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| Japan's Abe to target income gains in growth strategy Tuesday, Jun 04, 2013 09:27 PM PDT By Kaori Kaneko and Tetsushi Kajimoto TOKYO (Reuters) - Prime Minister Shinzo Abe will pledge to boost incomes by 3 percent annually and allow tax cuts and reduce red tape in special economic zones when he unveils the government's latest polices aimed at revitalizing the world's third-biggest economy, Japanese media said. An income boost is vital to the success of Abe's ambitious goals to end years of entrenched deflation and decades of economic stagnation. ... Full Story | Top |
| CA-BUSINESS Summary Tuesday, Jun 04, 2013 09:26 PM PDT Asian shares hit 2013 lows as Fed stimulus jitters weigh TOKYO (Reuters) - Asian shares slipped to their lowest this year on Wednesday as uncertainty over when the U.S. Federal Reserve would begin scaling down its massive stimulus program fanned worries about funds flowing out of the region. The mood was soured by a drop in U.S. stocks overnight on worries over a shift in the Fed's current policy, but the prospect of less monetary stimulus underpinned the dollar. ... Full Story | Top |
| China hits back at EU over solar panel duties Tuesday, Jun 04, 2013 09:26 PM PDT  By Ben Blanchard BEIJING (Reuters) - China launched an anti-dumping and anti-subsidy probe in European wine on Wednesday in response to the European Union's decision to impose duties on imports of Chinese solar panels, as tensions increased between two of the world's biggest trading blocs. The EU will impose duties on imports of Chinese solar panels from Thursday, but announced a dramatically reduced initial rate after pressure from some large member states in the hope of reaching a negotiated settlement with Beijing. ... Full Story | Top |
| China has 'mountains of data' about U.S. cyber attacks: official Tuesday, Jun 04, 2013 09:24 PM PDT  BEIJING (Reuters) - China's top Internet security official says he has "mountains of data" pointing to extensive U.S. hacking aimed at China, but it would be irresponsible to blame Washington for such attacks, and called for greater cooperation to fight hacking. Cyber security is a major concern for the U.S. government and is expected to be at the top of the agenda when President Barack Obama meets with Chinese President Xi Jinping in California on Thursday and Friday. ... Full Story | Top |
| HTC operations exec steps down amid management changes Tuesday, Jun 04, 2013 09:15 PM PDT  TAIPEI (Reuters) - HTC Corp's chief operating officer has stepped down in the middle of a management restructuring intended to improve product quality and supply chains, following delays in the launch of the Taiwanese firm's flagship new phone. Matthew Costello became an executive advisor from Europe effective on June 1, according to an email from HTC President of Engineering and Operations Fred Liu to employees. Liu took up the operating responsibilities with Costello's departure. Costello's move adds to a stream of top executives who have left or taken back seats as the former U.S. ... Full Story | Top |
| China services growth modest, adds to economy concerns Tuesday, Jun 04, 2013 08:53 PM PDT  BEIJING (Reuters) - Activity in China's services sector expanded in May but at a pace little changed from the month before, the latest sign that the world's No. 2 economy is struggling to regain momentum. The HSBC/Markit Purchasing Managers' Index (PMI) for the services industry, released on Wednesday, inched up to 51.2 last month after seasonal adjustment, the second-lowest reading since August 2011. It had registered 51.1 in April. ... Full Story | Top |
| Tesla CEO fights for new electric-car sales model in U.S. Tuesday, Jun 04, 2013 08:35 PM PDT  By Deepa Seetharaman and Corrie MacLaggan DETROIT/AUSTIN, Texas (Reuters) - Elon Musk, the chief executive of electric carmaker Tesla Motors Inc, criticized the traditional way of selling cars in the United States and indicated the model would hamper the 10-year-old U.S. automaker's growth prospects. Tesla is pushing to sell its Model S electric sedan directly to consumers rather than relying on a network of independent dealers. These efforts have met stiff resistance from dealer groups around the country. ... Full Story | Top |
