Developing

  • China angered by new U.S. military strategy report

    Reuters - Fri, Jul 3, 2015

    China's Foreign Ministry expressed anger on Friday after the Pentagon's updated National Military Strategy slammed Chinese claims in the South China Sea as aggressive and inconsistent with international law. China has become increasingly assertive in the South China Sea, building artificial islands in areas where the Philippines and other countries have rival claims, sparking alarm regionally and in Washington. "China's actions are adding tension to the Asia-Pacific region," says the paper, released this week in the first update of the strategy since 2011, making specific reference to China's "aggressive land reclamation efforts" in the South China Sea. More »China angered by new U.S. military strategy report

  • Russia waits in wings as Greek debt crisis deepens

    Reuters - Fri, Jul 3, 2015

    By Timothy Heritage MOSCOW (Reuters) - Russian President Vladimir Putin must be finding it hard to contain a wry smile as the European Union struggles with Greece's debt problems. Events are playing into his hands by diverting attention from the conflict in Ukraine and offering him a chance to exploit differences in the EU which might undermine unity on sanctions against Russia over Ukraine. Russia's fragile economy would certainly not escape unscathed if Greece left the euro zone or the EU, and the crisis could serve as a worrying lesson for Moscow as it builds its own political and economic bloc with other former Soviet republics. More »Russia waits in wings as Greek debt crisis deepens

  • Greek Crisis Leaves Honeymooners Without Cash

    Sky News - Fri, Jul 3, 2015

    A Greek couple on honeymoon in New York have been left without any money after their government shut down its country's banking system. Newlyweds Valasia Limnioti and Konstantinos Patronis had planned a "dream trip" to America that would take them coast-to-coast to Los Angeles. Last Sunday, the UK Foreign Office warned that credit card processing and withdrawals from ATMs involving the Greek banking system could be limited after the Greek Prime Minister Alexis Tsipras  ordered the banks to close . More »Greek Crisis Leaves Honeymooners Without Cash

  • Dijsselbloem - no advice for Greeks on how to vote

    Reuters - Fri, Jul 3, 2015

    The chair of the council of Eurozone finance ministers said on Friday that it was for the Greeks to decide how to vote in Sunday's referendum on whether Greece should accept bailout conditions from its creditors. "It's for Greeks to decide," said Jeroen Dijsselbloem when asked by reporters how Greeks should vote. "It's important for Europe, but important above all for Greece." Dijsselbloem, who is also Dutch finance minister, has previously warned that a 'No' vote in Sunday's referendum would set Greece on a path towards exit from the currency union. More »Dijsselbloem - no advice for Greeks on how to vote

  • No breakthrough in talks between Iran and nuclear watchdog

    Reuters - Fri, Jul 3, 2015

    No breakthrough was reached between the U.N. nuclear watchdog and Iran on unresolved questions around Tehran's nuclear programme, the head of the International Atomic Energy Agency (IAEA) said on Friday after a visit to Tehran. Tehran and world powers are pushing for a final deal at nuclear talks in Vienna, under which Iran would agree to scale back its atomic research - which it denies is aimed at developing a bomb - in exchange for a lifting of sanctions. The IAEA will play a crucial role in monitoring and verifying any final deal. More »No breakthrough in talks between Iran and nuclear watchdog

  • With banks shut, hard-pressed Greeks count the cost of change

    Reuters - Fri, Jul 3, 2015

    (Reuters) - Eleni Katsamaki, who runs a fruit and vegetable stall at a market in the Athens suburb of Piraeus, is feeling one of the small, daily annoyances of the Greek bank shutdown particularly acutely. "Everyone's coming with the 20 euro notes they withdraw from the banks." With withdrawals from cash machines rationed to a maximum of 60 euros a day and the banks shut since Monday, supplies of coins and banknotes are dwindling fast. The 60 euro daily limit has in many cases effectively dropped to 50 euros because supplies of 20 euro notes have increasingly dried up, leaving shops that sell small, daily items struggling to accept payment. More »With banks shut, hard-pressed Greeks count the cost of change

