China exports drop in January

BEIJING (AFP) -- China's exports tumbled 6.6 percent year-on-year to 1.14 trillion yuan ($174 billion) in January, authorities said Monday, as the struggling manufacturing sector remained a drag on the world’s second-largest economy.Tremors in overseas markets and weakness in partner economies have weighed on the Asian giant, a main driver of the world's economic growth, and the globe’s largest trader in goods.Rock-bottom prices for commodities such as oil and the slowdown in infrastructure have

Feb. 15, 2016

Tokyo stocks dive more than 5% by break on strong yen

Tokyo stocks dived more than five percent on Friday morning as a strong yen battered exporters, with the market tracking a worldwide sell-off fuelled by worries about the global economy.The benchmark Nikkei 225 index at the Tokyo Stock Exchange plunged 5.34 percent, or 838.74 points, to 14,874.65 at the lunch break, after a one-day trading holiday on Thursday.The broader Topix index of all first-section shares declined 5.55 percent, or 70.25 points, to 1,194.71, putting it on track for its bigge

Feb. 12, 2016

Yen surge sparks central bank intervention talk

Japanese government officials on Friday pledged to take "appropriate measures" as the surging yen fuels speculation that the central bank will intervene in currency markets to arrest its ascent.The unit has soared to levels last seen when the Bank of Japan unleashed a second wave of stimulus in late 2014, as part of Tokyo's attempts to stimulate the laggard economy.But plunging equity markets fuelled by fears about the world economy have sent the yen skyward as traders buy investments seen as a

Feb. 12, 2016

Tokyo stocks down more than 3% by break, extending global slump

TOKYO (AFP) - Tokyo stocks slumped more than three percent Wednesday morning, extending a drop on global markets as a stronger yen hit exporters and falling oil prices reignited worries about the world economy.As the euphoria of Friday's Bank of Japan stimulus faded, oil's fresh collapse below $30 a barrel hammered energy shares and investor confidence."Since the BoJ cut last week, markets have been on edge, concerned that the global situation is considerably worse than initially envisaged and t

Feb. 3, 2016

Oil prices could jump 50% by end of 2016

Oil bulls distressed that last week’s rally fizzled can find some comfort in forecasts for a bigger and longer rebound by the end of the year.Analysts are projecting prices will climb more than $15 by the end of 2016. New York crude will reach $46 a barrel during the fourth quarter, while Brent in London will trade at $48 in the same period, the median of 17 estimates compiled by Bloomberg this year show. A global surplus that fueled oil’s decline to a 12-year low will shift to deficit as U.S. s

Feb. 3, 2016

Oil prices rally more than 4%

Oil prices leaped from 12-year lows Thursday, lifted by a swing to optimism on equity markets after steep losses since the beginning of the year.US benchmark West Texas Intermediate for March jumped $1.18 (4.2 percent) to $29.53 a barrel on the contract's first day of trade on the New York Mercantile Exchange.Brent North Sea crude for delivery in March, the European benchmark, finished at $29.25 a barrel in London, a gain of $1.37 (4.9 percent) from Wednesday's settlement.On Wednesday, both cont

Jan. 22, 2016

Russia volatility soars as oil below $30 dims investor outlook

The largest exchange-traded fund tracking Russian equities has made the worst start to a year on record with over 50 percent of the stocks the ETF holds losing more than 10 percent so far in 2016.The Market Vectors Russia ETF advanced 1.9 percent to $12.42 on Thursday, narrowing its loss this year to 15 percent. The ETF’s price swings, with daily losses reaching as much as 7 percent, have pushed its historical volatility to levels unseen since the global equity rout in late August.“Selloffs are

Jan. 22, 2016

Anxiety in the air as Davos World Economic Forum kicks off

DAVOS, Switzerland (AP) -- A prevailing sense of anxiety was in the air in the Swiss ski resort of Davos as the World Economic Forum kicked off Wednesday with delegates fretting about the turbulence in financial markets, slowdown in China and plunging oil prices.　 　As global stock markets suffered another day of hefty losses and oil prices sank to fresh 12-year lows, there was a high degree of concern about the outlook for the global economy this year.　 　High on the agenda was plunging oil price

