Business-Brian May

[00:05.126]Dell took a long-awaited step towards diversifying its business when it agreed to pay $3.9billion for [00:12.316]Perot Systems,an IT services company.The computer-maker obtains most of its revenue from selling [00:18.646]hardware and related products to companies,which leaves it vulnerable to business downturns.Perot [00:24.246]Systems,founded by Ross Perot,a former presidential candidate,receives most of its income from [00:29.806]government and health-care contracts,a more stable source of revenue which will increase if the [00:35.906]American government digitises patients ’records as promised. [00:39.126]The Federal Open Market Committee issued an upbeat statement on America ’s economy and held [00:44.706]interest rates at a record low.It also extended its $1.25trillion programme of buying mortgage-backed [00:52.316]securities into the first quarter of 2010. [00:55.326]Britain ’s Lloyds Banking Group announced that “in light of improving economic conditions ”it would seek [01:01.726]to reduce the amount of toxic assets to be ring-fenced in the government ’s asset-protection scheme. [01:06.436]Royal Bank of Scotland also wants to reduce its participation in the scheme.See article [01:13.06]Bank of America paid $425m to leave a federal programme that guaranteed the assets it acquired when [01:20.76]it took over Merrill Lynch.BofA said the move was part of its plan “to reduce its reliance on government [01:27.476]support and return to normal market funding ”.The bank also named Charles Holliday,a former boss of [01:34.436]DuPont,to its board,the sixth new appointment since June. [01:39.76]Meanwhile,the Securities and Exchange Commission promised to “vigorously pursue ”its case against [01:44.876]BofA for allegedly misleading shareholders about bonuses paid to Merrill Lynch executives.A judge [01:51.116]recently threw out the SEC ’s settlement with the bank and ordered a trial;the agency hinted at additional [01:57.916]charges. [01:58.356]The European Commission unveiled its suggestions for creating new “super-regulators ”for Europe ’s [02:05.06]banking sector and financial markets,saying it wanted “to protect European taxpayers from a repeat of [02:11.916]the dark days of autumn 2008”.All 27member states need to agree to the proposal,which will face some [02:20.106]stiff opposition,not least from Britain;City regulators have already balked at handing over powers to [02:25.586]Brussels. [02:25.976]It emerged that Christopher Dodd,who heads the Senate Banking Committee,is preparing a bill to [02:31.836]merge the oversight activities of the four federal agencies that supervise banks into one super-regulator, [02:37.546]thus flying in the face of the government ’s plan to keep the agencies separate. [02:42.646]Spain ’s Banco Santander released details of its planned initial public offering for its Brazilian subsidiary. [02:49.446]If successful,the IPO will be Brazil ’s biggest ever,raising up to $7.3billion.Brazil Santander could have a [03:00.706]market value of up to $52billion,placing it among the world ’s top 30banks. [03:08.136]Jaguar Land Rover,a British carmaker owned by India ’s Tata,announced a streamlining and greening [03:12.296]plan that will include lighter materials and hybrid technology for Land Rover SUVs as well as Jaguar cars. [03:19.446]Cost-cutting measures should avoid enforced redundancies but will lead to the closure of one of its plants. [03:25.216]A big tax incentive [03:26.506]The Internal Revenue Service extended until October 15th a deadline by which Americans can disclose [03:32.376]secret accounts they hold at UBS and other foreign banks.Lawyers asked for more time to submit [03:40.106]papers from their clients following a settlement between the IRS and the Swiss bank,in which it will [03:46.446]divulge the names of about 4,450account-holders. [03:51.346]The Association of American Publishers and the Authors Guild said they had noted the objections raised to [03:57.206]their proposed settlement with Google over its plans for an online digital library of out-of-print books, [04:03.406]and asked a court to postpone a hearing on the matter so they could amend the agreement.The Justice [04:08.876] [04:13.776]laws. [04:15.456]China filed an appeal against a ruling by the WTO that calls for the country to lift restrictions against [04:21.966]American books,films and music.Such imports are channelled through state-run distributors,which China [04:29.136]argues is necessary to protect public decency and culture. [04:33.846]Dow Jones decided to close the Far Eastern Economic Review,which has chronicled Asia ’s development [04:39.896]since the end of the second world war.See article [04:42.896]More for your daily cuppa [04:43.906]The price of tea hit another high because of drought in Kenya,the largest [04:46.726]exporter.In Sri Lanka,tea workers are demanding a 75%increase in their [04:52.76]daily wage,to 500Sri Lankan rupees （$4）.A survey in 2007found a third [05:00.936]of plantation employees live in poverty.