Developing

  • BoE governor King warns of euro risk to British recovery

    Reuters - 55 minutes ago

    LONDON (Reuters) - The single biggest risk to Britain's nascent economic recovery is continued eurozone weakness, the Bank of England's outgoing governor Mervyn King said in a television interview on Sunday. He called for a "credible medium term plan" to get the economy back on track and said automatic economic stabilizers should be allowed to work. He also predicted that North Sea oil output would recover in the next couple of years. King last week predicted that UK growth would be faster and inflation lower than expected three months earlier. ... More »BoE governor King warns of euro risk to British recovery

  • Independent Scotland open to Cyprus-style bank risks, says Britain

    Reuters - 1 hour 49 minutes ago

    By William James LONDON (Reuters) - An independent Scotland would have a vastly oversized financial sector that would leave it vulnerable to a Cyprus-style banking crisis, Britain's finance ministry says. Before a referendum due in September 2014 on whether Scotland should split from the United Kingdom, the British government is analyzing the impact of independence on Scotland, which has a population of about 5 million. ... More »Independent Scotland open to Cyprus-style bank risks, says Britain

  • Google Faces Fresh Claims On Tax Avoidance

    Sky News - 2 hours 56 minutes ago

    A former Google executive has accused the company of cheating the taxpayer out of hundreds of millions of pounds. More »Google Faces Fresh Claims On Tax Avoidance

  • Venezuela Hit By Toilet Paper Shortage Crisis

    Sky News - 4 hours ago

    Venezuelans have been hit by a chronic toilet paper shortage, leading to empty supermarket shelves and long queues to snap up the remaining rolls. More »Venezuela Hit By Toilet Paper Shortage Crisis

  • China Spreads Alternative To US GPS System

    Sky News - 5 hours ago

    Pakistan is set to become the fifth Asian country to use China's domestic satellite navigation system, which was launched as a rival to the US sat nav system. More »China Spreads Alternative To US GPS System

  • India's weakened Congress wondering if early elections will help

    Reuters - 5 hours ago

    By Satarupa Bhattacharjya and Ross Colvin NEW DELHI (Reuters) - India's Congress party is debating holding a general election in November, six months ahead of schedule, senior party leaders said, reflecting an internal discussion over whether to pull the plug on the shaky ruling coalition or have it serve a full term. Officially, the Congress party says the government - which has been battered by a series of corruption scandals and now governs as a minority after two allies withdrew from the ruling coalition - will limp on until elections are due in May 2014. ... More »India's weakened Congress wondering if early elections will help

  • Greying China taps rural elderly to care for those even older

    Reuters - 6 hours ago

    By Li Hui and Maxim Duncan QIANTUN, China (Reuters) - Two years short of 70, Zhang Guosheng spends his days caring for an 81-year-old fellow villager - washing his clothes, bringing meals to his bed, and keeping him company - a routine he'll keep up until he himself needs the type of care he is now giving. "Living here is better than staying at home alone. We help each other and have a common language," said the spritely Zhang, an enthusiastic dancer. "We are very happy here. ... More »Greying China taps rural elderly to care for those even older

  • Beatles' guitar auctioned to the tune of $408,000

    Reuters - 6 hours ago

    By Alex Dobuzinskis LOS ANGELES (Reuters) - A custom-made electric guitar played by the late John Lennon and George Harrison of the Beatles sold at a New York auction on Saturday for $408,000, said officials with the company behind the event. The semi-hollow-body guitar, manufactured by the VOX company, was sold to an unidentified U.S. buyer at the "Music Icons" event organized by Beverly Hills, California-based Julien's Auctions and held at the Hard Rock Cafe in Manhattan. ... More »Beatles' guitar auctioned to the tune of $408,000

  • BoE governor King warns of risks in UK mortgage scheme

    Reuters - 9 hours ago

    LONDON (Reuters) - A flagship British government scheme to boost mortgage lending must not become permanent like in the United States, outgoing Bank Governor Mervyn King said on Saturday. King's warning follows criticism that the plan will encourage the kind of risky lending that precipitated the 2008 financial crisis. "We do not want what the United States have, which is a government-guaranteed mortgage market, and they are desperately trying to find a way out of that position," King told Sky news. "So, we mustn't let this scheme turn into a permanent scheme. ... More »BoE governor King warns of risks in UK mortgage scheme

  • Qatar Holding, Italy fund eying Versace - paper

    Reuters - 13 hours ago

    MILAN (Reuters) - Qatar Holding and an Italian state-controlled investment fund are interested in investing in Italian fashion house Versace, Il Sole 24 Ore said on Saturday. The Qatar sovereign fund is "carefully looking at" Versace, the Italian daily said, citing financial sources. The paper cited market rumours as saying the fund was flanked by FSI, the Italian strategic investment fund owned by state financing company Cassa Depositi e Prestiti. In November, Qatar Holding signed a joint venture agreement with FSI to invest in Italian companies in sectors including food, fashion and luxury. ... More »Qatar Holding, Italy fund eying Versace - paper

