Inflation hits 4-month high in China

BEIJING (AFP) ― China’s annual inflation rose sharply in May to its highest level in four months, official data showed Tuesday, likely easing concerns about deflationary risks in the world’s second-biggest economy.The consumer price index increased by 2.5 percent year-on-year last month, accelerating from 1.8 percent in April, the National Bureau of Statistics said in a statement. It was the highest figure since January also saw CPI rise 2.5 percent.The May figure matched the median forecast in

June 10, 2014

Silicon Valley’s interns enjoy perk-filled summer

MOUNTAIN VIEW, California (AP) ― Sitting in a kitchen stocked with free food, a handful of 20-something Google summer interns weigh their favorite perks, but where to begin? With bikes, buses, massages, swimming pools, dance classes, nap pods, parties and access to their tech heroes, it’s a very long list.“Unlimited sparkling water?” someone says.In the end, however, the budding Googlers are most excited about the work.“The project I’m working on is super high impact, and I’m looking for ways to

June 9, 2014

Tech giants eye lead in Internet of Things

WASHINGTON (AFP) ― It’s not just smartphones and tablets anymore. The world’s tech giants are now battling over a wider array of connected devices, from refrigerators to cars to wristwatches.Announcements in recent days from Apple and Samsung made clear they are staking their claim to the Internet of Things following Google’s announcement earlier this year that it was creating a new Android platform for wearable electronics.“The Internet of Things is the next big platform,” said Roger Kay, an an

June 9, 2014

Japan’s economy grows 1.6% in Q1

TOKYO (AFP) ― Japan’s economy saw its strongest expansion in more than two years during the first quarter of 2013, revised data showed Monday, but a sales tax rise has weighed on growth since the levy hike.The world’s number-three economy grew by 1.6 percent between January and March, slightly faster than an initial estimate of 1.5 percent, and 6.7 percent on an annualized basis ― a hypothetical figure that stretches the pace of growth over the course of a year.The latest figures confirmed the e

June 9, 2014

World needs record Saudi crude supply as OPEC convenes

OPEC ministers say they will almost certainly leave their oil-production ceiling unchanged when the group meets this week. What really matters for global markets is whether Saudi Arabia will respond to global supply shortfalls by pumping a record amount of crude. Just six months ago, energy analysts predicted output from the Organization of Petroleum Exporting Countries would climb too high and Saudi Arabia needed to cut to make room for other suppliers. They changed their minds after production

June 9, 2014

ECB getting closer to Fed-style stimulus

FRANKFURT (AP) ― The European Central Bank has deployed a raft of aggressive measures to boost Europe’s economy, but stopped short of the one many economists insist would do the most to help: large-scale purchases of bonds. That could change sooner rather than later, analysts say, if inflation remains low. Purchases of bonds using newly created money ― called quantitative easing ― have been used with some success so far by the U.S. Federal Reserve, the Bank of England and the Bank of Japan. They

June 8, 2014

BOJ’s Kuroda says easy money policy achieving intended results

DEAD SEA, Jordan (Reuters) ― Bank of Japan Gov. Haruhiko Kuroda said on Saturday a massive stimulus policy introduced a year ago had achieved its goal of boosting the real economy, lifting growth and ending deflation but said a 2 percent inflation of two years could take more time to achieve.He said that the its ultra-easy monetary QQE (quantitative and qualitative easing) policy introduced last April when the BOJ pledged to double base money via aggressive asset purchases to accelerate consumer

June 8, 2014

Fed: Economy expands across U.S.

WASHINGTON (AP) ― A Federal Reserve survey shows the U.S. economy strengthening over the past two months in areas from manufacturing and construction to retail sales and bank lending.Seven of the Fed’s 12 regions ― Boston, New York, Richmond, Chicago, Minneapolis, Dallas and San Francisco ― reported “moderate” growth during the early spring, while the remaining five described growth as “modest,” according to the Beige Book survey released Wednesday.Retail sales were reviving, helped by pent-up d

June 5, 2014

Amazon expected to unveil smartphone

Amazon.com Inc. is planning to introduce a smartphone later this month, according to a person with knowledge of the matter, plunging the world’s largest online retailer deeper into the competitive mobile-device market. Amazon tweeted Wednesday that it was holding an event in Seattle on June 18 hosted by chief dxecutive officer Jeff Bezos for a product unveiling. The post included a picture of a black, thin device with Amazon’s name in silver emblazoned on it. Mary Osako, a spokeswoman for Amazon

June 5, 2014

U.S. auto sales surge in May

DETROIT (AP) ― Brisk demand for SUVs and pickup trucks ― and five sunny weekends ― pushed U.S. auto sales to a nine-year high in May. Chrysler, Nissan and Toyota all reported double-digit sales gains over last May. Even General Motors, battling bad publicity from a mishandled recall, surprised with a 13 percent sales increase. Ford’s sales rose a better-than-expected 3 percent, while Hyundai’s were up 4 percent. Of major automakers, only Volkswagen’s sales fell. May is traditionally a strong mon

June 4, 2014

Facebook buys Pryte to boost Web reach

NEW YORK (AFP) ― Facebook agreed Tuesday to buy the Finnish-based tech startup Pryte, which enables smartphone users to purchase mobile data on demand, the companies announced.The move could help Facebook further its goal of bringing the Internet to more people around the globe, allowing them to avoid costly monthly data plans and instead buy “bite-sized, app-specific” data packages.Terms of the deal were not disclosed.Facebook said the deal would help its efforts to bring the Web to underserved

June 4, 2014

France hits back at mooted U.S. mega fine on BNP Paribas

PARIS (AFP) ― France, trying to minimize U.S. penalties against BNP Paribas on charges of breaking sanctions, said Tuesday that a reported $10 billion fine was excessive and warned it could damage trans-Atlantic trade talks.The remarks from French Foreign Minister Laurent Fabius ramp up French concern at the size, manner and likely effects of the expected fine that could be imposed on the French bank.The New York Times newspaper reported that the governor of the Bank of France, Christian Noyer,

June 4, 2014

Solar plane makes debut with eye on global trip

PAYERNE, Switzerland (AFP) ― A sun-powered plane made a successful test flight on Monday, clearing a vital hurdle towards its goal of a round-the-world trip next year, its pilot and mission chiefs said.Solar Impulse 2 carried out a flight lasting two hours and 15 minutes, half an hour longer than scheduled, German test pilot Markus Scherdel said.“Everything worked as expected,” Scherdel told a press conference at an air base in Payerne, central Switzerland.“Of course, we have to do more testing,

June 3, 2014

World needs $48tr investment by 2035 to meet energy demand, IEA says

LONDON (AFP) ― More than $48 trillion must be invested by 2035 to meet global energy needs as current technologies go offline and demand rises in emerging nations, the International Energy Agency said in a report launched in London on Tuesday.The special report warns that the expansion of the global gas market, thanks largely to the improvements in unconventional extraction methods, will not reduce prices significantly due to high transportation and infrastructure costs.The Paris-based body pred

June 3, 2014