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103.80
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USDINR=X
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LATEST BUSINESS, FINANCE AND MARKET NEWS

  • Global shares rally on China growth relief; dollar slips

    Global equity markets advanced broadly on Wednesday after China reported growth that beat expectations, providing relief to investors worried about the Chinese economy, while the dollar eased on the growing view the Federal Reserve will keep interest rates lower than normal for a few years. Fed … More »

    Reuters - 43 minutes ago
  • L.A.'s Troubled, Pedigreed Chandler Mansion in Foreclosure

    The story of how the Chandler mansion ended up foreclosed upon and languishing on the market at $10.6M is an L.A. property saga for the ages, one which involves at least four U.S. presidents. Built in 1913 for Peter... … More »

    Curbed - 1 hour 2 minutes ago
  • Google Q1 revenue misses Wall Street targets

    Google Inc's Internet business revenue grew 19 percent in the first quarter, falling short of Wall Street targets as the price of its online ads continued to decline. Shares of Google were down 5.7 percent ... … More »

    Reuters - 1 hour 40 minutes ago
  • GM to seek court protection against ignition lawsuits

    GM has said it is protected from liability for claims related to incidents that occurred before it exited bankruptcy in 2009, and has taken steps to raise those issues with the court by filing motions to stay recall-related lawsuits while it asks that bankruptcy court to clarify the extent of that … More »

    Reuters - 1 hour 50 minutes ago
  • Waterfront Robert Gurney Design Asks $2.5M In Annapolis

    Have a nomination for a jaw-dropping listing that would make a mighty fine House of the Day? Get thee to the tipline and send us your suggestions. We'd love to see what you've got. Click here to view the full... … More »

    Curbed - 3 hours ago
  • Fed's Yellen says rates will need to rise as recovery takes hold

    Federal Reserve Chair Janet Yellen said on Wednesday U.S. interest rates will need to rise as the economy recovers even though risks to the Fed's inflation target are currently to the downside rather than the upside. "I hope it's completely clear that while monetary policy is very accommodative at … More »

    Reuters - 3 hours ago
  • Fed needs to stay alert for possible surprises - Yellen

    Federal Reserve Chair Janet Yellen said on Wednesday the U.S. central bank would need to stay alert in case the economy, and inflation, do not behave as policymakers expect. "We will have to watch unfolding evidence and evaluate it with an open mind and very carefully in the months ahead to make … More »

    Reuters - 3 hours ago
  • Bank of America in talks with U.S. on probe of Merrill - sources

    Bank of America Corp (BAC.N) has held talks with the U.S. Justice Department to resolve a civil fraud probe into Merrill Lynch’s sale of flawed mortgage securities ahead of the financial crisis, people familiar with the negotiations told Reuters. On Wednesday, the No. 2 U.S. bank reported it took … More »

    Reuters - 3 hours ago
  • Yellen says full U.S. employment coming into view, slowly

    Federal Reserve Chair Janet Yellen said on Wednesday the U.S. economy appeared to be slowly moving toward full employment, but that it would need help from the central bank for some time to come. In her second public speech since taking the Fed's helm, Yellen said it was "quite plausible" the … More »

    Reuters - 3 hours ago
  • Explore Philly's 'Most Hated House,' Now Asking $4.4M

    Click here to view the full photogallery. Few homes have provoked as strong a reaction from the Curbed Philly readership as the Latimore House, which has been compared to "a rec center or a suburban DMV," a SAAB dealership... … More »

    Curbed - 4 hours ago
  • Wall St up on Chinese and U.S. data, Yellen comments

    Wall St up on Chinese and U.S. data, Yellen comments

    U.S. stocks rose for a third straight session on Wednesday after data showed China's economic growth exceeded expectations and U.S. industrial production rose for a second straight month. Federal Reserve chair Janet Yellen, speaking in New York, provided further support, re-affirming the Fed's … More »

    Reuters - 4 hours ago
  • BofA reports first quarterly loss since 2011 on lofty legal bill

    The bank had previously said that a settlement would cut into its earnings by $3.7 billion before taxes. The extra litigation expenses came from setting aside money to cover future legal settlements tied to previously disclosed mortgage-related matters, Chief Financial Officer Bruce Thompson told … More »

    Reuters - 4 hours ago
  • Wall Street regulator to consider mandating broker background checks

    Wall Street's self-funded regulator announced on Wednesday it will soon consider whether to propose new rules to require background checks for brokers. The Financial Industry Regulatory Authority said ... … More »

    Reuters - 4 hours ago
  • World shares up on China growth relief; dollar slips

    Global equity markets advanced broadly on Wednesday after China reported growth that beat expectations, providing relief to investors worried about the Chinese economy, while the dollar slid on the growing view the Federal Reserve will keep interest rates lower than normal for a few years. Fed … More »

    Reuters - 4 hours ago
  • Come Party at a Neon Vacation Villa in Where Else!? Ibiza!

    Photo via Design Milk Built on a tree-lined, hillside property in Ibiza, Spain, this stunning Villa Terramar vacation house—designed by Spanish architecture firm Andres Jaque Architects—just might be the most Ibiza party palace of all time, thanks to its funky,... … More »

    Curbed - 5 hours ago
  • At Long Last, a Concert Hall to Challenge Gehry's Disney

    Photo via Design Boom Frank Gehry's Walt Disney Concert Hall in LA has long held a pretty singular place in the architecture world, with such an organic jumble-o'-shapes design scheme that it's been somewhat seriously rumored to have been based... … More »

    Curbed - 5 hours ago
  • Wall St gains after Chinese data, Yahoo up on Alibaba

    U.S. stocks rose for a third straight session on Wednesday after China's economic growth exceeded expectations and Yahoo shares rallied on the strength of revenue growth in Chinese e-commerce giant Alibaba, in which it has a stake. China, the world's second-largest economy, grew at its slowest … More »

    Reuters - 5 hours ago
  • TCS posts robust net profit for quarter, fiscal

    Mumbai, April 16 (IANS) India's largest software exporter, Tata Consultancy Services, (TCS) Wednesday reported a record net profit of Rs.5,297 crore for the fourth quarter (January-March) of 2013-14, registering ... … More »

    IANS - 5 hours ago
  • Euro strength here to stay, unless ECB steps in

    LONDON/FRANKFURT (Reuters) - Many of the factors driving the euro exchange rate to levels that have set off alarm bells at the European Central Bank are unlikely to go away on their own, part of the reason the bank has been threatening action. The euro is still off the peaks of 2011, but because … More »

    Reuters - 5 hours ago
  • Buff & Hensman's 1959 Halverson Residence Asks $1.795M

    Click here to view the full photogallery. L.A.'s much-balconied 1959 Halverson Residence #1 has resurfaced on the market, just eight months after purportedly selling. Public records indicate that the Buff & Hensman-designed "architectural gem," or so the brokerbabble dubs... … More »

    Curbed - 6 hours ago
  • Pakistan publishes list to embarrass tax cheats into paying up

    Pakistan publishes list to embarrass tax cheats into paying up

    Desperate Pakistani tax authorities are publicly shaming defaulters by publishing taxpayers' details in a directory for the first time, officials said on Wednesday. Citizens have until May 15 to dispute the records. … More »

    Reuters - 6 hours ago
  • TCS net profit rises 51.5 percent, sees stronger sales growth

    Tata Consultancy Services Ltd (TCS.NS), India's largest IT services exporter, expects a further rise in revenue growth in the new financial year, it said on Wednesday, after reporting a better than expected 51.5 percent increase in the last three months. Over the last two years TCS has been … More »

    Reuters - 6 hours ago
  • Order for release on interim bail unworkable: Subrata Roy to SC

    New Delhi, April 16 (IANS) Sahara Group chief Subrata Roy Wednesday told the Supreme Court that its order sending him to judicial custody and the conditions to secure his release on interim bail was "unworkable". "The court passed an order that was unworkable" and was without scrupulously … More »

    IANS - 6 hours ago
  • Complete drain de-silting work by May 15: Jung

    New Delhi, April 16 (IANS) Delhi Lieutenant Governor Najeeb Jung Wednesday instructed senior state officials and municipal commissioners to finish de-silting of drains by May 15 and buckle up before the monsoon sets in. … More »

    IANS - 6 hours ago
  • Diesel under-recovery falls to Rs.5.49/litre

    New Delhi, April 16 (IANS) The under-recovery, or revenue loss, on diesel for the second fortnight effective April 16 has been pegged lower at Rs.5.49 per litre from Rs.5.93 during the first fortnight ... … More »

    IANS - 7 hours ago
  • Urban Tree Houses; Converted Bomb Shelter Cafes; More!

