growth marks progress for female managers at a time when thereâ€™s been little change at the CEO level.Women are now overseeing the finances at such high-profile companies as JPMorgan Chase & Co, the largest US bank by assets; the newspaper chain Gannett Co; and Time Warner Cable Inc, the second-biggest US cable company. The trend comes at a time when the CFO job itself is becoming more critical. The Sarbanes-Oxley Act of 2002, which required companies to be more transparent about their finances, thrust CFOs into

Women CFOs reach record level in US as top job remains elusive

John Malone, the chairman of Liberty Global Inc, is rapidly becoming News Corp Chief Executive Officer Rupert Murdochâ€™s biggest headache in Europe as the two billionaires chase pay-television growth.Malone, 71, agreed to buy Virgin Media Inc for $47.87 a share in cash and stock, or $16 billion, to vie with Comcast Corp as the worldâ€™s largest cable operator. He is taking on British Sky Broadcasting Group Plc in the UK, the pay-TV company that Murdoch built into the countryâ€™s No. 1 by spending $3.6 billion on exclusive film and sports content annually.A combination with Liberty Global would give Virgin Media resources to more directly challenge BSkyB, said Adrian Drury, a London-based media analyst at consultant Ovum. Malone is already using Liberty Global to expand in Europe, where he has 18.4 million pay-TV subscribers to Murdochâ€™s 19 million. The two compete in Germany where Murdochâ€™s Sky Deutschland AG is rolling out faster Web services to challenge

With Virgin buy, Malone takes aim at Murdoch in UK

In Q4 2012, FII ownership in 75 biggest companies rose to 22.7 per cent, a record, and to 20.4 per cent for the broad market (1,200 stocks listed on NSE), also an all-time high, said Morgan Stanley in a report. Promoter stake in broad market companies fell to 50.9 per cent, the lowest in 11 years. FIIs bought most in the consumer-discretionary sector in the December quarter, while trimming holdings in consumer staples, energy & financials.

FII holding in 75 biggest companies at record level

UBS AG, Switzerlandâ€™s biggest bank, posted a fourth-quarter loss after booking a fine for trying to rig global interest rates and costs tied to job cuts.The net loss amounted to 1.89 billion Swiss francs ($2.08 billion), compared with a profit of 323 million francs a year earlier, the Zurich-based bank said today. That compares with the 2.16 billion-franc mean loss estimate of 12 analysts surveyed by Bloomberg.CEO Sergio Ermotti is cutting 10,000 jobs over three years and exiting most debt-trading businesses to focus on money management and boost return on equity, a measure of profitability, to at least 15 per cent in 2015. Ermotti and Chairman Axel Weber said today that risks surrounding Europeâ€™s sovereign-debt crisis and global economic growth remain a concern.â€œThe big plus is deleveraging,â€ said Christopher Wheeler, a London-based analyst at Mediobanca SpA.â€œThatâ€™s going really well. On the negative side, thereâ€™ll be downg

UBS posts quarterly loss

A panel led by Prime Minister Manmohan Singh will consider freeing $16 billion of oil and gas projects stuck in India&rsquo;s red tape, overriding the defence ministry&rsquo;s objections, two officials with direct knowledge of the matter said.

PM-led panel said to mull freeing $16-bn oil projects

India, the world&rsquo;s largest producer of aromatic basmati rice, may miss a target to boost exports by 25 per cent this year as a rally in domestic prices curbs demand from buyers in Europe and the West Asia, a trade group said.

Basmati rice exports to miss target as prices rally

Ford Motor Co, the second-largest US automaker, reported fourth-quarter profit that exceeded estimates as demand for its F-Series pickups drove record results for its operations in North America.

Ford profit exceeds estimates

The US is ready for direct talks with Iran over its contested nuclear program as soon as the Islamic Republic&rsquo;s Supreme Leader signals a commitment to negotiate, Vice President Joe Biden said.

US ready for direct Iran talks when supreme leader is serious

HSBC Holdings Plc&rsquo;s $7.4 billion sale of its stake in Ping An Insurance (Group) Co to Thai billionaire Dhanin Chearavanont was cleared by regulators, helping Europe&rsquo;s largest bank by market value revive earnings.

HSBC sells $7.4-bn Ping An stake to Thai billionaire

Global output will decline to 165 million tonnes (mt) in the 2013-14 marketing year that will start in October in most countries, according to DZ Bank AG, Germany&rsquo;s largest cooperative lender. Production will be a record 172.3 mt in 2012-13 after three straight expansions, the US Department of Agriculture (USDA) estimates.

Sugar plunge ending as production declines in Mexico and India 

Netflix will test whether Machiavelli and math are a winning formula as the world&rsquo;s largest subscription-video service debuts &ldquo;House of Cards,&rdquo; its most ambitious step yet into original online-TV programs.

Netflix says it stands on cusp of online TV era

China last year had the biggest deficit in its financial and capital account since records began in 1982, as the domestic and global economies slowed, spurring outflows of funds. The $117.3-billion annual gap was the first since 1998 when investors deserted China during the Asian financial crisis and reversed a $221.1-billion surplus in 2011, according to data released on the State Administration of Foreign Exchange website yesterday. The excess in the current account, the broadest measure of trade, rose to $213.8 billion in 2012 from $201.7 billion the previous year.

China's record capital-financial account gap in 2012

BlackRock Inc, the world&rsquo;s biggest money manager, is accused in a lawsuit by two pension funds of reaping &ldquo;grossly excessive&rdquo; compensation from securities- lending returns associated with iShares Inc.

BlackRock sued by funds over securities lending fees

Lunchtime at the flagship In-N-Out Burger restaurant in Baldwin Park, California, is a study in efficiency. As the order line swells, smiling workers swoop in to operate empty cash registers. Another staffer cleans tables, asking customers if they&rsquo;re enjoying their hamburger. Outside, a woman armed with a hand-held ordering machine speeds up the drive-through line.

Youngest American woman billionaire found with In-N-Out

Four officials at Holcim Ambuja Cement unit have been arrested after an accident killed five workers at a plant in Bhatapara, India, Press Trust of India reported, citing the police.

Four arrested after accident at Holcim unit

Claims for US unemployment benefits increased more than forecast last week, nearly erasing a slide in the prior two weeks and reflecting the difficulty of adjusting the figures for swings at the start of a year.

Jobless claims in US rose 38,000 last week to 368,000

Facebook Inc reported a plunge in fourth-quarter profit on higher spending, even while it made long-awaited progress luring advertisers eager to reach mobile-device users.

Facebook profit drops as spending up on new features

Royal Dutch Shell Plc, Europe&rsquo;s biggest energy company, said investment will increase after fourth-quarter profit missed analyst estimates on weaker US and Canadian fuel prices. Excluding one-time items and inventory changes, profit was $5.6 billion. That was below the $6.2 billion average estimate of 11 analysts surveyed by Bloomberg.

Bloomberg

Bloomberg

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