Lagarde: Financial markets ?too upbeat? in Europe
The head of the International Monetary Fund warned on Friday that financial markets were “perhaps too upbeat” because high unemployment and high debt in Europe could drag down investment and hurt future growth prospects. IMF chief Christine Lagarde urged the European Central Bank to keep an accommodative monetary policy until private demand had fully recovered and called on EU countries to tackle structural road blocks that hurt job creation and productivity.
JPMorgan?s Dimon gets $37 m of crisis-era options
JPMorgan Chase will let Jamie Dimon collect about $37 million in stock options created during the financial crisis, as the board stands by its leader after risk-management lapses and billions of dollars in legal settlements. JPMorgan gave the chief executive officer 2 million stock-appreciation rights in January 2008, saying they would be available in five years if the board still deemed it appropriate.
SABMiller sells $1 billion stake in Tsogo Sun
Global brewer SABMiller sold its $1 billion stake in South Africa’s top gaming and hotel group Tsogo Sun on Friday, disposing of a non-core business and giving it some cash to beef up its beer business in fast-growing Africa. SABMiller, which is also listed in Johannesburg , said it sold 294 million Tsogo Sun shares to institutional investors at
25.75 rand each, raising 7.6 billion rand ($711.98 million). Following the finalization of the sale, Tsogo Sun will buy back from SABMiller an additional 133 million shares at 20.96 rand each, or 2.8 billion rand.
GE?s Q2 net profit jumps, helped by jet engine sales
General Electric posted a 13% rise in quarterly net income on Friday, helped by increases in sales of its jet engines and oil and gas equipment. The US conglomerate said it was targeting the IPO of its North American retail finance business for the end of the month. Second-quarter net income rose to $3.55 billion, or 35 cents per share, from $3.13 billion, or 30 cents per share, a year earlier. Revenue rose 3.4% to $36.23 billion, slightly below the $36.3 billion expected by analysts.
Production of next-gen iPhone starts this month
Taiwan’s Hon Hai Precision Industry, the world’s largest contract manufacturer of elecsssstronic goods, will begin mass production of Apple’s next-generation iPhone this month, Chinese media reported on Friday. Mass production of a 4.7-inch successor to the wildly popular iPhone 5 series of smartphones will begin during the third week of July, Taiwan’s Economic Daily News said, without citing sources. Production of a 5.5-inch version will begin during the second week of August, it said.
Amazon starts service for unlimited access to e-books
Amazon is rolling out a new subscription service that will allow users unlimited access to thousands of electronic books and audiobooks for $9.99 a month in the online giant’s latest effort to expand its services to attract more users. The company said
Friday that the Kindle Unlimited service
will give users the ability to read as much as they want from more than 600,000 Kindle titles. About 2,000 audiobooks from
Audible with Whispersync for Voice, which lets users switch between reading and listening to books, will be available through the service.