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Phelps makes statement one year out from London

Relief was etched all across Michael Phelps' face Wednesday after the American won his first gold medal of the world swimming championships in Shanghai, one year to the day before he begins his final Olympics campaign.

Fund managers line up defensive options

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Fund managers are weighing up their defensive investment options as a litany of poor economic indicators from the UK, Europe and the United States hammers home fears another global recession is on its way.

Bid to break debt impasse faces new obstacles

U.S. House Speaker John Boehner, R-Ohio
A Republican proposal to cut the U.S. deficit faced delay and stiff opposition on Wednesday, raising the risk of a debt default and a ratings downgrade as the clock ticks toward a deadline less than a week away.
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Dunkin' Brands

Dunkin' Brands IPO Priced Well Above Estimates

Dunkin' Brands (DNKN.O) has raised $422.75 million after pricing its IPO at $19 per share, well above the range set by underwriters, signaling strong demand for this week's biggest deal.
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Nippon Steel sees post-quake profit recovery, JFE lags

Nippon Steel Corp <5401.T>, Japan's top steelmaker, forecast profits to rise this year as a slow global economic rebound bolsters demand, outperforming smaller rival JFE Holdings Inc <5411.T> which expects earnings to dwindle on tough competition in Asia's export markets.
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Nissan beats expectations as it recovers from quake

Nissan Motor Co <7201.T> reported a smaller-than-expected 10.4 percent decline in quarterly operating profit on Wednesday as it recovered swiftly from a parts shortage that hammered the industry after the March 11 earthquake.
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Nissan Q1 profit down 10 pct as quake hits output

Nissan Motor Co <7201.T> reported a 10 percent fall in quarterly operating profit on Wednesday as a shortage of parts after the March 11 earthquake peaked during the quarter and slashed vehicle production.
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Daimler revenues disappoint

German car and truck maker Daimler's second quarter revenues fell short of expectations, indicating that demand for cars in emerging markets may be starting to cool.
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China should make real deposit rates positive: C.bank adviser

China should gradually make real bank deposit rates positive and continue to use open market operations and bank reserve requirements to slow money supply, an academic adviser to the People's Bank of China said in comments published on Wednesday.
A gold bar carrying the Euro sign

Gold flat after hitting record

Gold held steady on Tuesday after the last session's record high, as investors stayed on the sidelines, watching the stalemate in Washington's budget talks to avert a ratings downgrade or default.
Kobe Bryant

Turkish club trying to lure Bryant during lockout

Los Angeles Lakers All-Star guard Kobe Bryant's representatives will meet with officials of Turkish club Besiktas next week to discuss the possibility of him playing in Turkey during the National Basketball Association (NBA) lockout.
A fake Apple store in Kunming, China.

Chinese Officials Start To Shut Down Fake Apple Stores

The most recent fake store in Kunming, China was stumbled upon by a 27-year-old American blogger living in the city, the capital of China's mountainous southwestern Yunnan province, complete with the white Apple logo, wooden tables and cheery staff claiming they work for the iPhone maker, while the Chinese government has launched an investigation into fake Apple stores that have popped up around the southwestern city of Kunming.
A high speed bullet train runs past a railway bridge as workers use cranes to lift a wrecked carriage

China launches safety campaign after deadly train crash

China's rail minister, facing public outrage over Saturday's deadly train crash, has ordered a two-month safety review of railway operations and apologised for the accident which killed 39 people, state media reported on Tuesday.
Mine workers emerge from the pithead at the Harmony Gold mine in Carletonville, west of Johannesburg,

South African strikes to spread to gold sector

South African gold miners will this week join thousands of workers seeking pay rises in widening nationwide strikes, threatening to hurt exports from Africa's largest economy at a time when bullion is at record highs.
Gold steady below record; debt talks eyed

Gold steady below record; debt talks eyed

Gold held steady below its record high on Tuesday as investors waited to see if President Barack Obama's appeal for lawmakers to break a deadlock in U.S. debt talks would succeed, while the euro zone debt crisis lent support.
Manned submersible Jiaolong

Chinese Submarine Aiming for Record Deep-Sea Dive

China?s State Oceanic Administration said that the Jiaolong submarine, 8.2 meters long, weighing 22 tons and carrying a three-man crew, reached a depth of 5,057 meters (about 16,500 feet) Tuesday morning, spending over six hours underwater.
The French TGV High Speed Train

The World's Most Impressive High Speed ?Bullet? Trains

The European Union defines High speed trains, also called Bullet trains for their appearance, with a speed limit of up to 250 kilometers per hour; while in the United States, Federal Railroad Administration identifies speed above 177 kilometers per hour for high speed trains.

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