Economy NewsRSS

China's Xi eyes increased investment in Cuba

Chinese President Xi Jinping meets his Cuban counterpart Raul Castro at the Revolution Palace in Havana, on July 22, 2014, in this photo from the Cuban official website www.cubadebate.cuChinese President Xi Jinping met his Cuban counterpart Raul Castro in a visit to expand investment in the fellow communist nation, his last stop on a four-country Latin American charm offensive. Cuba, the only one-party communist state in the Americas, began opening up its economy in 2008, but has not grown as much as hoped and could desperately use more Chinese investment. Xi for his part has made a point during his tour of reaching out to countries often shunned by US and European investors, including Venezuela and Argentina as well as Cuba. The opening of the Cuban economy -- which some analysts see as an effort to follow in China's footsteps -- has created new opportunities to tighten bilateral ties, said Xi, who arrived Monday night in Havana.


07/22/2014 09:26 PM

Apple revenue lags Street's view despite strong China growth

The gold colored version of the new iPhone 5S is seen after Apple Inc's media event in CupertinoBy Christina Farr and Edwin Chan SAN FRANCISCO (Reuters) - Apple Inc posted a smaller-than-expected 6 percent rise in quarterly revenue on Tuesday, but revenue surged 28 percent in greater China despite stiff competition in its third-largest market. It sold 35.2 million iPhones in the June quarter, a rise of about 13 percent that was in line with analysts' projections, helped by a strong performance in an Asian market considered crucial to Apple's longer-term growth prospects. Chief Executive Tim Cook told analysts on a conference call that Apple's Chinese performance was "honestly surprising." Unit iPhone sales jumped about 48 percent and Mac computer sales rose 39 percent in the June quarter, Chief Financial Officer Luca Maestri said in an interview. This month, Samsung Electronics Co Ltd estimated April-June operating profit far below most analysts' forecasts, as its Galaxy S5 sold more slowly than expected in the face of severe competition.    "We have a really good runway in front of us with China Mobile," Maestri said, referring to Apple's main carrier partner in the world's No. 2 economy.


07/22/2014 09:09 PM

U.S. judge orders Argentina, creditors to meet until deal reached

New York financial trial lawyer Pollack exits the U.S. District Court for the Southern District of New York in Lower ManhattanBy Nate Raymond and Joseph Ax NEW YORK (Reuters) - A U.S. judge ordered Argentina and investors who did not participate in the country's past debt restructurings to meet "continuously" with a court-appointed mediator until a settlement is reached, warning of the threat of a new default. U.S. District Judge Thomas Griesa in New York told Argentina and lawyers for investors who declined to restructure their bonds after the country defaulted on about $100 billion in 2002 that time was running out to reach a deal and avert a fresh default. Jonathan Blackman, a lawyer for Argentina, Latin America's No. 3 economy, said even with around-the-clock talks, it would be "unlikely, if not impossible, to result in settlement." "It simply can't be done by the end of the month," he said. Griesa ordered the parties to meet with Daniel Pollack, a New York lawyer appointed to oversee settlement talks, "continuously until a settlement is reached." Pollack scheduled a meeting Wednesday at 10 a.m. EDT (1400 GMT).


07/22/2014 06:52 PM

Contrarian's case: Why US could dip into recession

In this July 9, 2014 photo, economist David Levy poses for picture in his office in Mt. Kisco, N.Y. Levy, who oversees the Levy Forecast, a newsletter analyzing the economy that his family started in 1949, says the United States is likely to fall into a recession next year triggered by downturns in other countries, the first time in modern history. (AP Photo/Seth Wenig)NEW YORK (AP) — Just as the U.S. economy is strengthening, other countries are threatening to drag it down.


07/22/2014 05:59 PM

Apple's iPhone sales rose 48 percent in China in June quarter: CFO
SAN FRANCISCO (Reuters) - Apple's iPhone unit sales in greater China jumped about 48 percent and Mac computer sales rose 39 percent in the June quarter, Chief Financial Officer Luca Maestri told Reuters on Tuesday. Lower-cost phones sold there by up-and-coming rivals, such as Xiaomi, appeared to be taking market share mainly from other companies that rely on Google's Android mobile software, Maestri added. "We have a really good runway in front of us with China Mobile," Maestri said in an interview, referring to Apple's main carrier partner in the world's No. 2 economy. ...
07/22/2014 05:45 PM

