PARIS (AFP) ― The outgoing head of France’s loss-making, state-subsidized carmaker PSA Peugeot Citroen said Wednesday he was giving up his 21-million-euro golden parachute after outrage from unions and lawmakers.“I have decided to give up the current provisions of my pension rights,” Philippe Varin said at a press conference in the PSA headquarters.Against a national background of record unemployment and many French workers being obliged to accept wage freezes to retain their jobs, Varin’s payou

GENEVA (AFP) ― Negotiators have failed to fix a deal for a crunch summit next week, casting a shadow over efforts to revive stalled talks on slashing barriers to global commerce, the head of the WTO said Tuesday.“The reality is that we have proved that we can’t cross the final yard here in Geneva. The process here is over,” World Trade Organization chief Roberto Azevedo told reporters after a marathon session ended without a final accord.Underlining that trade diplomats got achingly close before

Qualcomm’s growth prospects in the world’s largest mobile-phone market may be under threat after China’s National Development and Reform Commission began an investigation related to an anti-monopoly law. Qualcomm disclosed the probe yesterday, saying the NDRC advised that specific details are confidential. The San Diego-based company said it knows of no charge by the agency that it violated the law. Qualcomm gets revenue from sales of smartphone chips and collects license fees from wireless prov

GENEVA (AFP) ― Swiss voters on Sunday massively rejected a proposal to cap executive pay at 12 times the wage of a firm’s lowest earner, according to official referendum results.Two thirds voted against the measure, which had been expected to fail in spite of widespread discontent at excessive pay for top bosses.Dubbed the “1:12” initiative after the legally-binding ratio it would have set between the top and bottom salaries in a firm, the plan met with stiff opposition from Switzerland’s busine

The U.S. government “really blew it” on conducting surveillance programs that riled foreign leaders and domestic skeptics, Facebook Inc. Chief Executive Officer Mark Zuckerberg said in a television interview. “They’re continuing to blow it in some ways and I hope they become more transparent,” Zuckerberg, 29, said in an interview broadcast Sunday on ABC’s “This Week.” “These things are always in balance, in terms of doing the right things and also being clear and telling people about what you’re

SAN FRANCISCO (AFP) ― Microsoft on Friday crowed that more than a million Xbox One consoles were snapped up within 24 hours in 13 countries after hitting shelves for the first time in the morning.The U.S.-based technology titan described it as the biggest launch in Xbox history, setting a new sales record at the company.Xbox One consoles were sold out at most retail shops, according to Microsoft.“We are humbled and grateful for the excitement of Xbox fans around the world,” said Xbox corporate v

Europe’s biggest banks, led by Lloyds Banking Group Plc and Deutsche Bank AG, have racked up more than $77 billion in legal costs since the financial crisis, five times their combined profit last year. Since September 2008, the 18 banks with the highest litigation expenses paid at least $24.9 billion settling lawsuits and probes, set aside $31.5 billion to compensate U.K. clients improperly sold products including mortgage insurance and earmarked $20.9 billion for further penalties, data compile