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By Amy Thomson and Blanche Gatt

(Updates with editor’s comment in fourth paragraph.)

Feb. 20 (Bloomberg) — Rupert Murdoch’s News Corp. will begin a Sunday edition of British tabloid the Sun this weekend, seven months after shutting another Sunday newspaper rocked by a phone-hacking scandal.

News International, the company’s U.K. publishing arm, plans to publish the Sun on Sunday on Feb. 26, spokeswoman Daisy Dunlop said by telephone. The Sun’s editor, Dominic Mohan, will also be in charge of the Sunday edition.

Murdoch’s announcement may soothe anger in the newsroom after the company’s Management and Standards Committee, formed by News Corp. to assist police in their investigations of phone- hacking and bribery, handed over information to police. It may also spark more clashes with U.K. politicians, with Murdoch announcing the decision before legislators publish a report into why News Corp. executives didn’t stop illegal activities.

“The Sun’s future can now be reshaped as a unique, seven- day proposition in both print and digital,” Mohan said in a statement in the Sun today. “Our readers’ reaction to the announcement of a seventh-day Sun has been huge and we won’t let them down.”

News Corp. has “made clear its determination to sort out what has gone wrong in the past and we are fundamentally changing how we operate as a business,” News International Chief Executive Officer Tom Mockridge said in an e-mail to employees yesterday. Murdoch will stay in London to oversee the start of the Sunday newspaper, Mockridge said.

‘Unwavering Support’

During a visit to the Sun’s newsroom on Feb. 17, Murdoch, News Corp.’s chairman and CEO Replica Breitling watches, said he will stay in London for several weeks to give his staff “unwavering support.” He spent two hours talking to journalists on the newsroom floor with son Lachlan, said a person familiar with the matter. James Murdoch, the former CEO of News International and now deputy chief operating officer of New York-based News Corp., didn’t fly to London because he had other commitments, the person said.

The News of the World was the best-selling Sunday paper in Britain when it was closed last July and its readers have dispersed to competing tabloids or stopped buying Sunday papers altogether. Its circulation reached 2.66 million in May 2011, more than twice its closest competitor in the national Sunday market, the Sunday Mirror, according to media researcher ABC.

The Sun had an 8.7 percent lift in circulation in January as News Corp. sold an average of 2.75 million issues of the tabloid a day, up from 2.53 million a month earlier. Overall daily newspaper sales rose 3 percent, according to the report.

Ethics

The Sun, whose coverage includes celebrity news and soccer, is still selling fewer copies than a year ago as the industry grapples with readership and advertising declines.

Maurice Levy, CEO of the world’s third-biggest advertising company Publicis Groupe SA, said last year that News Corp. may quickly regain advertisers if the company creates “a new News of the World with much more ethical behavior.”

The closing of the News of the World was “just cynical,” said Chris Bryant, a lawmaker from the opposition Labour Party, who had sued the News of the World over phone-hacking. Tom Watson, the lawmaker who is helping prepare the report into News Corp. executives, said “this will not draw a line under the crisis faced by News Corp. in the U.K.”

Lawmaker Probe

Following the News of the World’s closure, Murdoch and his son James had to appear before Parliament to explain how much they knew.

In his testimony on July 19, Rupert Murdoch told lawmakers that this is “the most humble day of my life.” He added that he may have “lost sight” of the paper because it was “so small in the general frame of the company.”

The police investigation ultimately widened beyond the News of the World to News Corp.’s other U.K. titles including the Sun and the Times.

The U.K. lawmakers probing whether News Corp. covered up phone hacking are at least two months behind schedule with their report, as they debate how critical they can be of James Murdoch, two people with knowledge of the panel’s discussions said last week.

Calling on employees to “seize the opportunity to pull together and deliver a great new dawn for the Sun on Sunday,” Mockridge said the “commitment of News Corporation to invest in a new edition is the strongest possible message of support we could wish for.”

Bloomberg LP, the parent of Bloomberg News, competes with News Corp. units in providing financial news and information.

–Editors: Kenneth Wong, Simon Thiel.

