GENEVA (AFP) ― Switzerland’s embattled banking secrecy could be dealt a final death blow in 2018, after the government decided on Wednesday to launch talks with other nations on the automatic exchange of account details.In a statement, the government said it had “adopted definitive negotiation mandates for introducing the new global standard for the automatic exchange of information in tax matters with partner states.”“Negotiations with partner states should commence shortly,” it added.Long the

Oct. 9, 2014

PARIS (AFP) ― The OECD pointed to a weak outlook for growth in the eurozone, particularly in Germany, on Wednesday when its index of leading economic indicators pointed to stable growth elsewhere.This latest signal of gloom for the eurozone came the day after the International Monetary lowered its forecast for growth in the 18-member single currency area.“In Europe, signs are emerging of a loss of growth momentum in the Euro area,” the Organization for Economic Cooperation and Development said.I

Oct. 9, 2014

NEW YORK (AP) ― Wal-Mart Stores Inc., America’s largest private employer, plans to eliminate health insurance coverage for some of its part-time U.S. employees in a move aimed at controlling rising health care costs.Wal-Mart told the Associated Press that starting Jan. 1, it will no longer offer health insurance to employees who work less than an average of 30 hours a week. The move affects 30,000 employees, or about 5 percent of Wal-Mart’s total part-time workforce, but comes after the company

Oct. 8, 2014

NEW YORK (AFP) ― Large American and European banks are nearing settlement deals with British regulators over rigging interest rates and manipulating the foreign exchange market, sources told AFP Tuesday.The overall settlement for charges of illegally manipulating the London Interbank Offered Rate would be billions of dollars.The scale of penalties is similar in the talks over manipulation of forex rates, said people familiar with the matter.Britain’s Financial Conduct Authority is holding talks

Oct. 8, 2014

Forecasts for the Federal Reserve to raise interest rates in mid-2015 are “reasonable” as policymakers wait for unemployment to fall further and inflation to rise, New York Fed President William C. Dudley said. “It still is premature to begin to raise interest rates,” Dudley said Tuesday in a speech in Troy, New York. “The labor market still has too much slack and the inflation rate is too low.” Dudley said a strengthening dollar, weak foreign demand and strong domestic energy production are all

Oct. 8, 2014

WASHINGTON (AP) ― The International Monetary Fund slightly lowered its outlook for global economic growth this year and next, mostly because of weaker expansions in Japan, Latin America and Europe. The IMF said Tuesday the global economy will grow 3.3 percent this year, one-tenth of a point below what it forecast in July. World growth should then pick up to 3.8 percent in 2015, two-tenths of a point lower than its previous estimate, the IMF said in the latest installment of its World Economic Ou

Oct. 8, 2014

SAN FRANCISCO (AFP) ― Facebook on Monday completed its buy of mobile messaging application WhatsApp, with the mostly stock deal tallying nearly $22 billion.The acquisition was given the colossal price tag of $19 billion when the deal was struck in February, but a rise in Facebook shares has pushed the value even higher.“We are looking forward to connecting even more people around the world, and continuing to create value for the people who use WhatsApp,” Facebook said in a statement emailed to A

Oct. 7, 2014

BRUSSELS (AFP) ― European Union antitrust regulators are to challenge Luxembourg over its tax deals with Internet shopping giant Amazon that Brussels believes amount to illegal state aid, a report said on Tuesday.According to the Financial Times, the EU’s Competition Commission is preparing to launch an in depth probe of Luxembourg’s tax dealings with Amazon, focusing in particular on a 2003 special arrangement that effectively capped the online giant’s tax exposure to the Grand Duchy.If confirm

Oct. 7, 2014

New York City’s Waldorf Astoria hotel is set to become the biggest prize yet for buyers from China who have been pouring money into U.S. real estate as they seek stable investments outside their country. Beijing’s Anbang Insurance Group Co. agreed to pay $1.95 billion for the 1,232-room tower on Park Avenue, an Art Deco landmark and one of Manhattan’s signature properties. That would be the highest price for a single existing hotel in the country, and the most paid for a standing U.S. building b

Oct. 7, 2014

The World Bank lowered its forecasts for growth in developing East Asia this year and next as China’s expansion moderates and policy makers brace for tighter global monetary conditions. The region is forecast to grow 6.9 percent in 2014 and 2015, down from 7.1 percent projected in April, the Washington-based lender said in its East Asia and Pacific Economic Update released Monday. China will expand 7.4 percent this year and 7.2 percent next year, compared with 7.6 percent and 7.5 percent previou

Oct. 6, 2014

NEW DELHI (AFP) ― The latest commercial for Procter & Gamble’s top-selling brand of sanitary pads in India ticks all the usual boxes ― a young woman jogs happily in pristine white trousers, before effortlessly winning a tennis tournament.But unlike most adverts of its ilk, this 30-second clip seeks to dispel the myths surrounding women’s periods in a country where deep-rooted social taboos around menstruation still persist.It ends with the catchphrase “touch the pickle,” a reference to the widel

Oct. 6, 2014

SAN FRANCISCO (AFP) ― On the heels of a major launch of large-screen iPhones, Apple has scheduled an Oct. 16 event to update its iPad line, technology news website Re/code reported Friday.The event also will include a look at next-generation software for powering Macintosh computers, Re/code said, citing unnamed sources.The gathering is to take place in an auditorium at Apple’s headquarters in the California city of Cupertino, according to the report.Apple did not reply to an AFP request for com

Oct. 5, 2014

BRUSSELS (AFP) ― European Union regulators on Friday cleared the buyout of the WhatsApp mobile messaging service by Facebook, despite opposition by telecom companies afraid of the growing power of U.S. technology giants.In a statement explaining its approval of the $19 billon deal, the European Commission, the EU’s executive arm, said Facebook and WhatsApp were “not close competitors” and that consumers would continue to have a “wide array of choices.”“We have carefully reviewed this proposed ac

Oct. 5, 2014

WASHINGTON (AFP) ― They’re not just for sharing anymore: Facebook and Twitter are now looking to play a bigger role in shopping.Both major social networks have unveiled plans to start using “buy” buttons on their sites, which could start having an impact on “social shopping” in the coming holiday season.The idea of using social networks such as Facebook to promote e-commerce has been around for some time, but so far has failed to deliver much. Facebook had some short-lived programs for “digital

Oct. 5, 2014