MtGox Creditors Agree to Rebuilding Plan and Drop Lawsuit

The under-fire CEO of MtGox, Mark Karpeles, who has been working with Sunlot Holdings to try and salvage the beleaguered bitcoin exchange.Reuters

A group of bitcoin investors believes it can save the collapsed MtGox exchange and Sunlot Holdings has taken the first step down that road by agreeing settlements with creditors in proposed class action lawsuits in the US and Canada.

The group, which is a backed by child actor-turned entrepreneur Brock Pierce and venture capitalist William Quigley, believes there is life in MtGox yet and has agreed to give US and Canadian creditors a 16.5% stake in the business once it is sold to them.

"This is the customers' best option and the only chance they have for full restitution," said a statement from Jay Edelson of the Edelson law firm, the lead attorney in the US case.

In a statement the group said: "The company negotiated the settlement as part of its effort to take over the bankrupt exchange before a court-ordered liquidation."

MtGox filed for bankruptcy protection in it home country of Japan as well as in the United States earlier this year after it revealed it had lost 850,000 bitcoins (worth around £220 million at current prices).

While the exchange subsequently found 200,000 of those bitcoins in an old wallet, earlier this month it finally gave up on rebuilding plans, and filed for liquidation in Tokyo.

Sunlot Holdings is proposing that the 127,000 MtGox customers who were left high and dry when the exchange halted withdrawals last February will share in the 200,000 bitcoins MtGox rediscovered as well as the $20 million in fiat currency held by the administrator for MtGox.

Quigley believes that simply letting MtGox disappear would have negative impact on the entire bitcoin community.

"Liquidation would have adverse consequences for MtGox customers and the entire bitcoin community. Millions of dollars worth of lost bitcoins would never be recovered and most of MtGox's assets would go to paying bankruptcy lawyers and others involved in the process rather than customers."

The deal still needs the approval of the US and Canadian courts before Sunlot is given the green light.

The group will also have to wait until next week when the Tokyo court overseeing the liquidation process will decide if Sunlot's proposal of buying MtGox for just one bitcoin will be approved.

Mexico Vigilantes Search Caves for Fugitive Knights Templar Drug Cartel Leader

Mexican vigilantes are searching an extensive cave system in the hunt for Servando "La Tuta" Gomez, the last fugitive boss of the Knights Templar drug cartel.

Vigilante leader Estanislao Beltran (known as "Papa Smurf") said there were signs the cartel had used the caves near the town of Arteaga in Michoacan state.

Vigilantes gather outside cave on outskirts of Arteaga in search for Servando Gomez, also known as "La Tuta", leader of the violent Knights Templar drug carteReuters

Vigilantes spokesperson Estanislao Beltran (R), known as Papa Pitufo (Papa Smurf), with a fellow vigilanteReuters

A vigilante uses a flashlight as he enters a cave during a search for La TutaReuters

Vigilantes accompanied by federal forces took control of Arteaga, the hometown of Gomez, the only one of the cartel's top four leaders who has not been captured or killed.

Gomez once worked as a schoolteacher in the area. He had some support among townspeople because his gang handed out money to residents.

Beltran said some townspeople tried to prevent the vigilantes from entering Arteaga to hunt for cartel gunmen.

Armed vigilantes stand on a stage in Arteaga, assuring locals they will find Servando Gomez, known as "La Tuta", leader of the violent Knights Templar drug cartelReuters

Vigilantes argue with the driver of a pickup truck after they heard music associated with the Knights Templar playing from his vehicle, on the outskirts of ArteagaReuters

Vigilantes rest inside a barricade on the outskirts of Apatzingan, in Michoacan stateReuters

The vigilantes sprang up in February 2013 to fight the cartel's extortion demands, kidnappings and killings. Armed with assault rifles, they travel from town to town in pickup trucks and set up highway checkpoints, seeking to expel gangsters from the largely agricultural state.

The government is trying to register and rein in the vigilantes. The federal government has given the vigilante groups until 10 May to demobilise and has offered them the option of signing up as members of an army-controlled Rural Defence Corps.

A soldier conducts an optical examination on a vigilante, as part of a programme to create a rural police force and to register their weaponsReuters

Jose Manuel Mireles, a leader of the vigilantes' Self-Protection Police, waves during a march to celebrate the first anniversary of the formation of the group of civilians who took arms to fight the drug cartelsAFP

Hipolito Mora and Estanislao Beltran, aka "Papa Pitufo" (Papa Smurf), leaders of the self-protection militia, hug each other during a party held to celebrate the vigilante group's first anniversaryAFP

A vigilante arrests a suspect in Apatzingan, considered the centre of operations of drug cartel Knights TemplarReuters

A car belonging to vigilantes in AguilillaAFP

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Wal-Mart Paid Over $300m to Terminate India Partnership with Bharti Enterprises

Wal-Mart paid over $300m to terminate India partnership.Reuters

Wal-Mart, the world's largest retailer, paid nearly $234m in debt related to the purchase of a stake in its Indian joint venture with Bharti Enterprises, which Walmart terminated last October, according to the US retailer's 2014 annual report.

