Business Blog

22 April 2013 Last updated at 12:08 ET

Spain's population fell last year for the first time in decades, as immigrants left the country amid a major economic crisis, officials say.

The National Statistic Institute (NSI) says the number of residents dropped by almost 206,000 to 47.1m - the decline entirely accounted for by foreigners.

Immigrants from Ecuador and Colombia showed the biggest fall.

The figures do not take into account many Spaniards who have left in search of work but are still on the census.

'Less attractive'

The statistics agency recorded Spain's first population drop since the regular census began in the 1990s.

Although the number of native Spaniards grew in 2012 by some 10,000 - it only minimally offset the overall fall of nearly 216,000 among registered foreign residents.

The figures show that the ongoing economic crisis has reversed the country's rapid population growth in the decade before the financial crisis erupted in 2008.

The bursting of the property bubble and high unemployment levels compounded the situation, forcing many economic migrants from South America and Eastern Europe to leave the country.

"Spain is less attractive because there no jobs," Albert Esteve of the Barcelona Centre for Demographic Studies told Spain's National Radio.

22 April 2013 Last updated at 13:00 ET

Toymaker Hasbro has seen its results beat market expectations, despite seeing its losses widen as it continues cost-cutting efforts.

The US company made a net loss of $6.7m ($4.4m) in the first quarter of 2013, compared with a loss of $2.6m a year earlier.

Much of the losses came as a result of restructuring charges linked to the $100m per year cost reduction programme.

Hasbro's revenues were up 2% to $664m.

The company said that sales of its Monopoly board game were lifted by an online poll urging fans to vote on replacing one of the playing pieces. The clothes iron has subsequently made way for a cat.

Hasbro's other toy brands include Transformers, My Little Pony and GI Joe.

22 April 2013 Last updated at 10:50 ET

News Corp has reached a $139m (£91m) settlement with shareholders over complaints filed against the company's board of directors.

The 2011 suit related to the company's UK phone-hacking scandal and the purchase of a UK TV production firm.

The money will be covered by the insurance policies of the directors, who are the defendants in the suits.

News Corp said it "acknowledges the meaningful role the plaintiffs" played in improving corporate governance.

The company agreed to adopt enhanced measures as part of the derivative settlement. In a derivative suit, shareholders, acting on behalf of the company, sue against executives to rectify a wrong in a firm.

"We are pleased to have resolved this matter," News Corp said in a statement.

"The agreement reflects the important steps News Corporation has taken over the last year to strengthen our corporate governance and compliance structure and we have committed to building on those efforts going forward."

'No effective oversight'

Trustees of Amalgamated Bank of New York and the Central Laborers Pension Fund, which are both News Corp shareholders, first filed a lawsuit in March 2011.

It was directed against News Corp's directors for overpaying when the company bought Shine Group, a UK TV production company, from News Corp's chairman and chief executive Rupert Murdoch's daughter Elisabeth.

They claimed that the takeover deal was "unfairly" priced and that the News Corp board of directors failed to challenge Mr Murdoch about the terms of the transaction.

The pair then expanded their lawsuit in July 2011, to accuse the board of providing "no effective review or oversight" and permitting a "culture run amok" at the News of the World, which News Corp owned. The extent of phone hacking at the tabloid, then owned by News Corp, led to its closure in 2011.

"We are proud of this historic settlement, which continues the 20 year history of Amalgamated Bank encouraging corporate reform and improved corporate governance," Amalgamated Bank president and chief executive Edward Grebow said in a statement.

News Corp is expected to start a new life as a publishing company when it splits from its TV and film interests in June this year.

22 April 2013 Last updated at 09:21 ET

Swiss engineering firm ABB has said that it will buy Californian solar energy firm Power-One for $1bn (£656m)

The firm makes "inverters", which convert the direct current generated by solar cells into the alternating current needed by electricity grids.

ABB claimed demand for inverters would rise by 10% a year until 2021, due to rising energy demand, electricity prices and falling production costs.

The deal, set to be completed after the summer, requires shareholder approval.

The $6.35 price per share agreed by ABB represents a 57% premium over the Nasdaq-listed Power-One's closing share price on Friday, although it is still well below the $13 level its shares traded at back in 2010.

The $1bn total price tag is more than eight times the $120m in profit earned by the Californian company in 2012.

The global solar industry has suffered in recent years from a glut of government-subsidised supply from China, the US and Europe, as well as weak demand in Europe and other core markets due to the economic downturn.

However, the cost of solar energy has fallen rapidly since the 1970s, and is on course to become cheaper than other sources of energy on national grids by the end of this decade.

"Solar [photovoltaic] is becoming a major force reshaping the future energy mix, because it is rapidly closing in on grid parity," said ABB chief executive Joe Hogan.

Power One will add $1bn in annual inverter sales to ABB's current $100m, as well as valuable research and development expertise and $266m in cash on its balance sheet.

The US firm has 3,300 employees, spread across China, Italy, the US and Slovakia.