News International OVERSEAS ROUND-UP
OVERSEAS ROUND-UP
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- Published on Wednesday, 11 July 2012 00:00
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Russia to ratify WTO pact
MOSCOW — Russia’s parliament is due to ratify an agreement for Russia to join the World Trade Organization in a move that will push Moscow to open up its economy. Russia — the largest economy outside the global trade organization — has spent 18 years trying to negotiate its entry into the body. Thousands of Russian businesses fear the low import duties and caps on subsidies that are a condition for joining the WTO will hurt them. Economic Development Minister Andrei Belousov told lawmakers in the State Duma Tuesday that Russia would lose more if it stayed out of the WTO.
Intel takes stake in ASML
AMSTERDAM — ASML Holding NV, the world’s largest supplier of equipment to computer chip manufacturers, said Intel Corp. intends to take a 15 percent stake in the company for $3.07 billion and also help fund research into new technologies. Other large ASML customers may also take equity stakes. ASML said it may ultimately issue up to 4.19 billion euros ($5.15 billion) worth of shares, or a 25 percent stake. Intel said it will first take a 10 percent share in ASML and then another 5 percent, pending regulatory and shareholder approval, paying 39.91 euros per share.
AT&T forgoes man’s $1M bill
IPSWICH — The phone company AT&T Inc. has dropped its legal fight against a Massachusetts businessman whose company was on the hook for a fraudulent million-dollar bill. The telecoms firm said in a statement Monday it is no longer pursuing its claims against Michael Smith, “though we are entitled by law to collect the amounts owed.” Smith says someone hacked into his small manufacturing company’s phone system in 2009 and made nearly $900,000 in calls to Somalia. AT&T sued Smith for $1.15 million to recover the cost of the calls plus interest. Smith said if forced to pay it, his company would close and his 14 employees would lose their jobs.
Alcoa slides to 2Q loss
NEW YORK –– Alcoa Inc. said Monday that it slid to a second-quarter loss from a year-ago profit, dragged down by hefty charges and weak aluminum prices. But the results edged above analysts’ expectations and the aluminum maker backed its forecast for solid global demand later this year. Alcoa’s report marks the start of quarterly earnings season, and investors watch closely for signs of how earnings may unfold for other companies. Alcoa’s performance reflects broader economic trends because aluminum is used in a wide range of products.
M&S shuffles management team
LONDON — UK retailer Marks & Spencer is shaking up its management team following a 7 percent drop in clothing and general merchandise sales in the three months to June 30. The company said Tuesday that Kate Bostock, the executive director for general merchandise, will leave the company on Oct. 1 by mutual consent. John Dixon, now in charge of food, will replace her, and Belinda Earl, former CEO of Debenhams, Jaeger and Aquascutum, will join Dixon’s team as style director. – AP
