The world’s biggest chip maker, Intel, has agreed to buy the security technology firm, McAfee. Intel will pay $7.68bn (£5bn) in cash. Under the terms of the deal, Intel said it would pay $48 per share in cash for McAfee, almost 60% higher than its closing price on Wednesday. Through buying McAfee, a leading security [...]
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Global stock markets have fallen sharply on renewed concerns over the European banking sector. Investors are apprehensive ahead of a deadline this week for banks to repay loans taken out a year ago at low interest rates. As a result, leading European share indexes slumped about 3%, while US stocks fell more than 2% in [...]
Germany’s chancellor has insisted that Europe’s leaders are making good progress in talks with the US about how to bolster fragile economic growth. Angela Merkel told journalists at the G8 summit in Canada there was “mutual understanding” with President Barack Obama over deficit reduction plans. The G8 leaders will be joined later by China and [...]
Europe must focus on growth as well as cutting spending to reduce national deficits, US Treasury Secretary Timothy Geithner has told the BBC. Speaking in Washington ahead of G8 and G20 meetings this weekend in Canada, Mr Geithner said that world leaders must concentrate on the “paramount” challenges of growth and confidence. He added the [...]
The net wealth of Asian millionaires has eclipsed that of rich Europeans for the first time, largely because of the relative health of stock markets in Hong Kong, India and China last year, according to a new survey. The annual Merrill Lynch Wealth Management /Capgemini analysis of investors with $1m or more in assets found [...]
BP shares plunged 12% at the start of London trading before recovering, on fears that President Obama will impose huge penalties on the company. It means the oil giant’s share price has almost halved since the Deepwater Horizon oil spill began on 20 April. The latest drop comes amid fears of damage to the UK’s [...]
It’s been more than a decade since I was last in Ho Chi Minh City. The city then was dusty, noisy, frantic and, well, disorganized – a lot of energy but not a lot of focus. But there are very few cities in Asia that you can return to after 10-year absence and expect things [...]
Spanish public sector workers are holding a strike in protest against an average 5% cut in pay that comes into effect this month. The cuts are part of a government austerity package aimed at reducing the country’s budget deficit, swollen by almost two years of recession. The protests come amid a European debt crisis that [...]
Zhang Xinquan has to learn how to do business again. As a top manager in a major leather and shoe business, he built his career turning profits in booming China. But these profits are now getting harder to come by. “Prices in the U.S. and European markets are down,” Zhang told CNN, “prices of raw [...]