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Bernanke says more positive signs needed before scaling back stimulus
WASHINGTON - Chairman of the Federal Reserve, Ben Bernanke Wednesday said it was too soon to scale back the monetary stimulus and the central bank needs to see further signs of traction before taking a decision. A decision to scale back the $85 billion in bonds the Fed is buying each month could come at one of the central bank's "next few meetings" if the economy looked set to maintain ...
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Higher exports fail to plug widening Japan trade deficit
TOKYO - Japan's trade deficit rose substantially more than expected in the month April to 879.9 billion yen ($8.6 billion), which is a 70% jump over the trade deficit during the corresponding month a year earlier, the Finance Ministry said Wednesday.. The deficit, for the tenth consecutive month, was wider than what many economists had forecast. A survey from the Nikkei business daily ...
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Vitamin C offers hope of tackling drug resistant TB
WASHINGTON - Adding vitamin C to existing tuberculosis drugs regime could shorten the therapy for drug resistant TB, claims new research findings published in the online scientific journal Nature Communications. The striking discovery, by researchers at Albert Einstein College of Medicine of Yeshiva University, has determined that vitamin C kills drug-resistant TB bacteria in laboratory ...
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IMF warns UK against continuing austerity programme
LONDON - In a critique of the United Kingdom's austerity programme, the International Monetary Fund Wednesday urged the Europe's third largest economy to rebalance the policy to make the transition to a high-investment and more export-oriented economy. "The UK could boost growth by bringing forward measures already included in its fiscal plan, such as spending on infrastructure and job ...
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Labour reforms to top US team agenda on Bangladesh visit
DHAKA - A high level US delegation led by the State Department's Under Secretary for Political Affairs Wendy Sherman will visit Bangladesh this weekend to press for a major overhaul of labour safety regulations following the nation's deadliest industrial accident, an official said Wednesday. The collapse of a nine-storey factory complex housing several garment units outside the capital last ...
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Barroro voices concern over estimated one trillion euro tax evasion
BRUSSELS - Voicing concern about tax evasion that is estimated at one trillion euros, European Commission President Jose-Manuel Barroso said Tuesday that EU leaders will meet at a one-day summit on Wednesday to negotiate solution. The European Union can't afford to let tax evasion go on the way it is. Such large amounts of money, currently sitting in tax havens, would be greatly beneficial ...
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German central bank sees signals of economic pick up in Q2
FRANKFURT - Germany's central bank Deutsche Bundesbank expects the country's economy to improve "markedly" in the second quarter relying on signals of pick up in industrial orders and likelihood of weather related downturn in construction sector no longer impacting investment sentiments a development that could boost the wider eurozone as it struggles to get out of recession. "Overall ...
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Construction begins on new island off Jumeirah Beach in Dubai
Work began on Monday on the development of a man-made island in Dubai, 500 metres directly opposite the Jumeirah Beach Residence complex. To be known as Bluewaters Island, the new development will house five star hotels and resorts, al fresco dining and entertainment zones, and residential apartments and villas. The focal point of the island city, which will cost $1.6 billion, will be a 688 ...
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Mortgage lending in UK rises highest in four years
LONDON - The UK housing market seems to be picking up with gross mortgage lending up 4.3 per cent in April over previous month to 12.1 billion pounds, the highest in over four years, according to the Council of Mortgage Lenders (CML). The mortgage lending was 21% higher than April 2012, but this data is skewed by the end of the stamp duty concession on 24 March, 2012. Under the stamp duty ...
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Microsoft launches all-in-one home entertainment system Xbox One
Microsoft has unveiled its latest video gaming console 'Xbox One' which is believed to transform games, TV and entertainment for the 21st century living room. The latest console reportedly promises a vision of the future. According to a report by the Mirror, 'Xbox One' will allow users to turn on the device with words like "Xbox On", and "snap" will allow users to watch two things at ...
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Microsoft unveils new all-in-one Xbox console
Microsoft unveiled a new Xbox console Tuesday that represents a major upgrade on the US-market-leading Xbox 360 model. The president of the IT giant's Interactive Entertainment Business, Don Mattrick, revealed the hi-tech Xbox One entertainment and gaming console during an event at Microsoft's Redmond, Washington, campus. The Xbox One was presented as an all-in-one system for gaming, watching ...