  • Investigators seek cause of New York commuter train crash

    Reuters - 16 hours ago

    By Karen Brooks (Reuters) - Federal investigators on Saturday searched for the cause of a rush-hour train crash in Connecticut that injured dozens of people commuting home from New York City, three of them critically. More than 60 people were hospitalized Friday night after an eastbound commuter train derailed and collided with a westbound passenger train on an adjacent track near the Connecticut suburb of Fairfield. Eight people remained hospitalized on Saturday, three in critical condition, Connecticut Governor Dannel Malloy said. ... More »Investigators seek cause of New York commuter train crash

  • Taxes on some wealthy French top 100 percent of income - paper

    Reuters - 17 hours ago

    PARIS (Reuters) - More than 8,000 French households' tax bills topped 100 percent of their income last year, the business newspaper Les Echos reported on Saturday, citing Finance Ministry data. The newspaper said that the exceptionally high level of taxation was due to a one-off levy last year on 2011 incomes for households with assets of more than 1.3 million euros (£1.10 million). ... More »Taxes on some wealthy French top 100 percent of income - paper

  • US Airways plane makes unusual belly landing at Newark airport

    Reuters - 17 hours ago

    By David Jones NEWARK, New Jersey (Reuters) - A US Airways flight made an emergency landing on its belly at Newark Liberty International Airport early on Saturday after the plane's landing gear failed to deploy, but no one was injured, airline and government officials said. Piedmont Airlines flight 4560, operating for US Airways from Philadelphia with 34 passengers and three crew members, landed safely at 1 a.m., and passengers were evacuated on the tarmac and transported to the terminal, a Federal Aviation Administration spokeswoman said in an email. ... More »US Airways plane makes unusual belly landing at Newark airport

  • Bernanke, in commencement address, upbeat on innovation outlook

    Reuters - 17 hours ago

    WASHINGTON (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke painted an upbeat picture on Saturday for the potential of innovation to lift living standards, delivering a sweeping look at the last 100 years that included memories of his 1963 South Carolina home. Bernanke made no reference to monetary policy or the immediate outlook for the U.S. economy in prepared remarks to graduates of Bard College at Simon's Rock, Massachusetts. But the die-hard baseball fan did manage to work in a reference to one of the sport's greats. ... More »Bernanke, in commencement address, upbeat on innovation outlook

  • Germany's Merkel visits Pope, urges tougher market controls

    Reuters - 17 hours ago

    By James Mackenzie VATICAN CITY (Reuters) - German Chancellor Angela Merkel met Pope Francis on Saturday and, apparently responding to his criticism of a heartless "dictatorship of the economy", called for stronger regulation of financial markets. On Thursday, Francis appealed in a speech for world financial reform, saying the global economic crisis had made life worse for millions in rich and poor countries. Merkel visited Rome for a few hours specifically to meet the pontiff and spoke with him privately in his library for 45 minutes, unusually long for a private papal audience. ... More »Germany's Merkel visits Pope, urges tougher market controls

  • U.S. Powerball jackpot could go higher than $600 million

    Reuters - 18 hours ago

    By Karen Brooks AUSTIN, Texas (Reuters) - The Powerball jackpot being drawn on Saturday night could be even higher than the record $600 million being advertised, pushing it near or above the largest lottery jackpot in U.S. history, a Texas Lottery official said on Saturday. "Oftentimes, the advertised amount is lower than what the actual jackpot ends up being," said Kelly Cripe, a spokeswoman for the Texas Lottery. "It's entirely possible this $600 million jackpot will end up being a bigger jackpot. ... More »U.S. Powerball jackpot could go higher than $600 million

  • Rome protest turns up heat on new Prime Minister

    Reuters - 18 hours ago

    ROME (Reuters) - Thousands of people protested in Rome on Saturday against austerity policies and high unemployment, urging new Prime Minister Enrico Letta to focus on creating jobs to help pull the country out of recession. "We hope that this government will finally start listening to us because we are losing our patience," said Enzo Bernardis, who joined the sea of protesters waving red flags and calling for more workers' rights and better contracts. ... More »Rome protest turns up heat on new Prime Minister

  • New Xbox more than a game console for Microsoft

    Reuters - 18 hours ago

    By Malathi Nayak and Bill Rigby SAN FRANCISCO/SEATTLE (Reuters) - Microsoft Corp is set to make a splash this week with the eagerly awaited unveiling of its new Xbox game console, eight years after the last version, as it seeks a larger share of the $65 billion (£42.84 billion) a year global computer gaming industry. But the small device faces some big competition from the PlayStation 4 by Sony Corp and the Wii U by Nintendo Co Ltd in a shifting market. ... More »New Xbox more than a game console for Microsoft

  • Google's wearable Glass gadget: cool or creepy?

