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From the ashes of Webvan, Amazon builds a grocery business

By Alistair Barr SAN FRANCISCO (Reuters) - The online grocery start-up Webvan may have been the single most expensive flame-out of the dot-com era, blowing through more than $800 million in venture capital and IPO proceeds in just over three years before shutting its doors in 2001. Twelve years later, though, Webvan is rising from the dead - in the form of an online grocery business called AmazonFresh.

Mexican telecoms company in talks to restructure debt

Mexico City, Jun 18 (EFE).- Mexico's Maxcom Telecomunicaciones said Tuesday it was looking to raise new capital and restructure debt after failing to make an interest payment. In a filing with the Mexican Stock Exchange, Maxcom said it would use a 30-day grace period with respect to Tuesday's scheduled interest payment of roughly $11 million to continue talks with a new investor and certain of its bondholders with a view to recapitalizing and reorganizing the company's debt.

From the ashes of Webvan, Amazon builds a grocery business

By Alistair Barr SAN FRANCISCO (Reuters) - The online grocery start-up Webvan may have been the single most expensive flame-out of the dot-com era, blowing through more than $800 million in venture capital and IPO proceeds in just over three years before shutting its doors in 2001. Twelve years later, though, Webvan is rising from the dead - in the form of an online grocery business called AmazonFresh.

Moderate 6.5 earthquake strikes off Nicaragua

A moderate 6.5-magnitude earthquake struck off the coast of Nicaragua on Saturday and rattled nearby cities, but scientists said it was unlikely to have generated a major tsunami. The earthquake struck at 11:34 am (1734 GMT), 90 kilometers (55 miles) west of the capital Managua at a depth of 35 kilometers, the US Geological Survey said in a revised estimate. The USGS had initially estimated the strength of the earthquake as 6.6. The quake rocked coastal cities and was felt in the capital, but there were no immediate reports of casualties or damage.

Many small businesses are hiring - but are taking their time before committing to new workers

NEW YORK, N.Y. - Nina Vaca is interviewing job applicants at her staffing company again after putting hiring on hold at the end of last year. Vaca expects to hire more than 50 people for her firm, Pinnacle Technical Resources, by the end of 2013. Demand is soaring for the high-tech temporary workers it places at large corporations. The reason for her caution: Months of uncertainty about federal taxes and budget cuts has disappeared.

Battery maker Exide Technologies seeks Chapter 11 bankruptcy protection

MILTON, Ga. - Battery maker Exide Technologies is seeking Chapter 11 bankruptcy protection as it attempts to restructure its U.S. business. The Milton, Ga., company said its international operations are excluded from the filing, which it made Monday in U.S. Bankruptcy Court in Delaware. Exide Technologies makes batteries for vehicles and also provides stored electrical energy services for industrial applications.

Depositors, senior lenders safe in EU bank restructurings-EC official

By Foo Yun Chee BRUSSELS (Reuters) - Depositors and senior debt holders would be shielded from losses in any bank restructurings ordered by the European Commission, a senior Commission official said on Friday, the latest attempt to reassure savers that they would not be hit by bank problems. Gert-Jan Koopman, deputy director-general for state aid at the EU executive body, said shareholders and junior debt holders would bear the burden under updated state aid rules that are set to come into force in August.

Magnitude 5.6 earthquake strikes Pacific Ocean near Hawaii

(Reuters) - A 5.6 magnitude earthquake struck off the coast of Hawaii's big island on Tuesday, but there were no immediate reports of damage or injury and no tsunami was generated, a spokesman for the governor said. The U.S. Geological Survey reported that the earthquake struck in the Pacific Ocean 54 km (33 miles) southeast of Pahala on the big island. A spokesman for Hawaii governor Neil Abercrombie said the temblor was felt across the big island and Maui.

VW agrees hefty pay deal for German workers

HANOVER, Germany (Reuters) - Volkswagen <VOWG_p.DE> granted its German factory workers an inflation-busting pay rise on Tuesday, the latest hefty wage hike in Germany as union demands meet support from politicians seeking both to woo local voters and underpin the wider EU.

Report: French finance minister backs off bid to cap executive pay at private companies

PARIS - France's finance minister says the government is no longer planning to cap executives' salaries in the private sector, amid concerns it is antagonizing the big businesses needed to reinvigorate the economy. The Socialist government imposed limits last year on executive pay at state-run companies, and pledged to do the same in the private sector.
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