To contact the reporters on this story: Amy Thomson in London at athomson6@bloomberg.net; Blanche Gatt in London at bgatt@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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By Matt Walcoff

Feb. 15 (Bloomberg) — Canada’s main stock index was little changed as banks fell after European officials postponed a decision on an aid package for Greece, while energy stocks rose.

Bank of Montreal, Canada’s fourth-biggest lender by assets, declined 0.6 percent after Euro-region finance ministers canceled an in-person meeting scheduled for today. Suncor Energy Inc., the country’s biggest oil and gas producer, gained 1.5 percent as crude advanced to the highest in a month. Canadian National Railway Co., the country’s largest railroad, lost 0.9 percent as North American carriers retreated on concern coal shipping will drop.

The S&P/TSX Composite Index climbed 7.56 points, or 0.1 percent, to 12,362.03 Toronto time after closing at a three-week low yesterday.

“The market is waiting for continued good news Replica Watches,” Greg Eckel, a money manager at Morgan Meighen & Associates Ltd. in Toronto, said in a telephone interview. The firm oversees about C$1 billion ($1 billion). “The bias is to run a little skittish until some more information comes out that can establish some firmer footing as to the way forward” on Greece.

The S&P/TSX has lost 0.7 percent this month after rallying 4.2 percent in January. Gold stocks led the decline as the U.S. dollar advanced on concern Greece’s efforts to reduce its budget deficit won’t avert a default. Seven of the world’s 20 largest gold companies by revenue are Canadian, according to Bloomberg data.

Decision Delayed

The group of Euro-region finance ministers won’t decide on the new Greek rescue package until its next meeting on Feb. 20, Luxembourg Prime Minister, Jean-Claude Juncker, the panel’s chairman, said yesterday. Instead of meeting in person today, the finance chiefs held a conference call.

The S&P/TSX Commercial Banks Index fell for the first time in three days. BMO dropped 0.6 percent to C$57.94. Royal Bank of Canada, the country’s largest lender by assets, slipped 0.3 percent to C$53.46. Mortgage insurer Genworth MI Canada Inc. declined 1.2 percent to C$21.30.

Energy companies advanced after the U.S. Energy Department said crude supplies retreated last week. Most analysts in a Bloomberg survey had forecast an increase.

Suncor increased 1.5 percent to C$34.22 after Highfields Capital Management LP reported it boosted its stake in the company. Talisman Energy Inc., an oil and gas producer with operations in North America, the North Sea and Indonesia, climbed 4.9 percent to C$13.13 after cutting its exploration- spending forecast.

Cenovus Energy Inc., Canada’s fifth-biggest energy company, slid 1.4 percent to C$38.08 after reporting fourth-quarter earnings that missed the average estimate of analysts in a Bloomberg survey by 17 percent, excluding certain items.

Canada’s two publicly traded railroads retreated along with their U.S. peers after Matthew Troy, an analyst at Susquehanna Financial Group LLLP, said in a note dated yesterday that rail stocks “will struggle in the first quarter as investors digest the reality that coal will be weak through the first half and earnings-per-share revisions skew downward in coming weeks.” Railroad coal shipping has fallen this year from the same period of 2011, according to the Association of American Railroads.

CN dropped 0.9 percent to C$77.55. Canadian Pacific Railway Ltd. declined 2.2 percent to C$73.03.

Harry Winston Diamond Corp., a diamond-mining company and jewelry retailer, rallied 9.2 percent, the most in a year, to C$13.01 after Oliver Chen, an analyst at Citigroup Inc., began coverage of the company with a “buy” rating. Diamond prices are likely to increase due to limited supply and growing demand from emerging markets, Chen wrote in a note to clients.

The S&P/TSX Materials Index slipped less than 0.1 percent, extending its streak of declines to nine days, the longest since June 2001. Teck Resources Ltd., Canada’s largest base-metals and coal producer, lost 1.3 percent to C$38.48 as copper retreated for a fourth day on the Comex in New York. First Quantum Minerals Ltd., the country’s second-biggest publicly traded copper producer, decreased 1.1 percent to C$21.93.

–Editor: Stephen Kleege

To contact the reporter on this story: Matt Walcoff in Toronto at mwalcoff1@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

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By Jae Hur and Ichiro Suzuki

(Corrects South Korean group’s share in fourth paragraph of story that ran yesterday.)

