Business  May 27, 2016
Asia stocks remain cautious ahead of Yellen speech
Traders are sitting tight for clues about the prospects of an imminent US rate hike as Federal Reserve chair Janet Yellen is due to make a speech Asia stocks tilted slightly upwards Friday but remained cautious ahead of a speech from the US central bank head and after a weak lead from Wall Street as oil pulled back below $50 a barrel.Comments from the Group of Seven leaders Friday morning stressed the importance of global economic growth while stating the potentially disastrous economic cons...  Full Story
Japan PM hints at tax delay with economic 'crisis' comment
JapanSpeculation mounted in Japan Friday that Tokyo may delay an upcoming sales tax hike, after Prime Minister Shinzo Abe said the global economy faces a looming "crisis" similar to that in 2008.Tokyo is scheduled to raise the sales tax from eight to 10 percent in April 2017 to help pay down one of the biggest debt loads among rich nations.Abe has previ...  Full Story
G7 meets developing countries amid China concerns
Chad President Idriss Deby Itno (4th L) speaks with Japanese Prime Minister Shinzo Abe (3rd R) at the "Outreach Session" at the G7 Summit in JapanLeaders from the Group of Seven advanced democracies met Friday with representatives of emerging and developing countries in Asia and Africa.The so-called outreach programme involves Chad, Indonesia, Sri Lanka, Bangladesh, Papua New Guinea, Vietnam and Laos.G7 host Japan said ahead of the meeting that it would zero in on Asia's stability and prospe...  Full Story
Oil dips after meeting resistance at $50 level
Oil prices nosedived from above $100 a barrel two years ago to around $27 in early 2016 due to a massive glut -- badly hurting producing nations but meaning lower prices at the pump for consumersOil prices dipped in Asia Friday, pulling back further from the psychological $50 level as traders took profit and expectations of tighter global supply receded.At about 0645 GMT, US benchmark West Texas Intermediate for July delivery was down 32 cents at $49.16 a barrel while Brent North Sea crude, the European standard, was 33 cents lower at $49....  Full Story
GM venture to recall over two million cars in China
US auto giant General MotorsUS auto giant General Motors (GM) will recall more than two million vehicles produced through a joint venture in China because of an engine component flaw, the firm and officials said.The venture between GM and Shanghai-based SAIC will recall 2.16 million Buick and Chevrolet branded vehicles because their engine valves could corrode after extended ...  Full Story
Japan consumer prices down for second month in April
Falling consumer prices in Japan offer fresh evidence of the challenges faced by the government and the Bank of Japan (BoJ) in their bid to revitalise the worldJapan's core consumer prices fell for a second straight month in April, dealing another blow to Tokyo's faltering war on deflation, data showed Friday.The negative reading of minus 0.3 percent offered fresh evidence of the challenges faced by the government and the Bank of Japan (BoJ) in their bid to revitalise the world's number three economy.The ...  Full Story
Global markets pause as two-day rally loses steam
Investors treaded softly as the Group of Seven leadersA two-day global stocks rally showed signs of fatigue Thursday as oil prices briefly breached $50 a barrel before pulling back.Bourses in Paris and Frankfurt mustered 0.7 percent gains, but stock indices in London, New York and Tokyo finished with minor moves.The pause came ahead of key US economic data Friday and a speech by US Federal Reserve Cha...  Full Story
Troubled Swiss bank says new management not linked to Malaysia scandal
Swiss financial regulators approved the dissolution of the BSI bank on May 24, 2016, citing "serious breaches" of money-laundering regulations in its dealings with the Malaysian state fund 1Malaysia Development Berhad (1MDB)The newly appointed chief executive of Swiss bank BSI, which has been ordered to shut down over its alleged role in a massive Malaysian money-laundering scandal, insisted Thursday the current management was not implicated in the case.Board member Roberto Isolani, who took over as CEO following the resignation of Stefano Coduri on Tuesday, said the ...  Full Story