Business News

• Media exec Sloan eyes Australia's Nine Entertainment: source May 24, 2012
  (Reuters) - U.S. media executive Harry Sloan has approached private equity firm CVC Capital Partners to buy a controlling stake in its asset, Australia's debt-ridden Nine Entertainment, a source with direct knowledge of the matter said. […]
• Rio Tinto sticks to bold iron ore expansion plans May 24, 2012
  SYDNEY (Reuters) - Rio Tinto is maintaining its plan to substantially increase iron ore production over the coming years, saying its global output capacity could almost double to 450 million metric tons (496.04 million tons) by 2016 from current levels. […]
• Chinese Estates head to be prosecuted over bribery in Macau May 24, 2012
  HONG KONG (Reuters) - Joseph Lau, the flamboyant tycoon who heads developer Chinese Estates Holdings , will face prosecution over bribery and money laundering in a land deal in Asia's gambling capital, Macau, the second high-profile corruption case involving a Hong Kong property company in two months. […]
• Shareholders sue Facebook, NYSE comes calling May 24, 2012
  SAN FRANCISCO (Reuters) - The fallout from Facebook Inc's messy initial public offering widened on Wednesday as shareholders sued the social network and its bankers while a trading firm revealed a massive loss on the shares and threatened to seek "remedies." […]
• RIM's head of global sales leaving BlackBerry maker May 24, 2012
  TORONTO (Reuters) - The head of global sales at Research In Motion Ltd has resigned to take on a leadership role in another industry, the BlackBerry maker said on Wednesday, a major blow ahead of make-or-break product launches due later this year. […]
• EU urges Greece to stay in euro, plans for possible exit May 24, 2012
  BRUSSELS (Reuters) - European Union leaders, advised by senior officials to prepare contingency plans in case Greece decides to quit the single currency, urged the country to stay the course on austerity and complete the reforms demanded under its bailout program. […]
• HP to lay off 27,000, profit slides 31 percent May 24, 2012
  SAN FRANCISCO (Reuters) - Hewlett Packard Co plans to lay off roughly 27,000 employees or about 8 percent of its workforce over the next couple of years to jumpstart growth and save up to $3.5 billion annually, sending its shares 11 percent higher. […]
• First wiretap played at Gupta insider-trading trial May 23, 2012
  NEW YORK (Reuters) - A New York jury on Wednesday heard former Goldman director Rajat Gupta on a FBI wiretap casually discussing business with Raj Rajaratnam, the now-imprisoned hedge fund founder he is accused of tipping off about boardroom secrets. […]
• Wall Street finishes flat in late reversal May 23, 2012
  NEW YORK (Reuters) - Stocks staged a late-day reversal on Wednesday, rallying into the close in another volatile session as a sharp rise in materials shares boosted the S&P 500 and gains in Apple helped lift the Nasdaq. […]
• Chesapeake defends board to shareholders May 23, 2012
  (Reuters) - Chesapeake Energy Corp defended its board of directors in a letter to shareholders on Wednesday as investors push for governance changes at the U.S. oil and gas company. […]