Syria, trade in focus at Putin's summit with EU

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Volkswagen strengthens focus on Chinese market

BERLIN (AP) ? German carmaker Volkswagen moved Saturday to strengthen its strategic focus to expanding sales in China, while reshuffling the leadership of its truck business.

Volkswagen AG's supervisory board approved the creation of a new position on its board of directors managing all business related to China. Europe's biggest carmaker ? which includes Volkswagen, Audi, Lamborghini, Porsche, Skoda and Bentley ? said in a statement the move "reflects China's importance as the world's largest car market."

The company sold 2.3 million cars in China last year, resulting in a ?2.6 billion ($3.2 billion) operating profit. "We want to further increase our pace there," said Volkswagen group chief executive Martin Winterkorn.

Amid mostly flat sales in Europe, German carmakers have become increasingly dependent on Chinese demand. China is Volkswagen's single largest market, and an important growth driver. It is the third-largest market for Daimler AG and its Mercedes Benz cars, while for BMW AG, the Munich-based maker of luxury cars and SUVs, deliveries in China recently overtook those in the United States.

Volkswagen said after Saturday's board meeting that its new China department will be run by Jochem Heizmann, who leaves his position as the head of the group's truck business.

Heizmann will be succeeded by the chief executive of Sweden-based truck manufacturer Scania AB, Leif Ostling, whose position goes to Scania board member Martin Lundstedt.

Volkswagen only recently took majority stakes in Scania and Germany's MAN, making Ostling's main job now to strengthen cooperation between the two companies and Volkswagen's own utility division to make the business line more profitable.

Volkswagen group CEO Winterkorn hailed the internal management reshuffle as a major step in boosting the group's competitiveness.

"At the same time, we are now further intensifying knowledge transfer and management links within the group. That is how we can leverage synergies and consistently harness growth opportunities ? to the benefit of each individual brand and the group as a whole," he said.

In other decisions Saturday, the Wolfsburg-based group said the CEO of the company's high-end brands Bentley and Bugatti, Wolfgang Duerheimer, will join Audi as its new head of technical development department.

Most of the management appointments will come into effect in September, it said.

Volkswagen reported in April that its first quarter net profit rose to ?3.19 billion ($3.93 billion) from ?1.71 billion ($2.11 billion) as revenue grew by a quarter to ?47.33 billion ($58.32 billion). The company's earnings were also boosted by big profit on financial items stemming from share options related to the company's attempt to fully integrate sports car maker Porsche.

Volkswagen has some 500,000 employees worldwide and sold about 8.3 million cars last year. The company hopes to sell 10 million cars a year by 2018 and become the world's number one carmaker.

___

Juergen Baetz can be reached on Twitter at www.twitter.com/jbaetz

Associated Press

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BOND's New Spring Menu | BeantownEats {We Eat It. You Read It ...

Grandeur with timeless elegance. This bank turned upscale cocktail bar breathes with its history and a touch of romance. Showing off its Financial District power with large abstract money bills displayed in windows, Bond at The Langham Hotel will be sure to impress.

Where: The Langham Hotel, located at 250 Franklin Street in the Financial District

What: More than simply a bar within a hotel, Bond?s sprawling space boasts vaulted ceilings and over-sized chandeliers. The bar back drop is a simple yet visually stunning display of bottles, presumably vodka, which makes one crave a martini, shaken not stirred.

Atmosphere: Bond can wear many masks depending on your mood and time of day. Its Financial District address makes it an obvious choice for after work drinks with friends and co-workers. Arrive a little later on a Wednesday night and be serenaded by a two piece jazz band. Arrive even later and settle into a swanky low couch for an intimate date.

Cocktails: The cocktails are Bond cover the normal range from gin and vodka to whiskey and bourbon. For something light and refreshing, try the Sawbuck ($12) made with Grey Goose La Poire, Domaine de Canton, fresh lime juice and garnished with a basil leaf.

Bar Bites: From the Chef that brings Boston?s famous Chocolate Bar come a very nice selection of snacks, all suitable for grazing over drinks.

A sophisticated take on a classic, the chicken drummettes keep all of the flavor and fun of traditional wings but make them a little bit easier to eat. Make sure to try the candied ginger with the chicken to experience a small flavor explosion.