  • U.S. calls for Ramadan pause in Yemen conflict

    Reuters - Fri, Jul 3, 2015

    WASHINGTON (Reuters) - The U.S. State Department on Thursday called for a "humanitarian pause" in the conflict in Yemen during Ramadan. "A pause ... would allow international aid organizations to deliver urgently needed food, medicine, and fuel to citizens throughout Yemen," it said in a statement. The United Nations on Wednesday had designated the war in Yemen as a Level 3 humanitarian crisis, its most severe category. (Reporting by Sandra Maler; Editing by Kevin Krolicki) More »U.S. calls for Ramadan pause in Yemen conflict

  • Car bomb explodes near Yemeni mosque in downtown Sanaa, injures two people - police

    Reuters - Fri, Jul 3, 2015

    A car bomb exploded near a mosque in the downtown area of the Yemeni capital on Thursday, wounding two people, police said. The bomb went off close to the central bank after evening prayers, when the road was largely empty of passers-by, a police source told Reuters. Earlier, witnesses said a blast occurred near the headquarters of the central bank but the target was the nearby mosque. More »Car bomb explodes near Yemeni mosque in downtown Sanaa, injures two people - police

  • U.N. aiming for pause in Yemen fighting for humanitarian relief

    Reuters - Fri, Jul 3, 2015

    By Michelle Nichols UNITED NATIONS (Reuters) - The United Nations has alerted aid groups to be prepared for a possible humanitarian pause in fighting in Yemen, starting as early as Friday, that would allow them to deliver assistance to some of the 21 million people in need. A Saudi Arabia-led coalition of Arab states has been bombing the Iranian-allied Houthi rebel movement since late March in a bid to restore to power Yemen's elected president, who is backed by neighbouring Saudi Arabia and has fled to Riyadh. A senior U.N. aid official in Yemen wrote in an email to aid groups, sent on Wednesday and seen by Reuters, that U.N. chief Ban Ki-moon "is calling for the pause to start as soon as this Friday, 3 July." U.N. special envoy Ismail Ould Cheikh Ahmed is currently in Jeddah to meet with Saudi officials, the U.N. said. More »U.N. aiming for pause in Yemen fighting for humanitarian relief

  • Civilians in Yemen's Aden struggle to survive fighting, shortages – Red Cross

    Reuters - Fri, Jul 3, 2015

    Lamon, a Swiss national, worked in Aden from January 2014 and stayed months into the Houthi military push on the city that prompted an Arab military intervention on March 26.     A Saudi-led coalition of Gulf Arab countries has been bombing the Iran-allied Houthis for three months to try to restore Yemen's exiled government of President Abd-Rabbu Mansour Hadi. Saudi Arabia, determined to thwart any arms deliveries to the Houthis, has imposed a near total blockade on a country heavily reliant on imports. More »Civilians in Yemen's Aden struggle to survive fighting, shortages – Red Cross

  • BP to pay record $18.7 billion to states affected by spill

    Associated Press - Fri, Jul 3, 2015

    NEW ORLEANS (AP) — More than five years after the worst offshore oil spill in U.S. history fouled beaches, coated seabirds in thick goo and threatened delicate marshes, BP has agreed to pay a record settlement to affected states in hopes of bringing an end to a legal drama that has cost the company billions. More »BP to pay record $18.7 billion to states affected by spill

  • Italy approves EU "bail-in" measure for bank rescue

    Reuters - Fri, Jul 3, 2015

    Italy's cabinet has approved new rules on propping up failed banks, decreed by the European Union after the 2008 financial crisis, aimed at shielding taxpayers from the risk of having to bail out troubled lenders. The European Commission in late May gave Italy, France and nine other EU countries two months to adopt the rules, which were meant to be applied by the end of 2014, or face legal action. The so-called bank recovery and resolution directive (BRRD) imposes losses on shareholders and creditors of ailing lenders, in a process known as "bail-in", before any taxpayers' money can be tapped in a bank rescue. More »Italy approves EU "bail-in" measure for bank rescue

