Business News

Insight: "Speed money" puts the brakes on India's retail growth

By Nandita Bose MUMBAI | Sun May 5, 2013 12:16am EDT MUMBAI (Reuters) - Hong-Kong entrepreneur Ramesh Tainwala spent 18 months operating branded clothing retail stores in India before deciding it was impossible to succeed without paying bribes. Tainwala, a 55-year-old expatriate Indian, owns Planet Retail, which held the India franchise rights for U.S. fashion label...

05 May 7:04 AM 0 Read More...

Audi needs clarity on laws before decision on Brazil plant: CEO

PUEBLA CITY, Mexico | Sat May 4, 2013 9:22pm EDT PUEBLA CITY, Mexico (Reuters) - Volkswagen AG's (VOWG_p.DE) Audi premium brand will not build a vehicle assembly plant in Brazil until the laws governing what exactly is required to ensure a car is considered locally built are clarified, the unit's chief executive said on Saturday. "We are studying now some details, but even ...

05 May 2:00 AM 0 Read More...

Auto industry love for Mexico grows with new Audi plant

By Ben Klayman SAN JOSE CHIAPA, Mexico | Sat May 4, 2013 6:54pm EDT SAN JOSE CHIAPA, Mexico (Reuters) - The automotive industry's growing love affair with Mexico was celebrated here on Saturday as Audi executives laid the foundation stone for its first assembly plant in the Americas. Volkswagen AG's (VOWG_p.DE) premium brand is joining a parade of automakers who hav...

05 May 2:00 AM 0 Read More...

Buffett maps out hopes for Berkshire without him

By Jonathan Stempel and Jennifer Ablan OMAHA, Nebraska | Sat May 4, 2013 6:34pm EDT OMAHA, Nebraska (Reuters) - Warren Buffett on Saturday gave the most extensive comments to date about the future of Berkshire Hathaway Inc after he is gone, saying he still expects the conglomerate to be a partner of choice for distressed companies. Buffett, 82, also defended his pla...

05 May 2:00 AM 0 Read More...

Buffett says people will still call Berkshire when he’s gone

By Jonathan Stempel and Jennifer Ablan OMAHA, Nebraska |Sat May 4, 2013 4:40pm EDT OMAHA, Nebraska (Reuters) – Warren Buffett and the board of his conglomerate Berkshire Hathaway Inc are “solidly in agreement” on who should be the company’s next chief executive, he said at Berkshire’s annual shareholder meeting on Saturday. But the 82-year-old Buffett also insisted the company would r...

05 May 1:01 AM 0 Read More...

Buffett says people will still call Berkshire when he's gone

By Jonathan Stempel and Jennifer Ablan OMAHA, Nebraska | Sat May 4, 2013 4:40pm EDT OMAHA, Nebraska (Reuters) - Warren Buffett and the board of his conglomerate Berkshire Hathaway Inc are "solidly in agreement" on who should be the company's next chief executive, he said at Berkshire's annual shareholder meeting on Saturday. But the 82-year-old Buffett also insisted...

04 May 8:56 PM 0 Read More...

France spurns call to take over Saint-Nazaire shipyard

PARIS | Sat May 4, 2013 3:04pm EDT PARIS (Reuters) - France's government dismissed a call to nationalize the Saint-Nazaire shipyard on Saturday but said it was committed to the survival of the facility after a South Korean shareholder threatened to sell its stake. The Korean company, STX Offshore & Shipbuilding (067250.KS), has been hurt by a shipping industry downturn ...

04 May 8:56 PM 0 Read More...

JPMorgan shareholders urged to reject three directors

NEW YORK | Sat May 4, 2013 3:02pm EDT NEW YORK (Reuters) - JPMorgan Chase & Co (JPM.N) shareholders should vote against the re-election of three board members because they failed to properly oversee risk-taking that led to $6.2 billion of losses on the so-called "London Whale" trades, an influential proxy advisory firm said. ISS Proxy Advisory Services said in a report ...

04 May 8:56 PM 0 Read More...

Dubai aims to triple tourism income by 2020

By Matt Smith DUBAI | Sat May 4, 2013 11:34am EDT DUBAI (Reuters) - Dubai aims to triple its annual income from tourism to 300 billion dirhams ($82 billion) by 2020, which would involve doubling the number of its hotel rooms, a senior official said. Tourism is crucial to Dubai's economy, which had a gross domestic product of around $90 billion last year; it supports...

04 May 3:51 PM 0 Read More...

Buffett says he, Berkshire board in agreement on next CEO

By Jonathan Stempel and Jennifer Ablan OMAHA, Nebraska | Sat May 4, 2013 11:29am EDT OMAHA, Nebraska (Reuters) - Warren Buffett and the board of his conglomerate Berkshire Hathaway Inc are "solidly in agreement" on who should be the company's next chief executive, he said at Berkshire's annual shareholder meeting on Saturday. But Buffett, as with past practice, did ...

04 May 3:51 PM 0 Read More...