Paper: UBS head calls tax flap 'economic war'
2012-04-23 04:40:47 UTC
GENEVA (AP) — The CEO of Swiss banking giant UBS AG has said the nation's tax disputes with the United States and some European nations are "an economic war" putting 20,000 jobs at risk.
Sergio Ermotti, appointed CEO in November in the wake of a trading scandal, is quoted by Zurich weekly news...
Hollande victory could roil US markets this week
2012-04-22 21:58:17 UTC
WASHINGTON (AP) — A strong showing by Socialist candidate Francois Hollande in the first round of France's presidential election Sunday may rattle U.S. and global financial markets in the coming weeks.
Hollande wants to renegotiate a European treaty, agreed to just last year, intended to limit...
Geithner urges creativity in Europe's debt crisis
2012-04-21 15:39:55 UTC
WASHINGTON (AP) — Treasury Secretary Timothy Geithner (GYT'-nur) says Europe needs to be creative in fighting its debt crisis.
Geithner says Europe's success will depend on the ability of its governments and central bank to creatively and aggressively support countries that are pursuing the ne...
After 4-month surge, gas prices start falling
2012-04-21 06:21:56 UTC
NEW YORK (AP) — The worst appears to be over. Gasoline prices are going down.
After a four-month surge pushed gasoline to nearly $4 per gallon in early April, drivers, politicians and economists worried that prices might soar past all-time highs, denting wallets, angering voters and dragging d...
IMF moves to calm market fears over European debt
2012-04-21 20:55:10 UTC
WASHINGTON (AP) — An infusion of hundreds of billions of dollars will give the International Monetary Fund a badly needed boost to tackle Europe's prolonged debt crisis. But global finance officials sent a strong message Saturday that struggling governments must speed reforms or risk spooking jit...
EU parliament slams Argentina's YPF seizure
2012-04-20 18:29:53 UTC
BRUSSELS (AP) — The European Union parliament on Friday condemned Argentina's move to seize control of the YPF division of Spanish oil and gas company Repsol and demanded that the EU take action against Buenos Aires at the World Trade Organization.
The parliament also called on the EU to look ...
Nokia posts $1.2 billion loss as sales plummet
2012-04-20 06:05:33 UTC
HELSINKI (AP) — Struggling cellphone maker Nokia has suffered one of its worst quarterly results ever, blaming tough competition for a huge €929 million ($1.2 billion) net loss as sales plunged, especially in the smartphone market.
The first-quarter loss compared with a net profit of €344 mill...
Travelers smashes estimates, insurance rates rising
2012-04-19 18:09:54 UTC
(Reuters) - Property insurer Travelers Cos Inc <TRV.N> blew past Wall Street earnings estimates for the first quarter and raised its dividend 12 percent as natural disaster losses declined and insurance rates continued to rise after years of weakness.
The company's shares rose 4.8 percent to $...
Exclusive: Hong Kong moves closer to bank liability for IPOS
2012-04-19 05:02:38 UTC
(Reuters) - Hong Kong's financial market watchdog is launching a public consultation process in the next couple of weeks that seeks to toughen rules for banks sponsoring initial public offerings, including holding them liable for faulty deal documents.
Such a move would spark fierce opposition...
Warren Buffett has prostate cancer, sees no danger
2012-04-18 01:35:21 UTC
(Reuters) - Berkshire Hathaway Inc Chief Executive Warren Buffett said he has stage 1 prostate cancer but his condition "is not remotely life-threatening or even debilitating in any meaningful way."
Buffett, the world's third-richest man, will begin a two-month treatment consisting of daily ra...
IMF inches toward deal on boosting bailout funds
2012-04-17 23:17:55 UTC
WASHINGTON (Reuters) - The International Monetary Fund appeared to be inching toward a deal on increasing its financial firepower on Tuesday, with Japan, Sweden and Denmark committing a total of $77 billion to help contain the euro zone's debt crisis.
The pledges were made ahead of meetings of...
Yahoo shows signs of life, Alibaba in the cards again
2012-04-17 23:07:36 UTC
SAN FRANCISCO (Reuters) - Yahoo Inc reported an uptick in revenue that marked its first quarterly sales growth in three years, as new Chief Executive Scott Thompson spearheads the latest attempt to revamp the struggling Web company.
Thompson told analysts on a conference call that Yahoo was on...
Japan vows $60 billion to boost IMF firepower
2012-04-17 05:50:19 UTC
TOKYO (Reuters) - Japan said on Tuesday it will provide $60 billion in loans to the International Monetary Fund, becoming the first non-European nation to commit money to boost the fund's financial firepower to contain the euro zone debt crisis.
