Google improves antitrust offer, EU says deal in sight
Google has offered further concessions to address regulatory concerns about its search results, the European Commission said on Wednesday, taking the company a step closer to settling a three-year investigation and prevent a fine of up to $5 billion. The world?s dominant search engine has been the focus of a European Commission investigation since November 2010, after more than a dozen complainants across Europe accused the company of promoting its own services at their expense. Google has now made three attempts to resolve the case, with the latest moves looking like they will be enough to settle it. ?I believe that the new proposal obtained from Google after long and difficult talks can now address the Commission?s concerns,? European Competition commissioner Joaquin Almunia said.
Sony to sell loss-making Vaio business for $493 m
Sony is in talks with investment fund Japan Industrial Partners to sell its loss-making Vaio personal computer division. Financial details and stakeholdings in the new entity were still being discussed. Sony is also considering a withdrawal from overseas PC markets, Reuters reported. The Nikkei business daily reported that the Vaio PC unit would be sold for up to 50 billion yen ($493 million) and that Sony would retain only a small stake in the new firm. The sale would lead to disposal losses that would push Sony into a net loss for the first time in two years for the year ending March 31, the Nikkei said.
France to make ?1-bn tax claim against Google
French authorities have decided to make a tax claim of 1 billion euros against Google following a probe into the tax strategies by the US internet giant, Le Point magazine reported. A Google spokesman in France declined to comment on the report, saying the company does not comment on rumours. The French finance ministry also declined to comment, citing tax confidentiality. France is one of a growing number of cash-strapped nations to pursue more aggressively what they see as abuse of tax and accounting rules that allows some multinational companies to pay less tax. French tax inspectors searched Google?s Paris offices in June 2011 as it opened a probe into how the company implements transfer pricing between its different units, a strategy many multinationals use to shift revenue and tax liability between countries.
Moodys warns over financial legacy of Sochi
A major international ratings agency expects the local government in Sochi, Russia, to struggle with the cost of maintaining the Olympic venues despite massive state investment. Moody?s said Sochi and the Krasnodar region have benefited from government funding to prepare for the games, which will start this week. But they will struggle with the cost of maintaining the venues after the event is over, the agency said. The Russian government auditing body has quoted estimates that it would cost at least 60 billion rubles ($2 billion) a year. Moody?s said it is uncertain whether the investment will boost tourism revenues enough.
US firms add fewer workers than forecast in January
Companies added fewer workers than projected in January, a private report based on payrolls showed on Tuesday. The 175,000 increase followed a revised 227,000 rise in December that was weaker than initially reported, according to the ADP Research Institute. The median projection of 40 economists surveyed by Bloomberg called for an advance of 185,000. Stock-index futures held losses after the figures.