Jan. 20, 2016

Oil dives to fresh 12-year low under $28

LONDON (AFP) - Oil plunged to fresh 12-year lows under $28 on Wednesday, slammed by gloomy economic forecasts, China‘s slowdown and abundant crude supplies.　In morning deals, US benchmark West Texas Intermediate (WTI) for February delivery tanked to $27.32 per barrel, a level last seen on September 24, 2003.　The contract later stood at $27.80, down 66 cents from Tuesday’s closing level.　The global oil market has collapsed further since the International Energy Agency warned Tuesday that the oil

Jan. 20, 2016

Renault recalls vehicles over failed emissions test

Renault is recalling thousands of new vehicles to make engine tweaks, the government said Tuesday, as the French carmaker grapples with emission levels found to exceed anti-pollution norms in some of its cars.France's second biggest auto manufacturer -- in which the French state owns nearly 20 percent -- has been under the spotlight since it emerged last week that anti-fraud investigators had raided several of the company's sites, sending stocks plunging.Amid fears Renault could be caught up in

Jan. 19, 2016

China to take up half of global smartphone market

One out of 2 smartphones to be sold in the global market is expected to be made by Chinese companies, posing a serious threat to current market leaders Samsung Electronics and Apple, a report showed Sunday. A total of 1.29 billion smartphones were sold last year across the world in 2015, up 10.3 percent from a year earlier, according to tech market researcher DRAMeXchange.South Korean tech giant Samsung Electronics accounted for 24.8 percent of the market share, followed by its U.S. archrival Ap

Jan. 17, 2016

Tokyo stocks plunge by break after Wall St dive

TOKYO (AFP) - Tokyo stocks plunged Thursday morning after a dive on Wall Street while a pick up in the yen took a bite out of exporters like Toyota and factory robotics giant Fanuc.The Japanese market led a regional sell-off, plunging almost four percent at the start, as jittery investors reacted to another drop in oil prices and a lukewarm Federal Reserve regional economies report. Renewed jitters about the world's top economy and broader concerns about global growth pushed currency traders int

Jan. 14, 2016

China's market turmoil: Worry, but don't panic

NEW YORK (AP) -- There's no reason for panic. Worry, yes, but not panic.That was the opinion of some U.S. investment strategists after another free-fall on China's main stock market reverberated around the globe Thursday and sent the Dow Jones average to a loss of nearly 400 points.Stock prices in China fell so fast that for the second time in four days, circuit-breaker mechanisms kicked in and halted trading, this time after just 30 minutes.China's tumbling stock prices are, in themselves, noth

Jan. 8, 2016

Oil extends losses, nears $33 a barrel

SINGAPORE (AFP) - Oil prices plunged close to $33 a barrel on Thursday as crude extended losses on rising US energy stockpiles and China's weakening currency.At 0230 GMT, US benchmark West Texas Intermediate (WTI) for February delivery was down 60 cents at $33.37.Its close of $33.97 a barrel on the New York Mercantile Exchange on Wednesday marked the lowest settlement price since December 2008 during the global financial crisis.In London, Brent crude for February delivery, the European benchmark

Jan. 7, 2016

Chinese stock markets closed after shares fall 7%

SHANGHAI (AFP) - China stock markets closed for the day less than half an hour after opening Thursday when shares fell more than seven percent, triggering an automatic "circuit breaker", after authorities lowered the yuan's value by the most since August.By 9.58am, when trading was halted, the benchmark Shanghai Composite Index had slumped 7.32 percent, or 245.95 points, to 3,115.89.The Shenzhen Composite Index, which tracks stocks on China's second exchange, had tumbled 8.35 percent, or 178.08

Jan. 7, 2016

China manufacturing picks up but activity still shrinking: data

A gauge of Chinese factory activity  ticked up slightly in December but continued to indicate contraction for a  fifth straight month, official data showed Friday, underlining weakness in the  world's second-largest economy.   China is a key driver of global growth and investors closely watch the Purchasing Managers' Index -- which tracks activity in the factories and workshops sector -- as a barometer of the country's economic health.   The mild improvement follows a string of stimulus measures

Jan. 1, 2016

Sun King Li Sees $14.6 Billion Vanish Amid Wild Ride for Hanergy

This year’s wild ride for Hanergy Thin Film Power Group Ltd. ends with the solar equipment maker a shadow of its former self, about $14.6 billion in paper losses for its chairman, the departure of key executives, a lawsuit over unpaid rent, canceled contracts and a regulatory investigation.Chairman Li Hejun, the leader of the solar group and a self-professed solar visionary, stands, as usual, at the center. According to regulatory filings made public this week, Li has agreed to sell a 6 percent

Dec. 30, 2015