Wal-mart had earlier paid $100m (£59m, €72m) to take over its Indian partner's 50% stake in Bharti Wal-Mart Pvt Ltd, which operates 20 wholesale stores under the Best Price Modern Wholesale brand.

The transaction resulted in a net loss of about $151m, according to the American firm's consolidated statement of income.

Earlier in the month, Wal-Mart said it remains bullish on the cash-and-carry business in India and that it plans to add 50 Best Price stores over five years. Wal-Mart India will now oversee the US firm's operations in the subcontinent.

Wal-Mart Sues Visa for $5bn

In March, Wal-Mart sued Visa, accusing the credit and debit card network of inflating card swipe fees, which the retail giant claims has hit sales.

Wal-Mart filed a complaint in federal court in Fayetteville, Arkansas, asking for at least $5bn in damages for what it claims are violations of federal antitrust laws that could triple that sum, according to media reports.

Visa and other card networks charge retailers fees, called interchange fees or swipe fees, each time a shopper uses a credit or debit card to pay.

In its lawsuit, Wal-Mart has argued that Visa, together with banks, sought to prevent retailers from protecting themselves against those swipe fees, eventually impacting sales.

India JV Collapses

Wal-Mart and India's Bharti Enterprises wound up their joint venture in India in late 2013 and decided to operate independently in the subcontinent.

As per the terms of an agreement reached by the companies, Wal-Mart acquired Bharti's 50% stake in their joint venture to assume its full ownership.

Relations between the two firms soured 2012 onwards, as Wal-Mart stalled the expansion of the Best Price chain owing to an internal probe into bribery allegations concerning its India operations.

Bharti Enterprises also runs Bharti Airtel, India's top mobile phone carrier.

Syrian Rebels Use Homemade Weapons Against Assad's Forces

Some groups of rebels in Syria are using home-made weapons in their fight against President Bashar al-Assad's forces.

A fighter from the Tawhid Brigade turns domestic gas canisters into homemade rockets for use against the 80th Brigade base in AleppoReuters

Mortar shells are turned on lathes in factories and fired using a variety of improvised launchers. Homemade grenades are launched from giant catapults. Some enterprising rebel groups ahve even built their own armoured vehicles.

Sham II, a home-made armoured vehicle made by the rebels' Al-Ansar brigade, near AleppoAFP

A Syrian rebel uses a PlayStation controller to navigate Sham II using screens showing the view of the homemade armoured vehicle's camerasAFP

The rebels do have an arsenal of conventional munitions – either captured from the Syrian army or supplied by sympathetic foreign countries. But there is also a thriving cottage industry making additional weapons out of whatever is available.

In this gallery we look at some of the homemade munitions used by the Free Syrian Army.

A Free Syrian Army fighter displays homemade bombs made from ornamental Christmas balls in AleppoReuters

Free Syrian Army fighters prepare an improvised mortar launcher in Aleppo's Bustan al-Basha districtReuters

A mortar attached to a carReuters

A Free Syrian Army fighter lights a homemade grenade before launching it on a catapult in the direction of forces loyal to Syria's President Bashar al-Assad in Aleppo's Karm al-Jabal districtReuters

A member of the Free Syrian Army takes aim in Deir al-ZorReuters

Rebel fighters fire rockets from a handmade weapon launcherReuters

An improvised mortar shell made on an ordinary workshop latheAFP

A rebel fighter prepares improvised mortar shells at his Aleppo workshopAFP

A Free Syrian Army fighter makes improvised mortar shellsReuters

A rebel fighter loads a rocket onto a rickety home-made launcher in the eastern Syrian town of Deir EzzorAFP

Free Syrian Army fighters improvise a very basic rocket launcherReuters

A member of the Free Syrian Army writes the name of a fellow fighter on a homemade rocket in Deir al-ZorReuters

Free Syrian Army fighters build an improvised military cannon, in Binnish in Idlib provinceReuters

Fighters from the Amjad al-Islam brigades stand by an improvised artillery weapon in eastern al-GhoutaReuters

Homemade grenades on a tableReuters

Fighters from the Free Syrian Army's Tahrir al Sham brigade use a shotgun to fire an improvised grenadeReuters

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Syria: Bashar al-Assad to Run for Third Presidential Term

The Syrian premier is to run for a third presidential term after three years of civil war (Reuters)

Syrian President Bashar al-Assad is to seek a third seven-year term at the helm of the war-torn country after formally submitting his nomination for the forthcoming elections.

