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Oct 14, 2011
@ 5:16 am
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UPDATE 1-Investor group to vote against Murdochs at News Corp AGM


* HEOS says will also withhold support from Siskind and KnightLONDON, Oct 14 (Reuters) - Rupert Murdoch’s campaign to keep control of News Corporation suffered a fresh blow on Friday after another key shareholder group called for his eviction from the board of the embattled media company.Hermes Equity Ownership Services (HEOS) the shareholder advisory service affiliated to Britain’s largest pension fund, issued a rallying cry to investors to eject Murdoch and sons James and Lachlan from the board at its upcoming annual meeting on Oct. 21.The organisation, which votes on behalf of the BT Pension Fund and more than 20 other institutional clients running $140 billion of assets, has also called for an independent investigation into the phone hacking scandal that forced the closure of top-selling British tabloid The News of the World.”The time is right for the company to appoint an independent chairman to rebuild trust, help correct the governance discount, and ensure that the interests of all investors are properly represented,” Jennifer Walmsley, Director of Hermes Equity Ownership Services, said.”News Corp has not reacted with sufficient urgency to investor concerns about its board composition and corporate culture,” Walmsley added.HEOS also said it would withhold support for the re-election of directors Arthur Siskind and Andrew Knight, citing concerns for their independence.The statement from HEOS follows a flurry of anti-Murdoch lobbying from corporate governance watchdogs all over the world.Earlier this week, News Corp hit back at critics including ISS in a letter to shareholders which said the “disproportionate focus” on the News of the World phone hacking saga was “misguided”.


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Oct 13, 2011
@ 6:31 am
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EURO GOVT-ECB seen buying Italian bonds post-auction


Earlier 10-year yields rose to 5.87 percent, their highest since the central bank began purchasing Italian debt in August as part of an effort to cap the country’s rising cost of borrowing. The 10-year yield was last at 5.80 percent, 6 basis points higher on the day.


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Oct 12, 2011
@ 4:31 pm
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UPDATE 4-No end in sight for global BlackBerry outage


* Finds no evidence of hacking or system breach* Outage could escalate pressure for sweeping changes* Shares down 3.9 pct in Toronto after conference callLONDON/TORONTO, Oct 12 (Reuters) - Research In Motion said on Wednesday it was working to end a three-day global disruption of BlackBerry services that has frustrated millions of smartphone users and put more pressure on the company for sweeping changes.The Canadian company, in a hastily announced conference call, did not say when it would fully restore service to the tens of millions of customers who have been affected. But it said it found no evidence that hacking or a system breach caused the outage, which has affected email and instant messaging services on five continents.”Our priority is to get the service up and running, because at the end of the day what’s going to make our customers happy is to have their BlackBerrys working again,” David Yach, RIM’s chief technology officer for software, said during the call.Shares of RIM were down 3.9 percent in Toronto trade after the late-afternoon call, which RIM held days after the disruptions began in Europe, the Middle East, Africa and India. The outage later spread to the Americas.The disruption, the worst since an outage swept North America two years ago, is likely to fuel calls for a management shake-up and a possible sale or split of the company, which has failed to keep pace with Apple and other rivals in a rapidly changing market.The troubles could damage RIM’s once-sterling reputation for secure and reliable message delivery and risks a further devaluation of its proprietary BlackBerry offering.RIM’s system, unlike those used by other handset makers, compresses and encrypts data before pushing it to BlackBerry devices via carrier networks.


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Oct 12, 2011
@ 4:31 pm
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93 notes

UPDATE 4-No end in sight for global BlackBerry outage


* Finds no evidence of hacking or system breach* Outage could escalate pressure for sweeping changes* Shares down 3.9 pct in Toronto after conference callLONDON/TORONTO, Oct 12 (Reuters) - Research In Motion said on Wednesday it was working to end a three-day global disruption of BlackBerry services that has frustrated millions of smartphone users and put more pressure on the company for sweeping changes.The Canadian company, in a hastily announced conference call, did not say when it would fully restore service to the tens of millions of customers who have been affected. But it said it found no evidence that hacking or a system breach caused the outage, which has affected email and instant messaging services on five continents.”Our priority is to get the service up and running, because at the end of the day what’s going to make our customers happy is to have their BlackBerrys working again,” David Yach, RIM’s chief technology officer for software, said during the call.Shares of RIM were down 3.9 percent in Toronto trade after the late-afternoon call, which RIM held days after the disruptions began in Europe, the Middle East, Africa and India. The outage later spread to the Americas.The disruption, the worst since an outage swept North America two years ago, is likely to fuel calls for a management shake-up and a possible sale or split of the company, which has failed to keep pace with Apple and other rivals in a rapidly changing market.The troubles could damage RIM’s once-sterling reputation for secure and reliable message delivery and risks a further devaluation of its proprietary BlackBerry offering.RIM’s system, unlike those used by other handset makers, compresses and encrypts data before pushing it to BlackBerry devices via carrier networks.