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  • Central banks saved economy, now beware the fallout: IMF

    Reuters:  Washington, May 18, 2013 at 0336 hrs ISTCentral banks got it right when they saved the world economy, but their unprecedented actions risk disruptive cross-border spillovers and potentially heavy losses when the time comes to reverse course, the IMF said on Thursday.

  • US Fed hawks call for retreat from mortgage stimulus

    Reuters: Houstan/Milan, May 18, 2013 at 0339 hrs ISTA trio of hawkish regional Federal Reserve officials are calling for the US central bank to stop buying mortgage-backed bonds, citing the recent improvement in the housing market.

  • Dell’s profit dives 79% as billionaire battle rages

    Reuters: San Francisco, May 18, 2013 at 0341 hrs ISTDell, the subject of a take-over battle between activist investor Carl Icahn and the company's billionaire founder, reported a 79% slide in profit as personal computer sales continued to shrink.

  • China president takes charge of sweeping economic reform plans

    Reuters: Beijing, May 18, 2013 at 0343 hrs ISTChinese President Xi Jinping has taken charge of drawing up ambitious reform plans to revitalise the economy, sources close to the government said, shunning policy stimulus for fear it could worsen local government debt and inflate property prices.

  • Signs of improvement in European car sales

    Associated Press: Milan, May 18, 2013 at 0345 hrs ISTThe European auto industry may be showing the first signs of a slowdown in its sales free-fall, according to data from the European automaker's association.

  • US lawmakers reach tentative deal to revamp immigration

    Reuters: Washington, May 18, 2013 at 0350 hrs ISTProspects for passage of a major immigration bill improved on Thursday when a bipartisan group of lawmakers in the US House of Representatives declared they had reached a tentative deal, resolving disputes that had threatened to torpedo negotiations.
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    May 18, 2013 at 0351 hrsState-owned Dutch bank ABN AMRO is to cut 400 jobs, about 2% of its workforce, as it prepares for an eventual sale.

  • US tax chief fired over scrutiny scandal

    Reuters:  Washington, May 17, 2013 at 0014 hrs ISTWashington's top tax official was fired on Wednesday as President Barack Obama sought to stem a rising tide of criticism in a scandal over the Internal Revenue Service's (IRS) targeting of conservative groups for special scrutiny.

  • Japan grows at 3.5% as Abenomics takes hold

    Associated Press:  Tokyo, May 17, 2013 at 0016 hrs ISTJapan's economy enjoyed a stronger than expected recovery last quarter, growing at a 3.5% annual pace as the government stepped up public works spending and eased credit to encourage investment.

  • CEO of SocGen’s Russia unit faces seven years on bribery allegations

    Reuters:  Moscow, May 17, 2013 at 0018 hrs ISTThe head of Societe Generale's Russian unit Rosbank faced up to seven years in jail for bribery on Thursday after Russian investigators released a film of him with cash piled on his desk in what several bankers said may have been a set up.

  • Honda to return to F1 in 2015

    Reuters:  Tokyo, May 17, 2013 at 0020 hrs ISTHonda is returning to Formula One racing in 2015, after a seven-year hiatus, as McLaren's engine partner, the Japanese carmaker said on Thursday.

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    May 17, 2013 at 0022 hrsGlencore Xstrata Chairman John Bond surprised investors on Thursday by announcing he had been voted out of the top job at the miner and trader at the group's first annual shareholders' meeting.

  • HSBC to cull up to 14,000 more jobs in war on costs

    Reuters:  Hong Kong/London, May 16, 2013 at 0345 hrs ISTHSBC will redouble cost-cutting efforts, including axing up to 14,000 more jobs globally, as Europe's largest bank seeks to drive earnings and dividend growth in the face of muted revenue.

  • Germany can’t stop euro zone from sliding into longest recession

    Reuters:  Brussels/Berlin, May 16, 2013 at 0347 hrs ISTGermany's economy crept back into growth at the start of the year but not by enough to stop the euro zone from contracting for a sixth straight quarter, and France slid into recession.