    Photo via Architizer · Buy a wacky mid-century 'urban tree house' in Franklin Hills. · My little antique town. · This Southport corridor home has the greatest rooftop ever. · Hong Kong estate wants $38M. · See a glorious, just-uncovered... … More »

    Curbed - 8 hours ago
  • VMware says to invest $500 million in India over three years

    Virtualization software maker VMware Inc said it plans to invest $500 million in India over the next three years to expand its operations. The new investment will include about $70 million of unused funds ... … More »

    Reuters - 8 hours ago
  • TCS net up 38 percent for fiscal 2013-14

    Mumbai, April 16 (IANS) Indian IT bellwether Tata Consulting Services (TCS) posted a net profit of Rs.19,117 crore for fiscal 2013-14, registering a 38 percent year-on-year (YoY) growth as per Indian accounting ... … More »

    IANS - 8 hours ago
  • Mercedes to revive luxury Maybach brand

    Daimler is set to revive Maybach, a brand once coveted by oligarchs, rap stars and royals, to woo a growing class of ultra-wealthy clients in Asia and the United States, a person familiar with the company's plans said. The brand will be used to adorn an exclusive version of its S-Class limousine … More »

    Reuters - 8 hours ago
  • Wall St climbs after China data; Yahoo jumps

    U.S. stocks rose at the open on Wednesday after China's economic growth exceeded expectations and Yahoo shares rallied on the strength of revenue growth in Chinese e-commerce giant Alibaba, in which it ... … More »

    Reuters - 8 hours ago
  • China first quarter GDP at 18-month low, to cut reserve ratio for small banks

    China's economy expanded 7.4 percent between January and March, its slowest pace in 18 months, prompting authorities to act for the second time in as many weeks to shore up growth. Hours after the National Bureau of Statistics released the data, Premier Li Keqiang was quoted by state media as … More »

    Reuters - 8 hours ago
  • NGO wants EC to stop JNPP agreement

    Mumbai, April 16 (IANS) An NGO has cried foul over attempts by the central and the Maharashtra governments to strike a deal regarding the Jaitapur Nuclear Power Project (JNPP) despite the model code of conduct being in force, an official said Wednesday. The Konkan Bachao Samiti (KBS) has shot off … More »

    IANS - 8 hours ago
  • AAP alleges irregularity in awarding hydrocarbon fields

    New Delhi, April 16 (IANS) The Aam Aadmi Party (AAP) Wednesday alleged that the UPA government was going ahead on the award of hydrocarbon fields in the country's western offshore to the Essar group despite no contract having been signed by the two parties, which can potentially cause a loss of … More »

    IANS - 8 hours ago
  • TCS net up 52 percent in fourth quarter

    Mumbai, April 16 (IANS) Tata Consulting Services (TCS) posted net profit of Rs.5,297 crore (Rs.53 billion) for the fourth quarter (January-March) of just-concluded fiscal 2013-14, registering a whopping ... … More »

    IANS - 8 hours ago
  • Rupee falls to 60.37 against dollar

    Mumbai, April 16 (IANS) The Indian rupee weakened to 60.37 against a dollar Wednesday, registering a decline for the third straight session, as profit-taking by foreign investors in the stock markets put ... … More »

    IANS - 8 hours ago
  • Wall Street to rise after Chinese data, Yahoo up on Alibaba

    U.S. stocks were set to rise at the open on Wednesday after China's economic growth exceeded expectations and Yahoo shares rallied on the strength of revenue growth in Chinese e-commerce giant Alibaba, in which it has a stake. * Revenue growth accelerated in the last quarter of 2013 for Alibaba, a … More »

    Reuters - 9 hours ago
  • Celebrities dominate poll related search on Google

    Top searched celebrity on Google this election season is actor turned politician Chiranjeevi's brother Pawan Kalyan, who recently launched the new political party "JanSena". Kalyan is followed by actress Ramya (Divya Spandana) contesting to secure her seat from Mandya Lok Sabha constituency in … More »

    IANS - 9 hours ago
  • World stocks up on China relief, Ukraine strains remain

    World stocks markets made broad gains on Wednesday after China reported economic growth a touch above forecasts and another low euro zone inflation reading spurred speculation about the European Central Bank's policy options. China's economy grew 7.4 percent in the first quarter, from a year … More »

    Reuters - 9 hours ago
  • Be agents of change, President tells civil servants

    New Delhi, April 16 (IANS) Civil servants should be "agents of the change which they wish to see in their society and country", President Pranab Mukherjee said Wednesday. Addressing a group of probationers of the Indian Postal Service (2010-2013 batches) and the Indian Post and Telecommunication … More »

    IANS - 9 hours ago
  • Can Facebook Innovate? A Conversation With Mark Zuckerberg

    Facebook’s co-founder and chief executive explains the company’s plan to stay innovative in the mobile age. … More »

    The New York Times - 9 hours ago
  • The Future of Facebook May Not Say ‘Facebook’

    The company’s strategy includes unbundling its mammoth social network into discrete and nimble components. … More »

    The New York Times - 9 hours ago
  • Sensex slumps 207 points, at 2-1/2 week closing low

    The BSE Sensex and the Nifty on Wednesday fell to their lowest close in 2-1/2 weeks as software stocks slumped on caution ahead of India's top IT services provider Tata Consultancy Services' earnings report ... … More »

    Reuters - 10 hours ago
  • HSBC Bank Oman says agrees Indian business sale to Qatar's Doha Bank

    HSBC Bank Oman (HBOM.OM) said on Wednesday it had agreed on the sale of its Indian business to Qatar's Doha Bank (DOBK.QA). No value for the transaction was given in the statement to the Muscat Securities Market, but the Omani lender said the unit had two branches and gross assets worth 3.5 billion … More »

    Reuters - 11 hours ago
  • China gets first bitcoin ATM, skirting bank crackdown

    China gets first bitcoin ATM, skirting bank crackdown

    BTC China, one of the country's leading digital currency exchanges, has installed China's first bitcoin ATM and launched an online app allowing individuals to buy and sell bitcoins using mobile phones, skirting local banking regulations seen as increasingly hostile to so-called crypto-currencies. … More »

    Reuters - 11 hours ago
  • Sensex 208 points down; capital goods stocks decline

    Mumbai, April 16 (IANS) A benchmark index of the Indian stock markets Wednesday fell 208 points or 0.92 percent, as capital goods, information technology (IT) and technology, entertainment and media (TECK) ... … More »

    IANS - 11 hours ago
  • Software stocks drag Sensex to 2-1/2 week closing low

    Software stocks drag Sensex to 2-1/2 week closing low

    The BSE Sensex and the Nifty fell on Wednesday to mark their lowest close in 2-1/2 weeks as software stocks slumped on caution ahead of India's top IT services provider Tata Consultancy Services' quarterly ... … More »

    Reuters - 11 hours ago
  • Rupee continues to trade slightly lower on weak stocks

    Rupee continues to trade slightly lower on weak stocks

    Reuters Market Eye - The rupee is trading at 60.28/29 versus its close of 60.23/24 on Tuesday as weakness in the domestic stock markets aids sentiment for the dollar. Exporters, however, seen selling on upticks preventing a very sharp rise in the pair. … More »

    Reuters - 12 hours ago
  • RIL operating profit may lag estimates - StarMine

    RIL operating profit may lag estimates - StarMine

    Reuters Market Eye - Reliance Industries Ltd's operating profit may lag consensus estimates when it reports January-March quarter results on Friday, Thomson Reuters StarMine's SmartEstimates shows. StarMine's ... … More »

    Reuters - 12 hours ago
  • Gold steadies above $1,300/oz, supported by Ukraine tensions

    Gold prices steadied on Wednesday after falling nearly 2 percent in the previous session, underpinned by escalating tensions in Ukraine but still under pressure from a weak chart picture and concerns over a slowdown in Chinese demand. Ukrainian government forces and separatist pro-Russian militia … More »

    Reuters - 12 hours ago
  • Oil rises toward $110 as Ukraine tension rises

    Global oil prices edged up toward $110 a barrel on Wednesday, shaking off slower economic growth figures in China and a potential resumption in Libyan exports as tensions mounted in Ukraine. Six armoured personnel carriers entered an eastern Ukrainian town on Wednesday carrying the Russian and … More »

    Reuters - 12 hours ago
  • Nikkei surges, SoftBank jumps on Alibaba earnings

    Japan's Nikkei share average surged on Wednesday after a better performance on Wall Street the day before and comments from Japanese Finance Minister Taro Aso that the market took to suggest more stock ... … More »

    Reuters - 12 hours ago
  • RComm to hike pre-paid call rates by up to 20 percent

    New Delhi, April 16 (IANS) Reliance Communications will raise tariffs by up to 20 percent for all its pre-paid customers across the country from April 25, the company said here Wednesday. The headline tariffs or the call rates will rise from 1.5 to 1.6 paise per second, while tariffs on discounted … More »

    IANS - 12 hours ago
  • New NSE equity derivative rules may reduce volatility - analysts

    Reuters Market Eye - National Stock Exchange's (NSE) new rules on matching equity derivatives' orders as per reference price and execution range, starting May 5, are seen reducing error based volatility in the market, analysts say. "Orders shall be matched and trades shall take place only if the … More »

    Reuters - 12 hours ago
  • Air India restarts flights in Himachal

    Kullu (Himachal Pradesh), April 16 (IANS) Air India Wednesday recommenced operations to this Himachal Pradesh town after snapping air links on this route almost two months ago, an airport official said. ... … More »

    IANS - 13 hours ago
  • CAG audit pushed EVMs

    New Delhi, April 16 (IANS) But for searching questions by the Comptroller and Auditor General of India (CAG) almost two decades ago, electronic voting machines (EVMs), that have become a hi-tech symbol of India's electoral efficiency and reliability, may never have been fully introduced in the … More »

    IANS - 13 hours ago
  • Sensex, Nifty head towards 2-1/2 week closing low

    Reuters Market Eye - The BSE Sensex falls 0.8 percent, while the Nifty is down 0.82 percent, heading towards their lowest close since March 27, as continued sales by overseas investors and higher inflation ... … More »

