U.S. and Mexico to drill for oil and gas jointly

The United States and Mexico agreed Monday to work together when drilling for oil and gas below their maritime border in the Gulf of Mexico.

Secretary of State Hillary Rodham Clinton and Mexico’s foreign minister signed the deal at a ceremony in the Mexican resort of Los Cabos as Mexican President Felipe Calderon and U.S. Interior Secretary Ken Salazar looked on.

The cooperation stems from an understanding that President Obama and Calderon reached in 2010 to share in the profits and work together to avoid spills.

Clinton said the deal would “ensure safe, efficient, responsible exploration of the oil and gas reservoirs in the Gulf of Mexico.”

“These reservoirs could hold considerable reserves that would benefit the United States and Mexico alike,” she said.

Walmart to buy major stake in Chinese online retailer

Walmart plans to buy a controlling interest in the fast-growing Chinese online retailer Yihaodian.

The big-box chain operator has agreed to increase its stake in Yihaodian’s holding company to about 51 percent, Walmart said late Sunday. The financial terms of the deal were not disclosed. It still must be approved by Chinese government regulators.

Yihaodian has been in business for less than four years. Yet it already sells more than 180,000 products, ranging from groceries to electronics to clothing. It has 5,400 employees and a next-day delivery network across Shanghai, Beijing, Guangzhou, Wuhan and Chengdu.

Walmart eCommerce executive Neil Ashe said the deal improves Walmart’s access to Chinese consumers who increasingly use smartphones and social media to shop.

Lloyds’ ex-CEO, directors lose bonuses after scandal

Lloyds Banking Group in London has cut bonus payments to its former chief executive and a dozen other directors over their involvement in the costly mis-selling of payment protection insurance.

Lloyds, struggling to emerge from part-nationalization, has set aside $5.1 billion to reimburse people persuaded to buy policies they did not need. That’s by far the biggest provision by any British bank.

Former CEO Eric Daniels will lose 40 percent of his bonus for 2010, Lloyds announced Monday, worth about $920,000. The bank will withhold shares of that value that were part of his deferred bonus.

Four other directors would lose 25 percent of their bonuses, and eight senior executives would lose 10 percent, the bank said.

Sony introduces a device dedicated to mobile games

Sony is intensifying its push in handheld gaming with a gadget aimed at hardcore players looking for something with a bit more punch than “Angry Birds,” “Words With Friends” and other smartphone pastimes.

The PlayStation Vita, already available in Japan, debuts in the U.S. and Europe on Wednesday. A basic, Wi-Fi version will retail at $250, while one that can access 3G cellular networks will go for $300 plus monthly service fees from AT&T.

“Ultimately, if you consider yourself a gamer, you are going to find yourself migrating up the food chain to dedicated gaming consoles and the Vita,” said Jack Tretton, CEO of Sony Computer Entertainment America.