Feb. 16 (Bloomberg) — Sumitomo Corp., Japan’s third- largest trading house by assets Replica Cartier watches, said the Ambatovy nickel project in Madagascar will start initial production in March.

The project will begin production next month and will have operation rates above 70 percent by the end of this year, Kuniharu Nakamura, managing executive officer, told reporters at a conference today. The mine will produce 60,000 metric tons a year from 2013, he said.

Nickel, used to strengthen stainless steel in everything from kitchen sinks to aircraft-fuel tanks, has climbed 6.6 percent this year after losing 24 percent in 2011 on concern that Europe’s debt crisis may curb global growth and demand in China may slow.

Sumitomo has a 27.5 percent stake in the project, while Canada’s Sherritt International Corp. owns 40 percent and a South Korean group led by Korea Resources Corp., a state-run mineral explorer, has 27.5 percent.

Nickel for three-month delivery fell 0.6 percent to $19,950 a ton at 5:19 p.m. in Tokyo on the London Metal Exchange.

Separately, Sumitomo plans to increase its assets of resources and energy rights, such as copper Replica Rolex watches, zinc, coal, iron ore, oil and gas to 1 trillion yen ($12.7 billion) in two to three years from current 700 billion yen, Nakamura said.

–Editors: Jarrett Banks, Richard Dobson

To contact the reporters on this story: Jae Hur in Tokyo at jhur1@bloomberg.net; Ichiro Suzuki in Tokyo at isuzuki@bloomberg.net.

To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net

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By Stuart Biggs

(Updates with Iranian ships in Mediterranean in sixth paragraph, letter to EU in seventh.)

Feb. 18 (Bloomberg) — Israeli Defense Minister Ehud Barak called for “tight Lightweight Jackets, ratcheted up” sanctions against Iran to force the country to curb its nuclear ambitions, and said the political process had further to go before a military strike.

“We’re still in the sanctions stage and we expect them to become even more tight,” Barak said at a press conference today in Tokyo at the end of a four-day visit. “I think there is consensus in most capitals of the world that Iran should not be allowed to turn into a nuclear military power.”

Action against Iran’s nuclear facilities must be considered before the country achieves “the same kind of immunity as Kim Jong Il,” Barak said, referring to the deceased North Korean leader who defied international pressure to abandon a nuclear weapons program.

The U.S. and European Union have stepped up sanctions against Iran’s oil industry and financial system, saying the measures are necessary to force concessions from Iran over its nuclear program. Iran says its enrichment of uranium is for civilian use while Israel and its Western allies warn that it could be used to make weapons.

The standoff has raised tensions in a region that holds more than half of the world’s oil reserves. Iranian officials have threatened to cut off the Strait of Hormuz, through which about a fifth of crude trade passes.

Syrian Navy

An Iranian destroyer and supply ship docked in the Syrian port of Tartus yesterday to train Syria’s navy, after passing through the Suez Canal, Iran’s state-run Press TV reported today. It was only the second time Iranian ships entered the Mediterranean since the 1979 Islamic revolution, the Islamic Republic News Agency reported. Iran supports Syrian President Bashar al-Assad, who is being urged to quit by the U.S. and allies after an 11-month crackdown on protests.

Iran wants direct talks on its nuclear program at the “earliest possibility,” the country’s top nuclear negotiator, Saeed Jalili, wrote in a Feb. 14 letter to European Union foreign policy head Catherine Ashton. Ashton and Secretary State Hillary Clinton, who met in Washington yesterday, welcomed the initiative.

The EU is due to ban Iranian oil imports starting in July. Swift Casual, the global bank-transfer service, yesterday said it is prepared to impose sanctions against Iranian financial institutions once the EU sets out implementation rules.

‘New-Generation’ Centrifuges

Barak said Iran should be hit with “sanctions against the central bank and removing its access to international clearing systems.” Countries can’t hide behind the threat of losing oil from Iran in deciding whether to take action, because Saudi Arabia is ready to increase production and exports from Iraq are also increasing, he said.