    Reuters - 13 hours ago
  • BOJ's Kuroda maintains positive view on economy

    Bank of Japan Governor Haruhiko Kuroda on Wednesday affirmed the central bank's upbeat view of the economy, even as global financial markets wobble, stressing that growth will pick up around mid-year as the sting of a sales tax hike fades. Price rises will broaden as the economy continues to … More »

    Reuters - 13 hours ago
  • China denies U.S. warning of undervalued currency

    China denies U.S. warning of undervalued currency

    BEIJING/WASHINGTON (Reuters) - China rejected on Wednesday a warning from the Obama administration that its currency was too weak, urging the United States to recognise that China aims to "perfect and regulate" the exchange rate system. The Obama administration on Tuesday warned China that its … More »

    Reuters - 13 hours ago
  • RComm to raise mobile call tariff by up to 20 percent

    RComm to raise mobile call tariff by up to 20 percent

    Reliance Communications Ltd (RLCM.NS), India's fourth-biggest mobile phone carrier, will hike voice prices starting April 25, the company said in a statement, to counter an increase in input costs and higher spectrum payments. Reliance and its main rivals, including Bharti Airtel Ltd (BRTI.NS), … More »

    Reuters - 13 hours ago
  • Asian shares up on China relief, Ukraine strains remain

    Share markets made broad gains on Wednesday after China reported economic growth a touch above forecasts, a relief for investors who had feared a much weaker outcome. China's economy grew 7.4 percent in the first quarter, from a year earlier, pipping forecasts of 7.3 percent. The relief rippled … More »

    Reuters - 13 hours ago
  • Small is beautiful for Coca-Cola as volumes soar in China

    Case volumes in China rose 12 percent in the first quarter of the year, boosted by marketing campaigns around the key Chinese New Year holiday shopping period, helping drive a global two percent rise in volumes. Coca-Cola, like rival PepsiCo Inc (PEP.N), has been battling falling soda sales in … More »

    Reuters - 14 hours ago
  • Asian shares up on China relief

    Asian shares up on China relief

    Asian share markets made broad gains on Wednesday after China reported economic growth a touch above forecasts, a relief for investors who had feared a much weaker outcome. China's economy grew 7.4 percent in the first quarter, from a year earlier, pipping forecasts of 7.3 percent. Other data for … More »

    Reuters - 14 hours ago
  • Sensex trades flat during pre-noon session

    Mumbai, April 16 (IANS) A benchmark index of Indian equities markets was trading flat at 18.52 points or 0.08 percent down during the pre-noon session Wednesday. Good buying was seen in metal and banking ... … More »

    IANS - 15 hours ago
  • CSuisse upgrades Titan on hopes regulatory overhang would dissipate

    Reuters Market Eye - Titan Company shares gain 1.4 percent after Credit Suisse upgrades the stock to "outperform" from "neutral" and raises target to 310 rupees from 250 rupees on expectations gold regulatory frameworks would be dismantled in 6-12 months. India had allowed five domestic private … More »

    Reuters - 15 hours ago
  • Indian attitudes don't change: Whitening products continue to sell

    New Delhi, April 16 (IANS) Matrimonial advertisements for "fair girls" or commercials of beauty brands glamourising the light skin show that the obsession for fair skin persists among women in India despite a majority of Indian women being of brown or dark pigment. According to market researchers … More »

    IANS - 15 hours ago
  • Fed should beef up low-rate vows, two officials say

    Fed should beef up low-rate vows, two officials say

    FARGO North Dakota/BANGOR Maine (Reuters) - The U.S. Federal Reserve ought not to raise interest rates until the economy is much closer to full strength, two of the Fed's most dovish policymakers said on Tuesday. "If you commit to keeping rates low even as the recovery is proceeding, even as we … More »

    Reuters - 15 hours ago
  • Rupee weaker on sluggish stocks

    Rupee weaker on sluggish stocks

    Reuters Market Eye - The rupee is trading at 60.28/29 after opening at 60.30 per dollar. The Indian unit closed at 60.23/24 on Tuesday. Concerns over escalating tensions in Ukraine sapped enthusiasm for ... … More »

    Reuters - 16 hours ago
  • BSE Sensex flat; blue chips gain while IT stocks drag

    BSE Sensex flat; blue chips gain while IT stocks drag

    Reuters Market Eye - The BSE Sensex is up 0.05 percent, while the broader Nifty is 0.07 percent higher, tracking gains in other Asian shares. Asian share markets were mostly in the black on Wednesday after ... … More »

    Reuters - 16 hours ago
  • Big business and election: Time to decouple the two

    Politics has been integral to the Indian business milieu as building political connections is part of doing business in the country. But it is for the first time some of India's corporate tycoons are being named openly in a charged election campaign and their close links have become part of the … More »

    IANS - 17 hours ago
  • Jubilant Foodworks gains; RBI OKs higher FII limit

    Reuters Market Eye - Shares in Jubilant Foodworks Ltd gain 2.2 percent after the Reserve Bank of India said on Tuesday foreign institutional investors (FIIs) can purchase up to 55 percent of stake in the company, up from the earlier limit of 49 percent. Jubilant Foodworks had earlier passed … More »

    Reuters - 17 hours ago
  • Asian shares offer muted cheer to China growth

    Asian share markets were mostly in the black on Wednesday after China reported economic growth a touch above forecasts, a relief for investors who had feared a much weaker outcome. China's economy grew 7.4 percent in the first quarter, from a year earlier, pipping forecasts of 7.3 percent. … More »

    Reuters - 18 hours ago
  • Nikkei extends gains after Japan Fin Min Aso's comments

    Japan's Nikkei share average extends gains on Wednesday following vague comments from Japanese Finance Minister Taro Aso on the country's $1.26-trillion government pension fund, which traders took to mean ... … More »

    Reuters - 19 hours ago
  • China Q1 economic growth slows to 7.4 percent

    China's annual economic growth slowed between January and March 2014 to 7.4 percent from 7.7 percent in the previous three months, but beat market expectations for growth of 7.3 percent, data showed on ... … More »

    Reuters - 19 hours ago
  • G.M. Chief Cites New Safety Moves and Says Repairs Are Now Underway

    In her first public appearance since receiving withering criticism from Congress, Mary T. Barra vowed that General Motors was making changes to ensure addressing safety defects would never again be so ... … More »

    The New York Times - 20 hours ago
  • 27 Converted Schoolhouses You Can Buy Right This Second

    Whether it's because of housing shortages or trendiness, home conversions—churches! warehouses! military bases! factories!—continue to gush onto the market, and certainly former schoolhouses are no exception. While maybe this is not exactly what your significant other meant when (s)he... … More »

    Curbed - 20 hours ago
  • U.S. senators press Delphi for answers on recalled GM cars

    U.S. lawmakers probing how General Motors used faulty ignition switches in many vehicles are turning their scrutiny to the supplier of the part, Delphi Automotive. A group of senators on Tuesday wrote to Delphi Chief Executive Officer Rodney O'Neal, asking for information about whether the parts … More »

    Reuters - 20 hours ago
  • U.S. warns China its currency is still undervalued

    In a semiannual report to Congress, the U.S. Treasury stopped short of declaring China a currency manipulator, but singled it out among large U.S. trading partners for its currency practices. "Recent developments in the ... exchange rate raise particularly serious concerns if they presage a … More »

    Reuters - 20 hours ago
  • On edge for China growth data, Nikkei tries to rally

    On edge for China growth data, Nikkei tries to rally

    Asian markets took some comfort from a late spurt by Wall Street on Wednesday as investors tensed for a reading on Chinese economic growth, while rising tensions in Ukraine kept safe-haven sovereign debt well bid. Japan's Nikkei managed to bounce 1.6 percent having found solid support around … More »

    Reuters - 21 hours ago
  • Intel's quarterly net beats Street, CEO talks up tablets

    Intel Corp's first-quarter net profit exceeded Wall Street's estimates as the chipmaker wrestles with slow demand for personal computers and its chief executive officer said an ambitious goal to stake out market share in tablets was on track. With personal computer shipments falling for eight … More »

    Reuters - 21 hours ago
  • GM to launch product development group focused on safety

    General Motors Co. will create a new global product integrity organization that will focus on product safety and quality, said GM Chief Executive Mary Barra in a speech on Tuesday. "This new way of developing vehicles will provide the highest levels of safety, quality, and customer service, and … More »

    Reuters - 23 hours ago
  • Sail Away on This 'Temple of Light' Houseboat For $1.095M

    Click here to view the full photogallery. Docked in Sausalito, Calif. and newly on the market for $1.095M, this utterly sweet Temple of Light listing combines all the seafaring fun of living aboard a houseboat with the tranquility of... … More »

    Curbed - Wed 16 Apr, 2014 3:30 AM IST
  • Ukraine worries weigh on global shares, drive up bonds

    Global equity markets traded flat and government debt rose on Tuesday over rising tensions in Ukraine after Russia declared the country on the brink of civil war, though Wall Street stocks managed to end higher in a volatile session as blue chips advanced. But weakness in many momentum names -- … More »

    Reuters - Wed 16 Apr, 2014 3:12 AM IST
  • China's economic growth forecast at five-year low in Q1

    China is expected to report its slowest growth in five years on Wednesday, a Reuters poll shows, with signs of waning strength in the first quarter of 2014 already prompting government action to steady the world's second-largest economy. If realised, it would be China's slowest annual growth since … More »

    Reuters - Wed 16 Apr, 2014 3:09 AM IST
  • After two bumper years, Toyota braces for shift to slower growth