Sweet Soy and Ginger Chicken Wings ($10)

If you are just ordering appetizers and want to treat yourself, go for the lobster quesadilla. Four large pieces are stuffed with more than enough lobster meat to justify the price point.

Lobster and Chorizo Quesadilla with queso blanco and sweet corn ($20)

Fried calamari fans will find a delicious rendition at Bond: a light dressing of sweet chili gives these perfectly-cooked calamari rings a Pan-Asian flare that really works.

Crispy Point Judith Calamari with sweet chili, black sesame and cilantro ($14)

Bond takes a classic caprese salad to the next level with colorful heirloom tomatoes stuffed with a creamy stracchino (an Italian cow?s milk cheese).? The presentation might fool you, as the cheese in the tomatoes is barely visible, but creates a flavor unlike one I?ve ever had before.

Stracchino Cheese and Heirloom Tomatoes with virgin olive oil and balsamic ($12)

As the summer heat approaches, the Vietnamese spring rolls are light and full of flavor. A coating of crushed peanuts adds a little crunch while the small pieces if chicken add just enough sustenance while maintaining balance.

Vietnamese Fresh Rolls with shrimp, chicken and spicy peanut sauce ($14)

If you miss the Chocolate Bar during the spring and summer months, have no fear! You can still get very tasty desserts, some in the small-portion style of the Chocolate Bar, at Bond. The milk chocolate powder is something any chocolate lover has to try at least once; the sensation of the powder melting in your mouth seems to be work of some scientific magic.? The smoked chocolate cake was indeed very smoking, and even as a fan of Talisker 10 scotch, this cake was even too smokey for me.? Instead, try the toffee pudding; sweet but not overdone, and delicious.

Pictured right, from top to bottom: Strawberry Rhubarb Gratin with marscapone mousse, mint and black pepper sable ($9), Chocolate Tasting with smoked chocolate cake, milk chocolate powder, white chocolate brulee and guanaja ice cream ($12), Sticky Toffee Pudding with brown butter ice cream, Bookers whiskey caramel ($9)

There are lots of other small bite options on Bond?s menu, as well as dinner entrees for one with a hearty appetite.? No matter your choice of food and beverage, Bond delivers.

Do you have a go-to appetizer in the spring months?

Thank you to Bond and The Langham for inviting me to this spring menu tasting.? Food and drinks were complimentary however all opinions are my own.?

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Asian markets fall on weak US, China data

Asian markets fell Friday and the euro hit a near two-year low against the dollar amid Europe's deepening debt woes, while disappointing US data and Chinese manufacturing numbers also sapped sentiment.

With investors scrambling for safer haven assets such as the yen, Japan's finance minister pledged "decisive action" if it keeps rising, indicating a possible fresh intervention by Tokyo.

Tokyo fell 1.20 percent, or 102.48 points, to 8,440.25, Sydney dropped 0.30 percent, or 12.4 points, to 4,063.9 and Seoul eased 0.49 percent, giving up 8.96 points to close at 1,834.51.

Hong Kong slipped 0.38 percent, or 71.18 points, to 18,558.34 and Shanghai was flat, edging 1.20 points up to 2,373.44.

The weak start to June came after a miserable May in which most markets gave up almost all the gains they had made since the turn of the year as the eurozone's debt crisis came back into sharp focus.

While Greece's political and economic future remains uncertain, Spain's banking sector is looking increasingly fragile, stoking fears that Madrid -- already battling fiscal woes -- could need an international bailout.

On Friday China said manufacturing activity grew at a much slower rate than expected in May, further confirming the world's number two economy is slowing rapidly after recent poor figures on trade, investment and industrial output.

The official purchasing managers index (PMI) fell to 50.4 from 53.3 in April, the China Federation of Logistics and Purchasing said in a statement.

A reading above 50 indicates expansion, while a reading below 50 suggests contraction.

Later, HSBC said its PMI for May stood at 48.4 compared with 49.3 in April.

"At this rate, the government may intervene with monetary stimulus towards the end of June once inflation slows to about three percent," Zhou Xu, an analyst with Nanjing Securities, told Dow Jones Newswires.