    Reuters - 18 hours ago

    By Alexei Oreskovic SAN FRANCISCO (Reuters) - Google staged four discussions expounding on the finer points of its "Glass" wearable computer during this week's developer conference. Missing from the agenda, however, was a session on etiquette when using the recording-capable gadget, which some attendees faithfully wore everywhere - including to the crowded bathrooms. Google Glass, a cross between a mobile computer and eyeglasses that can both record video and surf the Internet, is now available to a select few but is already among the year's most buzz-worthy new gadgets. ... More »Google's wearable Glass gadget: cool or creepy?

  • Switzerland close to deal in U.S. tax dispute: finance minister

    Reuters - 18 hours ago

    ZURICH (Reuters) - Switzerland is on the brink of a deal to settle a long-running dispute with U.S. authorities over Swiss banks accused of helping wealthy Americans evade billions of dollars of tax, the finance minister said on Saturday. "We hope that we will shortly be at the finishing line," Eveline Widmer-Schlumpf told Swiss radio in an interview. "The banks won't get it for nothing." Widmer-Schlumpf declined to say how high fines might be, but added: "It is clear that it will not be a pleasant solution. ... More »Switzerland close to deal in U.S. tax dispute: finance minister

  • France gets Pentagon backing to buy U.S.-made drones - paper

    Reuters - 18 hours ago

    PARIS (Reuters) - France has received approval from the U.S. Pentagon to buy two Reaper drones for intelligence gathering, and now only needs backing from Congress, Le Monde newspaper said on Saturday. With its current hardware increasingly outdated, France is urgently trying to build up a modern fleet of drones for surveillance operations in countries such as Mali. Le Monde said France intended to eventually buy a total of five or seven Reapers, built by privately held General Atomics, for 300 million euros (£253.8 million). ... More »France gets Pentagon backing to buy U.S.-made drones - paper

  • French probe finds LVMH built up Hermes stake in secret-paper

    Reuters - 18 hours ago

    PARIS (Reuters) - The French stock market authority has found LVMH secretly bought shares in rival Hermes to build a stake, and not merely make a financial investment as the luxury group has claimed, a newspaper reported. LVMH said it would fight the findings of the watchdog's probe before its sanctions committee when it meets on May 31 to hear the company's defence. Hermes was not immediately available for comment. LVMH, which owns 22. ... More »French probe finds LVMH built up Hermes stake in secret-paper

  • EU finds time to tell restaurants how to serve olive oil

    Reuters - 19 hours ago

    By Charlie Dunmore BRUSSELS (Reuters) - Critics ridiculed European Union bureaucrats on Saturday for taking time off fighting the euro zone's debt crisis to impose strict new rules on how restaurants serve olive oil. From January 1, 2014, eateries will be banned from serving oil to diners in small glass jugs or dipping bowls, and forced instead to use pre-sealed, non-refillable bottles that must be disposed of when empty. The European Commission said the move is designed to improve hygiene and reassure consumers the olive oil in restaurants has not been diluted with an inferior product. ... More »EU finds time to tell restaurants how to serve olive oil

  • Egypt's opposition attacks Brotherhood-backed NGO draft law

    Reuters - 19 hours ago

    CAIRO (Reuters) - Egypt's main opposition bloc said on Saturday that a Muslim Brotherhood-backed bill to regulate human rights groups and other private organisations was an attempt to stifle their work. The National Salvation Front (NSF), an alliance of liberal and leftist opposition parties, said the draft law submitted to the Shura Council, which for now has legislative powers, was more restrictive than laws under deposed leader Hosni Mubarak. ... More »Egypt's opposition attacks Brotherhood-backed NGO draft law

  • Vocal acrobatics of "La Donna del Lago" an "Olympic" challenge

    Reuters - 19 hours ago

    By Josie Cox LONDON (Reuters) - Even with one of the world's most athletic opera singers at her side and plenty of practice, American mezzo-soprano Joyce DiDonato reckons the latest London production of Gioachino Rossini's "La Donna Del Lago" is the challenge of a lifetime. DiDonato and Peruvian tenor Juan Diego Florez told Reuters at the Royal Opera House production's opening on Friday night that performing their technically demanding roles in the John Fulljames interpretation is almost like an elite sport. ... More »Vocal acrobatics of "La Donna del Lago" an "Olympic" challenge

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