Donuts in flight in first U.S.-approved drone delivery

WASHINGTON (AFP) - With a chicken sandwich, hot coffee and donuts, aviation history was made Friday.　These were among the items in the first drone delivery on U.S. soil approved by aviation officials, made by convenience retailer 7-Eleven and the drone startup Flirtey.　The delivery took place in Reno, Nevada, with the items loaded into a special box for hot and cold food and flown to a local family.　“We‘re absolutely thrilled to have 7-Eleven, the largest convenience chain in the world, embracin

July 23, 2016

China's Wanda to sell contentious Madrid landmark: source

MADRID -- China's property and entertainment giant Wanda has agreed to sell a historic Madrid skyscraper, a source close to negotiations said Wednesday, after feuding with city authorities over plans to renovate the landmark.Wanda acquired the 25-story Edificio Espana, completed in the 1950s under the dictatorship of General Francisco Franco, in June 2014 for 265 million euros (now $292 million) and wanted to turn it into a hotel and shopping centre.The group had reportedly planned to knock down

July 20, 2016

Yen rises to top this week on haven demand as U.S. payrolls loom

Brexit fallout has given investors plenty of reasons to flock to the yen, making it the best-performing major currency this week. Friday could bring another, as markets brace for a closely watched U.S. jobs report.The yen has climbed 1.9 percent against the dollar since July 1 as an investor flight from U.K. property forced a number of funds to halt withdrawals, sending the pound down the most among developed-market peers. Britain’s referendum two weeks ago has fanned concerns about global growt

July 8, 2016

U.S.-Korea FTA effective in increasing American exports: U.S. report

The free trade agreement between the United States and South Korea resulted in an increase of $4.8 billion-$5.3 billion in total American exports, the second-largest among a total of 13 free trade deals the U.S. has concluded, the U.S. trade agency said in a report Wednesday.The International Trade Commission report shows that the Korea-U.S. pact, often dubbed "KORUS FTA," is highly effective in increasing U.S. exports, contrary to claims by Republican presidential candidate Donald Trump that th

June 30, 2016

Brexit divorce 'not amicable' but must be quick: Juncker

European Commission chief Jean-Claude Juncker said Britain's planned departure from the European Union was "not an amicable divorce" but called for it to be quick."I do not understand why the British government needs until October to  decide whether to send the divorce letter to Brussels," he told German public  broadcaster ARD late Friday."I'd like it immediately."He admitted that the EU had hoped Britain would stay but that now it was  key to make the separation process as speedy and painless

June 25, 2016

China-backed AIIB approves first 4 loans worth $509 million

The China-backed Asian Infrastructure Investment Bank (AIIB) has approved its first four loans worth US$509 million as the bank holds its first annual meeting. Three of the four loans were co-financed with other multilateral lenders such as the Asian Development Bank and the World Bank. The loans will be funded for infrastructure projects in Pakistan, Indonesia, Tajikistan and Bangladesh, the bank said in a statement. The AIIB "looks to take its place as one of the leading multilateral financial

June 25, 2016

SoftBank's founder reverses retirement plans, says heir apparent 'victim'

TOKYO (AFP) -- The boss of SoftBank Group on Wednesday admitted his desire to hang on to power a little longer had pushed away the former Google executive seen as his heir apparent.Masayoshi Son told an annual shareholders meeting he had changed his mind about the timeline for stepping down to make way for right-hand man Nikesh Arora.The India-born executive quit the telecoms corporation Tuesday, just two years after being plucked from a high-profile job at the US tech giant, with SoftBank sayin

June 22, 2016

Fed keeps interest rate steady as Brexit vote looms　

WASHINGTON (AFP) -- The Federal Reserve held its key interest rate unchanged Wednesday, in part due to concerns about the disruption Britain‘s looming “Brexit” vote could have on global markets.While voicing confidence in continued U.S. economic growth, Fed Chair Janet Yellen said the June 23 referendum on Britain quitting the European Union was an important factor in the Fed keeping monetary policy on hold.“Clearly, this is very important decision for the United Kingdom and for Europe,” she sai

June 16, 2016

Alibaba sees growth rising to 48 percent in first forecast

Alibaba Group Holding Ltd. said that revenue growth will accelerate this fiscal year as China’s largest e-commerce company provided its first financial forecast since going public in 2014.The company predicts sales will rise at least 48 percent in the year ending March 2017 as it pushes into new markets and businesses beyond e-commerce. Part of that growth comes from Alibaba’s rapid deal-making: it spent about $18.7 billion on acquisitions and stock buybacks over the past year, including on e-co

June 14, 2016

Microsoft shifts to social with huge LinkedIn deal

WASHINGTON (AFP) -- Microsoft on Monday shifted its focus to social networking with a massive $26.2 billion deal for professional social network LinkedIn.With its biggest-ever acquisition and one of the largest in the tech sector, Microsoft is adding tools to connect with business as it moves further away from its roots as a pure software firm.The acquisition aims to position the former tech sector as a Facebook-like entity oriented to business, with an array of services centered around cloud co

June 14, 2016

World Bank slashes global growth forecast to 2.4%

WASHINGTON (AFP) -- A worried World Bank slashed its growth forecast for the global economy Tuesday, saying advanced economies are rebounding more slowly than expected and low commodity prices continue to hurt other countries.The Bank said that the global economy should grow at just 2.4 percent this year, the same lethargic pace of 2015 and much slower than the 2.9 percent it predicted in January.It said that the slow growth in advanced economies is holding back developed countries, with world t

June 8, 2016

Fed Chair Yellen says poor U.S. jobs report 'concerning'

PHILADELPHIA (AFP) -- Federal Reserve Chair Janet Yellen said Monday the dismal U.S. jobs report for May was "concerning" and "disappointing", but stressed she was still optimistic on the outlook for U.S. economic growth."One should never attach too much significance to any single monthly report," Yellen said, adding that the overall labor market situation has been "quite positive".Even so, in her first comments since Friday's monthly jobs market data shocked markets and sent the dollar tumbling

June 7, 2016

ECB holds rates, gives current stimulus time to work

VIENNA (AP) -- The European Central Bank is expected to underline that its current stimulus measures are boosting the economy of the 19 countries that use the euro_ and need time to work before any new monetary jolts are added. After the bank left its key interest rates unchanged at its meeting Thursday, President Mario Draghi is likely to repeat his calls for national governments to take more steps themselves to boost growth and not rely on the central bank so much. He has called for government

June 2, 2016

Bullard says world well prepared for U.S. rate hike

The president of the U.S. Federal Reserve Bank of St. Louis hinted at a possible U.S. rate hike in the near future Monday, claiming the world is well prepared for a U.S. rate hike."My sense is that markets are well prepared for a possible rate increase globally," James Bullard told reporters here. "My idea is that if all goes well, this will come out smoothly, and you won't get too much of a reaction in the global financial market."The St. Louis FRB president was on a visit to attend an internat

May 30, 2016