The announcement was made by parliamentary speaker Mohammad al-Laham, who delivered the letter to the country's constitutional court.

"I ... Dr Bashar Hafez al Assad ... wish to nominate myself for the post of president of the republic, hoping that parliament will endorse it," a letter submitted by Assad to the Syrian constitutional court read.

Assad has been in power in Syria since 2000 and is the favourite to win another term as a three-year civil war continues to rage.

He will run against other six candidates, although none of the challenges are expected to bring an end to four decades of the Assad family's rule over the country.

After the announcement of his nomination, the president released a statement declaring that any "demonstration of joy expressed by supporters of any candidate for the presidency should be responsible.

"We are living in an atmosphere of elections which Syria is holding for the first time in its modern history."

Notable opposition leaders who live in exile are barred from standing in the election because of a constitutional clause which only allows candidates to run if they have lived in Syria for 10 consecutive years.

The Syrian constitution also demands that any candidate in an election must have the support of 35 members of the pro-Assad parliament, effectively removing any opposition voices from the election.

The election has been criticised by opponents as a farce, a parody and unrepresentative of the Syrian population of 16 million, with more than 2.5 million having fled the country as refugees and 6 million displaced in the unrest.

Approximately 150,000 people have died in the civil war with more than three million people denied vital medical aid.

Japan: Retail Sales Rocket to 17-Year High Ahead of Sales Tax Hike

A staff member at Aeon's supermarket changes a price tag under a sign informing a sales tax hike, in Chiba, east of Tokyo, on 31 March 2014.Reuters

Japanese retail sales rocketed in March by their fastest pace in 17 years, as consumers embarked on a buying spree ahead of a sales tax hike that took effect on 1 April.

The 11% increase in retail sales marked the fastest gain since the last time the government raised the tax in 1997, as consumers rushed to purchase durable goods, toiletries and clothes to escape paying higher prices.

The data indicates that consumer spending could drop in the weeks that follow the sales tax increase.

The Bank of Japan has repeatedly said any negative impact from the sales tax hike will be short-lived.

Economists said sales could rebound in May, suggesting the recovery in the world's third-largest economy is unlikely to be derailed.

Commerzbank Corporates & Markets said in a note to clients: It does not come as a surprise that Japanese retail sales reached record levels in March. On a seasonally adjusted basis retail sales rose by 6.3% MoM. These are clearly advance purchases ahead of the VAT hike on 1 April. As a result a notable decrease in retail sales is expected for April. However, there is still hope that the Bank of Japan's scenario will materialise and that sales will recover as early as May.

"The risk remains that in view of inreasing prices consumer sentiment will change, in particular if notably higher summer bonus payments do not materialise. These are due in June - they would have to lead to a notable rise in income as it will otherwise become difficult to maintain the mood to buy amongst the Japanese."

Government Coffers

Tokyo raised the national sales tax on 1 April 2014, to 8% from 5%, a move designed to boost tax revenue from a shrinking labour force amid rising costs associated with financing the nation's aging society.

Consumers bought automobiles and homes ahead of the increase.

Prime Minister Shinzo Abe's government is trying different things to strengthen the economy and the government's coffers. The sales tax hike apart, lawmakers are trying to get more women to join the workforce, while they contemplate easing restrictions on immigration.

The last time Tokyo raised the sales tax, in April 1997, retail sales shot up an annual 12.4% in March and dropped to an annual 3.8% in April.

Many politicians blamed the hike for the recession that followed, but others believe the Asian financial crisis was a bigger reason behind Japan's economic contraction.

Goodman Fielder Rejects 'Opportunistic' $1.2bn Offer From Wilmar and First Pacific

Goodman Fielder productsGoodman Fielder

Australian food company Goodman Fielder has rejected a joint takeover offer from Singapore's Wilmar and Hong Kong's First Pacific, saying the deal "materially undervalues" the firm.

Wilmar, which already owns a 10.1% stake in Goodman, and investment manager First Pacific offered A$0.65 ($0.60, £0.36, €0.44) per Goodman share, valuing the company at $1.2bn.

Goodman said its board carefully considered the proposal, and informed Wilmar and First Pacific of its decision.

"The Board believes that the current proposal materially undervalues Goodman Fielder and is opportunistic," the company said in a statement.

"The Board of Goodman Fielder remains focused on maximising shareholder value and will be constructive in relation to proposals which are consistent with this objective."

The company added that it is committed to the execution of its strategies that include an additional A$25m cost savings primarily through headcount reduction, a review of its New Zealand diary business to maximise value and achieving cost efficiencies at its Baking business.

Wilmar and First Pacific were planning to take Goodman private with equal shareholding in the company following the deal.

