Mon, Apr 14, 2014 - Page 15 News List

World Business Quick Take



Instagram crash draws ire

Photograph-sharing site Instagram was not working on Saturday and frustrated users quickly turned to social network Twitter and other Web sites to share their complaints. On the company’s official Twitter feed, it confirmed there was a problem, calling it “a feed delivery issue,” and said it was working to fix it. The downed service quickly prompted complaints and jokes on Twitter and other sites, often linked to the popularity of sharing photographs of meals with the service. The company did not immediately clarify what had caused the problem or say when it would be fixed.


Anglo American seeks pay

Anglo American PLC is seeking compensation from Venezuela at a World Bank tribunal over the 2012 cancelation of mining concessions by former Venezuelan president Hugo Chavez’s government. The World Bank’s International Center for Settlement of Investment Disputes said on its Web site the claim was introduced on Thursday, but gave no more details. Venezuela faces more than 20 international compensation cases in disputes largely stemming from the Chavez era from 1999 to last year. Anglo American had a 91.4 percent stake in the Loma de Niquel project until the government canceled 13 concessions and refused to renew three others, according to the company’s Web site.


Greek bank to boost reserve

Greece’s Eurobank on Saturday said its board had approved a 2.86 billion euro (US$4 billion) capital increase, in the latest move by one of the country’s biggest lenders to bolster its reserves. “The general meeting approved ... the increase of the share capital of the bank by up to 2.864 billion euros,” the bank said in a statement. Up to 9.54 billion in new shares will be issued and according to reports, the capital hike is expected to be completed by next month. The offer price per share cannot be lower than 0.30 euros, the bank said. Shares in the bank closed down 4.2 percent on Friday at 0.43 euros.


Writers resume Google fight

The Authors Guild says that Google Inc is stealing business from retailers and has asked a New York federal appeals court to find that the Internet giant is violating copyright laws with its massive book digitization project. The guild filed papers with the second US Circuit Court of Appeals on Friday. It asked the appeals court to reinstate its lawsuit alleging that Google’s effort to create the world’s largest digital library violates the rights of authors. It said Google was driving potential book purchasers away from retailers, boosting its advertising revenues and stifling competition through the project. In November last year, a judge had ruled in favor of the Mountain View, California-based company.


Symrise to close rivals’ gap

Symrise AG’s planned 1.3 billion euro purchase of French flavors and pet-food additive maker Diana Group helps the German company close the gap on larger rivals Givaudan SA and International Flavors and Fragrances Inc. The company has entered into exclusive talks with owner Paris-based buyout firm Ardian Sarl, formerly known as Axa Private Equity. A deal is expected to be completed in the third quarter, Holzminden, Germany-based Symrise said in a statement. It expects the acquisition to be earnings accretive from next year.

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