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PT XL Axiata, the Indonesian wireless carrier, fell to the lowest in nearly a year after people with knowledge of the matter said its Malaysian parent company is planning to sell part of its stake. Shares of XL Axiata dropped as much as 4.9 percent Tuesday and were down 3.4 percent to 2,560 rupiah at 12:29 a.m. in Jakarta, headed for their lowest close since October 2015. The benchmark Jakarta Stock Exchange Composite Index fell 1.6 percent. Axiata Group Bhd., Malaysia’s biggest mobile-phone operator, is seeking to trim stakes in some of its overseas operations in deals that could raise as much as $700 million, people familiar with the matter said. Axiata, based in Kuala Lumpur, is seeking a buyer for about 11 percent of Indonesian unit XL Axiata, according to the people. It is also selling as much as 30 percent each of listed Sri Lanka unit Dialog Axiata Plc and closely held Cambodian subsidiary Smart Axiata Co., the people said, asking not to be identified because th...

Though the Central Bank of Sri Lanka (CBSL) was first to introduce PayPal to Sri Lanka through the Sampath Bank, it is revealed that three other banks too have been now earmarked by the CBSL. A senior official from the CBSL told AdaderanaBiz, “We were to first introduce PayPal through the Sampath Bank. However, we now plan to introduce this service to the country through four banks. We also plan to gradually involve the rest of the banks in the country.” While the CBSL is discussing with the PayPal branch in India to introduce the service to Sri Lanka, PayPal’s Indian arm has reportedly requested a report on Sri Lanka’s exports. The senior CBSL official told AdaderanaBiz that they would be submitting such a report and hence the introduction of PayPal to Sri Lanka would face a slight delay. Though cash cannot be remitted to Sri Lanka through the world renowned PayPal money transfer service sending money from Sri Lanka is possible even now.

European Union regulators are to end an antitrust probe into e-book prices by accepting an offer by Apple and four publishers to ease price restrictions on Amazon, two sources said on Tuesday. That decision would hand online retailer Amazon a victory in its attempt to sell e-books cheaper than rivals in the fast-growing market publishers hope will boost revenue and increase customer numbers. "Faced with years of court battles and uncertainty I can understand why some of these guys decided to fold their cards and take the whipping," said Mark Coker, founder of Smashwords, an ebook publisher and distributor that works with Apple. "It's certainly another win for Amazon," he added. "I have not seen the terms of the final settlement, but my initial reaction is that it places restrictions on what publishers can do, slowing them down just when they need to be more nimble." A spokesman at the EU Commission said its investigation was not yet fi...

Ceylon Petroleum Corp (Ceypetco) will resume operation of Sri Lanka’s sole refinery, a 50,000 barrels-per-day facility, after a 10-day closure, because it has received a cargo of 75,000 tonnes of crude from Dubai, officials said. Sri Lanka’s decades-old refinery is configured to run on Iranian crude and has been scrambling to fill a shortfall after Western sanctions prevented it from bringing in the crude from Iran. The sanctions have hurt its economy by forcing it to spend more to import oil and oil products. The refinery was shut on Oct. 26 after exhausting its supply of mainly Iranian crude oil, and its general manager, Susantha Silva, said it would be shut until the island nation received the Dubai cargo. “We have received a 75,000-metric-tonne crude cargo and everything is arranged to unload,” Silva said in an interview on Monday. “If all goes well, we’ll be able to resume operations from tomorrow.” Silva declined to comment on the origin of the cargo, but an ...

Last week it was revealed that Megaupload had retained the services of Andrew Schapiro, the lawyer who led YouTube to a summary judgment in its copyright trial against Viacom. But now the US government has filed papers objecting to Schapiro’s law firm working on Megaupload’s defense, citing conflicts of interest involving Google, YouTube, Disney, Fox and other movie, TV show and software companies. Following the raids on Megaupload in January, tens of millions of dollars in assets and funds belonging to the company were seized. Initially a law firm called Sidley Austin LLP had been negotiating on Megaupload’s behalf for the return of such assets and funds held in Hong Kong, New Zealand and Canada. Funds were indeed released from Hong Kong in February (to pay Mega employees) and from New Zealand in March (to pay for Kim Dotcom’s living expenses). At the end of last month, Sidley Austin LLP and Rothken law firm filed a motion in the US to have more funds released to cover Mega’...

The U.S. government shut down the Megaupload.com content sharing website, charging its founders and several employees with massive copyright infringement, the latest skirmish in a high-profile battle against piracy of movies and music. The Department of Justice announced the indictment and arrests of four company executives in New Zealand on Friday as debate over online piracy reaches fever pitch in Washington where lawmakers are trying to craft tougher legislation. The movie and music industries want Congress to crack down on Internet piracy and content theft, but major Internet companies like Google and Facebook have complained that current drafts of the legislation would lead to censorship. A Justice Department official said the timing of the arrests was not related to the battle in Congress. New Zealand police on Friday raided a mansion in Auckland and arrested Megaupload founder Kim Dotcom, also known as Kim Schmitz, 37, a German national with New Zealand residenc...

 Retailers trying to woo shoppers with early deals and longer hours this week, and throughout the holiday season, could be putting their profits at risk as shoppers search for bargains and not much else. Wal-Mart Stores Inc, Toys R Us and outlet malls are among those hoping that big discounts on Thursday night will attract shoppers hungry for deals after Thanksgiving meals. Others such as Target Corp, Macy's Inc and Kohl's Corp will join the fray during the wee hours of Friday, opening their doors hours earlier than in past years. The early sales, along with more advertising spending, show that retailers are taking no chances as they fight for their share of the limited amount shoppers plan to spend. The moves, which include adding staff, securing bargains on video games and offering free shipping, also can eat into profit margins. Gross margins at U.S. department stores and broadline chains are expected to fall an average of 0.4 percentage points this year because...