Israel pounds Gaza despite international peace efforts

Israeli police officers detain a protester suspected of throwing stones during a protest by Israeli Arabs in the northern city of Nazareth, against Israel's offensive in the Gaza StripBy Nidal al-Mughrabi and Jeffrey Heller GAZA/JERUSALEM (Reuters) - Israel pounded targets across the Gaza Strip on Tuesday, saying no ceasefire was near as top U.S. and United Nations diplomats pursued talks on halting the fighting that has claimed more than 600 lives. U.S. Secretary of State John Kerry held discussions in neighbouring Egypt, while U.N. Secretary General Ban Ki-moon met Prime Minister Benjamin Netanyahu in Tel Aviv and later with the Palestinian prime minister in the occupied West Bank. Dealing a blow to Israel's economy already reeling from a spate of tourism cancellations, the Federal Aviation Administration (FAA) took the rare step of banning U.S. carriers from flying to or from Ben-Gurion International Airport for at least 24 hours after a rocket fired from Gaza struck near the airport's fringes, injuring two people. Israel's flagship carrier El Al continued flights as usual.


07/22/2014 04:53 PM

BES sells private bank as shareholder placed under management

A woman walks past the Espirito Santo Bank (BES) branch in Lisbon on July 10, 2014The main shareholder of troubled Banco Espirito Santo (BES) was placed in receivership on Tuesday as Portugal's largest listed lender announced it has sold off the bulk of its Swiss-based private bank. Luxembourg's district court in a statement said it had agreed to a Friday request from Espirito Santo International (ESI) that it be placed under "controlled management". Portugal has been thrown into turmoil since allegations emerged of accounting irregularities in ESI, owned by the high-profile Espirito Santo family, cast doubt on the strength of its economy. Lisbon has admitted the crisis engulfing the giant Banco Espirito Santo group could affect Portugal's recovery after the country emerged from an international bailout in May.


07/22/2014 02:54 PM

EU readies possible capital, tech sanctions on Russia

Germany's Foreign Minister Frank-Walter Steinmeier attends a meeting with BMW executives in Mexico CityBy Justyna Pawlak and Adrian Croft BRUSSELS (Reuters) - The European Union threatened Russia on Tuesday with harsher sanctions over Ukraine that could inflict wider damage on its economy following the downing of a Malaysian airliner, but it delayed action for a few days. Efforts to forge a united front were hampered by a French announcement that the planned delivery of a warship to Moscow would go ahead despite U.S. and British pleas to halt it. At a meeting in Brussels, EU foreign ministers for the first time raised the possibility of restricting Russian access to European capital markets, defence and energy technology, asking the executive European Commission to draft proposals this week. Such sanctions would require the approval of all EU governments and would apply only if Moscow does not cooperate with an international investigation into the Malaysia Airlines plane crash in an area of eastern Ukraine controlled by Russian-backed separatists, and if it fails to stop weapons flowing into the country.


07/22/2014 02:46 PM

US job-training review emphasizes data, employers

President Barack Obama, joined by Vice President Joe Biden, right, speaks before signing the Workforce Innovation and Opportunity Act, bipartisan job-training legislation which aims to help job seekers gain valuable employment skills, at the Eisenhower Executive Office Building in the White House complex in Washington, Tuesday, July 22, 2014. (AP Photo/J. Scott Applewhite)WASHINGTON (AP) — As the U.S. economy adds new jobs, Americans must have the skills to fill those jobs, President Barack Obama said Tuesday.


07/22/2014 02:37 PM

Hungary cuts base rate to record low, ends long easing cycle

Governor of the Hungarian Central Bank (MNB) Gyorgy Matolcsy during a press conference in Budapest on April 4, 2013Hungary's central bank MNB cut its main interest rate to a record low of 2.10 percent on Tuesday, ending a two-year-long monetary easing cycle aimed at stoking economic growth. "The rate cut has brought the MNB's 490 basis point (4.9 percentage point) rate reduction cycle to an end," said a statement from the bank after the announcement. "The base rate has reached the level which ensures both the medium-term inflation goal (of 3.0 percent) and continued economic growth," it added. MNB governor Gyorgy Matolcsy later told journalists the loosening cycle -- begun in August 2012 when the rate was 7.0 percent -- was one of the "longest and deepest cuts in modern history".


07/22/2014 02:26 PM

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