Fed minutes confirm Dec. hike expectations

WASHINGTON (AFP) ― Minutes of the Federal Reserve’s late October policy board meeting confirmed Wednesday that participants expected to begin raising interest rates in December.While some at the Oct. 27-28 meeting of the Federal Open Market Committee said it was already time for the first rate increase in over nine years, “most participants” expected the economic conditions would be right by their Dec. 15-16 meeting, the minutes said.That confirmed the central message of the formal October FOMC

Nov. 19, 2015

Oil prices edge higher after U.S., Fed reports

NEW YORK (AFP) -- Global oil prices moved modestly higher Wednesday as traders weighed a small gain in U.S. inventories and a Federal Reserve report that supported expectations of a December interest rate hike. U.S. benchmark West Texas Intermediate for delivery in December edged up eight cents to $40.75 a barrel on the New York Mercantile Exchange. Brent North Sea crude for January delivery, the global benchmark for crude oil, rose to $44.14 a barrel in London, up 57 cents from Tuesday's settle

Nov. 19, 2015

Mercedes-Benz to recall 555 S63 AMG sedans for ignition problem

Germany luxury carmaker Mercedes-Benz will recall 555 S63 AMG 4Matic sedans for ignition-related problems, the government said Sunday.The Ministry of Land, Infrastructure and Transport said cars made between May 13, 2013 and Sept. 18, 2015 will be recalled from December onwards. It said the cars have been found to have a glitch in the electronic control unit program that sometimes keeps fuel from flowing to the engine when the vehicle slows down. The drop in fuel can cause the ignition to turn o

Nov. 15, 2015

China’s Alibaba says Singles Day sales nearly $8 bn in 10 hours

Shoppers spent nearly $8 billion in the first 10 hours of Chinese e-commerce giant Alibaba’s “Singles Day” event on Wednesday, the firm said, reinforcing its status as the world’s biggest online retail promotion.Total gross merchandise volume, a measure of sales, reached 50 billion yuan ($7.86 billion) at 9:52 am and 22 seconds, it said on its website, after the promotion began at midnight.“The whole world will witness the power of Chinese consumption this November 11,” said Alibaba’s chief exec

Nov. 12, 2015

VW engineers admit to rigging CO2 emissions

BERLIN (Reuters) ― Several Volkswagen engineers have admitted manipulating carbon dioxide emissions data because goals set by former chief executive Martin Winterkorn were difficult to achieve, Bild am Sonntag reported.The paper said VW engineers tampered with tire pressure and mixed diesel with their motor oil to make them use less fuel, a deception that began in 2013 and carried on until spring this year.“Employees have indicated in an internal investigation that there were irregularities in a

Nov. 9, 2015

Release of Pacific trade text opens fight over ratification

The long-secret text of the Trans-Pacific Partnership free-trade deal was released Thursday to support from business but vows by labor, environmental and health groups in many countries to fight ratification.The massive document, posted online by several governments, offered the first detailed look at the world's biggest free trade area, which aims to break down barriers to commerce and investment between 12 countries comprising about 40 percent of the global economy.US President Barack Obama, w

Nov. 6, 2015

GM recalling 1.4M cars; oil leaks can cause engine fires

For the third time in eight years, General Motors is recalling cars that can leak oil and catch fire, sometimes damaging garages and houses.The recall, which covers 1.4 million vehicles dating to the 1997 model year, is needed because repairs from the first two didn't work. More than 1,300 cars caught fire after they were fixed by dealers, the company said.In the previous recalls in 2008 and 2009, GM told owners to park the cars outside until repairs can be made since most of the fires happened

Oct. 27, 2015

China takes one-third stake in U.K. nuclear project

China vowed Wednesday to finance one third of Britain's first nuclear power plant in decades in a project led by French energy giant EDF confirmed on the second day of President Xi Jinping's state visit.The blockbuster deal, signed in the presence of Xi and British Prime Minister David Cameron, was announced by EDF in an official statement as London rolls out the red carpet to Chinese investors.The agreement for the 18-billion pound ($28-billion, 24.5-billion-euro) project, which is scheduled fo

Oct. 21, 2015

Greece adopts more painful reforms demanded by creditors

ATHENS (AFP) -- Greece's parliament on Friday narrowly adopted further reforms demanded by the country's international creditors in return for further bailout funds.A majority of 154 lawmakers, out of a total of 300 deputies in the single-chamber parliament, backed the sweeping bill, which provides for further tax hikes and pension cuts.The entire opposition, from the far left communists to the neo-Nazi Golden Dawn party voted against the legislation as a whole, even though some of their members

Oct. 17, 2015

Jury hits Apple with $234 m tab in chip patent case

SAN FRANCISCO (AFP) -- A U.S. jury on Friday declared that Apple owes $234 million in damages for infringing on mobile chip technology patented by University of Wisconsin researchers."This is a case where the hard work of our university researchers and the integrity of patenting and licensing discoveries has prevailed," said Carl Gulbrandsen, managing director of the nonprofit Wisconsin Alumni Research Foundation which brought the suit."The jury recognized the seminal computer processing work th

Oct. 17, 2015

China says it has 'open attitude' toward U.S.-led Pacific trade deal

China said Tuesday it has an "open attitude" toward a U.S.-led free trade deal agreed upon by 12 Pacific-rim nations, reiterating its stance that Beijing would be open to joining the deal. China's commerce ministry made the remarks shortly after the U.S. and 11 other nations reached an agreement on the Trans-Pacific Partnership deal that covers about 40 percent of the global economy.The deal is the centerpiece of U.S. President Barack Obama's economic diplomacy in the Asia-Pacific region, while

Oct. 6, 2015

Obama hails TPP for opening new markets for American products

U.S. President Barack Obama hailed a landmark deal to tear down barriers to trade among 12 Pacific Rim nations, saying the free trade agreement will open new markets for American products around the world.After marathon negotiations, trade ministers of the U.S. and 11 other nations reached the Trans Pacific Partnership deal earlier in the day to create the world's largest trading bloc, which accounts for about 40 percent of global gross domestic product.Along with the historic agreement on curbi

Oct. 6, 2015

Shell says it will cease Alaska offshore Arctic drilling

Royal Dutch Shell will cease exploration in Arctic waters off Alaska‘s coast following disappointing results from an exploratory well backed by billions in investment and years of work. 　The announcement was a huge blow to Shell, which was counting on offshore drilling in Alaska to help it drive future revenue. Environmentalists, however, had tried repeatedly to block the project and welcomed the news.　 　Shell has spent upward of $7 billion on Arctic offshore exploration, including $2.1 billion

Sept. 28, 2015