    After two bumper years, Toyota braces for shift to slower growth

    TOYOTA CITY Japan/TOKYO (Reuters) - Toyota Motor Corp is set to post record growth for the year just ended - with a likely $10 billion surge in operating profit - but the mood at its HQ in Japan's prosperous automotive heartland is cautious as executives warn of a leaner year ahead. Japan's most … More »

    Reuters - Wed 16 Apr, 2014 3:07 AM IST
  • New CEO Nadella pushes data culture at Microsoft

    Microsoft Corp needs a "data culture" to thrive in the new computing environment, according to Chief Executive Satya Nadella, in his third public appearance in three weeks putting his imprint on the software company. Nadella, who took the helm in February, is seeking to push Microsoft further … More »

    Reuters - Wed 16 Apr, 2014 2:58 AM IST
  • Intel's first-quarter net profit falls but beats Street

    Intel Corp's first-quarter net profit fell, but beat Wall Street's estimates as the chipmaker wrestles with shrinking demand for personal computers. With personal computer shipments falling for eight straight quarters through March, some analysts believe the industry's decline is close to hitting … More »

    Reuters - Wed 16 Apr, 2014 2:41 AM IST
  • Brent oil rises with Ukraine tension; capped by Libya output

    Brent oil rises with Ukraine tension; capped by Libya output

    Benchmark Brent oil rose slightly on Tuesday after news that Ukrainian armed forces launched military operations in the east of the country, though gains were limited by the prospect of a resumption of oil exports from Libya. Russia declared Ukraine on the brink of civil war as Kiev began a … More »

    Reuters - Wed 16 Apr, 2014 1:59 AM IST
  • Ukraine launches "gradual" operation, action limited

    KRAMATORSK/SLAVIANSK Ukraine (Reuters) - Ukrainian forces launched a "special operation" on Tuesday against separatist militia in the Russian-speaking east, authorities said, although aside from a landing by airborne troops the action was limited. In Kiev, acting president Oleksander Turchinov … More »

    Reuters - Wed 16 Apr, 2014 1:54 AM IST
  • Yellen says Fed mulling stricter rules for Wall Street

    The U.S. Federal Reserve is considering further steps to force big banks to hold more capital, and sees a case for other stability-enhancing measures for more shadowy areas of Wall Street as well, Fed Chair Janet Yellen said on Tuesday. The Fed has been pushing banks to strengthen their balance … More »

    Reuters - Wed 16 Apr, 2014 1:50 AM IST
  • Wall Street gets lift from Coca-Cola; Nasdaq lags

    U.S. stocks ended higher after a volatile session on Tuesday, lifted by gains in Coca-Cola and Johnson & Johnson, though weakness in Apple, Tesla and Netflix limited the Nasdaq's advance. The Dow Jones ... … More »

    Reuters - Wed 16 Apr, 2014 1:46 AM IST
  • Euro-denominated bonds lure emerging borrowers, European funds

    Governments and companies from the developing world are increasingly turning to euro debt markets, lured by the falling costs of borrowing there and European investors' clamour for relatively higher returns. Romania sold a 10-year euro-denominated bond on Tuesday yielding 3.625 percent, following … More »

    Reuters - Wed 16 Apr, 2014 1:27 AM IST
  • Eight 'anchor' investors to back Euronext listing -sources

    A consortium of eight 'anchor' investors have committed to buying a 25-30 percent stake in stock exchange operator Euronext ahead of a potential 1.5 billion-euro ($3.5 billion) listing by current owner IntercontinentalExchange (ICE), which is expected in June, three sources familiar with the matter … More »

    Reuters - Wed 16 Apr, 2014 12:40 AM IST
  • Wall St falls as momentum shares sink again

    Wall St falls as momentum shares sink again

    U.S. stocks fell on Tuesday as early gains evaporated when momentum shares once again lost ground, overshadowing a jump in Coca-Cola and Johnson & Johnson after their quarterly earnings. The Nasdaq slid ... … More »

    Reuters - Tue 15 Apr, 2014 11:35 PM IST
  • This Foggy Photo Series is Ruin Porn At Its Most Ruinous

    Photo via Design Boom Blighted urban fabric got you down? Then keep away from Paris-based photographer Julien Mauve's latest photo series at all costs. What's Left of Utopia finds him documenting somber urban landscapes in gray, gloomy weather, often... … More »

    Curbed - Tue 15 Apr, 2014 11:30 PM IST
  • Tour a French Family's Absurdly Chic Warehouse Conversion

    Photo via Rum Hemma What is it about French family homes that makes them so frustratingly, effortlessly stylish when compared to their stateside counterparts? The design world may never be able to identify that particular je ne sais quoi. Case... … More »

    Curbed - Tue 15 Apr, 2014 11:30 PM IST
  • U.S. consumer inflation rises on higher food, rental housing costs

    U.S. consumer prices firmed a bit in March in a possible sign that a disinflationary trend has run its course. While the increase last month should allay concerns among some Federal Reserve officials that inflation was running too low, price pressures remain subdued enough for the U.S. central … More »

    Reuters - Tue 15 Apr, 2014 11:02 PM IST
  • Three former ICAP brokers in UK court on Libor fixing charges

    Three former brokers at ICAP, the world's largest interdealer broker, appeared in a London court on Tuesday charged with running a four-year scheme to manipulate Libor benchmark interest rates. The men, who spoke only to confirm personal details such as addresses, bring to nine the number of … More »

    Reuters - Tue 15 Apr, 2014 10:47 PM IST
  • Architect Morris Bolter's Mid-Century Home Wants $1.595M

    Click here to view the full photogallery. Designed by Calif.-based architect Morris Bolter as a personal family residence, this 1,914-square-foot abode in Los Angeles offers a whole lot of minimalist style, glassy walls, and what Architectural Digest calls "Bauhausian... … More »

    Curbed - Tue 15 Apr, 2014 9:37 PM IST
  • Wall Street dips as data, sinking momentum shares offset earnings

    Wall Street dips as data, sinking momentum shares offset earnings

    U.S. stocks dipped on Tuesday, as gains in Coca Cola and Johnson & Johnson after their quarterly earnings were offset by mixed economic data and a resumed slide in momentum shares. Fellow Dow component Johnson & Johnson (JNJ.N) rose 1.3 percent to $98.37 after it posted quarterly earnings well … More »

    Reuters - Tue 15 Apr, 2014 8:48 PM IST
  • Cash-rich Infosys gifts higher dividend to investors

    Bangalore, April 15 (IANS) With a whopping Rs.30,000 crore ($5 billion) in its reserves, cash-rich Infosys has decided to share a part of its wealth with its lucky investors by increasing its dividend ... … More »

    IANS - Tue 15 Apr, 2014 8:26 PM IST
  • Global shares rally on China growth relief; dollar slips Reuters - 43 minutes ago

    Global equity markets advanced broadly on Wednesday after China reported growth that beat expectations, providing relief to investors worried about the Chinese economy, while the dollar eased on the growing view the Federal Reserve will keep interest rates lower than normal for a few years. Fed Chair Janet Yellen told the Economic Club of New York that the U.S. economy appeared to be slowly moving toward full employment, but that it would need help from the central bank for some time to come. Yellen said that achieving the Fed's economic goals "will likely require low real interest rates for some time," a policy view she said was shared broadly across many advanced economies. Wall Street rallied for a third straight day, and the three major stock gauges climbed 1 percent or more. More »

  • Tour L.A.'s Troubled, Pedigreed Chandler Mansion Curbed - 2 minutes 42 seconds ago

    The story of how the Chandler mansion ended up foreclosed upon and languishing on the market at $10.6M is an L.A. property saga for the ages, one which tangentially involves at least four U.S. presidents. Built in 1913 for... More »

  • Google Q1 revenue misses Wall Street targets Reuters - 1 hour 40 minutes ago

    Google Inc's Internet business revenue grew 19 percent in the first quarter, falling short of Wall Street targets as the price of its online ads continued to decline. Shares of Google were down 5.7 percent ... More »

  • GM to seek court protection against ignition lawsuits Reuters - 1 hour 50 minutes ago

    GM has said it is protected from liability for claims related to incidents that occurred before it exited bankruptcy in 2009, and has taken steps to raise those issues with the court by filing motions to stay recall-related lawsuits while it asks that bankruptcy court to clarify the extent of that protection. In a filing with the U.S. District Court for the Southern District of Texas on Tuesday, GM asked for a stay on litigation related to ignition claims until a judicial panel on multidistrict litigation decides on a motion to consolidate the case with other lawsuits and the bankruptcy court rules on whether the claims violate GM's 2009 bankruptcy sale order. The company earlier filed a similar motion with the U.S. District Court for the Northern District of California seeking a stay on pending litigation. The defect has been linked to the deaths of at least 13 people and the recall of 2.6 million GM vehicles. More »

  • Waterfront Robert Gurney Design Asks $2.5M In Annapolis Curbed - 3 hours ago

    Have a nomination for a jaw-dropping listing that would make a mighty fine House of the Day? Get thee to the tipline and send us your suggestions. We'd love to see what you've got. Click here to view the full... More »

  • Fed's Yellen says rates will need to rise as recovery takes hold Reuters - 3 hours ago

    Federal Reserve Chair Janet Yellen said on Wednesday U.S. interest rates will need to rise as the economy recovers even though risks to the Fed's inflation target are currently to the downside rather than the upside. "I hope it's completely clear that while monetary policy is very accommodative at this point ... as the recovery proceeds and healing occurs, it's obvious that we will need to tighten monetary policy to avoid overshooting our target," she told the Economic Club of New York in answer to a question. More »