"The proposed transaction represents an opportunity to the Wilmar Group to create a leading Asia-Pacific agricultural and consumer staples company," the company said in a filing to the Singapore stock exchange.

Goodman Fielder's business includes the manufacture, marketing and distribution of food ingredients and consumer branded food, beverage and related products.

For the year ended 30 June 2013, the company reported net profit of about A$102.5m, after tax and non-controlling interest. That compares to a loss of A$146.9m a year ago.

Decomposed Body 'of British National' Found Stuffed in Plastic Bag in Delhi

Briton's decomposed dead body found stuffed in a plastic bag in Indian capital New DelhiReuters

The decomposed body believed to be of a British national has been found stuffed inside a plastic bag in the Indian capital Delhi.

An investigation has already begun into the incident, which is said to be a murder as the body bore injury marks. Authorities said the arms and legs were tied, while some limbs carried injuries resembling cigarette burns.

Investigators remain tight-lipped over the man's identity, although a passport belonging to 40-year-old Briton Rodick Andrew Reymond was found in the victim's pocket.

Investigators are verifying whether the passport belongs to the victim while a post-mortem continues. It is alleged that the passport contained a tourist visa, although this has yet to be confirmed.

The British embassy in India has been informed of the discovery.

Police were informed by local residents of an unclaimed plastic bag lying in the road. A source told the daily Indian Express: "We have registered a case of murder at Nizamuddin police station and have initiated an investigation.

"We have recovered the man's passport and are questioning locals. We received information that he was living in a guest house close to where his body was found. A team has been sent to all the guest houses in the area to make enquiries."

Hot Shots Photos of the Day: Devastating Tornado, Goth Weekend, Balloon Mona Lisa

A security guard stands next to a version of the Mona Lisa at a balloon-themed carnival in Hefei, Anhui province, China.Reuters

Cody Buijnink gives his girlfriend Kristen Dillon a kiss under the ferris wheel on the first day of the Stagecoach country music festival in Indio, California.Reuters

Hollywood actor Kevin Spacey performs the Lungi dance from the film Chennai Express with the movie's actress Deepika Padukone and Bollywood actor Shahid Kapoor during the 15th International Indian Film Academy Awards in Tampa, FloridaReuters

Austrian drag queen Conchita Wurst gestures during an interview. Wurst will take to the European stage as Austria's contender for Eurovision, the song contest that launched the global careers of ABBA and Celine Dion, Wurst's idols.Reuters

World heavyweight boxing champion Wladimir Klitschko of Ukraine celebrates after defeating Australian challenger Alex Leapai during their WBO heavyweight title fight in Oberhausen. Klitschko won after a knock out in round six.Reuters

A thunderstorm supercell passes over the area of Hampton, Arkansas, part of a series of strong storms that threatened to produce tornadoes.Reuters

A damaged vehicle is seen amid debris after a tornado hit the town of Mayflower, Arkansas. Tornadoes ripped through the south-central United States on Sunday, killing at least 12 people in Arkansas and Oklahoma, and wiping out entire neighbourhoods.Reuters

Bishops attend a canonisation mass in St Peter's Square at the Vatican where John XXIII and John Paul II were proclaimed saints in front of hundreds of thousands of pilgrims.Reuters

Former Pope Benedict XVI leaves at the end of a canonisation mass in St Peter's Square.Reuters

Zimbabwe's President Robert Mugabe and his wife Grace attend the canonisations of Popes John Paul II and John XXIII at the Vatican.AFP

Children wearing Pope's cassocks ride a Popemobile that was used by Pope John Paul II in his 1995 visit to Manila, during a parade in Quezon city, the Philippines.Reuters

Catholic priests hold a mass during the canonisation of Pope John Paul II in the ski resort Kasprowy Wierch in the Tatra mountains of Poland.Reuters

Racka sheep are herded together during celebrations of the start of the new grazing season in the Great Hungarian Plain in Hortobagy, east of Budapest.Reuters

Chris and Marty Welch of Cadillac, Michigan, carry decorated Olympic Arms .223 pistols at a rally for supporters of the Open Carry law in Romulus, Michigan.Reuters

Amy Smith from Cheshire poses for a picture during the Whitby Goth weekend.Getty

A couple sit outside a cafe as they attend the Goth weekend in Whitby, North Yorkshire, the setting for part of Bram Stoker's Dracula.Getty

Rebel fighters launch a locally-made weapon towards forces loyal to Syria's President Bashar al-Assad in Tower 45 area, Latakia countryside.Reuters

Fans of Ukrainian football clubs Metalist and Football Club Dnipro, in normal times fierce enemies, march to support a united Ukraine in Kharkiv. Several men were injured as a result of clashing with pro-Russia supporters who attacked the march.AFP