Business & Economy

UBS's top prime broking staff in Hong Kong, Jarvis, quits-sources

Ashley Jarvis, Swiss bank UBS AG's global head of business and capital consultancy for prime broking division has quit, three people with knowledge of the matter told Reuters on Sunday.

Somewhat sheepishly, Exxon makes $11 billion

Exxon made almost $11 billion and practically apologized for it. Sensing public outrage over gasoline prices that have topped $4 in some states, the company struck a defensive posture Thursday after posting some of its best quarterly financial res...

GE sees best profit outlook in a decade, execs say

Scott Malone Yahoo! News 29.04.2011
GE sees best profit outlook in a decade, execs say

General Electric Co sees its best earnings growth prospects in a decade as the global economic recovery drives demand for the heavy energy and aviation equipment it makes, top executives said.

Biggest US airlines have combined 1Q loss over $1B

With fresh red ink at Delta and US Airways, the five biggest U.S. airlines showed a combined loss of more than $1 billion for the first quarter. Soaring jet fuel prices are the big culprit.

AP survey: Only oil shock can stop economy now

The American economy is now strong enough to withstand Middle East turmoil and the Japanese nuclear crisis. Only a big rise in the price of oil could stop it now.

Belle Footwear Billionaire Tang Yiu Hospitalized After Stroke

Tang Yiu, the footwear Hong Kong footwear billionaire who ranked no. 281 on the 2011 Forbes Billionaires List, has been hospitalized after a stroke, his company Belle International Holdings said in a statement on Monday evening.

Hong Kong jobless rate falls to three-year low of 3.4 per cent

Hong Kong's unemployment rate has fallen to its lowest level in almost three years with 3.4 per cent of the city's working population jobless, government figures showed Tuesday.

U.S. Hurries to Sell GM Stake

SHARON TERLEP The Wall Street Journal 20.04.2011
U.S. Hurries to Sell GM Stake

The U.S. government plans to sell a significant share of its remaining stake in General Motors Co. this summer despite the disappointing performance of the auto maker's stock, people familiar with the matter said.

China Urges US to Protect Creditors After S&P Warning

China's Foreign Ministry said on Tuesday that the United States must take "responsible" measures to protect investors in its debt after Standard & Poor's threatened to lower its credit rating on the United States due to a bulging budget deficit.

U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia

The U.S. Export-Import Bank, an independent agency of the federal government, is now planning a $2.84-billion loan for a massive project to expand and upgrade an oil refinery--in Cartagena, Colombia.

Wall Street shares slump as S&P downgrades US debt outlook

Shares fell heavily on Wall Street on Monday after a leading ratings agency fanned fears of Europe's debt crisis spreading across the Atlantic by issuing a strong warning about America's failure to tackle its budget deficit.

Mysterious Hong Kong Buyer for $600 Million of Fukushima-Owner TEPCO Shares

As the news from the Fukushima reactor gets worse and worse, it turns out that someone thinks the owner of that nuclear hell-hole -- Tokyo Electric Power Company, aka TEPCO -- is a "good bet".

World Bank president: 'One shock away from crisis'

The president of the World Bank has warned that the world is "one shock away from a full-blown crisis".

Banks Face $3.6 Trillion 'Wall' of Debt: IMF

The world's banks face a $3.6 trillion "wall of maturing debt" in the next two years and must compete with debt-laden governments to secure financing, the IMF warned on Wednesday.

BRICS demand global monetary shake-up, greater influence

Abhijit Neogy and Alexei Anishchuk Yahoo! Finance 15.04.2011
BRICS demand global monetary shake-up, greater influence

The BRICS group of emerging-market powers kept up the pressure on Thursday for a revamped global monetary system that relies less on the dollar and for a louder voice in international financial institutions.

US bank unveils microchipped credit cards

Elizabeth Ody 14.04.2011
US bank unveils microchipped credit cards

Wells Fargo & Co. (WFC), the U.S. bank with the most branches, is testing microchip-embedded credit cards with frequent travelers to address complaints of customers who have trouble using their cards abroad.

BRICS seek larger role in global finance

Christopher Bodeen Yahoo! Finance 14.04.2011
BRICS seek larger role in global finance

The leaders of the world's largest emerging economies started a one-day summit in southern China on Thursday, looking for a bigger role in global financial institutions and also welcoming a new member.

Rush to Use Crops as Fuel Raises Food Prices and Hunger Fears

ELISABETH ROSENTHAL The New York Times 07.04.2011
Rush to Use Crops as Fuel Raises Food Prices and Hunger Fears

The starchy cassava root has long been an important ingredient in everything from tapioca pudding and ice cream to paper and animal feed.

San Francisco Approves Twitter Tax Break

The San Francisco Board of Supervisors approved a tax break Tuesday to keep Twitter from fleeing the city.

India bans Japan food imports...

Ratnajyoti Dutta Yahoo! News Canada 06.04.2011
India bans Japan food imports...

India has imposed a three-month ban on imports of food articles from the whole of Japan on fears that radiation from an earthquake-hit nuclear plant was spreading to other parts of the country, becoming the first country to introduce a blanket ban.

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