  • Fed needs to stay alert for possible surprises - Yellen Reuters - 3 hours ago

    Federal Reserve Chair Janet Yellen said on Wednesday the U.S. central bank would need to stay alert in case the economy, and inflation, do not behave as policymakers expect. "We will have to watch unfolding evidence and evaluate it with an open mind and very carefully in the months ahead to make the assessments that will be necessary," Yellen told the Economic Club of New York in answer to a question. Yellen reiterated her expectation that the presence of an unusually high number of long-term unemployed would keep wage-related price pressures in check as the jobs market strengthened, but said the Fed cannot afford to hold to a fixed view. More »

  • Bank of America in talks with U.S. on probe of Merrill - sources Reuters - 3 hours ago

    Bank of America Corp (BAC.N) has held talks with the U.S. Justice Department to resolve a civil fraud probe into Merrill Lynch’s sale of flawed mortgage securities ahead of the financial crisis, people familiar with the negotiations told Reuters. On Wednesday, the No. 2 U.S. bank reported it took a $6 billion charge to cover litigation expenses, a figure that far exceeded the legal settlements the bank has announced recently. The sources did not say whether Bank of America and the government have discussed a specific settlement amount to resolve the Merrill probe. More »

  • Yellen says full U.S. employment coming into view, slowly Reuters - 3 hours ago

    Federal Reserve Chair Janet Yellen said on Wednesday the U.S. economy appeared to be slowly moving toward full employment, but that it would need help from the central bank for some time to come. In her second public speech since taking the Fed's helm, Yellen said it was "quite plausible" the economy would be back to near full employment and a healthier level of inflation by the end of 2016. Yellen used her speech to provide a monetary policy road map of sorts to one of the Fed's most important constituencies - Wall Street. How long rates will stay near zero, she said, will depend on how far the U.S. economy remains from the central bank's employment and inflation goals, and how long it will likely take to meet them. More »

  • Explore Philly's 'Most Hated House,' Now Asking $4.4M Curbed - 4 hours ago

    Click here to view the full photogallery. Few homes have provoked as strong a reaction from the Curbed Philly readership as the Latimore House, which has been compared to "a rec center or a suburban DMV," a SAAB dealership... More »

  • Wall St up on Chinese and U.S. data, Yellen comments
    Wall St up on Chinese and U.S. data, Yellen comments Reuters - 4 hours ago

    U.S. stocks rose for a third straight session on Wednesday after data showed China's economic growth exceeded expectations and U.S. industrial production rose for a second straight month. Federal Reserve chair Janet Yellen, speaking in New York, provided further support, re-affirming the Fed's commitment to keep interest rates low, even after ending its bond buying program, as long as inflation remains under target and unemployment elevated. The global economy should grow steadily at best over the coming year, a Reuters poll showed, but any rapid slowdown in China could upset the progress. The market's move higher "is mainly due to less concern about whether the Chinese economy is going to decelerate," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. More »

  • BofA reports first quarterly loss since 2011 on lofty legal bill Reuters - 4 hours ago

    The bank had previously said that a settlement would cut into its earnings by $3.7 billion before taxes. The extra litigation expenses came from setting aside money to cover future legal settlements tied to previously disclosed mortgage-related matters, Chief Financial Officer Bruce Thompson told reporters. Still, the bank's setting aside more money does not mean a settlement is imminent, Thompson told analysts on a separate conference call. The bank's shares fell 2.1 percent to $16.04 on the New York Stock Exchange shortly after midday. More »

  • Wall Street regulator to consider mandating broker background checks Reuters - 4 hours ago

    Wall Street's self-funded regulator announced on Wednesday it will soon consider whether to propose new rules to require background checks for brokers. The Financial Industry Regulatory Authority said ... More »

  • World shares up on China growth relief; dollar slips Reuters - 4 hours ago

    Global equity markets advanced broadly on Wednesday after China reported growth that beat expectations, providing relief to investors worried about the Chinese economy, while the dollar slid on the growing view the Federal Reserve will keep interest rates lower than normal for a few years. Fed Chair Janet Yellen told the Economic Club of New York that achieving the U.S. central bank's economic goals "will likely require low real interest rates for some time," a policy view she said was shared broadly across many advanced economies. Wall Street rallied for a third straight day. The Nasdaq Composite was up 3.3 percent from its intraday low of 3,946.03 on Tuesday, which was a whisker away from a 20 percent correction. More »

  • Come Party at a Neon Vacation Villa in Where Else!? Ibiza! Curbed - 5 hours ago

    Photo via Design Milk Built on a tree-lined, hillside property in Ibiza, Spain, this stunning Villa Terramar vacation house—designed by Spanish architecture firm Andres Jaque Architects—just might be the most Ibiza party palace of all time, thanks to its funky,... More »

  • At Long Last, a Concert Hall to Challenge Gehry's Disney Curbed - 5 hours ago

    Photo via Design Boom Frank Gehry's Walt Disney Concert Hall in LA has long held a pretty singular place in the architecture world, with such an organic jumble-o'-shapes design scheme that it's been somewhat seriously rumored to have been based... More »

  • Wall St gains after Chinese data, Yahoo up on Alibaba Reuters - 5 hours ago

    U.S. stocks rose for a third straight session on Wednesday after China's economic growth exceeded expectations and Yahoo shares rallied on the strength of revenue growth in Chinese e-commerce giant Alibaba, in which it has a stake. China, the world's second-largest economy, grew at its slowest pace in 18 months at the start of 2014, but the rise was better than expected and showed some improvement in March. The global economy should grow steadily at best over the coming year, a Reuters poll showed, but any rapid slowdown in China could upset the progress. Yahoo (YHOO.O) was the leading percentage gainer on the S&P 500 as revenue growth accelerated in the last quarter of 2013 for Alibaba (IPO-ALIB.N), in which Yahoo holds a 24 percent stake. More »

  • TCS posts robust net profit for quarter, fiscal IANS - 5 hours ago

    Mumbai, April 16 (IANS) India's largest software exporter, Tata Consultancy Services, (TCS) Wednesday reported a record net profit of Rs.5,297 crore for the fourth quarter (January-March) of 2013-14, registering ... More »

  • Euro strength here to stay, unless ECB steps in Reuters - 5 hours ago

    LONDON/FRANKFURT (Reuters) - Many of the factors driving the euro exchange rate to levels that have set off alarm bells at the European Central Bank are unlikely to go away on their own, part of the reason the bank has been threatening action. The euro is still off the peaks of 2011, but because inflation is now heading close to zero, the ECB is sensitive to its current rate because anything that makes it stronger pushes deflation nearer. Mario Draghi, the ECB president, said at the weekend a strengthening exchange rate would trigger more policy action. That could be some form of quantitative easing, or asset buying, to get more money into the system and hence make the euro cheaper. More »

  • Buff & Hensman's 1959 Halverson Residence Asks $1.795M Curbed - 6 hours ago

    Click here to view the full photogallery. L.A.'s much-balconied 1959 Halverson Residence #1 has resurfaced on the market, just eight months after purportedly selling. Public records indicate that the Buff & Hensman-designed "architectural gem," or so the brokerbabble dubs... More »

  • Pakistan publishes list to embarrass tax cheats into paying up
    Pakistan publishes list to embarrass tax cheats into paying up Reuters - 6 hours ago

    Desperate Pakistani tax authorities are publicly shaming defaulters by publishing taxpayers' details in a directory for the first time, officials said on Wednesday. Citizens have until May 15 to dispute the records. More »

  • TCS net profit rises 51.5 percent, sees stronger sales growth Reuters - 6 hours ago

    Tata Consultancy Services Ltd (TCS.NS), India's largest IT services exporter, expects a further rise in revenue growth in the new financial year, it said on Wednesday, after reporting a better than expected 51.5 percent increase in the last three months. Over the last two years TCS has been increasing its profits at a faster pace than local rivals Infosys Ltd (INFY.NS) and Wipro Ltd (WIPR.NS), which have been distracted by management revamps and strategy changes. TCS, which posted a near 30 percent rise in revenue in the last fiscal year that ended on March 31, is betting on higher IT spending by its clients in financial services, retail and life sciences sectors to boost growth, he said. Exports by India's IT outsourcing sector are expected to rise 13-15 percent in the current fiscal year, according to the National Association of Software and Services Companies, as an improving global economy encourages banks and companies to boost spending on technology. More »

  • Order for release on interim bail unworkable: Subrata Roy to SC IANS - 6 hours ago

    New Delhi, April 16 (IANS) Sahara Group chief Subrata Roy Wednesday told the Supreme Court that its order sending him to judicial custody and the conditions to secure his release on interim bail was "unworkable". "The court passed an order that was unworkable" and was without scrupulously following the laid down procedures, Roy's counsel Rajiv Dhawan told the bench of Justice K.S. Radhakrishnan and Justice Jagdish Singh Khehar. As Dhawan said Roy could not generate money as his bank accounts and properties were frozen, the court asked Dhawan if he was in no position to pay Rs.10,000 crore. The court was hearing a plea by Roy challenging its March 4 order sending him to judicial custody. More »

  • Complete drain de-silting work by May 15: Jung IANS - 6 hours ago

    New Delhi, April 16 (IANS) Delhi Lieutenant Governor Najeeb Jung Wednesday instructed senior state officials and municipal commissioners to finish de-silting of drains by May 15 and buckle up before the monsoon sets in. More »