  • German economy minister - Greek crisis is relatively small problem in Europe

    Reuters - Fri, Jul 3, 2015

    BERLIN (Reuters) - German Economy Minister Sigmar Gabriel said on Friday that the Greek debt crisis was a comparatively little problem in Europe. "I think that in the discussion about Greece, we forget ... that this is a relatively small problem in Europe," he said after mentioning the Ukraine conflict. (Reporting by Gernot Heller; Writing by Michelle Martin; Editing by Michael Nienaber) More »German economy minister - Greek crisis is relatively small problem in Europe

  • Airbus to build military choppers in India with Mahindra

    Reuters - Fri, Jul 3, 2015

    Europe's Airbus Group and India's Mahindra Group have struck a deal to build helicopters jointly as they bid to win an expected wave of orders from the country's armed forces, the companies said in a statement on Friday. The two groups will form a joint venture in the coming months, aiming to become the first private manufacturer of helicopters in India, the statement said. India is in the midst of a huge upgrade of its armed forces - analysts forecast it will spend $250 billion over the next decade - and Prime Minister Narendra Modi wants to encourage more indigenous manufacturing to end India's position as the world's largest arms importer. More »Airbus to build military choppers in India with Mahindra

  • No rocking chair and slippers yet for Laura Davies

    Reuters - Fri, Jul 3, 2015

    By Tony Jimenez LONDON (Reuters) - If anyone imagined Laura Davies was ready to reach out for her rocking chair and slippers they had better think again because the 51-year-old has her sights on playing in September's Solheim Cup and the 2017 edition. The former world number one was outside the top eight automatic qualifiers for the biennial team event going into this week's European Masters at the Buckinghamshire Golf Club on the outskirts of London but there is no doubting the British veteran's intentions. "I think I'm good enough to be among the top 12 players in Europe but it's all about results and the results aren't good enough at the moment," Davies told Reuters in an interview. More »No rocking chair and slippers yet for Laura Davies

  • Slumping Nadal set for first slam-less year since 2005

    Reuters - Fri, Jul 3, 2015

    Rafa Nadal is likely to end the year without a grand slam singles title for the first time since his debut French Open crown in 2005 following his shock Wimbledon exit on Thursday, his uncle and coach Toni has conceded. Nadal, a 14-times grand slam champion who won Wimbledon in 2008 and 2010, was dumped out by German qualifier Dustin Brown in the second round, the Spaniard's fourth reverse to a player ranked 100th or lower at the All England Club since 2011. Nadal, 29, has struggled since being sidelined by injury and illness last year and has only two relatively modest titles to his name in 2015 -- Stuttgart and Buenos Aires -- with September's U.S. Open the only major left on the calendar. More »Slumping Nadal set for first slam-less year since 2005

  • Heavy rain in south China hurts rice and cotton crops

    Reuters - Fri, Jul 3, 2015

    China's weather bureau said on Friday that heavy rain last month caused by the El Nino weather phenomenon damaged rice and cotton crops in major growing areas in the south and that conditions would continue poor this month. It had damaged the crop in provinces including Hunan and Jiangxi, the country's largest and second-largest rice area, the bureau said "Some early-season rice was flowering when hit by heavy rains and the damage was very serious," said Zhang Zhuqiang, a director with the China Meteorological Administration, at a news conference. China's harvest of early-season rice, which was 34 million tonnes in 2014, accounted for about 16 percent of the country's total rice output. More »Heavy rain in south China hurts rice and cotton crops

  • ECB - Can't say now if would provide ELA if Greeks vote 'No'

    Reuters - Fri, Jul 3, 2015

    By Andrius Sytas VILNIUS (Reuters) - European Central Bank Vice President Vitor Constancio said he could not say whether the ECB would provide emergency liquidity assistance (ELA) to Greek banks if Greeks vote 'No' in a referendum on Sunday. Asked if the ECB would grant the assistance that Greek banks need to stay afloat, Constancio said: "I cannot in advance answer that question."It will be a decision by the (ECB) Governing Council. More »ECB - Can't say now if would provide ELA if Greeks vote 'No'

