World

  • Logic and government statistics

    Friday's February US retail sales report was much better than expected, even though you might have logically thought that snowstorms during the month would have held back sales.

  • UBS pushes Swiss officials to end tax dispute

    The Swiss banking giant UBS has stepped up its lobbying to pass a treaty with the United States that would resolve a dispute over tax-evading clients.

  • Nuanced, yet Yellen as vice chair would be dovish

    Janet Yellen, eyed by President Barack Obama for the number two post at the Federal Reserve, is a more nuanced thinker than her short-hand label of "policy dove" would suggest.

  • US appeals court upholds cable television access rules

    A US appeals court has upheld a Federal Communications Commission rule that forbids cable companies that also own programming channels from refusing to allow competitors to also offer those channels.

  • Retail sales unexpectedly advance in the US

    February was hardly an ideal month for retailers: snow storms blanketed many parts of the country, and car dealerships faced an uproar over safety concerns.

  • Ban on bluefin tuna too close to call

    The outcome of a drive to ban trade in Atlantic bluefin tuna, prized as a delicacy in Japan, is too close to call before UN talks this weekend that will test the world's ability to protect dwindling fish stocks.

  • Obama steps up export drive

    The Obama administration is stepping up efforts to promote US exports amid signs that the rebound in US trade is running out of steam.

  • WORLD BRIEFS

    At least three major aftershocks rocked central Chile minutes before new President Sebastian Pinera was sworn in on Thursday to take charge of a country still reeling from a devastating earthquake two weeks ago.

  • Banks blamed over Lehman collapse

    JPMorgan Chase and Citigroup helped cause the illiquidity that led to the collapse of Lehman Brothers, the bankrupt bank's examiner has reported.

  • Luxury cars drive profits

    Makers of luxury cars are reporting profits as sales begin to stabilise.

  • US and EU in hedge fund fight

    The European Union rebutted criticism by the United States of its plans to tighten the rules on hedge funds.

  • Interests clash over Iran

    The US is barrelling toward establishing widespread sanctions against Iran, but Europe, the Middle East, and especially China, have different thoughts and interests when it comes to the Islamic republic.

  • China's politics become trickier

    With populist politicians beginning to emerge in China, just as it prepares a change of its top leadership, it may be that a new generation will change the style of leadership in the people's republic.

  • Bangkok braces for more protest rallies

    Thailand's seemingly unending political crisis is likely to reach another moment of tension this weekend with huge opposition rallies that organisers say they hope will paralyse the city and bring down the government.

  • Naked truth hits Obama's hard man

    Rahm Emanuel's enemies blame him for trimming the President's ambitions. His defenders say it is a pity Obama did not heed his warnings against overreach. As to the inevitable question of whether Emanuel will keep his job, if health reform survives, so will he.

  • Blaming swaps is a smokescreen

    Greece had a budget deficit of 12.7 per cent of GDP in 2009. It has a record of dodgy accounting. Its own leaders acknowledge how dire its fiscal situation is.

  • Japan's Dentsu to sell magazine content to iPad users

    Dentsu, the top Japanese advertising agency, plans to launch a service distributing digital editions of a variety of magazines to Apple's iPad tablet computer.

  • Toyota's China sales supported by discounts, SUV demand

    Major Japanese automakers saw their Chinese unit sales rise year on year in February, with even recall-plagued Toyota Motor recording a 30 per cent increase.

  • US regulator plans closer look at car electronics

    In the wake of the recall of millions of Toyotas, federal safety regulators plan to examine a variety of features on automobiles, and explore whether data recorders should be mandatory.

  • EU says new hedge fund rules not protectionist

    The European Union has rebutted criticism by the United States of its plans to tighten the rules on hedge funds, even as Britain sought to water down the regulation to safeguard its own financial sector.

  • Citigroup chief details return on assets target

    Vikram S. Pandit, Citi's chief executive, has laid out ambitious targets for growth, saying the bank's return on assets should rise to 1.25 to 1.5 per cent in the near future.

  • Bank of America told to become 'much smaller'

    Regulators have told Bank of America's chief executive, Brian T. Moynihan, and other executives that the largest US bank by assets must become "much smaller".

  • GM says taxpayers will profit from bailout

    General Motors will pay back roughly $US8 billion in debt to the United States and Canada before June and could go public in a way that would allow taxpayers to make a profit.

  • Dodd to detail financial regulation reforms

    The chairman of the Senate Banking Committee, hoping to break a months-long logjam on the biggest overhaul of financial regulations since the Depression, will unveil his own proposal on Monday.

  • Japan's economy slows

    Japan's economy expanded less than initially estimated in the fourth quarter as companies slashed spending on plant and equipment and a measure of prices declined.