  • Diesel under-recovery falls to Rs.5.49/litre IANS - 7 hours ago

    New Delhi, April 16 (IANS) The under-recovery, or revenue loss, on diesel for the second fortnight effective April 16 has been pegged lower at Rs.5.49 per litre from Rs.5.93 during the first fortnight ... More »

  • Urban Tree Houses; Converted Bomb Shelter Cafes; More! Curbed - 8 hours ago

    Photo via Architizer · Buy a wacky mid-century 'urban tree house' in Franklin Hills. · My little antique town. · This Southport corridor home has the greatest rooftop ever. · Hong Kong estate wants $38M. · See a glorious, just-uncovered... More »

  • VMware says to invest $500 million in India over three years Reuters - 8 hours ago

    Virtualization software maker VMware Inc said it plans to invest $500 million in India over the next three years to expand its operations. The new investment will include about $70 million of unused funds ... More »

  • TCS net up 38 percent for fiscal 2013-14 IANS - 8 hours ago

    Mumbai, April 16 (IANS) Indian IT bellwether Tata Consulting Services (TCS) posted a net profit of Rs.19,117 crore for fiscal 2013-14, registering a 38 percent year-on-year (YoY) growth as per Indian accounting ... More »

  • Mercedes to revive luxury Maybach brand Reuters - 8 hours ago

    Daimler is set to revive Maybach, a brand once coveted by oligarchs, rap stars and royals, to woo a growing class of ultra-wealthy clients in Asia and the United States, a person familiar with the company's plans said. The brand will be used to adorn an exclusive version of its S-Class limousine fitted with soft-touch leather and bespoke materials to help lure clients from other high-end brands like Rolls Royce and Bentley. The Maybach will be showcased at both the Guangzhou and the Los Angeles auto shows in November and cost more than double the 165,000-euro ($228,000) asking price of its current flagship, the Mercedes-Benz S600, the person said. The Mercedes Maybach will have a wheelbase that is 20 centimetres longer than even the extended version of its S-Class, allowing for extra leg space and making it the longest limousine in the Mercedes range until the expected launch of an even longer Pullman version, the source said. More »

  • Wall St climbs after China data; Yahoo jumps Reuters - 8 hours ago

    U.S. stocks rose at the open on Wednesday after China's economic growth exceeded expectations and Yahoo shares rallied on the strength of revenue growth in Chinese e-commerce giant Alibaba, in which it ... More »

  • China first quarter GDP at 18-month low, to cut reserve ratio for small banks Reuters - 8 hours ago

    China's economy expanded 7.4 percent between January and March, its slowest pace in 18 months, prompting authorities to act for the second time in as many weeks to shore up growth. Hours after the National Bureau of Statistics released the data, Premier Li Keqiang was quoted by state media as saying that China would reduce the amount of cash that some village banks hold at the central bank to help the farm sector. The relaxation of reserve requirements, alongside tax breaks for more companies to support job creation, comes just two weeks after China took its first step this year to juice its slackening economy - cutting taxes for small firms and speeding up investment in railways. The unveiling of new pro-growth measures in quick succession suggests China may be more worried about the foundering economy than it lets on, even though it has ruled out the use of major stimulus to fight short-term dips in growth. More »

  • NGO wants EC to stop JNPP agreement IANS - 8 hours ago

    Mumbai, April 16 (IANS) An NGO has cried foul over attempts by the central and the Maharashtra governments to strike a deal regarding the Jaitapur Nuclear Power Project (JNPP) despite the model code of conduct being in force, an official said Wednesday. The Konkan Bachao Samiti (KBS) has shot off urgent letters to the Election Commission, the Chief Election Commissioner and Maharashtra's Chief Electoral Officer urging them to immediately direct the central and state governments to retrain from approving or entering into any kind of agreement pertaining to JNPP. "There have been recent reports that the French company AREVA and Nuclear Power Corporation of India Ltd (NPCIL) are on the verge of entering into a commercial agreement pertaining to the power purchase rates. More »

  • AAP alleges irregularity in awarding hydrocarbon fields IANS - 8 hours ago

    New Delhi, April 16 (IANS) The Aam Aadmi Party (AAP) Wednesday alleged that the UPA government was going ahead on the award of hydrocarbon fields in the country's western offshore to the Essar group despite no contract having been signed by the two parties, which can potentially cause a loss of Rs.52,000 crore to the national exchequer. AAP's leader Prashant Bhushan told a press conference here that Essar Oil and Premier Oil Ltd, who were the successful bidders of the Ratna and R-series oil and gas field discoveries on the western off-shore, were given only the Letter of Award in 1996, but the contract was not signed. "The contract negotiations with the bidders could not start due to CAG's (Comptroller and Auditor General of India) observations and CBI (Central Bureau of Investigation) investigations on the contracts awarded to other parties," Bhushan said. The hydrocarbon field, bidding for which was initiated in 1993, has estimated cumulative oil reserves of 12.33 million tonnes and 1,285 million metric standard cubic metres (mmscm) of natural gas over a project life of 22 years, AAP said in a statement. More »

  • TCS net up 52 percent in fourth quarter IANS - 8 hours ago

    Mumbai, April 16 (IANS) Tata Consulting Services (TCS) posted net profit of Rs.5,297 crore (Rs.53 billion) for the fourth quarter (January-March) of just-concluded fiscal 2013-14, registering a whopping ... More »

  • Rupee falls to 60.37 against dollar IANS - 8 hours ago

    Mumbai, April 16 (IANS) The Indian rupee weakened to 60.37 against a dollar Wednesday, registering a decline for the third straight session, as profit-taking by foreign investors in the stock markets put ... More »

  • Wall Street to rise after Chinese data, Yahoo up on Alibaba Reuters - 9 hours ago

    U.S. stocks were set to rise at the open on Wednesday after China's economic growth exceeded expectations and Yahoo shares rallied on the strength of revenue growth in Chinese e-commerce giant Alibaba, in which it has a stake. * Revenue growth accelerated in the last quarter of 2013 for Alibaba, a timely lift as it prepares for a highly anticipated U.S. initial public offering. Shares of Yahoo, which holds 24 percent of Alibaba, rallied 7.7 percent in premarket trading despite posting anemic growth. * Bank of America posted a first-quarter loss as the No. 2 U.S. bank recorded $6 billion in litigation expenses related to a settlement with the Federal Housing Finance Agency and other mortgage-related matters. More »

  • Celebrities dominate poll related search on Google IANS - 9 hours ago

    Top searched celebrity on Google this election season is actor turned politician Chiranjeevi's brother Pawan Kalyan, who recently launched the new political party "JanSena". Kalyan is followed by actress Ramya (Divya Spandana) contesting to secure her seat from Mandya Lok Sabha constituency in Karnataka, Google said in a statement here. Bollywood actress and political debutant Nagma contesting for the first time on a Congress ticket from Meerut is searched almost twice as many times as BJP MP Hema Malini contesting from Mathura. Others on the top 10 list include Chiranjeevi, popular stand-up comedian Raju Srivastava who earlier returned Samajwadi Party's ticket from Kanpur, and Bhojpuri actor Manoj Tiwari, a BJP candidate from northeast Delhi. More »

  • World stocks up on China relief, Ukraine strains remain Reuters - 9 hours ago

    World stocks markets made broad gains on Wednesday after China reported economic growth a touch above forecasts and another low euro zone inflation reading spurred speculation about the European Central Bank's policy options. China's economy grew 7.4 percent in the first quarter, from a year earlier, pipping forecasts of 7.3 percent and dashing speculation beforehand that growth would be nearer 7 percent after a string of recent soft numbers. The relief rippled through Asian markets, with Japan's Nikkei ending up 3 percent - its biggest gain since February. "Our basic view is that it will be a gradual slowdown (in China) rather than a hard landing," Rabobank emerging market economist Christian Lawrence said. More »

  • Be agents of change, President tells civil servants IANS - 9 hours ago

    New Delhi, April 16 (IANS) Civil servants should be "agents of the change which they wish to see in their society and country", President Pranab Mukherjee said Wednesday. Addressing a group of probationers of the Indian Postal Service (2010-2013 batches) and the Indian Post and Telecommunication Accounts and Finance Service (2011-2013 batches), Mukherjee said the officers were entering service at a time of "great flux" and "ever increasing expectations" of the citizenry. More »

  • Can Facebook Innovate? A Conversation With Mark Zuckerberg The New York Times - 9 hours ago

    Facebook’s co-founder and chief executive explains the company’s plan to stay innovative in the mobile age. More »

  • The Future of Facebook May Not Say ‘Facebook’ The New York Times - 9 hours ago

    The company’s strategy includes unbundling its mammoth social network into discrete and nimble components. More »

  • Sensex slumps 207 points, at 2-1/2 week closing low Reuters - 10 hours ago

    The BSE Sensex and the Nifty on Wednesday fell to their lowest close in 2-1/2 weeks as software stocks slumped on caution ahead of India's top IT services provider Tata Consultancy Services' earnings report ... More »

  • HSBC Bank Oman says agrees Indian business sale to Qatar's Doha Bank Reuters - 11 hours ago