  • The strength of women in business and how I ended up with a female-only workforce

    IB Times - Fri, Jul 3, 2015

    Setting up your own business as a woman, especially a woman with children, can invite questions like: "Did you do it to spend more time at home?" and "Was it a lifestyle choice?". More »The strength of women in business and how I ended up with a female-only workforce

  • UK services PMI jumps in June, signalling faster economic growth

    Reuters - Fri, Jul 3, 2015

    LONDON (Reuters) - - Britain's private-sector services grew more than expected last month, suggesting the economic recovery picked up going into the second half of the year, a survey showed on Friday. Combined with similar manufacturing and construction surveys earlier this week, Markit said the gain suggested Britain's economy expanded around 0.5 percent from April through June, compared with 0.4 percent in the first three months of the year. The latest services PMI makes it more likely the Bank of England will want to raise interest rates from a record low 0.5 percent later this year, Markit said. More »UK services PMI jumps in June, signalling faster economic growth

  • Rail Strikes Announced Across South And North

    Sky News - Fri, Jul 3, 2015

    Two rail strikes spanning huge swathes of the south and the north of England have been announced by the RMT union. The separate disputes involving Northern Rail and Southern Rail staff are the latest in a series of rail-related strike threats. Engineers on Southern Rail plan to strike for five days from 12 July, claiming there has been a "comprehensive breakdown" in relations with bosses. More »Rail Strikes Announced Across South And North

  • Energy: Wholesale Costs 'At Five-Year Low'

    Sky News - Fri, Jul 3, 2015

    The first, by the market pricing body ICIS, suggested wholesale prices are at their lowest quarterly average for five years. The other release by Citizen's Advice said homes using pre-payment meters were still paying hundreds of pounds more annually for gas and electricity, leaving many struggling to heat their homes. ICIS cited steep falls in the price of oil over the past year and strong supply from liquefied natural gas earlier in 2015 for its pricing calculation. More »Energy: Wholesale Costs 'At Five-Year Low'

  • Anelka returns to Mumbai as player-manager

    Reuters - Fri, Jul 3, 2015

    Former France and Chelsea striker Nicolas Anelka will return to Mumbai City FC as the team's marquee player-manager for the second season of the Indian Super League (ISL), the club announced on Friday. The 36-year-old, who scored two goals for Mumbai in the inaugural edition of the eight-team league last year, took on a similar dual role in 2012 for Chinese club Shanghai Shenhua. "I would like to say thank you to the Mumbai City FC staff for giving me the opportunity to coach the club," Anelka, who has played for a host of English Premier League clubs including Chelsea, Manchester City, Arsenal and Liverpool, said in a statement. More »Anelka returns to Mumbai as player-manager

  • South Korea's NPS ups Samsung C&T stake to around 11.9 percent before merger vote

    Reuters - Fri, Jul 3, 2015

    SEOUL (Reuters) - South Korea's National Pension Service (NPS) said on Friday it has increased its holdings in Samsung C&T Corp to about 18.56 million common shares as of June 30 from 15.85 million shares before June 4. The increase takes NPS's holdings to around 11.9 percent of C&T's total outstanding shares from around 10.2 percent earlier, according to Reuters calculations. NPS is the biggest single shareholder in Samsung C&T. It could be the swing shareholder vote in Samsung Group's $8 billion planned merger between Samsung C&T and Cheil Industries Inc , that has been contested by U.S. ... More »South Korea's NPS ups Samsung C&T stake to around 11.9 percent before merger vote

  • Malaysian premier denies he got $700 million from state fund

    Associated Press - Fri, Jul 3, 2015

    KUALA LUMPUR, Malaysia (AP) — Malaysian Prime Minister Najib Razak on Friday denied news reports that nearly $700 million were funneled from an indebted state investment fund into his personal accounts. More »Malaysian premier denies he got $700 million from state fund

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