Japan May orders data shock casts shadow over recovery scenario
TOKYO (Reuters) – Japan’s machinery orders tumbled by a record margin in May, dashing hopes for a bounce and casting doubt over a scenario of investment-led recovery in the world’s third-largest economy.
JPMorgan hires UBS’s David Li to be new China head
HONG KONG (Reuters) – JPMorgan Chase & Co said it has hired former UBS AG banker David Li as its new China head, reinforcing its investment banking clout in the world’s second-largest economy after the departure of top China banker Fang Fang in March.
Emerging market fund managers ignore borders, chase profits
BOSTON (Reuters) – U.S. emerging market fund managers are paying less attention to where a company is located or listed than to whether it’s making money, either as an advanced world company doing business in the developing world, or the other way arou…
Apple targets rising water use, production partners’ emissions
SAN FRANCISCO (Reuters) – Apple Inc acknowledged on Wednesday it needs to address manufacturing partners’ carbon emissions and its own rising water consumption, though the iPhone maker said it had cut back sharply on greenhouse gas output.
American Apparel strikes deal with largest shareholders
(Reuters) – Struggling apparel and accessories retailer American Apparel Inc said on Wednesday it has reached a deal with hedge fund Standard General LP and founder Dov Charney to remake its board and bolster its finances.
BNP pleads guilty again in $9 billion U.S. sanctions accord
NEW YORK (Reuters) – BNP Paribas, for the second time in nine days, pleaded guilty on Wednesday to conspiring to violate U.S. sanctions, as part of a nearly $9 billion settlement in which the French bank admitted to breaking embargoes against Sudan, Cu…
Argentina and holdout creditors flood papers in ad war
NEW YORK (Reuters) – The battleground between Argentina and its holdout creditors shifted from U.S. courts to the court of public opinion as both sides took out full-page advertisements to argue their cases in the world’s major newspapers.
Fed mulls policy exit, eyes end of asset purchases
WASHINGTON (Reuters) – The Federal Reserve has begun detailing how it plans to ease the U.S. economy out of an era of loose monetary policy, indicating it will end its asset purchases in October and appearing near agreement on a plan to manage interest…
America Movil aims to sell assets as quickly as possible
MEXICO CITY (Reuters) – Mexican telecoms company America Movil plans to divest assets as quickly as possible to escape tougher regulation, and it hopes to sell to a single buyer, spokesman Arturo Elias said on Wednesday.
IBM to bet $3 bln over 5 years hoping for breakthrough in chips
WASHINGTON (Reuters) – IBM announced on Wednesday it will invest $3 billion over the next five years in chip research and development in hopes of finding a game-changing breakthrough that can help revive its slumping hardware unit.