Japan is seeking an exemption from a U.S. law that would punish its banks unless it cuts Iranian oil imports, while saying it has reduced Iranian crude purchases by 40 percent in the past five years and will continue to do so.

Iran this week said it had installed 3,000 “new- generation” domestically made centrifuges at its main nuclear research reactor in Tehran, describing it as a “major” breakthrough. The U.S. downplayed the news, with State Department spokeswoman Victoria Nuland calling it “hyped” in order to boost nationalism.

Prime Minister Benjamin Netanyahu’s government blames Iran for this week’s car bombings of Israeli diplomatic vehicles in New Delhi and the Georgian capital of Tbilisi. Two men with Iranian passports were also detained in Bangkok after explosions.

–With assistance from John Brinsley in Tokyo, Jonathan Tirone in Vienna, and Massoud A. Derhally in Beirut. Editors: Ben Richardson, Ben Holland, Leon Mangasarian.

To contact the reporter on this story: Stuart Biggs in Tokyo at sbiggs3@bloomberg.net

To contact the editor responsible for this story: Paul Tighe at ptighe@bloomberg.net

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Picture: Daniel Radcliffe Orange British Academy Film Awards (BAFTAs) held at the Royal Opera House – Arrivals London Replica Tag heuer watches, England ….

By Richard Rubin

(Updates with revenue estimate in second paragraph.)

Feb. 14 (Bloomberg) — Representative Sander Levin outlined a new proposal in his five-year effort to increase the tax rate that private equity managers and other investment executives pay on their so-called carried interest earnings.

The bill by the Michigan Democrat is similar to a proposal in President Barack Obama’s fiscal 2013 budget released yesterday. The administration estimates the change would generate $13.5 billion in additional taxes over the next decade.

“This loophole for years has unfairly enabled some of the highest-paid individuals in the country to sharply reduce their tax bills and it is time to close it once and for all,” said Levin, the top Democrat on the House Ways and Means Committee, in a statement.

Republicans object to the tax change, saying it would hurt economic growth. The House passed Levin’s proposal when Democrats controlled the chamber. It hasn’t advanced since Republicans took control of the House after the 2010 election.

Private equity managers are paid management fees and carried interest, which typically is a 20 percent share of the profits earned by their funds. The management fees are taxed as ordinary income, which has a top rate of 35 percent Fake Watches, and carried interest is considered a capital gain taxed at a top rate of 15 percent.

Romney’s Taxes

The preferential tax treatment of carried interest has benefited Republican presidential candidate Mitt Romney, who helped found and run Bain Capital LLC. Of the $21.6 million in income Romney reported receiving in 2010, $7.4 million came from carried interest, Ben Ginsberg, national counsel for Romney’s campaign, said Jan. 23 as Romney released his tax returns. Romney paid an overall 13.9 percent federal tax rate.

Levin said his new proposal would ensure that investment managers could continue to pay the capital gains rate for selling their stakes in their own companies.

The private-equity industry has resisted a tax change.

A tax increase “would discourage the risk-taking required to start, grow and save companies Fake Watches,” Steve Judge, president of the Private Equity Growth Capital Council, an industry trade group in Washington, said in a statement. Such proposals “have been defeated on a bipartisan basis a number of times over the last five years, and even with the highly charged election year rhetoric it is uncertain that such a proposal will gain traction.”

–Editors: Laurie Asseo, Justin Blum

To contact the reporter on this story: Richard Rubin in Washington at rrubin12@bloomberg.net

To contact the editor responsible for this story: Jodi Schneider at jschneider50@bloomberg.net

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By Simon Kennedy and Maria Petrakis

(See EXT4 for more on Europe’s debt crisis.)

Feb. 10 (Bloomberg) — A leader of Greece’s coalition government pushed back against German demands for deeper budget cuts as the price of the bailout needed to stave off a financial collapse.

George Karatzaferis, the leader of one of the three parties supporting interim Prime Minister Lucas Papademos, said he wouldn’t support austerity measures worked out for a rescue. Karatzaferis, who heads the Laos party, spoke in Athens hours after German Finance Minister Wolfgang Schaeuble told lawmakers in Berlin that Greece was missing debt-cutting targets.

