• Sales of handset arm lifts Sweden's Ericsson in QI
    2012-04-25 07:47:09 UTC

    STOCKHOLM (AP) — LM Ericsson, the world-leading wireless equipment maker in terms of market share, saw its first quarter profits more than double, largely on the back of proceeds made from the sale of its stake in handset maker Sony Ericsson. The Stockholm-headquartered group posted Wednesday a net profit of 8.95 billion kronor ($1....
  • Germany's Merkel defends budget discipline drive
    2012-04-24 15:55:21 UTC

    BERLIN (AP) — Germany defended its pro-austerity stance on Tuesday, with Chancellor Angela Merkel and two ministers pressing for Europe to stick with a policy of fiscal discipline in spite of the latest bout of political uncertainty. Financial markets in the 17 countries that use the euro were shaken Monday by concerns that an agree...
  • China's dream of electric car leadership elusive
    2012-04-24 07:37:35 UTC

    BEIJING (AP) — China's leaders are finding it's a lot tougher to create a world-beating electric car industry than they hoped. In 2009, they announced bold plans to cash in on demand for clean vehicles by making China a global power in electric car manufacturing. They pledged billions of dollars for research and called for annual sa...
  • Poor economy worsens Social Security's finances
    2012-04-23 18:42:41 UTC

    WASHINGTON (AP) — High energy prices and an economy that has been slow to rebound are worsening Social Security's finances, shortening the life of the trust funds that support program by three years, the government said Monday. Those trust funds will now run dry in 2033, according to a report issued by the trustees that oversee the ...
  • US stocks slide on economic tremors from Europe
    2012-04-23 14:09:55 UTC

    NEW YORK (AP) — Stocks are opening sharply lower with new worries about Europe's health. Reports out of Europe Monday showed government debt continues to pile up despite severe budget cuts that have led to unrest across the continent. The Dow Jones industrial average is down 126 points to 12,903 minutes after the opening bell. ...
  • Asian stocks fall as European problems simmer
    2012-04-23 05:12:04 UTC

    BANGKOK (AP) — Asian stocks fell Monday after budget talks in the Netherlands collapsed over the weekend and a Socialist who wants to put France's austerity plans in reverse won the first round of the country's presidential election. Japan's Nikkei 225 index fell 0.3 percent to 9,533.48, as a strengthening yen hurt high-tech exporte...
  • 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 newspaper SonntagsZeitung as saying Switzerl...
  • 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 excessive government spending. He has a...
  • 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 necessary reforms to get a handle on their...
  • 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 down an economy that is struggling to gro...
  • 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 jittery markets and raising the economic da...
  • 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 at the "possible partial suspension of t...
  • 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 million in the same period last year and cam...
  • 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 $62.35 in morning trading Thursday, touch...
  • 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 from foreign investment banks, who have...
  • 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 radiation treatments starting in mid-July,...
  • 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 global finance chiefs in Washington thi...
  • 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 once more exploring a simpler deal to try ...
  • 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 Tokyo's contribution, which will be formally...
  • 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 somewhat unorthodox choice to head the global...
  • 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 million retail investors, who account for ...
  • 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 unexpectedly contracted in the fourth quarter...
  • 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 wife, Michelle, paid an effective tax rate ...
  • 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 and connections left those who knew him in...
  • 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 Ngozi Okonjo-Iweala would be "an excellent c...