Our Business News

BEIJING China’s sovereign wealth fund will focus more of its $ 482 billion firepower on Asia in twin bids to beat a rise in protectionism in the West and boost exposure to rapid regional growth, chairman and chief executive Lou Jiwei said. The man charged with stewardship of a slice of the world’s largest store of foreign wealth lauded the British approach to overseas investment in public sector projects as one for the world to follow and said the policy response to Europe’s debt crisis was a reason to stay underweight bonds and stocks there. “There is a rise in [...]

BEIJING China’s sovereign wealth fund will focus more of its $ 482 billion firepower on Asia in twin bids to beat a rise in protectionism in the West and boost exposure to rapid regional growth, chairman and chief executive Lou Jiwei said. The man charged with stewardship of a slice of the world’s largest store of foreign wealth lauded the British approach to overseas investment in public sector projects as one for the world to follow and said the policy response to Europe’s debt crisis was a reason to stay underweight bonds and stocks there. “There is a rise in [...]

SARAJEVO The Western Balkans is facing a double-dip recession this year led by a 2.5 percent contraction in Serbia, and recovery in 2013 will be “very slow”, the World Bank warned on Tuesday. Its regional coordinator also said that debt in some countries was too high. “I would say that debt in Montenegro, Serbia and Albania is at very dangerous levels, particularly in Albania at 60 percent (of GDP) but it’s increasing very rapidly in Serbia and Montenegro,” Jane Armitage, World Bank coordinator for the Western Balkans, told Reuters in an interview. The bank’s forecast for Serbia, the region’s biggest [...]

SAN FRANCISCO Technology stocks headed south Tuesday, as shares of Texas Instruments and Western Digital Corp. retreated on weaker-than-expected forecasts. TI shed 1.6%, while Western Digital gave up more than 6% a day after the two companies reported disappointing outlooks. Shares of Seagate Technology , a Western Digital rival, also lost 4%. On the upside, shares of Yahoo Inc. were up 3% after the Web portal posted a big profit jump. But the Nasdaq Composite Index gave up 1% to stand at 2,982 in early trades. The Philadelphia Semiconductor Index was down 1.3%.

SAN FRANCISCO Western Digital Corp. on Monday reported a fiscal first-quarter profit of $ 519 million, or $ 2.06 a share, on revenue of $ 4 billion, compared with earnings of $ 239 million, or $ 1.01 a share, on $ 2.7 billion in sales in the same period a year ago. Excluding one-time items, the hard disk-drive maker earned $ 594 million, or $ 2.36 a share. Analysts surveyed by FactSet had forecast Western Digital to earn $ 2.29 a share on $ 3.98 billion in revenue. Western Digital said it shipped 62.5 million hard drives during the quarter [...]

SAN FRANCISCO Shares of Apple Inc. rose more than 1% Friday on early indications of stronger-than-expected demand for the iPhone 5 and a day after the stock hit record highs. The gains highlighted a modestly strong open for technology stocks as the Nasdaq Composite Index edged higher by 16 points to 3,172. Gains also came from Western Digital Corp. which was up 2.2% after the hard-disk-drive maker cut its sales outlook, but also initiated a quarterly dividend and raised its stock buyback program by $ 1.5 billion. The Morgan Stanley High Tech 35 Index was ahead by a fraction, while [...]

Western Digital (WDC) named Steve Milligan as its new chief executive on Monday, set to replace John Coyne, who is retiring in January. Milligan, currently a president at Western Digital, will also be appointed to the company’s board of directors. Coyne, 63, has served as CEO since January 2007. He joined the company in 1983 and has helped transform it into the world’s largest maker of hard drives. Since taking the helm about six years ago, Western Digital’s revenue has increased three fold. Milligan, 49, rejoined the company earlier this year as a result of its $ 4.3 billion Hitachi [...]

BAY AREA – Developed Electronic Corp about Tuesday documented a financial second-quarter gain in dollar a single hundred forty 5 million, or maybe sixty a single centaine a share, about income in dollar dual billion dollars. Through a expect same time duration twelve months ago, a tangible hard-disk pull manufacturer achieved dollar 240 million, or maybe ninety 6 centaine a share, about dollar 248 billion dollars via revenue. Not together with losses compared with a squeeze of Hitachi Worldwide Storage area Technologies, as good as a per last fall’s inundating via Thailand, Developed Electronic will have achieved dollar 358 million, or maybe dollar [...]

China’s premier has pledged to tighten risk controls on its banks and see that they do more to help entrepreneurs to sustain economic growth in the face of a possible global slowdown. Premier Wen Jiabao said at a weekend…