Finance Minister Jun Azumi said Japan hoped Toky...
World Bank picks health expert Kim as president
2012-04-17 00:33:07 UTC
WASHINGTON (Reuters) - The World Bank on Monday chose Korean-born American health expert Jim Yong Kim as its new president, maintaining Washington's grip on the job and leaving developing countries frustrated with the selection process.
Kim, a physician and anthropologist who makes for a somew...
China stocks czar faces battle to win back investor trust
2012-04-15 20:56:02 UTC
SHANGHAI (Reuters) - In little over six months as China's top securities watchdog, Guo Shuqing has let loose a flurry of reforms targeting insider trading, market manipulation and dodgy disclosure that have hamstrung China's stock markets even as its economy surges.
But China's more than 72 mi...
Stocks drop as economy put brakes on stock rally
2013-01-31 00:36:57 UTC
NEW YORK (AP) — Worries about the economy have slowed a January stock rally.
After a month of impressive gains that brought the Dow within 200 points of a record, the markets have paused this week. Stocks started the day lower Wednesday after a report showed that the U.S. economy unexp...
Obama likely paid higher tax rate than Romney in 2011
2012-04-14 04:59:47 UTC
WASHINGTON (Reuters) - President Barack Obama released tax forms on Friday that reveal he will probably pay a higher tax rate on much lower income than likely Republican opponent Mitt Romney in 2011, adding fuel to a Democratic election-year effort to raise taxes on the rich.
Obama and his wif...
After Harvard, future is uncertain for Bo's son
2012-04-14 01:00:43 UTC
CAMBRIDGE, Mass./BEIJING/LONDON (Reuters) - Bo Guagua, a 24-year-old descendant of Chinese Communist royalty, seemed destined to one day become a rich and powerful businessman in an economy that in his lifetime would become the world's largest.
His pedigree, elite schooling, easy confidence an...
Colombia's Ocampo withdraws from World Bank challenge
2012-04-13 22:07:04 UTC
WASHINGTON (Reuters) - Former Colombian finance minister Jose Antonio Ocampo said Friday he was withdrawing his candidacy for World Bank president to allow developing nations to rally behind a single nominee to challenge the United States for the job.
Ocampo said Nigerian Finance Minister Ngoz...
Ocampo to withdraw from World Bank race:sources
2012-04-13 16:25:25 UTC
WASHINGTON/BRASILIA (Reuters) - Former Colombian finance minister Jose Antonio Ocampo is set to withdraw his nomination for the World Bank presidency on Friday in an agreement among emerging and developing countries to coalesce around one nominee, three sources said.
Nigerian Finance Minister ...
Wall Street rallies as global fears ebb, Google up late
2012-04-13 01:09:01 UTC
NEW YORK (Reuters) - U.S. stocks scored a second day of solid gains on Thursday, led by materials and energy stocks, as investors set aside weak figures on the domestic labor market.
Rumors about strong growth figures due overnight from China helped wash away some of the worries that hit stock...
Roche Q1 sales solid as Illumina bid battle rages
2012-04-12 16:19:40 UTC
ZURICH (Reuters) - Swiss drugmaker Roche said it would have to rethink its tactics if shareholders of reluctant U.S. bid target Illumina did not back its approach as it reported strong first-quarter pharmaceutical sales helped by top cancer drugs.
Genetics specialist Illumina has rejected Roch...
Stronger demand in Europe boosts global PC demand
2012-04-11 22:15:18 UTC
(Reuters) - Global PC shipments increased in the first quarter of 2012 as demand in Europe, Middle East and Africa was stronger than forecast on the back of robust demand by business, according to the research firm Gartner.
The results exceeded Gartner's earlier projections of a 1.2 percent de...
Troubled euro zone states most at risk from high oil
2012-04-11 07:19:26 UTC
BRUSSELS (Reuters) - Oil prices at record levels in euro terms are threatening to rock the euro zone's economy more than might be expected, with those countries least capable of riding out a shock being the worst hit.
Standard estimates of the impact of oil prices on the euro zone economy are ...
Sony sees record $6.4 billion loss on tax hit
2012-04-10 19:08:01 UTC
TOKYO (Reuters) - Japan's Sony Corp flagged a record $6.4 billion annual net loss, double an earlier forecast and a fourth straight year of red ink, as it writes off deferred tax credits, heaping more pressure on its new CEO to turn around the electronics giant.
Sony, which plans to axe 10,000...