    HSBC Bank Oman (HBOM.OM) said on Wednesday it had agreed on the sale of its Indian business to Qatar's Doha Bank (DOBK.QA). No value for the transaction was given in the statement to the Muscat Securities Market, but the Omani lender said the unit had two branches and gross assets worth 3.5 billion rupees ($58.1 million) at the end of 2013. Should the deal be completed, all staff currently employed in the Indian business would transfer to Doha Bank. The affiliate of HSBC Holdings (HSBA.L) added in the statement that the deal was due to be completed in the second half of 2014, subject to regulatory and shareholder approval. More »

  • China gets first bitcoin ATM, skirting bank crackdown
    China gets first bitcoin ATM, skirting bank crackdown Reuters - 11 hours ago

    BTC China, one of the country's leading digital currency exchanges, has installed China's first bitcoin ATM and launched an online app allowing individuals to buy and sell bitcoins using mobile phones, skirting local banking regulations seen as increasingly hostile to so-called crypto-currencies. But a subsequent crackdown by the People's Bank of China (PBOC) has seen the digital currency sag, changing hands below $530 on Wednesday, according to exchange-tracker CoinDesk. More »

  • Sensex 208 points down; capital goods stocks decline IANS - 11 hours ago

    Mumbai, April 16 (IANS) A benchmark index of the Indian stock markets Wednesday fell 208 points or 0.92 percent, as capital goods, information technology (IT) and technology, entertainment and media (TECK) ... More »

  • Software stocks drag Sensex to 2-1/2 week closing low
    Software stocks drag Sensex to 2-1/2 week closing low Reuters - 11 hours ago

    The BSE Sensex and the Nifty fell on Wednesday to mark their lowest close in 2-1/2 weeks as software stocks slumped on caution ahead of India's top IT services provider Tata Consultancy Services' quarterly ... More »

  • Rupee continues to trade slightly lower on weak stocks
    Rupee continues to trade slightly lower on weak stocks Reuters - 12 hours ago

    Reuters Market Eye - The rupee is trading at 60.28/29 versus its close of 60.23/24 on Tuesday as weakness in the domestic stock markets aids sentiment for the dollar. Exporters, however, seen selling on upticks preventing a very sharp rise in the pair. More »

  • RIL operating profit may lag estimates - StarMine
    RIL operating profit may lag estimates - StarMine Reuters - 12 hours ago

    Reuters Market Eye - Reliance Industries Ltd's operating profit may lag consensus estimates when it reports January-March quarter results on Friday, Thomson Reuters StarMine's SmartEstimates shows. StarMine's ... More »

  • Gold steadies above $1,300/oz, supported by Ukraine tensions Reuters - 12 hours ago

    Gold prices steadied on Wednesday after falling nearly 2 percent in the previous session, underpinned by escalating tensions in Ukraine but still under pressure from a weak chart picture and concerns over a slowdown in Chinese demand. Ukrainian government forces and separatist pro-Russian militia staged rival shows of force in eastern Ukraine amid escalating rhetoric on the eve of crucial four-power talks in Geneva on the former Soviet country's future. Spot gold was at $1,302.20 an ounce at 0908 GMT, little changed from $1,302.04 late on Tuesday. "The early April uptrend is now broken, and if it wasn't for Ukraine, we would be closer to $1,280," Andrey Kryuchenkov, an analyst at VTB Capital, said. More »

  • Oil rises toward $110 as Ukraine tension rises Reuters - 12 hours ago

    Global oil prices edged up toward $110 a barrel on Wednesday, shaking off slower economic growth figures in China and a potential resumption in Libyan exports as tensions mounted in Ukraine. Six armoured personnel carriers entered an eastern Ukrainian town on Wednesday carrying the Russian and separatist flags a day after Ukrainian forces launched a special operation against separatist militia in the Russian-speaking east. The standoff raised concerns of an escalation after Russian President Vladimir Putin warned of the risk of civil war. Brent crude for June delivery (LCOc1) reversed early losses to trade up 43 cents at $109.79 by 0915 GMT, its highest level since March 4. More »

  • Nikkei surges, SoftBank jumps on Alibaba earnings Reuters - 12 hours ago

    Japan's Nikkei share average surged on Wednesday after a better performance on Wall Street the day before and comments from Japanese Finance Minister Taro Aso that the market took to suggest more stock ... More »

  • RComm to hike pre-paid call rates by up to 20 percent IANS - 12 hours ago

    New Delhi, April 16 (IANS) Reliance Communications will raise tariffs by up to 20 percent for all its pre-paid customers across the country from April 25, the company said here Wednesday. The headline tariffs or the call rates will rise from 1.5 to 1.6 paise per second, while tariffs on discounted and promotional plans will increase by up to 20 percent. "The revised tariffs, which will be applicable for pre-paid customers across the country, come into effect from April 25, 2014," the company said in a statement. "At Reliance Communications, we continue to focus on growing profitable or paid minutes on our network and the current tariff hikes are part of our continued efforts to reduce free and discounted minutes, and offset the ever-rising costs of input materials," Gurdeep Singh, chief executive officer, Consumer Business, Reliance Communications, said. More »

  • New NSE equity derivative rules may reduce volatility - analysts Reuters - 12 hours ago

    Reuters Market Eye - National Stock Exchange's (NSE) new rules on matching equity derivatives' orders as per reference price and execution range, starting May 5, are seen reducing error based volatility in the market, analysts say. "Orders shall be matched and trades shall take place only if the trade price is within the reference price and execution range," NSE said in a circular on Friday. This mechanism should come in very handy for smaller participants in the options segment as well," said Bhavin Desai, equity derivatives analyst Motilal Oswal Securities Ltd. More »

  • Air India restarts flights in Himachal IANS - 13 hours ago

    Kullu (Himachal Pradesh), April 16 (IANS) Air India Wednesday recommenced operations to this Himachal Pradesh town after snapping air links on this route almost two months ago, an airport official said. ... More »

  • CAG audit pushed EVMs IANS - 13 hours ago

    New Delhi, April 16 (IANS) But for searching questions by the Comptroller and Auditor General of India (CAG) almost two decades ago, electronic voting machines (EVMs), that have become a hi-tech symbol of India's electoral efficiency and reliability, may never have been fully introduced in the country. According to a senior retired official of the Election Commission, the EVMs, which have made casting and counting of votes a hassle-free task, would have remained at the experimental system if the CAG had not pointed in 1996-97 to the tens of millions of rupees spent on developing the technology. "As a follow-up to this, two public sector enterprises, Bharat Electronics and the Electronics Corporation of India, were given the mandate to develop the machines on an experimental basis." According to the official, suggestions and advice from experts around the world and the country was sought on the ways to make the EVMs efficient and easily usable by even illiterates. More »

  • Sensex, Nifty head towards 2-1/2 week closing low Reuters - 13 hours ago

    Reuters Market Eye - The BSE Sensex falls 0.8 percent, while the Nifty is down 0.82 percent, heading towards their lowest close since March 27, as continued sales by overseas investors and higher inflation ... More »

  • BOJ's Kuroda maintains positive view on economy Reuters - 13 hours ago

    Bank of Japan Governor Haruhiko Kuroda on Wednesday affirmed the central bank's upbeat view of the economy, even as global financial markets wobble, stressing that growth will pick up around mid-year as the sting of a sales tax hike fades. Price rises will broaden as the economy continues to improve gradually, Kuroda added, reiterating his view that Japan is making headway towards the central bank's price goal of 2 percent inflation in about a year's time. The comments came a day after Kuroda met with Prime Minister Shinzo Abe to discuss the economy, which drew some market speculation the BOJ may come under pressure to expand stimulus as a rebound in the yen and sliding Japanese share prices cloud the outlook for the world's third-largest economy. The latest Reuters poll showed a growing consensus building in the market that the BOJ will probably not ease until July, with no respondent predicting action at the next rate review on April 30. More »

  • China denies U.S. warning of undervalued currency
    China denies U.S. warning of undervalued currency Reuters - 13 hours ago

    BEIJING/WASHINGTON (Reuters) - China rejected on Wednesday a warning from the Obama administration that its currency was too weak, urging the United States to recognise that China aims to "perfect and regulate" the exchange rate system. The Obama administration on Tuesday warned China that its currency was too weak and expressed doubt over the Asian giant's resolve to let market forces guide the value of the yuan. In a semiannual report to Congress, the U.S. Treasury stopped short of declaring China a currency manipulator, but singled it out among large U.S. trading partners for its currency practices. "Recent developments in the ... exchange rate raise particularly serious concerns if they presage a retreat from China's announced policy of allowing the exchange rate to reflect market forces," the Treasury said. More »

  • RComm to raise mobile call tariff by up to 20 percent
    RComm to raise mobile call tariff by up to 20 percent Reuters - 13 hours ago

    Reliance Communications Ltd (RLCM.NS), India's fourth-biggest mobile phone carrier, will hike voice prices starting April 25, the company said in a statement, to counter an increase in input costs and higher spectrum payments. Reliance and its main rivals, including Bharti Airtel Ltd (BRTI.NS), India's top phone carrier, and the local unit of Vodafone Group Plc (VOD.L), last year raised voice prices for the first time in three years as they continued to cut discounts previously offered to lure customers in a highly-competitive market. More »

  • Asian shares up on China relief, Ukraine strains remain Reuters - 13 hours ago

    Share markets made broad gains on Wednesday after China reported economic growth a touch above forecasts, a relief for investors who had feared a much weaker outcome. China's economy grew 7.4 percent in the first quarter, from a year earlier, pipping forecasts of 7.3 percent. The relief rippled through Asian markets, with Japan's Nikkei ending up 3 percent - its biggest gain since February. "China is still on a downward path on growth but clearly the market took some relief in that number ... our basic view is that it will be a gradual slowdown rather than a hard landing." More »

