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Business - Exclusive: China plans to set 2015 growth target at `around 7 percent` - sources

China plans to cut its growth target to around 7 percent in 2015, its lowest goal in 11 years, sources said, as policymakers try to manage slowing growth, job creation and pursuing reforms intended to make the economy more driven by market forces. The growth target, which is set to be announced by Premier Li Keqiang at the annual parliament session in March, was endorsed by top party leaders and policymakers at a closed-door Central Economic Conference in December, said a number of people with knowledge of the outcome of meeting who spoke to Reuters. The target, which is in line with market expectations, has not been previously reported. `This year`s economic growth target will be around 7 percent, but the 7 percent should be the bottom line,` said one of the sources, an influential economist who advises the government.

Wednesday, January 28, 2015  11:18


World - Greek PM Tsipras pushes on with radical change, markets tumble

By George Georgiopoulos and Angeliki Koutantou ATHENS (Reuters) - Prime Minister Alexis Tsipras promised `radical` change on Wednesday as his new government swiftly moved to roll back key parts of Greece`s international bailout, prompting a third day of losses on financial markets. A swift series of announcements signaled the newly installed government would not back down from its anti-austerity pledges, setting it on course for a clash with European partners, led by Germany, which has said it will not renegotiate the aid package needed to help Greece pay its debts. The planned sale of a 30 percent stake in Public Power Corporation of Greece (PPC), the country`s biggest utility, was halted while ministers pledged to raise pensions for those on low incomes and reinstate some fired public sector workers. Financial markets have looked on nervously, with Greek 10-year bond yields up 50 basis points at 10.30 percent, the main Athens stock index down 4 percent and bank stocks down 12.6 percent to extend losses into a third day.

Wednesday, January 28, 2015  11:17


Market - China issues scathing report on Alibaba

The Chinese government has released a report accusing Alibaba for failing to battle counterfeits on its shopping sites.

Wednesday, January 28, 2015  10:23


Market - Diamonds are getting cheaper. Time to buy?

Prices for rough diamonds are losing their sparkle as a liquidity squeeze starves the industry of much-needed capital. At the same time the souring global economy is putting pressure on spending in the luxury sector.

Wednesday, January 28, 2015  08:54


World - Halal beef supplier vows to contest fraud charges

CEDAR RAPIDS, Iowa (AP) A food supplier and its executives will contest criminal charges alleging they falsely marketed beef products to Muslims around the world as meeting strict halal standards.

Monday, December 15, 2014  21:31


World - US says halal food supplier misled Muslims on beef

CEDAR RAPIDS, Iowa (AP) A food supplier for several years falsely marketed beef to Muslims around the world as meeting strict halal standards, exporting products that weren`t slaughtered in accordance with Islamic law, federal prosecutors allege in a major fraud indictment.

Monday, December 15, 2014  19:42


Business - Shares, dollar retreat before Fed`s statement

Stocks and the dollar retrenched on Wednesday amid speculation the Federal Reserve will take a dovish turn in its post-meeting statement later in the day. European shares gave back early gains, after stumbling for the first time in nine sessions on Tuesday, and after record profits for Apple and a surprise rate cut in Singapore had bolstered Asian markets. The dollar was starting to slide against the euro , the yen and other currencies , anticipating a statement after the Fed`s first meeting of the year ends later on Wednesday. Scepticism is growing that the Fed will raise rates by mid-year, as had been expected.

Wednesday, January 28, 2015  10:41


Business - Oil drops more than 1 percent on firm dollar, U.S. stock build

Oil fell more than 1 percent on Wednesday as the dollar strengthened in early Asian trade, while an industry report showing a larger-than-expected rise in U.S. crude inventories also dragged on prices. `The key driver for oil prices in the last few days has been currency fluctuations ... we had seen some weakness in the U.S. dollar which help support prices overnight,` Ric Spooner, chief analyst at CMC Markets in Sydney said. Brent crude hit a low of $48.79 a barrel and was down 68 cents at $48.92 by 0255 GMT. The American Petroleum Institute said late on Tuesday that U.S. crude inventories rose 12.7 million barrels last week, triple the volume expected.

Wednesday, January 28, 2015  03:48


World - Asian stocks tumble after weak US corporate earnings

BEIJING (AP) Asian stock markets were mostly lower Wednesday after Wall Street tumbled on concern about weak corporate earnings as investors watched this week`s meeting of the U.S. Federal Reserve.

Wednesday, January 28, 2015  03:48


Business - Global shares wilt, dollar nervous before Fed outcome; Apple outperforms

By Wayne Cole and Hideyuki Sano SYDNEY/TOKYO (Reuters) - Asian stock markets followed Wall Street into the red on Wednesday, while the dollar was on edge following speculation the Federal Reserve could take a dovish turn in its post-meeting statement later in the session. Apple Inc provided some relief after the bell as record sales of its iPhone line helped it beat expectations, sending its stock up more than 5 percent, helping to lift U.S. stock futures by 0.3 percent. On Wall Street, the Dow ended with losses of 1.65 percent, while the S&P 500 fell 1.34 percent and the Nasdaq 1.89 percent. Soft business investment and corporate earnings stoked talk the Fed would have to acknowledge the more difficult environment in its policy statement at 1400 GMT.

Wednesday, January 28, 2015  02:54

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