Lenovo's fourth-quarter net profit nearly doubles on Chinese PC, phone demand

HONG KONG (Reuters) – China's Lenovo Group Ltd posted a 90 percent rise in its quarterly net profit, its fastest pace in seven quarters, as a result of strong PC and smartphone demand in its domestic market. Lenovo, on track to unseat Hewlett-Packard Co as the world's top PC maker by shipments, posted net profit of $126.9 million in the quarter ended March, up from $66.8 million a year earlier, based on Reuters calculations using full-year and nine-month financial data. That was the fastest pace since the first quarter of the 2011/2012 fiscal year, when growth doubled. … Read more here: Lenovo's fourth-quarter net profit nearly doubles on Chinese PC, phone demand

Average U.S. 401(k) balance tops $80,000, up 75 percent since 2009

BOSTON (Reuters) – The average 401(k) retirement balance for U.S. workers hit a record high of $80,900 in the first quarter, a growth spurt of 75 percent since the stock market’s nadir in March 2009, Fidelity Investments said on Thursday based on a survey of its accounts. Most of the recovery is linked to a stock market rally that has lifted the broad S&P 500 Index 145 percent since the close of trading on March 9, 2009. The 401(k) recovery looks even better for workers 55 and older, according to Boston-based Fidelity, the largest U.S. administrator of 401(k) retirement plans. … Read more here: Average U.S. 401(k) balance tops $80,000, up 75 percent since 2009

SoftBank would appoint "security director" to Sprint board

(Reuters) – SoftBank Corp would appoint a “security director” to Sprint Nextel's board if its takeover bid succeeds, and would give the U.S. government the right to approve the nominee, an attempt to address security concerns raised by the proposed deal. Sprint said in a filing with the U.S. Securities and Exchange Commission on May 1 that the new director appointed by the Tokyo-based SoftBank would oversee public safety concerns related to Sprint's wireless and wireline operations. … Read more here: SoftBank would appoint "security director" to Sprint board

JGB yields surge, markets spooked by Bernanke remarks

By Masayuki Kitano and Hideyuki Sano SINGAPORE (Reuters) – Japanese government bonds plunged on Thursday, taking yields to their highest in a year and leading a selloff in bonds globally after Federal Reserve Chairman Ben Bernanke's remarks sparked worries of a reduction in U.S. monetary stimulus. Bernanke's comments, suggesting the Fed's massive bond purchases could be scaled back in the next few policy meetings if the economy improves further, triggered a reaction across a swathe of markets, lifting the dollar to a three-year high versus a basket of currencies and the U.S. … Read more here: JGB yields surge, markets spooked by Bernanke remarks