Russian Social Network CEO Removed

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Pavel Durov, founder of VKontakte, has been removed as chief executive after it emerged the resignation letter he tendered last month and later withdrew wasn't properly rescinded.

Australia to Buy 58 F-35 Jet Fighters

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Australia said it would buy 58 Lockheed Martin Corp. F-35 Joint Strike Fighters in a deal worth about US$12 billion.

Ericsson Reports Sharp Revenue Decline

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Sweden's Ericsson reported an unexpectedly sharp decline in revenue for the first quarter, blaming lower revenue in North America and Japan which was only partly offset by growth in China, the Middle East and Latin America.

ARM Holdings Posts Higher Profit

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Computer chip designer ARM Holdings reported a rise in first-quarter profit boosted by demand for its technology for a growing range of products including so-called supercomputers and sensors.

Newcrest Mining Cuts Jobs

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Newcrest Mining Ltd. said it cut hundreds of jobs in Papua New Guinea in a push toward austerity. The decision comes after the company launched a raft of cost-cutting projects across its operations last quarter.

China Trust-Sector Growth Slows

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The growth of assets managed by China's trust companies moderated as the economy lost momentum and regulators stepped up supervision over the rapidly expanding "shadow-banking" sector.

Consortium Led by Macau Mogul to Raise Stake in Russian Casino

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A consortium backed by Lawrence Ho is planning to raise its stake in a casino project on the outskirts of Vladivostok as the gambling mogul expands his empire beyond Macau and into far eastern Russia.

Tesla CEO Pledges to Build Up Support Network in China

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Tesla CEO Elon Musk offered new details on how the company plans to broaden use of its niche electric car, as he pledged to build out a support network in China.

Justices Wrestle With Aereo TV Suit

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Supreme Court justices expressed unease with online-video startup Aereo, but they also voiced concerns about the consequences of ruling for the broadcasters that are challenging the legality of the service.

Hess Sells Thai Assets for $1 Billion

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Hess Corp. is selling its Thai assets for around $1 billion in the latest of a string of deals by U.S. companies as they switch focus back to North America.

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