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| Ukrainian roots shine through at WhatsApp Wednesday, Feb 19, 2014 08:15 PM PST By Sarah McBride SAN FRANCISCO (Reuters) - WhatsApp grew up in Silicon Valley, but its founder's background in Eastern Europe gave it its DNA. The messaging company bought by Facebook for $19 billion in a deal announced on Wednesday has become a global force, with 450 million customers who find it an easy way to send messages across borders and between different brands of mobile devices. Founder and Chief Executive Officer Jan Koum, 37, grew up mostly in the Ukraine, and moved to Mountain View, California, as a teenager, an immigrant path reminiscent of other Silicon Valley successes such as Max Levchin, the Ukrainian-born co-founder of Paypal, and Google's Russian-born co-founder, Sergey Brin. Like technology titans Bill Gates and Mark Zuckerberg, Koum dropped out of college, but in his case, it was San Jose State rather than Harvard. Full Story | Top |
| Mexico looks to arrest former owner of failed airline Mexicana Wednesday, Feb 19, 2014 08:13 PM PST Mexico's attorney general's office has issued an arrest warrant for the former owner of failed airline Mexicana in connection with suspected money laundering while he ran the company, a source at the Attorney General's office said on Wednesday. Gaston Azcarraga, who was also previously the chairman of Mexicana, is living outside of Mexico so the attorney general's office has also requested an Interpol Red Notice seeking his arrest and extradition, the source said. It is not clear exactly when the arrest warrant was issued, the source added. The attorney general's office said it does not comment on arrest warrants. Full Story | Top |
| 'Three Amigos' look to reduce trade frictions, Keystone nags Wednesday, Feb 19, 2014 08:11 PM PST  By Mark Felsenthal and Lizbeth Diaz TOLUCA, Mexico (Reuters) - U.S. President Barack Obama and his Canadian and Mexican counterparts on Wednesday discussed ways to reduce any trade frictions at a summit in central Mexico, but clear divisions remained over the Keystone XL oil pipeline project. U.S. Commerce Secretary Penny Pritzker said earlier this month that the 20-year anniversary of the North American Free Trade Agreement (NAFTA) between the three nations was an appropriate moment to look at how to "upgrade" North American trade ties. However, retooling the trade pact between Canada, Mexico and the United States is not necessary because trans-Pacific talks will cover any gaps left by NAFTA, Mexican Foreign Minister Jose Antonio Meade said this week. Full Story | Top |
| BOJ board member says Japan can weather tax hike, grow above potential rate Wednesday, Feb 19, 2014 07:17 PM PST By Stanley White WAKAYAMA, Japan (Reuters) - Japan's economy can continue to exceed its potential growth rate after a planned sales tax hike in April, Bank of Japan board member Yoshihisa Morimoto said on Thursday, in a sign of confidence the tax hit to consumption will not derail the economy. Morimoto also said he expects exports to grow gradually as a recovery in advanced countries spreads to Asia, but some economists are starting to worry about external demand after Japan posted a record trade deficit in January. Morimoto's comments were in line with the BOJ's official stance that the economy does not need additional monetary easing. "We expect demand to rise before the tax hike and then fall afterwards," Morimoto said in a speech to business leaders in Wakayama, western Japan. Full Story | Top |
| Obama says climate weighs on Keystone and other decisions Wednesday, Feb 19, 2014 06:54 PM PST U.S. President Barack Obama said on Wednesday his administration needed to follow its established process to decide whether to allow the Keystone XL crude oil pipeline from Canada to go ahead, stressing that concerns about climate change needed to be at the forefront of government decisions. "I said previously that how Keystone impacted greenhouse gas emissions would affect our decision, but frankly it has to affect all of our decisions at this stage," Obama told a news conference concluding a North American summit. The U.S. government has been studying TransCanada Corp's proposed pipeline since 2008, but its review recently entered a new stage during which agencies and the public can weigh in before Obama makes his final call about whether the project is in the national interest. Harper told reporters at the news conference that a recent U.S. State Department report showed the pipeline would not accelerate climate change. Full Story | Top |
