Business

China overtakes India as world’s largest gold consumer

According to a study by the World Gold Council, China has become the biggest consumer market for the precious metal. It toppled India, which had led the table ever since official data were first made available. The survey found that Chinese customers had bought a total of 1,066 tons of gold products in 2013, up 32 percent from 2012, while their Indian counterparts had purchased 975 tons, up 13 percent from 2012 levels. The council […]

BP must face shareholder suit over 2006 Alaska oil spill

By Dan Levine SAN FRANCISCO Thu Feb 13, 2014 3:41pm EST (Reuters) – A U.S. appeals court on Thursday revived a shareholder lawsuit against BP PLC over statements the company made in the wake of a 2006 oil spill in Alaska. The ruling from the 9th U.S. Circuit Court of Appeals in San Francisco allows shareholders to proceed with some securities fraud claims against BP after a lower judge had dismissed them. Representatives for BP […]

Asian shares hold near 3-week high as China trade calms nerves

By Hideyuki Sano TOKYO Wed Feb 12, 2014 7:26pm EST (Reuters) – Asian markets held steady near three-week highs on Thursday, as investors were cautiously optimistic after upbeat trade data from China eased concerns over the global economy and helped take some of the sting off the recent emerging markets turmoil. The new Federal Reserve Chair Janet Yellen’s reassurance on U.S. monetary policy and economic outlooks also appear to have done enough for now to […]

Toyota to recall 1.9 mln Prius cars for software defect in hybrid system

Feb 12 (Reuters) – Toyota Motor Corp on Wednesday issued a recall covering all 1.9 million of the third-generation Prius cars sold worldwide, due to a programming glitch in their hybrid system. About half of the recalls are in Japan and 713,000 in North America, a Toyota spokeswoman said. No accidents have been reported related to the defect. Toyota said the problem was in the software used to control the boost converter in a module that is part of […]

Yellen, upbeat China trade report buoy risk assets

(Reuters) – Asian shares rallied for a fourth straight session on Wednesday, as upbeat trade data from China and an optimistic economic outlook from Federal Reserve Chair Janet Yellen whetted investors’ appetite for risk. Investors took heart from the strong performance on Wall Street and lifted MSCI’s broadest index of Asia-Pacific shares outside Japan about 0.8 percent. Chinese exports handily beat expectations in January, rising 10.6 percent from a year earlier, while imports jumped 10 […]

U.S. House approves ‘clean’ debt limit after Republicans drop demands

(Reuters) – The U.S. House of Representatives narrowly approved a one-year extension of federal borrowing authority on Tuesday after Republicans caved into President Barack Obama’s demands to allow a debt limit increase without any conditions. The 221-201 vote, carried mainly by Democrats, marked a dramatic shift from the confrontational fiscal tactics House Republicans have used over the past three years, culminating in last October’s 16-day government shutdown. It came after House Republicans repudiated House Speaker […]

Ono board clears stock market plan, defers Vodafone offer

Tue Feb 11, 2014 3:18pm EST (Reuters) – Directors of Spain’s largest cable operator, Ono, on Tuesday agreed to push ahead with their plan to list the company on the stock market and deferred a takeover approach from Britain’s Vodafone, a source with knowledge of the matter said. Ono, which sells fixed and mobile phone, TV and internet services, had been preparing for a 7 billion euro ($9.6 billion) stock market sale to capitalize on […]

Analysis: Wall Street’s best-kept secret may be earnings growth

By Caroline Valetkevitch NEW YORK Tue Feb 11, 2014 4:27pm EST (Reuters) – Investors can’t blame the stock market’s bumpy ride so far this year on S&P 500 earnings, which could end the reporting period with the best quarterly growth in more than two years. Results haven’t done much to prop up the overall market, but analysts said that the numbers should relieve worries that last year’s big rally came without much gain in profit […]

New York planning a reality check for virtual currencies

By Douwe Miedema and Karen Freifeld WASHINGTON/NEW YORK Tue Feb 11, 2014 6:32pm EST (Reuters) – New York’s financial regulator on Tuesday revealed new details on how the state plans to govern virtual currencies such as bitcoin, just as problems in the nascent market took a turn for the worse. Benjamin Lawsky, superintendent of New York’s Department of Financial Services, expects to adopt consumer disclosure rules, capital requirements and a framework for permissible investments with […]

Alibaba to launch U.S. e-commerce website

(Reuters) – Alibaba Group Holding Ltd is set to launch a U.S. e-commerce website through its subsidiaries Vendio and Auctiva, which are in turn part of the Alibaba.com business group, the company told Reuters on Tuesday. The 11 Main (11main.com) site is an online shopping businessthat offers “interesting, quality products” from “hand-picked shop owners” such as fashion, tech and jewelry goods. Alibaba has been ramping up its international expansion with various acquisitions, including leading a roughly $200 million investment […]

Barclays to cut 12,000 jobs, pays bigger bonuses

(Reuters) – Barclays said it would axe up to 12,000 jobs this year even as it raised bonuses for investment bankers, prompting fury among politicians and unions who said it had not learned the lessons of the financial crisis. Britain’s third-biggest bank said up to 9 percent of employees could go, including 7,000 in Britain, as it tries to lower costs. The cuts are not concentrated in any one business area. It said it paid […]

Yellen says Fed on track to keep trimming stimulus

(Reuters) – Federal Reserve Chair Janet Yellen said on Tuesday the U.S. central bank was on track to keep reducing its policy stimulus, even as she acknowledged the labor market recovery was “far from complete.” In her first public comments as Fed chief, Yellen said the central bank would need to keep its eye on a broad range of labor market indicators, not just the unemployment rate, as it continued to assess the health of […]