| Silicon Valley billionaire Sean Parker agrees to fine over forest wedding Tuesday, Jun 04, 2013 08:26 PM PDT  By Ronnie Cohen SAN FRANCISCO (Reuters) - Billionaire Sean Parker has agreed to pay a $2.5 million fine for failing to get permits to build a fairytale set in a redwood forest for his wedding last weekend, a California Coastal Commission staff report said. Parker, the first president of Facebook Inc and co-founder of the music-sharing website Napster, wed singer-songwriter Alexandra Lenas on Saturday in a celebration in a closed public campground at the luxury Ventana Inn and Spa in Big Sur. ... Full Story | Top |
| Asian shares hit 2013 lows as Fed stimulus jitters weigh Tuesday, Jun 04, 2013 08:01 PM PDT  By Chikako Mogi TOKYO (Reuters) - Asian shares slipped to their lowest this year on Wednesday as uncertainty over when the U.S. Federal Reserve would begin scaling down its massive stimulus program fanned worries about funds flowing out of the region. The mood was soured by a drop in U.S. stocks overnight on worries over a shift in the Fed's current policy, but the prospect of less monetary stimulus underpinned the dollar. ... Full Story | Top |
| U.S. agency: Apple infringes Samsung patent on older iPhones, iPads Tuesday, Jun 04, 2013 07:59 PM PDT  By Diane Bartz WASHINGTON (Reuters) - Samsung Electronics scored a victory over rival Apple Inc in their long-running dispute over mobile device patents after a U.S. trade agency issued an order banning older but still-popular Apple products from the U.S. market. The U.S. International Trade Commission (ITC) ruled on Tuesday that the Silicon Valley giant had infringed on a patent owned by Samsung that involves the ability of devices to transmit multiple services simultaneously and correctly through 3G wireless technology. ... Full Story | Top |
| Brazil calls in army to defuse conflicts over Indian lands Tuesday, Jun 04, 2013 07:32 PM PDT  By Anthony Boadle and Caroline Stauffer BRASILIA/SAO PAULO (Reuters) - President Dilma Rousseff's government said on Tuesday it would send 110 federal troops to the Brazilian farm state of Mato Grosso do Sul to try to prevent more violence between Indians claiming their ancestral territory and ranchers. The government has been struggling to defuse tensions with indigenous tribes over farmland in several states as well as over hydroelectric dams in the Amazon. ... Full Story | Top |
| Fed poised to evaluate bond buys, 'fine tune' tactics: Fisher Tuesday, Jun 04, 2013 07:30 PM PDT  By Jeffrey Hodgson and Andrea Hopkins TORONTO (Reuters) - The Federal Reserve is poised to evaluate and potentially make changes to its massive monetary stimulus, a top Fed official who is critical of the Fed's bond-buying program said on Tuesday. To counter the financial crisis, the Fed dropped short-term interest rates to near zero in late 2008 and has since bought more than $2.5 trillion in bonds to bolster what has been an anemic economic recovery. Financial markets have been increasingly on edge on expectations that the Fed is ready to start scrolling back on its stimulus. ... Full Story | Top |
| China plans to cut red tape to boost foreign investment: paper Tuesday, Jun 04, 2013 07:26 PM PDT  SHANGHAI (Reuters) - China plans to gradually begin easing applications and approval procedures for foreign investors, the official China Securities Journal reported on Wednesday, citing remarks by a senior official from the Ministry of Commerce at a conference. Deputy bureau chief of the foreign trade department Huang Feng said the ministry had selected pilot regions in which to trial a new regulatory regime that will streamline paperwork and auditing processes for foreign companies. ... Full Story | Top |
| AIG argues against $8.5 billion settlement with BofA Tuesday, Jun 04, 2013 07:14 PM PDT  By Karen Freifeld NEW YORK (Reuters) - American International Group Inc argued on Tuesday that a proposed $8.5 billion settlement between Bank of America Corp and investors in Countrywide Financial Corp mortgage-backed securities was not big enough. The arguments came in the second day of a hearing before Justice Barbara Kapnick in New York state court on whether to approve the 2011 settlement. ... Full Story | Top |
| Argentine court lifts Chevron asset freeze Tuesday, Jun 04, 2013 07:11 PM PDT  BUENOS AIRES (Reuters) - Argentina's Supreme Court on Tuesday lifted a freeze that had been placed on Chevron Corp assets in the country, clearing the way for the U.S. oil giant to go ahead with a shale oil venture with Argentina's YPF . Chevron has signed an agreement with YPF to invest up to $1.5 billion in the Vaca Muerta shale megafield, located in Argentina's southern region of Patagonia. ... Full Story | Top |
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