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Is Microsoft abandoning indie game developers with the Xbox One
Xbox One won't require always-online connection — but it'll be online a ...
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Ed Miliband a googly for tax avoiders | Editorial
Ed Miliband is pretty clear about how he would like to distinguish the Labour party he leads from the Labour party that went before. He aims to be readier than Blair and Brown to challenge the powerful in general, and the economically mighty in particular.Over three years, we've seen flashes of both halves of that - in, for example, his determination to take Wapping to task over phone ...
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Gross Fed Likely to Start Tapering by Fall
Pimco's Bill Gross says an inflection point is approaching and he thinks the Federal Reserve will probably start tapering its bond buying by ...
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Microsoft caves in cripples YouTube for Windows Phone 8 with the latest update
On Wednesday, Microsoft rolls out an update for its YouTube Windows Phone 8 app which takes away the ability to download content from the popular video-sharing website. The latest iteration arrives one week after Google sent ...
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Bernanke comments hit US stocks Australian dollar
United States Wall Street saw its biggest one day swing in six months and the Australian dollar dropped overnight as investors raised concerns that the US Federal Reserve will scale back its stimulus program shortly.Markets initially rose as Federal Reserve chairman Ben Bernankeaddressed Congress saying the quantitative easing program is providing significant benefits to the American economy ...
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HP raises 2013 outlook as Whitmans plan takes hold
SAN FRANCISCO (Reuters) - Hewlett-Packard Co raised its 2013 earnings outlook after quarterly results beat low expectations, as CEO Meg Whitman's turnaround plan helped offset shrinking personal computer sales with enterprise computing ...
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Borders gift card holders deserve nothing judge rules
(Reuters) - Borders owes nothing to holders of roughly $210.5 million of gift cards that had not been used by the time the bookstore chain shut down, a Manhattan federal judge ruled on ...
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Ford to close Australia auto plants reports
The logo of Ford Motor Co is seen at the company's assembly plant after an emergency meeting with the plant management in Genk October 24, ...
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Apple former Washington wallflower now at center of tax fight
Apple CEO Tim Cook is pictured during a Senate homeland security and governmental affairs investigations subcommittee hearing on offshore profit shifting and the U.S. tax code, on Capitol Hill in Washington, May 21, ...
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Blackstone Prologis Acquire Industrial Portfolio for $960 Million -Sources
Blackstone Group LP (BX) and industrial landlord Prologis Inc. (PLD) agreed to acquire a warehouse portfolio that is majority owned by Lehman Brothers for $960 million, people familiar with the matter said Wednesday.The deal marks Blackstone's second acquisition of industrial properties this week. The private-equity company now owns 100 million square feet in the sector. Blackstone on ...
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In final year as Canada’s top bank watchdog Julie Dickson will make no apologies
Canada’s top banking regulator is leaving when her seven-year term expires next year, marking a significant changing of the guard. But will the departure of Julie Dickson at the helm of the Office of the Superintendent of Financial Institutions (OSFI) result in a drastic change in tone? Not likely. After all, the 55-year-old career public servant is a product of a regulatory system that ...
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Flaherty says Ottawa to move ahead with single securities regulator plan even without provinces
OTTAWA --Finance Minister Jim Flaherty says the federal government will again push ahead with the creation of a national securities regulator, with or without the agreement of the provinces and territories, to deal with areas in which Ottawa is constitutionally responsible. "I've been advocating a common securities regulator for a long time, with limited success," Mr. Flaherty ...
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Australia shares to weaken after Wall St decline
SYDNEY | Wed May 22, 2013 7:16pm EDT SYDNEY May 23 (Reuters) - Australian shares are seen easing on Thursday after falls on Wall Street over worries that the U.S. Federal Reserve may consider winding back its economic stimulus programme. * Local share price index futures fell 0.4 percent, a 14.4-point discount to the underlying S&P/ASX 200 index close. The benchmark closed 0.3 percent ...
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Executives decry pressure of ‘short-termism’ in earnings targets
Senior corporate executives say they have faced growing pressure in the past five years to meet short-term earnings targets, leading to a new campaign to urge shareholders to take a longer-term outlook for stocks they own.The heads of the Canada Pension Plan fund and international consulting firm McKinsey & Co. told a Toronto audience Wednesday they are launching a campaign to convince ...
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