Business & Economy
London in HK link-up to trade in yuan
Hong Kong will help London develop as the next offshore yuan trading centre, shrugging off traditional competition between the two cities as part of a broader plan to boost international usage of the currency.
Standard & Poor's Cuts Credit Ratings for Nine Euro Zone Nations
Standard & Poor's downgraded the credit ratings of nine euro zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday 13th for the troubled single currency area.
Bank of America told Fed it could sell branches in emergency: source
Bank of America Corp (BAC.N) told Federal Reserve officials in June that it could shed branches in some parts of the country if it needed to raise capital in an emergency, a person familiar with the matter said.
Hong Kong Deutsche Bank Manager Ma Sin-chi Charged for Taking HK$24.8 Million in Bribes
A senior executive of Deutsche Bank AG has been charged in Hong Kong with accepting bribes in return for giving advice on trading derivative warrants, the city's anti-graft watchdog said on Thursday.
Geithner Gets Japan Backing on Oil Sanctions After Snub From China
U.S. Treasury Secretary Timothy F. Geithner’s efforts to tighten economic sanctions on Iran over its nuclear program won backing from Japan after China rejected limiting oil imports from the country.
US seeking to 'close down' Iran central bank
The latest round of American sanctions are aimed at shutting down Iran's central bank, a senior US official said Thursday, spelling out that intention directly for the first time.
MF Global May Not Be Able to Pay Clients Back: Trustee
Former customers of MF Global Holdings' collapsed brokerage were disappointed to hear on Thursday that the trustee hunting for funds missing from their accounts has no immediate plans to transfer more money to them.
Hong Kong retains top spot of world's freest economy
Hong Kong has retained its position as the world's freest economy, according to a ranking compiled by the Heritage Foundation, a conservative think tank. Singapore ranked second, followed by Australia, New Zealand and Switzerland.
Greek Crisis Has Pharmacists Pleading for Aspirin
For patients and pharmacists in financially stricken Greece, even finding aspirin has turned into a headache.
Zhengzhou China Resources to Delist From Hong Kong Exchange
Zhengzhou China Resources Gas Co. plans to delist from the Hong Kong stock exchange on Feb. 14 after China Resources Gas Group Ltd. (1193) increased its stake, Zhengzhou said in a statement to the Hong Kong stock exchange.
Apple CEO Tim Cook could top pay list in 2011
Tim Cook could well end up being the highest paid CEO in America in 2011, after Apple Inc. granted him a million restricted stock units last August for taking the reins shortly before co-founder Steve Jobs died.
Germany's stance on financial transaction tax risks French rift
Angela Merkel has warned that German support for the financial transaction tax (FTT) is not guaranteed, in a move that could open up a rift with France just days before the next European summit.
World's biggest super-jumbos must be GROUNDED, say engineers after cracks are found in the wings of three Airbus A380s
Australian aircraft engineers have called for Airbus A380 - the world's biggest passenger aircraft - to be grounded, after Singapore Airlines and Qantas found cracks in the wings of their super-jumbos.
Hong Kong Exchange maintains No 1 ranking in IPO fund raising
Hong Kong’s Initial Public Offering (IPO) market, benefitting from the listing success of Glencore International’s IPO, beat New York Stock Exchange (NYSE) and London Stock Exchange (LSE) to the top rank.
IMF urges members to boost funding under 2010 plan
IMF chief Christine Lagarde on Thursday urged member countries to quickly sign off on an agreement last year to double IMF resources and give under-represented nations, such as China, greater voting power in the global lender.
French credit downgrade could come 'within days'
France could be stripped of its triple-A credit rating before Christmas, raising new doubts about the survival of the euro, analysts have predicted.
Most stock funds post losses this year; bonds gain
The average diversified U.S. stock mutual fund has fallen 5.9% this year, vs. a 1.4% loss for the Standard & Poor's 500-stock index, says Lipper, which tracks the funds. Out of 8,036 funds, 7,399, or 92%, are showing a loss — and some are doozies.
Fitch cuts ratings on 8 major banks
Fitch Ratings on Thursday downgraded its viability ratings on eight of the world's biggest banks, citing increased challenges facing the banking sector due to weak economic growth and heightened regulation.
China trims holdings of US Treasury debt
China bought less U.S. Treasury debt in October and total foreign holdings dipped for the first time since July.
French leaders declare a war of words on Britain
French leaders have launched outspoken public attacks on Britain, calling for the UK to lose its AAA credit rating and comparing its economy with that of Greece.