China will keep the yuan basically stable while alerting exporters to potential risks to minimize their losses, a powerful central planning agency said in a statement reported on Wednesday. The National Development and Reform Commission did not elaborate on what such risks might entail, but the wording hinted at China's readiness to resume appreciation after
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A U.S. appeals court dealt a setback to the Federal Communications Commission's authority to oversee the Internet, tossing out an agency ruling that forced Comcast Corp to change the way it managed its broadband network. For years the FCC, Internet providers and public interest groups have squared off over potential regulations for governing access and
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Cyprus's finance ministry wants dozens of senior state officials to accept a 10 percent pay cut as the island state battles a widening deficit, a newspaper reported on Wednesday. Cyprus is trying to cuts its fiscal deficit, which is seen spiking to around 7 percent of gross domestic product this year after poorly performing tourism
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Asian stocks neared 22-month highs on Wednesday as regional investors largely shrugged off festering worries about fiscal problems in Europe and focused on a recovery in the world economy. The upbeat mood about global growth was also reflected in commodity markets, with copper prices hovering near 20-month highs and oil prices near 18-month peaks. Financial
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Greece cannot borrow at current rates for a long time but has no intention of using an EU-IMF aid mechanism for the time being, the country's finance minister said on Tuesday. "Interest rates are very high and it's clear we cannot continue like this for a long time," Finance Minister George Papaconstantinou said in an
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The euro fell broadly on Tuesday as worries about Greece's finances resurfaced, and two major U.S. stock indexes rose as minutes from the U.S. Federal Reserve's latest meeting eased concerns over rising interest rates. The jitters about Greece spurred safe-haven demand for U.S. Treasuries and also drove gold to a one-month high as investors sought
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The government has submitted to the European Commission its Stability Programme, which includes the basic targets to reduce the budget deficit to 6% in 2010 and below 3% by 2013. According to an official announcement issued on Tuesday by the Ministry of Finance, the Stability Programme was submitted to the Commission on Thursday, 1st of
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The ageing of Europe may open opportunities to sell savings products, but it also spells a real threat to parts of the financial services industry. Pensions experts call it the "toxic tail". Like the subprime crisis faced by by banks in 2008, the risk of people living for up to 20 years after retirement seems
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Apple Inc sold more than 300,000 iPads on the tablet computer's first day in stores, a strong showing that roughly matched Wall Street forecasts and mirrored the iPhone's debut in 2007. Despite a solid opening weekend, which prompted several investment banks to raise their earnings and revenue forecasts, the bigger test will come later this
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Greece is not seeking to amend an EU-IMF safety net agreement, a top finance ministry official said, trying to calm markets that ditched Greek assets and the euro after a flurry of news suggesting Athens' debt crisis was worsening. The comment came after Market News International quoted unidentified senior Greek government sources as saying Athens
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