Company issues $17 billion in bonds to fund dividend payout

BERLIN (AFP) ― European unemployment hit a new record on Tuesday and Moody’s cut Slovenia’s debt rating to junk status as German Chancellor Angela Merkel defended her crisis strategy, pushing for twin goals of fiscal rigor and growth.Merkel was speaking during a visit to Berlin by Italy’s new Prime Minister Enrico Letta, who said this week that “Italy is dying from austerity alone” but in Berlin also pledged to stick to the path of fiscal consolidation.The leaders met on a day when grim new data

WASHINGTON (AFP) ― The Federal Reserve is poised to keep its foot firmly on the stimulus pedal as the U.S. economy shows signs of slowing, analysts said.The Fed policy-setting Federal Open Market Committee, which will open a two-day meeting on Tuesday, is widely expected to maintain its extraordinary $85 billion a month bond-purchase program.The central bank also was seen holding its key interest rate at zero to 0.25 percent, where it has been since December 2008.The Fed has signaled it would no

TORONTO (AP) ― The Colorado Avalanche won the NHL draft lottery on Monday.The Florida Panthers own the second pick for June’s draft, while the Tampa Bay Lightning have the third selection.Colorado had an 18.8 percent chance of winning the lottery after finishing the regular season with a 16-25-7 record, worst in the Western Conference. The Panthers, who finished last in the NHL with a 15-27-6 mark, had the best odds of winning the lottery at 25 percent but had to settle for the No. 2 pick. Portl

As Nokia Oyj struggles to catch Apple Inc. and Samsung Electronics Co. in the market for smartphones costing $500 or more, it’s counting on a bare-bones handset that sells for just $20 to give it an edge. Priced 97 percent below the latest iPhone, the Nokia 105 features preloaded games, a color screen, a radio, a speaking clock and a flashlight. The phone, Nokia’s cheapest ever, has been available for a few weeks in India and Indonesia and will soon start selling in Europe. Even with its bargain

General Motors Co., the largest carmaker in the U.S., is shifting its center of gravity to China, where it sells more cars and now invests more money. GM’s announcement at the Shanghai auto show this month that it is spending $11 billion by 2016 on new plants, products and people in China demonstrates a change in priorities. GM is investing $1.5 billion in North America this year, where it has a more modest factory footprint. GM’s focus on China parallels the strategy Toyota Motor Corp. employed

Asian policy makers must be ready to respond “early and decisively” to overheating risks in their economies stemming from rapid credit growth and rising asset prices, the International Monetary Fund said. Growth is set to pick up gradually during the year and inflation is expected to stay within central banks’ comfort zones, the Washington-based lender said in a report Monday. Greater exchange-rate flexibility in the region would play a “useful role” in curbing overheating pressures and coping w

Facebook Inc. Chief Operating Officer Sheryl Sandberg received $26.2 million in compensation last year, making her the highest paid executive at the world’s largest social-networking service for a second straight year. Sandberg’s compensation includes $25.6 million in stock awards, salary of $321,128 and a $276,730 bonus, according to a regulatory filing yesterday. Sandberg also topped the list for 2011, when her total compensation was about $40 million. Facebook shares lost more than half their

WASHINGTON (AFP) ― Consumers can expect to wait a while before they’re able to lay their hands on Google’s much-hyped Internet-connected eyewear, Google executive chairman Eric Schmidt said Friday.Google recently began shipping Google Glass to software developers who signed on to experiment with the device ― which integrates a tiny camera and voice recognition technology ― at a cost of $1,500 a pair.“You should assume that it will take us a while” to take stock of their feedback, said Schmidt wh

TOKYO (AFP) ― A modified Dreamliner took to the skies over Tokyo on Sunday with top Boeing and ANA executives aboard, as the planemaker and its leading client sought to reassure passengers the jetliners are safe.It was the first flight by one of All Nippon Airways’ 787s since the worldwide fleet of the next-generation planes was grounded over safety concerns due to faulty batteries sparking fires on board two planes.The test flight by ANA, which has the largest fleet of Dreamliners, came a day a