In the United States on Thursday the government lowered its estimate for first-quarter economic growth, to 1.9 percent from 2.2 percent, raising questions over how much of a rebound could be expected in the current quarter.

Two jobs reports -- weekly unemployment claims and private-sector job creation in May -- both were disappointing, indicating slow improvement in the economy.

On Wall Street the Dow fell 0.21 percent, the S&P 500 lost 0.23 percent and the Nasdaq slipped 0.35 percent. Eyes are now on key non-payroll jobs data out of Washington later in the day for a guide to the US economy's recovery.

The gloomy data sent dealers out of risk assets, pushing the euro lower.

The single currency fell to $1.2313 in European morning trade, a 23-month low, while against the safe-haven Japanese currency it tumbled to 96.25 yen, its lowest level since late 2000. They later recovered slightly to $1.2323 and 96.32 yen.

The dollar bought 78.12 yen, from 78.33 yen in New York.

Japanese Finance Minister Jun Azumi said Friday he would take "decisive action" if the yen kept rising, with his remark interpreted as a threat of market intervention to curb the yen's strength.

Japanese financial authorities have previously intervened in currency markets, including after the yen reached historic highs against the dollar last year. A stronger yen hurts exporters as it makes their goods more expensive overseas.

In European trade, Brent North Sea crude for July delivery tumbled $2.27 to strike $99.60 a barrel, which was the lowest level since October 4, 2011.

At the same time, New York's main contract, West Texas Intermediate crude for July dived to $84.78 a barrel -- its lowest level since October 20.

Gold was at $1,553.00 an ounce at 1100 GMT, compared with $1,566.06 late Thursday.

In other markets:

-- Singapore closed down 0.97 percent, or 26.83 points, at 2,745.71.

Vehicle distributor Jardine Cycle and Carriage was down 2.07 percent at Sg$41.25 while Oversea-Chinese Banking Corp shed 1.20 percent to Sg$8.26.

-- Taipei tumbled 2.68 percent, or 195.41 points, to 7,106.09.

Smartphone giant HTC shed 3.72 percent to Tw$414.0 while computer maker Acer was 1.64 percent lower at Tw$30.05.

-- Manila closed 0.56 percent lower, shedding 28.79 points to 5,062.44.

DMCI Holdings fell 4.49 percent to 55.35 pesos and BDO Unibank ended 6.38 percent down at 66 pesos.

Philippine Long Distance Telephone added 3.42 percent to 2,420 pesos.

-- Wellington fell 1.04 percent, or 36.29 points, to 3,452.00.

Fletcher Building slumped 4.29 percent to NZ$6.02 and Telecom was down 1.55 percent at NZ$2.54.

-- Jakarta ended 0.86 percent, or 22.06 points, lower at 3,799.77.

Timah fell 1.46 percent to 1,350 rupiah, Indofood Sukses Makmur lost 1.06 percent to end at 4,675 rupiah and Indosat slid 1.28 percent to 3,850 rupiah.

-- Kuala Lumpur eased 0.45 percent, shedding 7.08 points to 1,573.59.

Financial firm CIMB Group Holdings lost 1.33 percent to 7.40 ringgit, while telecoms company Axiata Group fell 0.19 percent to 5.36. UEM Land Holdings gained 1.00 percent to 2.03 ringgit.

-- Bangkok tumbled 2.30 percent, or 26.31 points, to 1,115.19.

-- Mumbai fell 1.56 percent, or 253.37 points, to 15,965.19.

India's leading vehicle maker Tata Motors fell 3.73 percent to 224.5 rupees while engineering giant Larsen and Toubro fell 3.22 percent to 1,134.5.

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Deal of the Day ? 27? Planar 1080p 2ms LCD Monitor

Thursday’s LogicBUY Deal is the 27″ Planar PX2710MW 1080p 2ms LCD Monitor for $209.99.? Features: ?thin black bezel, HDMI port, 1200:1 contrast ratio, built-in stereo speakers, 2ms gray-to-gray response time, 100 x 100 mm VESA mount compliant, and anti-glare screen. $469.99 – $260 coupon code = $209.99 with free shipping. This deal expires June 6, [...]

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