G-8 pledges $60 billion to African countries
Heligendamm: The group of eight countries (G-8) comprising developed countries have pledged $60 billion to African countries to fight AIDS and other killer diseases ravaging the continent.

German chancellor Angela Merkel, who hosted G8 leaders and leaders of five African states, said the agreement was a showpiece outcome of the three-day summit, along with Thursday's deal to push for greenhouse gas emissions cuts.

Campaigners however said that rich nations have fallen behind on commitments made to double development aid at a summit in 2005 in Gleneagles, Scotland and were unimpressed with Friday's deal, which restated the pledges made two years ago.
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Vodafone rejects call to restructure
London: UK based mobile giant Vodafone has turned down a restructuring call by Efficient Capital Structures (ECS), a hedge fund backed by telecom equipment maker Marconi that would have unlocked up to $75 billion to shareholders.

Marconi Plc's former CEO John Mayo sent a letter to Vodafone earlier this week saying that restructuring could release 17-38 billion pounds in shareholder value and asked that four resolutions be put to vote at the company's July 24 AGM.

Vodafone replied late last night saying that its board had reviewed the proposals and ''unanimously concluded that continued execution of its clearly stated strategy will deliver greater value for shareholders.''

Vodafone said the proposed resolutions seek to allow shareholders to give directions to the board at lower voting thresholds and limit its ability to make acquisitions. It would also significantly constrain the board's flexibility in managing Vodafone's global business and implementing its successful strategy to deliver value to shareholders.

However, Vodafone said that the requirement to seek shareholder approval for acquisitions at the low levels would place it at a material disadvantage in competing for assets.
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