Deutsche Bank to slash 1,900 jobs

Germany’s largest bank to cut jobs as profits hit by Europe’s debt crisisFRANKFURT (AP) ― Deutsche Bank said Tuesday it plans to cut about 1,900 jobs, most of them outside Germany, as Europe’s debt crisis hurt profits at its investment banking business. Germany’s largest bank, which employs nearly 101,000 people, said second quarter earnings slid 46 percent to 661 million euros from 1.233 billion euros in the same three months a year ago. Market turbulence and subdued client activity due to Euro

Aug. 1, 2012

New iPhone to be unveiled Sept. 12

Apple Inc. is preparing to introduce the next version of the iPhone on Sept. 12 in what will be a design overhaul of its top-selling product, according to two people with knowledge of the company’s plans. The people asked not to be named because an official announcement hasn’t been made. The new iPhone will have a larger screen and thinner body, and is expected to work with faster long-term evolution wireless networks being introduced by carriers such as Verizon Wireless and AT&T Inc., according

July 31, 2012

U.S. and Germany stress cooperation

Geithner, Schaeuble push for more reforms to end euro crisisBERLIN (AP) ― U.S. Treasury Secretary Timothy Geithner and his German counterpart stressed the need for coordinated action Monday in the face of the eurozone debt crisis and faltering global growth, but left open what joint steps Europe and the United States would take to shore up the world economy in the coming months.Geithner traveled to the German North Sea island of Sylt for informal talks with Finance Minister Wolfgang Schaeuble, b

July 31, 2012

Luxury goods buck global economic slowdown

PARIS (AFP) ― Fuelled by surging demand in China, luxury goods makers are bucking the global economic slowdown and reaping huge profits on sales of high-end handbags, expensive jewellery and posh perfumes.Results for the first-half of 2012 released this week showed major brands, including world leaders LVMH, PPR and Luxottica with rising profits driven by growing sales in emerging markets.The results beat analyst expectations and allayed fears that the cooling down of China’s economy would dampe

July 30, 2012

Japan’s June industrial output falls as recovery loses momentum

Japan’s industrial production unexpectedly fell in June, adding to evidence that the world’s third-largest economy is losing steam as global demand weakens. Production fell 0.1 percent in June from May, when it fell 3.4 percent, the Trade Ministry said in Tokyo Monday. The median estimate of 29 economists surveyed by Bloomberg News was for a 1.5 percent increase. Europe’s debt crisis and the yen’s strength against the dollar and the euro are threatening a recovery that has been supported by gove

July 30, 2012

China’s advantages counteract rising pay

Country’s labor costs to equal U.S. within four yearsBEIJING (AFP) ― Rapid wage increases are threatening China’s competitiveness, but improved productivity and other advantages mean it will continue to attract investors, analysts say.Labor costs in China would match those of the United States within four years, catching up with eurozone countries in five years and with Japan in seven, the French bank Natixis forecast in a study last month.China “will soon no longer be a competitive place for pr

July 30, 2012

New U.K. strategy urged as triple-dip recession predicted

Chancellor of the Exchequer George Osborne was urged by businesses and his political opponents to reconsider the U.K.’s austerity strategy, as economists warned the nation could face a “triple-dip” recession. The London-based Sunday Times newspaper reported economists’ concerns that the euro-area crisis and a possible Greek exit from the region could push the U.K. into a recession again next spring. The opposition Labor Party’s finance spokesman Ed Balls renewed his attack on Osborne, saying the

July 30, 2012

Merkel, Monti vow to protect eurozone

German, Italian leaders agree to do everything to protect eurozone; to meet next monthBERLIN (AP) ― The German and Italian leaders have pledged to do everything to protect the eurozone, adding to a string of assurances over recent days that Europe is determined to get a grip on the continent’s debt crisis ― but their governments again gave no details of any action. Sunday’s statement from Germany and Italy came before markets open for a week in which close attention will be focused on Thursday’s

July 30, 2012

Apple considering investment in Twitter: report

NEW YORK (AFP) - Computer and smartphone maker Apple has been discussing with social media company Twitter the possibility of making a significant investment in it, The New York Times reported late Friday.Citing unnamed "people briefed on the matter," the newspaper said Apple was considering investing into Twitter hundreds of millions of dollars, which could increase Twitter's valuation from $8.4

July 28, 2012

Draghi stands behind saving euro

ECB president raises hopes for more aggressive and unconventional  intervention in European financial marketsFRANKFURT, Germany (AP) ― European Central Bank president Mario Draghi promised Thursday to do whatever it takes to save the European single currency and raised expectations that he could step in to lower the high borrowing costs that are crippling countries like Spain and Italy.Draghi told an audience of business leaders in London that the ECB would “do whatever it takes to preserve the

July 27, 2012

Draghi: ECB to do "whatever it takes" to save euro

Mario Draghi, president of the European Central Bank (ECB), arrives to attend a global business summit at Lancaster House in London, U.K., on Thursday, July 26, 2012 (Bloomberg)European Central Bank President Mario Draghi promised Thursday to do whatever it takes to save the European single currency and raised expectations that he could step in to lower the high borrowing costs that are crippling

July 27, 2012

Facebook, HTC work on smartphone for mid-2013

Facebook Inc., owner of the largest social network, is working with HTC Corp. to build its own smartphone for release as soon as mid-2013, people with knowledge of the matter said. The companies had intended to release the device as early as the end of this year, and pushed back the timetable to give HTC more time to work on other products, said some of the people, who requested anonymity because the plans aren’t public. Facebook is also developing a modified operating system for the device and

July 26, 2012

Toyota takes global sales lead from GM

Company sold 4.97m vehicles worldwide in first half, in tight race with General MotorsTOKYO (AP) ― Toyota bounced back from safety recalls and natural disasters, selling 4.97 million vehicles globally in the first half of the year to retake its crown as the world’s top automaker from General Motors Co.The Japanese company sold about 300,000 more cars and trucks than GM did in the first half of the year, a lead large enough that it will be difficult for GM to catch Toyota in the final six months

July 26, 2012