* As South Africa prepares to host the World Cup on Friday, the nation’s poor black underclass is accusing the ANC government of neglect.
* Star investor Louis Bacon of Moore Capital, who has scored annual gains of about 20 percent on average over the past two decades, suffered losses of 9.2 percent in May.
* British supermarket giant Tesco Plc (TSCO.L) named its Europe and Asia chief, Philip Clarke, to succeed longtime Chief Executive Terry Leahy next March, a sign that one of the world’s largest retailers will continue its aggressive global expansion, especially in emerging markets.
* A three-year battle over how the federal government taxes investment partnerships is coming to a head, after Senate Democrats unveiled a proposal that would more than double the taxes on private-equity, hedge-fund and certain real-estate managers.
* Dubai’s Emirates Airline ordered 32 additional Airbus A380 superjumbo jetliners, and deliberately announced the $11.5 billion deal in Germany’s capital to fight a trade battle with flag carrier Deutsche Lufthansa AG (LHAG.DE).
* France opened up its online horse-racing and sports-betting industry to competition Tuesday, relaxing a state monopoly on gambling that traces back to the 16th century as it looks to stabilize tax revenues from online bets.
source www.reuters.com/article