Schaeuble said that current plans would leave its debt as high as 136 percent of gross domestic product by 2020, according to two people who took part in the meeting and who spoke on condition of anonymity because it was private. That compares with the 120 percent foreseen in a 130 billion-euro ($172 billion) bailout being negotiated.

“The Greek offer is not sufficient and they have to go away to come up with a revised plan,” Bertrand Benoit, a spokesman for the German Finance Ministry in Berlin Replica Watches, said by telephone today.

Emergency talks of euro-area finance chiefs broke up late last night with Luxembourg Prime Minister Jean-Claude Juncker saying Greece must turn its budget cuts into law, flesh out 325 million euros in spending reductions and have its major party leaders sign up to the program so they don’t retreat after upcoming elections.

Juncker’s Condition

“In short: no disbursement without implementation,” Juncker said. He set another extraordinary meeting for Feb. 15. “We can’t live with this system while promises are repeated and repeated and repeated and implementation measures are sometimes too weak,” he said.

The impasse left European stocks falling for the fourth time in five days and the euro declining from yesterday’s two- month high against the dollar.

In a bid to pressure his country’s lawmakers, Greek Finance Minister Evangelos Venizelos said the parliamentary vote amounted to a ballot on euro membership.

“If we see the salvation and future of the country in the euro area, in Europe, we have to do whatever we have to do to get the program approved,” Venizelos said in Brussels.

Resolution of the aid talks, which have dragged on since July, would allow Greece to make a 14.5 billion-euro bond payment on March 20 and contain the threat that speculators will target debt-saddled nations including Italy and Portugal.

–With assistance from Rainer Buergin and Brian Parkin in Berlin. Editors: James Hertling, Patrick Henry

To contact the reporters on this story: Simon Kennedy in Brussels at skennedy4@bloomberg.net; Maria Petrakis in Athens at mpetrakis@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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By Bloomberg News

(Updates with economist’s comment in the fourth paragraph.)

Feb. 13 (Bloomberg) — Chinese Premier Wen Jiabao said the nation needs to start “fine-tuning” economic policies this quarter, the first indication of a timeframe for an adjustment he has pledged since October.

Economic circumstances in January and the first quarter deserve attention, Wen told business executives last week in Beijing as he sought opinions on a government report, the official Xinhua News Agency reported yesterday. “We have to make a proper judgment as early as possible when things happen and take quick action,” Wen was cited as saying by Xinhua.

Wen’s remarks may fuel speculation that the government will soon ease policy further to preserve growth in the world’s second-biggest economy after weaker exports and slower lending last month. The nation’s expansion may be cut almost in half if Europe’s debt crisis worsens, a scenario that would warrant “significant” fiscal stimulus from the government Long Sleeved Cocktail Dresses, the International Monetary Fund said in a Feb. 6 report.

“It seems like Wen is getting ready to offer some stimulus to the economy after weaker data for January,” said Dariusz Kowalczyk, a senior economist at Credit Agricole CIB in Hong Kong. “It may suggest a high likelihood of a policy move in February or March. We expect a reserve ratio cut to be one of the measures announced soon.”

Kowalczyk said officials may also enact additional pro- growth measures such as boosting lending and government spending and lowering taxes.

Refraining from Cut

The central bank has refrained from lowering the reserve ratio since a cut in December, by 50 basis points to 21 percent, that was the first reduction in three years.

Tim Condon, chief Asia economist at ING Financial Markets in Singapore, said he’s surprised there haven’t been any more reserve ratio cuts this year, and he still forecasts reductions of 200 basis points for 2012. “Monetary policy has turned more accommodative at the end of 2011 and that appears to be persisting in 2012,” he said.

The Ministry of Commerce is studying measures for stabilizing foreign trade growth through easing funding pressures on companies, boosting fiscal-policy support and keeping the local currency’s exchange rate stable, Minister Chen Deming said during a trip to eastern Anhui province, according to a statement on the ministry’s website yesterday. Chen said last week in a written response to questions from Bloomberg News that January exports “cannot make us optimistic.”

