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Wires

  • STOCKHOLM, March 28- Ericsson will refocus its business for managed services, explore options for its loss-making media arm and take several writedowns, in a first move from its new CEO to lead the telecoms equipment maker out of its worst crisis in a decade. Veteran board member Borje Ekholm took over as CEO in January and a new strategy has been widely expected by...

  • SHANGHAI, March 28- China stocks fell on Tuesday on concerns about tightening liquidity conditions after the central bank refrained from injecting short-term funds into the banking system for the third session in a row. The People's Bank of China skipped open market operations again on Tuesday, saying liquidity levels in the banking system were "appropriate"...

  • LONDON, March 28- Britain's biggest retailer Tesco has agreed to pay a $162 million fine plus compensation to settle an investigation over a 2014 accounting fraud that sparked the biggest crisis in the company's near 100- year history. The supermarket group has struck a so-called deferred prosecution agreement with Britain's Serious Fraud Office, enabling...

  • DUBAI, March 28- Middle Eastern online retailer Souq.com will make an announcement later on Tuesday about Amazon.com Inc's bid to buy 100 percent of the company from its shareholders, two sources familiar with the deal told Reuters. One of the sources, declining to be identified ahead of the announcement, said the statement would say that Souq.com' s...

  • HONG KONG/ SHANGHAI, March 28- China Southern Airlines Co Ltd said on Tuesday it will sell a small stake to American Airlines Group Inc in a $200 million deal that will give the carriers better access to the world's two largest travel markets. It also means China's three biggest airlines now have tie-ups with foreign airlines, something Beijing has encouraged as a...

  • SINGAPORE, March 28- Oil prices rose on Tuesday, supported by a weaker dollar, but crude continued to be weighed down by surging U.S. production and uncertainty over whether an OPEC- led supply cut is big enough to rebalance the market. Prices for front-month Brent crude futures, the international benchmark for oil, had gained 18 cents from their last close to $50.93...

  • LAGOS/ LONDON, March 27- Earlier this year, an open letter in the Nigerian media from a group of businessmen attacked the "shameful" record of central bank governor Godwin Emefiele and demanded that he should go. With Africa's largest economy in recession for the first time in 25 years, the letter reflects growing anger directed at Emefiele, whose insistence on...

  • TOKYO, March 28- Benchmark Japanese government bonds edged down slightly on Tuesday in the waning days of this fiscal year, taking their cue from a stock market recovery. The Nikkei stock average rebounded from its lowest in more than six weeks, hit in the previous session, to end up 1.1 percent, just before Japan's fiscal year comes to an end on Friday.

  • LONDON, March 28- British housebuilder Redrow said on Tuesday it did not intend to make an offer for rival Bovis just over two weeks after its approach was rejected as too low, leaving one potential bidder for the ailing firm. "The Board of Redrow has determined that it is not in its shareholders' best interests to increase its proposal to Bovis above the level which...

  • TOKYO, March 28- Tokyo Electric Power Company Holdings and Chubu Electric Power Co said on Tuesday they had signed an agreement to integrate their fossil fuel power plants under their JERA Co joint venture. The biggest and third-biggest of Japan's regional power utilities aim to combine the businesses in April- September 2019, overseeing nearly half the...

  • LONDON, March 28- Britain's biggest retailer Tesco has agreed to pay a 129 million pound fine to settle an investigation by prosecutors over a 2014 accounting fraud, it said on Tuesday. The DPA- in which a company can admit to and settle any alleged offending with a fine if a judge agrees- relates to false accounting by Tesco's UK business between February 2014 and...

  • PHOENIX— A crash that caused an Uber self-driving SUV to flip onto its side in a Phoenix suburb serves as a stark reminder of the lack of state oversight of autonomous vehicles in Arizona. Doug Ducey has left the fledgling self-driving car industry pretty much alone as part of his anti-regulation crusade. Unlike California, companies operating self-driving...

  • LIBREVILLE/ DAKAR, March 28- Charles Lekabi lived comfortably as a driver for an oil company in Gabon's industrial town of Port Gentil until he was laid off three years ago. In OPEC member Gabon, production is in decline, the recovery is slow and may not come at all. The oil sector has accounted for 80 percent of exports, 45 percent of gross domestic product, and 60...

  • BERLIN— A union representing ground staff at Berlin's two airports says it has reached a deal to end a pay dispute that resulted in a string of recent strikes. The ground staff staged three full-day walkouts earlier this month, forcing the cancellation of most flights to and from Berlin. A former regional government minister, Ehrhart Koerting, was then called in...

  • March 28- Aerospace and defense company Cobham said on Tuesday it would raise about 512.4 million pounds through its rights issue to pay down debt. The 2 for 5 rights issue of 683.1 million shares was priced at 75 pence per share, a 40.9 percent discount to its Monday close of 126.8 pence. Cobham, which expects the right issue to be completed in the second quarter, also...

  • LONDON, March 28- British housebuilder Redrow said on Tuesday it did not intend to make an offer to buy fellow builder Bovis just over two weeks after its approach was rejected as too low. Bovis, whose CEO quit in January following a profit warning resulting from a failure to build enough homes on time, has been subject to takeover speculation since a major...

  • TOKYO, March 28- Japan's Nikkei share average rebounded from a more than six-week low on Tuesday as a rally in the yen paused and investors bought high-yield stocks before they went ex-dividend. The Nikkei rose 1.1 percent to 19,202.87, after plumbing to its lowest since Feb. 9 in the previous session as U.S. President Donald Trump's setback on his healthcare...

  • LONDON, March 28- Britain's biggest retailer Tesco has agreed to pay a 129 million pound fine to settle an investigation by prosecutors over a 2014 profit overstatement, it said on Tuesday. Tesco said the DPA was the subject of a preliminary court ruling on Monday and the SFO and the firm's UK unit Tesco Stores Limited will now seek final judicial approval to the...

  • LONDON, March 28- British tour operator Thomas Cook said it expected to hit its full-year operating targets after seeing early signs that tourists were returning to troubled markets Turkey and Egypt. Thomas Cook, which unnerved investors in February when it issued a cautious outlook, said trading for the group was progressing in line with expectations.

  • DUBAI, United Arab Emirates— The president of the United States holds a trademark in Jordan for a Donald Trump casino, despite the fact that gambling is illegal in the kingdom. To keep the trademarks active, the Trump Organization would need to reapply for them during Trump's four-year term, raising potential ethical concerns for his company in Jordan, a stalwart...