| Shiseido signs deal to sell two skincare brands to L'Oreal Wednesday, Feb 19, 2014 06:53 PM PST  TOKYO (Reuters) - Japan's Shiseido Co Ltd said on Thursday that it has signed a deal to sell skincare brands Decleor and Carita to L'Oreal SA for about 230 million euros ($316.3 million). The two companies had been in exclusive talks for the transaction since last October. ($1 = 0.7271 euros) (Reporting by Dominic Lau; Editing by Chang-Ran Kim) Full Story | Top |
| Fed officials see more QE cuts, changes to low-rate vow Wednesday, Feb 19, 2014 06:51 PM PST  By Jonathan Spicer and Ann Saphir NEW YORK/ST. LOUIS (Reuters) - Three Federal Reserve officials on Wednesday said they believe the U.S. economy is gaining traction despite a recent slowdown from severe weather, allowing the central bank to stick to its plan to wind down its massive bond-buying stimulus this year. The comments, from the heads of the Federal Reserve banks of St. Louis, San Francisco and Atlanta, freshen the message in the minutes of the Fed's most recent policymaking meeting, also released Wednesday, which showed many thought only a big change in outlook could disrupt further measured reductions in purchases. Indeed, several Fed policymakers wanted to drive home the idea that their asset-purchase program would be trimmed in predictable, $10-billion, increments, according to minutes of the Fed's January 28-29 policy meeting. At the meeting, which was former chairman Ben Bernanke's last, the Fed decided to make another modest cut to its bond-buying program, which now runs at $65 billion per month. Full Story | Top |
| Stocks slip, yen gains as China flash PMI disappoints Wednesday, Feb 19, 2014 06:38 PM PST  By Lisa Twaronite TOKYO (Reuters) - Asian stocks tumbled on Thursday and the yen firmed as a survey painted a grim picture of China's manufacturing sector, heightening uncertainty about the outlook for the region's economic powerhouse. MSCI's broadest index of Asia-Pacific shares outside Japan extended losses after the China survey, losing 0.7 percent, while Japan's Nikkei stock average was down 1.2 percent. The preliminary China Purchasing Managers' Index (PMI) from HSBC/Markit for February fell to a seven-month low of 48.3 in February from January's final reading of 49.5, as employment fell at the fastest pace in five years. "The building-up of disinflationary pressures implies that the underlying momentum for manufacturing growth could be weakening," said Qu Hongbin, chief economist for China at HSBC, in comments accompanying the PMI data. Full Story | Top |
| BlackBerry shares surge after Facebook bid for WhatsApp Wednesday, Feb 19, 2014 06:29 PM PST  By Euan Rocha TORONTO (Reuters) - Facebook Inc's stunning $19 billion bid for fast-growing mobile-messaging startup WhatsApp sent shares of BlackBerry Ltd surging after the closing bell on Wednesday, as investors were cheered by the lofty valuation for the messaging platform. The deal sent shares in BlackBerry up as much as 9 percent in trading after the bell because it put a rough valuation metric around the smartphone maker's own BlackBerry Messaging service. BlackBerry Messaging, or BBM as it is more commonly known, was a pioneering mobile-messaging service, but its user base has failed to keep pace with that of WhatsApp, in part because BlackBerry had long refused to open the service to users on other platforms. Its service works on Apple Inc's iOS platform, Google Inc's market-dominating Android operating system, along with devices powered by both the Windows and BlackBerry operating systems. Full Story | Top |
| Japan posts record trade deficit, sluggish exports dim outlook Wednesday, Feb 19, 2014 06:27 PM PST  By Tetsushi Kajimoto TOKYO (Reuters) - Japan suffered a record trade deficit in January as a weak yen pushed up the cost of imports and failed to substantially raise exports, suggesting that the trade-reliant economy faces a bumpy ride even as policymakers put on a brave face about the outlook. The data followed on the heels of a survey showing manufacturers' sentiment worsened in January, underscoring the stiff challenges for Prime Minister Shinzo Abe's strategy to spark sustainable growth over the long run. The ballooning deficit is a reminder that a weak yen alone cannot boost exports as Japanese firms are shifting production abroad, while overseas demand lacks strength needed to offset a blow from a sales tax hike in April. A stumble in the economy could force policymakers to resort to further stimulus to prop up growth, although at this week's meeting the Bank of Japan ruled out the immediate need for more monetary steps. Full Story | Top |