  • Carlos Slim heads fat cat list

    Mexico's Carlos Slim beat Bill Gates and Warren Buffett for the top spot on Forbes magazine's annual list of billionaires, becoming the first person from outside the U.S. to lead the rankings in 16 years.

  • February keeps record US deficits rolling

    The US budget deficit widened to a record in February as the government boosted spending to help revive the economy.

  • Inflation fear fuels pressure

    China's economy put in a powerful performance over the first two months of the year with factory output and retail sales both strong.

  • Focus on the Fed as US jobless figures climb

    Unemployment rose in most US states in January, but several of the country's most populous states managed to add jobs in another sign the labour market is starting to recover.

  • Tougher stress tests for UK banks

    Britain's biggest banks are being subjected to new stress tests by the Financial Services Authority, the sector regulator, to ensure they can withstand another four years of difficult economic conditions.

  • World Briefs

    BP, Europe's largest oil and gas company, will pay Devon Energy Corp $US7 billion ($7.5 billion) for assets in Brazil, the Gulf of Mexico and Azerbaijan.

  • Data theft hits HSBC's Swiss accounts

    HSBC Holdings' Swiss private bank said it suffered "serious data theft" affecting about 15,000 Swiss-based accounts.

  • Big corporations to quit Iran

    Royal Dutch Shell and Ingersoll-Rand this week became the latest major corporations to announce that they would cease or cut back business operations in Iran.

  • Regulators to approve wider alliance

    European antitrust regulators took a step yesterday toward approving an expanded alliance between British Airways, American Airlines and Iberia after the airlines offered to give up landing and takeoff slots at airports in London and New York.

  • Banking on an improved outlook

    With today's gains, the S&P 500 Financial Sector Index has clocked up a nine straight days in the green.

  • Vale seeks 90pc iron price increase

    Brazilian mining giant Vale SA has proposed a more than 90 per cent increase in iron ore prices in negotiations with Japanese steelmakers for fiscal 2010, The Nikkei learned Wednesday.

  • Trade ban on bluefin tuna looms

    An international trade ban on Atlantic and Mediterranean bluefin tuna is edging closer to reality as support for it continues to grow.

  • Struggling businesses face scrutiny in keeping shareholder perks

    Shareholder rewards from perennially earnings-challenged companies pose the dual dangers of harming corporate finances and blinding investors to the actions of management.

  • Japan monitoring CDS regulation debates in US, Europe

    While striving to introduce its own rules, Japan is keeping a close eye on the discussions taking place in the U.S. and Europe over how far new regulations on credit default swaps (CDS) should go.

  • Final debate on emissions bill hinges on nuclear power

    Japan's proposed legislation for reducing global warming gas emissions is close to being finalised, but the government continues to work out differences of opinion among the ruling bloc parties and ministries about specific details, including the use of nuclear power.

  • News Corp readies paywall for UK papers

    News Corp will start charging for content for its British newspapers on the web in the next weeks or months.

  • Connecticut sues Moody's, S&P for 'false' ratings

    Connecticut's attorney general sued Moody's Investors Service and Standard & Poor's on Wednesday over ratings that they issued on risky investments.

  • Lone Star to resume sale process for Korean bank

    The private equity fund Lone Star plans to resume selling a $US3.9 billion majority stake in Korea Exchange Bank, KEB said, in what would rank as South Korea's biggest banking deal to date.

  • EU wins concessions from BA, AA and Iberia

    British Airways, American Airlines and Iberia have offered to give up landing and takeoff slots at airports in London and New York to win over antitrust regulators.

  • America's healthcare obstacle: no will to cut

    For anyone who cares about medical costs - which is to say anyone who cares about the take-home pay of American families or about the budget deficit - President Obama's health reform plan is a terribly mixed bag.

  • AIG devises new formula for paying bonuses

    The American International Group will soon implement its new "forced ranking" system to determine bonuses and rate employee performance.

  • Terra says CF's latest offer is best so far

    Terra Industries says it has deemed a new $US4.7 billion takeover offer by CF Industries Holdings superior to a $US4.1 billion deal it had already signed with Yara International of Norway.

  • Slow rise in jobs optimism

    More signs of modest improvement in the US jobs market have emerged, but with the unemployment rate at 9.7 per cent, the Federal Reserve is widely expected to maintain its easy monetary policy stance.

  • EADS suffers another blow

    Burgeoning cost overruns at two of its biggest aircraft programs pushed European Aeronautic Defense & Space into a steep loss for 2009. But EADS, the parent company of Airbus, expressed confidence yestrerday (wed)that new financing for its A400M military transport plane and a recovery in demand for commercial aircraft would help restore it to profitability this year.

  • US regulators put credit swap market on notice

    US regulators are pushing for tighter regulations to rein in the $US36 trillion ($39.5 trillion) credit default swap market but have stopped short of joining Europe in calling for an outright ban on speculative trading.

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