Bank of China halts FX swaps with some European banks
Bank of China, a big market-maker in China's onshore foreign exchange market, has stopped foreign exchange forwards and swaps trading with several European banks due to the unfolding debt crisis in Europe, three sources with direct knowledge of the matter told Reuters on Tuesday.
Samsung Seeks to Gun Down iPhone 5; Delay in Release?
Just a few weeks before Apple is said to be releasing its most anticipated iPhone 5, which could halt Samsung’s aggravating success with the Galaxy Line, the South Korean firm is considering legal action to ban the sales of the upcoming iPhone.
Google and Visa team up on mobile payments
Google Inc has enlisted Visa Inc in its effort to push mobile payments, striking an agreement to allow Visa account-holders to pay for store purchases with their smartphones.
Italy Credit Downgraded, French Banks Pressured
Standard & Poor's cut Italy's credit rating on Tuesday in a surprise move that increased strains on the debt-stressed euro zone and raised pressure on policymakers to take more decisive action to resolve the crisis.
Goal of the Week - Modric, Nani or Torres? (VIDEO)
We present the chosen three best goals of the week here and readers can decide which one they think is the best.
Apple in no Hurry to Release iPad 3? Two iPhones Coming in 2011
While Microsoft aims to hit the tablet market with Windows 8, Apple seems reluctant to consider any competition— the company is unlikely to release the iPad 3 until 2012, reports a J.P. Morgan analyst.
S&P Italy downgrade new blow for distressed Europe
Standard & Poor's cut its unsolicited ratings on Italy by one notch on Tuesday, a surprise move that sharply increases strains on the debt-stressed euro zone and piles pressure on policymakers to take more decisive action to resolve the crisis.
U.S. Ambassador Urges China to Lower Trade Barriers
China must reduce barriers to foreign companies if it is to meet its own development goals, the U.S. ambassador said in Beijing on Tuesday in a speech that reflected foreign investors' growing frustration with the pace of economic reforms in the country.
S&P Italy Downgrade a New Blow for Distressed Europe
Standard & Poor's cut its unsolicited ratings on Italy by one notch on Tuesday, a surprise move that sharply increases strains on the debt-stressed euro zone and piles pressure on policymakers to take more decisive action to resolve the crisis.
UBS Boss Seeks Board Vote of Confidence: Report
UBS AG Chief Executive Oswald Gruebel will seek a vote of confidence at a board meeting in Singapore for plans to slash the investment banking division that caused a $2.3 billion loss due to unauthorized trading, a Swiss newspaper reported on Tuesday.
SEC probes trading before U.S. rating cut: report
Securities regulators have sent subpoenas to hedge funds and other trading firms as it probes possible insider trading before the U.S. government's long-term credit rating was cut last month, the Wall Street Journal said, citing people familiar with the matter.
World stocks fall after Italy downgrade
Stocks and the euro fell on Tuesday after ratings agency S&P downgraded Italy and as Greece held talks with creditors to avoid running out of cash within weeks, amid worries that Europe's debt woes will trigger a full-blown banking crisis.
SEC asks companies to disclose offshore cash: report
The U.S. Securities and Exchange Commission has asked companies like Dow Chemicals , Fortune Brands , Caterpillar and CIT Group to disclose the amount of cash they hold offshore, the Financial Times reported.
Bank of China Reported Halting FX Swaps with some European Banks
Bank of China, a big market-maker in China's onshore foreign exchange market, has stopped foreign exchange forwards and swaps trading with several European banks due to the unfolding debt crisis in Europe, three sources with direct knowledge of the matter told Reuters on Tuesday.
Scientists Find Way to Disarm AIDS Virus
Scientists have found a way to prevent HIV from damaging the immune system and say their discovery may offer a new approach to developing a vaccine against AIDS.
Samsung considers legal action over Apple's new iPhone: source
Samsung Electronics Co is considering legal action to ban sales of Apple's new iPhone, a source familiar with the matter said on Tuesday, in what could be its strongest step to defend against claims by the U.S. firm that the South Korean firm had copied its product designs.
BCCI Rules Out England Tour Post-Mortem
The new BCCI president N. Srinivasan on Monday ruled out any formal inquiry into the team's abysmal performance on their tour of England.
Food Security Bill to Cost $21 bln - Report
The proposed food security bill will likely cost an annual 1 trillion rupees ($20.7 billion), the Financial Express quoted the food minister as saying, as the government looks to scale up production and storage of subsidised grain to feed more of the country's poor.
CBI May File Case Against Reliance - Report
The Central Bureau of Investigation (CBI) is considering filing a case or multiple cases against Reliance Industries over its operations of its gas block in the Krishna Godavari (KG) basin, the Mint reported on Tuesday.
S&P Cuts Italy One Notch, Outlook Negative
Standard and Poor's cut its unsolicited ratings on Italy by one notch, warning of a deteriorating growth outlook and damaging political uncertainty, in a move that took markets by surprise and added to pressure on the debt-stressed euro zone.
GM labor deal heads toward UAW vote
About 48,500 General Motors Co workers at U.S. factories will begin considering the details of a proposed four-year contract on Tuesday that represents the first labor deal for the automaker since its 2009 bailout by the Obama administration.
Asia stocks, euro fall after Italy downgrade
Asian stocks and the euro fell on Tuesday after ratings agency S&P downgraded Italy and as Greece held talks with creditors to avoid running out of cash within weeks, amid worries that Europe's debt woes will pitch the global financial system into a full-blown banking crisis.
Goodrich shares up as United Tech mulls bid
Goodrich Corp shares surged 16 percent on Monday as diversified U.S. manufacturer United Technologies Corp negotiated terms for a potential purchase of the aircraft components maker.
UBS faces dual attack in parliament after loss
The Swiss parliament piled pressure on the nation's biggest banks on Monday in the wake of UBS AG's $2.3 billion loss from rogue trading, as a center-left party pushed for a ban on risky investment banking and a plan to raise capital requirements passed the lower house.
Brevan Howard may return $2 billion to clients: report
Brevan Howard Asset Management LLP, one of the Europe's biggest hedge fund managers, may return about $2 billion to investors in the firm's biggest fund to avoid growing too large, Bloomberg said, citing four people familiar with the matter.
Japan wants to convey stance on strong yen at G20: Azumi
Japan hopes to explain its stance on the strong yen and how it is hurting the country's economy at this week's Group of 20 finance leaders' gathering, Finance Minister Jun Azumi said on Tuesday.
Exclusive: Brazil seeks to help Europe via IMF
Brazil will propose that it and other large emerging market countries make billions of dollars in new funds available to the International Monetary Fund as a way to help ease the crisis in the euro zone, an official said on Monday.
China to keep buying U.S. Treasuries: report
China, the largest foreign holder of U.S. government debt, will keep buying U.S. Treasuries, the official People's Daily, the ruling Communist Party's mouthpiece reported on Tuesday, citing government researchers.
S&P cuts Italy credit rating
Ratings agency Standard & Poor's cut Italy's sovereign credit rating by one notch, saying the country's economic growth prospects were getting weaker and planned reforms by the government would not help much.
Mining CEOs expect gold prices to keep rising
To hear mining executives tell it, gold prices have nowhere to go but up as investors flock to the yellow metal to hedge against the languishing global economy.
