Exclusive: Bank of America puts non-U.S. wealth arm up for sale

Bank of America Merrill Lynch has put its wealth management units outside the United States up for sale, three sources familiar with the situation said, hoping to bring in up to $3 billion for the sub-scale business. Bank of America is the world's largest wealth manager, but its non-U.S. arm -- which two of the sources said manages some $90 billion for rich clients -- is not large enough to generate enough money for...

Saudis: Yemen consul's kidnappers demand prisoner release

A suspected al Qaeda militant who claimed responsibility for the kidnapping of a Saudi Arabian diplomat in Yemen has warned that his group will "prepare the knives" unless their demands are met, an official Saudi spokesman said on Tuesday. Mishaal Mohammed Rasheed al-Shodoukhi, who was named on a list of fugitive al Qaeda militants by the Saudi authorities in 2009, phoned the Saudi embassy in Yemen to demand a ransom and the release of militants in Saudi prisons, the spokesman said. He also threatened more attacks including...

Hollande-Sarkozy dead heat predicted in first round of presidential election

Latest opinion polls show Socialist challenger François Hollande and incumbent Nicolas Sarkozy level pegging for the first round of the French presidential election on Sunday. Both have lost points since the broadcast rules came into effect requiring that all 10 candidates be given equal air time on French television and radio, according to Le Monde newspaper. Analysts believe the rules, along with the impression...

UK inflation pushed to 3.5% by food and clothing price rises

A jump in the price of food and clothing compared to a year ago pushed up inflation to 3.5% in March, according to official figures. The rise was expected by City analysts who said it was likely to prove a blip in a long-term decline over the rest of the year to nearer the Bank of England target of 2%. But the rise will put pressure on the government, which needs inflation to fall to ease growing pressures on household...

Apple under fire over children's app bills

The group was granted permission to go ahead with the class action claim by a federal judge, who rejected Apple’s call for the case to be dismissed. It surrounds in-app purchasing, whereby users buy virtual currency and add-ons costing up to £70 for games or other software. Apps that use the system are often free to download initially. The parents argue that Apple made it too easy for children to spend on digital...