| China Feb HSBC flash PMI hits seven-month low of 48.3 Wednesday, Feb 19, 2014 06:24 PM PST  By Adam Rose BEIJING (Reuters) - Activity in China's factories shrank again in February as employment fell at the fastest pace in five years, a preliminary private survey showed on Thursday. The Lunar New Year festival, which began on January 31 and covered early February, likely affected factory output as manufacturers shut shop for China's biggest annual holiday. The Australian dollar lost nearly half a U.S. cent after the report was released, reflecting China's status as Australia's biggest export market. The weak China preliminary index for January was believed to be one cause of last month's selloff of emerging market assets. Full Story | Top |
| Appropriate to refresh U.S. Fed's longer-term 'exit strategy': Williams Wednesday, Feb 19, 2014 06:19 PM PST  The U.S. Federal Reserve should update its longer-term "exit strategy" for winding down its swollen balance sheet to reflect changes in the plan since it was published in 2011, a top Fed policymaker said on Wednesday. San Francisco Fed President John Williams, asked about updating the strategy by reporters, said, "When the world changes, we have changed our plan in an appropriate way." He also noted that the Fed has made clear, for example, that it does not intend to sell any of the assets it has bought until perhaps "later on" as it looks to shrink the balance sheet. Full Story | Top |
| Toshiba: aims to be in global top three in imaging diagnostics by March 2018 Wednesday, Feb 19, 2014 06:14 PM PST  Toshiba Corp President Hisao Tanaka said on Thursday that the Japanese conglomerate aimed to be in the global top three companies making imaging diagnostics for medical use by the business year ending in March 2018. Toshiba, which has positioned healthcare as the third pillar of growth in addition to NAND flash memory chips and power generation, has said it aims to make 600 billion yen ($5.87 billion) in revenue from the sector by the end of its three-year business plan through March 2016, and 1 trillion yen in the year to March 2018. ($1 = 102.2150 Japanese yen) (This version of the story is filed to correct the time frame of goal to be number 3.) (Reporting by Sophie Knight; Full Story | Top |
| Facebook to buy WhatsApp for $19 billion in deal shocker Wednesday, Feb 19, 2014 06:03 PM PST  Facebook Inc will buy fast-growing mobile-messaging startup WhatsApp for $19 billion in cash and stock in a landmark deal that places the world's largest social network closer to the heart of mobile communications and may bring younger users into the fold. The WhatsApp deal is worth more than Facebook raised in its own IPO and underscores the social network's determination to win the market for messaging. Founded by a Ukrainian immigrant who dropped out of college, Jan Koum, and a Stanford alumnus, Brian Acton, WhatsApp is a Silicon Valley startup fairy tale, rocketing to 450 million users in five years and adding another million daily. "No one in the history of the world has ever done something like this," Facebook Chief Executive Mark Zuckerberg said on a conference call on Wednesday. Full Story | Top |
| In Mexico, Obama criticizes Venezuelan government Wednesday, Feb 19, 2014 06:00 PM PST  U.S. President Barack Obama on Wednesday sharply criticized the Venezuelan government for arresting protesters and urged the government to focus on the "legitimate grievances" of its people. At a news conference concluding a North American summit, Obama did not mince words in reacting to Venezuela's expulsion this week of three U.S. diplomats accused of recruiting students to lead protests in Caracas. Instead of "making up false accusations" against U.S. diplomats, the Venezuelan government should focus on the "legitimate grievances of the Venezuelan government," Obama said. Full Story | Top |
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