Lloyd's pushes into new markets Lloyd's of London, the world's biggest insurance market, has signaled its intention to push its business in emerging markets in Asia and Latin America and oil rich countries in the Gulf, warning that a shift in world power could not be ignored. Lloyd's chairman Peter Levene said Friday the group must build on "markets of the future" to leave a strong business to successors.
LONDON - The Associated Press
World's richest get even richer
Even as world financial markets broke down last year, personal wealth around the world grew 5 percent to $109.5 trillion, according to a global wealth report released Thursday by Boston Consulting Group. The top 1 percent of all households owned 35 percent of the world's wealth last year. Meanwhile, the top 0.001 percent, households holding at least $5 million in assets, commanded $21 trillion - a fifth of the world's wealth.
NEW YORK - Reuters
Dell wants to sell computer factories
Dell is trying to sell all of its manufacturing plants worldwide and has approached contract computer manufacturers, the Wall Street Journal reported, citing people familiar with the matter. The proposed factory sales, intended to slash costs, mark a significant shift from Dell's long-standing strategy of making its own products, the Journal said. Instead Dell would sign agreements with contract manufacturers, the WSJ reported.
NEW YORK - Bloomberg
Japanese shares plunge on US woes
Japanese shares have buckled under the weight of mounting bad news on the U.S. economy, which triggered a broad sell-off on Wall Street. The benchmark Nikkei 225 index on Friday shed 345.43, or 2.75 percent, to 12,212.23 - its lowest closing level since March 18. The broader Topix lost 2.56 percent to 1,170.84. Major banking group Resona Holdings slid 7.68 percent to 93,700 yen and Mizuho Financial Group was off 6.35 percent at 413,000 yen.
TOKYO - The Associated Press
TNK-BP Holding offers buyout
Russia's TNK-BP Holding, a listed subsidiary of BP's TNK-BP joint venture with Russian billionaires, offered Friday a buyout to minority shareholders as it prepares for a bigger share float. The holding said in a statement in Rossiiskaya Gazeta it would buy out shares of any holders who voted against merging TNK-BP Holding with companies such as Sborsare Management, Sidanco Investments, Sidanco Neftepererabotka and Sidanco Securities.
MOSCOW - Reuters
Samsung may acquire SanDisk
A South Korean online business newspaper has reported that Samsung Electronics is pursuing an acquisition of U.S. computer memory card maker SanDisk. The online paper edaily said on its Web site Friday that Samsung chose JPMorgan as an adviser for the acquisition about one month ago, citing investment banking and semiconductor industry officials it did not identify.
SEOUL - The Associated Press