Exports, Imports Drop

China’s exports and imports fell for the first time in two years in January and new lending last month was the lowest for a January in five years, government reports showed last week, adding to signs growth is weakening.

Overseas shipments fell 0.5 percent and imports declined a more-than-forecast 15.3 percent from a year earlier in a month that had four fewer working days than January 2011 because of the Chinese New Year holiday, the customs bureau said Feb. 10. Banks extended a lower-than-estimated 738.1 billion yuan ($117 billion) of new yuan-denominated loans last month.

China won’t waver on its real-estate curbs, which aim to bring home prices to a “reasonable level,” Wen said without elaborating. Although market mechanisms should play a fundamental role in the property market, the government will maintain restrictions to ensure fairness and stability, he said.

The eastern city of Wuhu yesterday said it will suspend a decision to ease property curbs, three days after its announcement. The People’s Bank of China last week pledged to ensure first-home buyers can get loans as a crackdown on speculation threatens to trigger a slump in the property market.

To cope with economic hardships this year, the government will “offer support to the real economy,” especially the development of small and micro companies, Wen said, according to the Xinhua report. It will also relax restrictions on private capital and support private enterprises, Wen said.

–Zhang Dingmin, Zheng Lifei. Editors: Scott Lanman, Lily Nonomiya

To contact Bloomberg News staff for this story: Bloomberg News in Beijing at dzhang14@bloomberg.net

%CNY

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net

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By Zahra Hankir

Feb. 20 (Bloomberg) — Abu Dhabi stocks advanced to the highest in almost four months on bets the emirate’s biggest developers will benefit from infrastructure spending. Oil rose for a fourth day.

Aldar Properties PJSC, Abu Dhabi’s biggest property developer whose 2011 profit beat estimates, gained 2.9 percent. Sorouh Real Estate Co., the emirate’s second-largest developer, climbed to the highest in almost five months. Abu Dhabi’s ADX General Index rose 0.6 percent to 2,504.17, the highest since Oct. 30, at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index increased 0.4 percent.

“Recent news on the real estate sector, including progress on Aldar and the commitment of the United Arab Emirates to some key projects, provided a rebound,” said Ahmed Talhaoui, the Abu Dhabi-based head of investment and asset management at Royal Capital PJSC.

Abu Dhabi, the oil-rich emirate transforming itself into a business and cultural hub, plans to resume projects including branches of the Louvre and Guggenheim museums after reviewing their viability, the government said in January. Aldar, which obtained 16.8 billion dirhams ($4.6 billion) from Abu Dhabi’s government by selling assets in December, last week surpassed analysts’ earnings estimates after sales of more land and properties to the state helped full-year profit.

Oil Advances

Sorouh said on Feb. 15 that 2011 profit surged to 334.7 million dirhams from 7.44 million dirhams as income from rentals and housing projects rose. Aldar shares climbed to 1.07 dirhams, the highest close since Oct. 30. Sorouh advanced 4.8 percent to 1.09 dirhams, the highest since Sept. 28.

About 227 million shares traded in Abu Dhabi today, compared with a 12-month daily average of about 64.5 million shares.

Oil for March delivery advanced as much as 2.1 percent to $105.44 a barrel in electronic trading on the New York Mercantile Exchange after Iran said it halted some crude exports and investors bet fuel demand will increase as Europe moves closer to bailing out Greece. The MSCI Emerging Markets Index rose 0.4 percent after China cut reserve requirements for banks to spur lending and buoy economic growth, boosting demand for riskier assets.

Dubai’s DFM General Index slipped 0.1 percent from an eight-month high on investor speculation yesterday’s gain was overdone after the gauge rose 21 percent from this year’s low in January, entering a bull market. The measure’s 14-day relative strength index rose to 79 yesterday. A reading above 70 indicates to some investors that the benchmark is poised to decline.

Oman’s benchmark stock index rose 0.1 percent and Kuwait’s gauge gained 0.5 percent. Qatar’s QE Index gained 0.3 percent. Bahrain’s measure climbed 0.2 percent and Saudi Arabia’s Tadawul All Share Index increased 0.5 percent to 6,904.38 Replica Watches, the highest since May 2010.

–Editors: Daliah Merzaban, Claudia Maedler

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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