Japan's Olympus admitted on Tuesday it hid losses on securities investments dating back two decades, bowing to weeks of pressure to explain a series of baffling transactions that have put the future of the firm in doubt. The revelations by the 92-year-old company appear to vindicate ex-CEO Michael Woodford, who has staged a campaign since being sacked on October 14 to force the firm to come clean on nearly $1.5 billion in questionable payments. Olympus President Shuichi Takayama blamed Tsuyoshi Kikukawa, who quit as president and chairman on October 26, Vice-President Hisashi Mori and internal auditor Hideo Yamada for the cover-up, saying he would consider criminal complaints against them. The admission after weeks of denials shocked investors, sending shares in the endoscope and camera maker skidding almost 30 percent and prompting the biggest non-Japanese shareholder to demand the replacement of the entire board. "Ignorance is no defense," said Jo...

Nokia unveiled two sleek new Microsoft Windows phones on Wednesday in time for Christmas, a first step in the ailing cellphone maker's fightback against Apple and Google. Chief Executive Stephen Elop presented the two new smartphones, the first fruits of his big bet on Microsoft software, to a 3,000-strong audience in London, saying they represented the beginning of a new era for the Finnish giant. "It's a new dawn for Nokia," Elop said as he unveiled the high-end Lumia 800 and mid-range Lumia 710, which will go on sale in key European markets next month. In an interview with Reuters, Elop said the world's biggest cellphone maker had transformed itself during his 13-month tenure, which has seen a shake-up of senior management and thousands of lay-offs. "It is a different company operating on a different clock speed," he said. "The amount of effort and passion and work that's been accomplished that we were able to show off ...

The Consumer Affairs Authority (CAA) revealed that legal action will be taken against 910 cement traders found to have committed various offenses following the recent raids conducted by the CAA. Some of the offences included selling cement at a higher price than the stipulated maximum retail price, hiding stocks and selling cement under conditions. The CAA stated that the maximum retail price for a 50kg bag of cement is currently Rs.750 while further raids will be conducted to apprehend traders who are selling cement at higher prices and are engaging in illegal stockpiling.

Apple Inc scored a big victory in its patent infringement battle against Samsung Electronics after a German court barred the Korean firm from temporarily selling its flagship Galaxy tablet in the European Union except the Netherlands. The court order comes a week after Samsung was forced to delay the Australian launch of its latest Galaxy tablet because of similar lawsuits. Apple has said Samsung's Galaxy line of mobile phones and tablets "slavishly" copied the iPhone and iPad. It has sued in the United States,Australia and elsewhere. Samsung has countersued Apple. "There's no doubt the court decision will have an adverse effect on Samsung. Samsung is clashing with Apple in many places, which could result in a temporary fall in sales and increase costs related to litigation," said Lee Seung-woo, an analyst at Shinyoung Securities in Seoul. By 0230 GMT (10:30 p.m. EDT), Samsung shares were up 0.8 percent in a broader market up 1.2 percent after s...

A Singapore-based international arbitrator on Monday voided an oil hedging deal between Ceylon Petroleum Corporation and Citibank , rejecting the bank’s demand for $192 million plus interest in payments it said it was owed, sources said. “The decision has said that the entirety of the transaction is not right and Citibank’s claim has been dismissed,” one of five sources involved with the case at the International Centre for Settlement of Investment Disputes told Reuters. Four other sources, who were involved on both sides of the case, confirmed the ruling. All spoke on condition of anonymity. Last Month, a London court found Ceypetco owed nearly $162 million plus interest to Standard Chartered Bank for non-payment of hedging dues, after oil prices collapsed from the global highs in place when the agreement was signed. (Reuters)

Italian supercar maker Lamborghini is considering adding an "everyday" model to its line-up, its chief executive Stephan Winkelmann said at the Reuters Global Luxury and Fashion Summit. Lamborghini, a unit of Volkswagen's ( VOWG_p.DE ) Audi brand, whose sleek cars bear the charging bull logo, sees the luxury super sportscar market returning to the record levels seen in 2007 by 2013-14, Winkelmann said. Around 35,000 super sports cars were sold in 2007, compared with about 26,000 last year, he said. Strong demand from emerging regions such as China and Russia is boosting sales of high-end models. Referring to plans for a third model, Winkelmann said: "We are going to have a third model. It has to be an everyday car. We want to have a car which is able to be used on a daily basis." Lamborghini, which competes with fellow Italian brand Ferrari ( FIA.MI ), has not yet decided which segment the car will belong to, he said, adding that once that decision was made, th...

Sony Corp's computer networks remain vulnerable to attack three weeks after the company learned that it had been victim of one of the biggest data breaches in history, according to an Internet security expert. The expert found a handful of security flaws in Sony's networks while remotely studying its systems via the Internet to see how difficult it would be to penetrate the electronics giant's systems in the wake of the attacks. Security researcher John Bumgarner discovered a potential bonanza for hackers by using little more than a web browser, Google's search engine and a basic understanding of Internet security systems. "Sony still has several external security issues that need to be addressed," said Bumgarner, chief technology officer for the U.S. Cyber Consequences Unit, a research group funded by government and private sector grants that monitors Internet threats. Bumgarner, a well-regarded Internet security researcher and U.S. military special operation...