  • Small is beautiful for Coca-Cola as volumes soar in China Reuters - 14 hours ago

    Case volumes in China rose 12 percent in the first quarter of the year, boosted by marketing campaigns around the key Chinese New Year holiday shopping period, helping drive a global two percent rise in volumes. Coca-Cola, like rival PepsiCo Inc (PEP.N), has been battling falling soda sales in developed markets such as the United States, where its soda sales last year were the lowest since 1995. Analysts said a focus on smaller, lower priced products in China was helping target consumers in fast-growing, smaller cities, where demand is outstripping larger urban centres. "Our newly architected packaging portfolio in China is really working with the smaller packs and the new price points," Coca-Cola Chairman and CEO Muhtar Kent said on an earnings call after the results. More »

  • Asian shares up on China relief
    Asian shares up on China relief Reuters - 14 hours ago

    Asian share markets made broad gains on Wednesday after China reported economic growth a touch above forecasts, a relief for investors who had feared a much weaker outcome. China's economy grew 7.4 percent in the first quarter, from a year earlier, pipping forecasts of 7.3 percent. Other data for March were mixed with industrial output a shade under estimates, but retail sales picking up. "Momentum in both industrial production and retail sales already appears to have started to pick up in March and policy fine tuning is likely to help as well." More »

  • Sensex trades flat during pre-noon session IANS - 15 hours ago

    Mumbai, April 16 (IANS) A benchmark index of Indian equities markets was trading flat at 18.52 points or 0.08 percent down during the pre-noon session Wednesday. Good buying was seen in metal and banking ... More »

  • CSuisse upgrades Titan on hopes regulatory overhang would dissipate Reuters - 15 hours ago

    Reuters Market Eye - Titan Company shares gain 1.4 percent after Credit Suisse upgrades the stock to "outperform" from "neutral" and raises target to 310 rupees from 250 rupees on expectations gold regulatory frameworks would be dismantled in 6-12 months. India had allowed five domestic private sector banks to import gold, in what industry officials say could be a significant step towards easing of tough curbs on the metal imposed last year. Credit Suisse says the expectations says are based on comfort in India's current account deficit and the rupee, and consensus among political parties for easing restrictions on gold imports. More »

  • Indian attitudes don't change: Whitening products continue to sell IANS - 15 hours ago

    New Delhi, April 16 (IANS) Matrimonial advertisements for "fair girls" or commercials of beauty brands glamourising the light skin show that the obsession for fair skin persists among women in India despite a majority of Indian women being of brown or dark pigment. According to market researchers ACNielsen, in 2010, India's whitening-cream market was worth $432 million (Rs.2,600 crore). The visual media has changed the strategy so much that even fair people also use fairness products," Ravi Mittal, managing director of SKEYNDOR India, a Spanish skincare brand, told IANS. Although anti-ageing skincare products are doing well, whitening products selling fast. More »

  • Fed should beef up low-rate vows, two officials say
    Fed should beef up low-rate vows, two officials say Reuters - 15 hours ago

    FARGO North Dakota/BANGOR Maine (Reuters) - The U.S. Federal Reserve ought not to raise interest rates until the economy is much closer to full strength, two of the Fed's most dovish policymakers said on Tuesday. "If you commit to keeping rates low even as the recovery is proceeding, even as we continue to recover, I think people have a sense, the Fed has the recovery’s back," Minneapolis Federal Reserve Bank President Narayana Kocherlakota said at North Dakota State University. If households and businesses believe the Fed is close to raising rates, they may decide to save rather than to spend, inhibiting recovery, Kocherlakota said. But because inflation is so low, he said, the Fed can afford to remain accommodative even while the recovery strengthens, and it will likely need to raise rates only gradually when the time comes. More »

  • Rupee weaker on sluggish stocks
    Rupee weaker on sluggish stocks Reuters - 16 hours ago

    Reuters Market Eye - The rupee is trading at 60.28/29 after opening at 60.30 per dollar. The Indian unit closed at 60.23/24 on Tuesday. Concerns over escalating tensions in Ukraine sapped enthusiasm for ... More »

  • BSE Sensex flat; blue chips gain while IT stocks drag
    BSE Sensex flat; blue chips gain while IT stocks drag Reuters - 16 hours ago

    Reuters Market Eye - The BSE Sensex is up 0.05 percent, while the broader Nifty is 0.07 percent higher, tracking gains in other Asian shares. Asian share markets were mostly in the black on Wednesday after ... More »

  • Big business and election: Time to decouple the two IANS - 17 hours ago

    Politics has been integral to the Indian business milieu as building political connections is part of doing business in the country. But it is for the first time some of India's corporate tycoons are being named openly in a charged election campaign and their close links have become part of the popular conversation, stuff of the national political discourse. "Would the 2014 election be fought between the Aam Aadmi Party and Mukesh Ambani, with Rahul (Gandhi) and (Narendra) Modi being agents of Mukesh Ambani?", Arvind Kejriwal asked on Twitter at the very start of the campaign. Days later, Manish Tiwari, Congress spokesperson, added more grist saying that India is seeing its "Rockefeller moment" -- a reference to the business houses backing the Bharatiya Janata Party prime ministerial candidate Narendra Modi just as the Rockfellers in the US at one time did. More »

  • Jubilant Foodworks gains; RBI OKs higher FII limit Reuters - 17 hours ago

    Reuters Market Eye - Shares in Jubilant Foodworks Ltd gain 2.2 percent after the Reserve Bank of India said on Tuesday foreign institutional investors (FIIs) can purchase up to 55 percent of stake in the company, up from the earlier limit of 49 percent. Jubilant Foodworks had earlier passed resolutions for enhancing the FII purchase limit to 55 percent. Also, the Reserve Bank removed restrictions on purchase of the shares saying the FII shareholding in Jubilant have gone below the threshold limit. More »

  • Asian shares offer muted cheer to China growth Reuters - 18 hours ago

    Asian share markets were mostly in the black on Wednesday after China reported economic growth a touch above forecasts, a relief for investors who had feared a much weaker outcome. China's economy grew 7.4 percent in the first quarter, from a year earlier, pipping forecasts of 7.3 percent. More »

  • Nikkei extends gains after Japan Fin Min Aso's comments Reuters - 19 hours ago

    Japan's Nikkei share average extends gains on Wednesday following vague comments from Japanese Finance Minister Taro Aso on the country's $1.26-trillion government pension fund, which traders took to mean ... More »

  • China Q1 economic growth slows to 7.4 percent Reuters - 19 hours ago

    China's annual economic growth slowed between January and March 2014 to 7.4 percent from 7.7 percent in the previous three months, but beat market expectations for growth of 7.3 percent, data showed on ... More »

  • G.M. Chief Cites New Safety Moves and Says Repairs Are Now Underway The New York Times - 20 hours ago

    In her first public appearance since receiving withering criticism from Congress, Mary T. Barra vowed that General Motors was making changes to ensure addressing safety defects would never again be so ... More »

  • 27 Converted Schoolhouses You Can Buy Right This Second Curbed - 20 hours ago

    Whether it's because of housing shortages or trendiness, home conversions—churches! warehouses! military bases! factories!—continue to gush onto the market, and certainly former schoolhouses are no exception. While maybe this is not exactly what your significant other meant when (s)he... More »

  • U.S. senators press Delphi for answers on recalled GM cars Reuters - 20 hours ago

    U.S. lawmakers probing how General Motors used faulty ignition switches in many vehicles are turning their scrutiny to the supplier of the part, Delphi Automotive. A group of senators on Tuesday wrote to Delphi Chief Executive Officer Rodney O'Neal, asking for information about whether the parts supplier pushed back against GM after the automaker apparently did not accept a proposed fix to the switches. "It is our understanding that a fix was proposed by Delphi regarding the ignition switch in 2005 but GM did not adopt the change," the letter said. "As we continue evaluating the GM recall it is critically important that we understand the decisions made by Delphi and the company's interaction with GM." More »

  • U.S. warns China its currency is still undervalued Reuters - 20 hours ago

    In a semiannual report to Congress, the U.S. Treasury stopped short of declaring China a currency manipulator, but singled it out among large U.S. trading partners for its currency practices. "Recent developments in the ... exchange rate raise particularly serious concerns if they presage a retreat from China’s announced policy of allowing the exchange rate to reflect market forces," the Treasury said. Washington sees currency management by China and other developing countries as an impediment to rebalancing the global economy away from a situation in which rich nations borrow heavily to buy goods from poor nations. More »

  • On edge for China growth data, Nikkei tries to rally
    On edge for China growth data, Nikkei tries to rally Reuters - 21 hours ago

    Asian markets took some comfort from a late spurt by Wall Street on Wednesday as investors tensed for a reading on Chinese economic growth, while rising tensions in Ukraine kept safe-haven sovereign debt well bid. Japan's Nikkei managed to bounce 1.6 percent having found solid support around 13,885 for a couple of sessions. MSCI's broadest index of Asia-Pacific shares outside Japan was flat, with Australian stocks edging 0.2 percent up in early trade. China is expected to report its slowest growth in five years, with signs of waning strength already prompting government action to steady the ship. More »

  • Intel's quarterly net beats Street, CEO talks up tablets Reuters - 21 hours ago

    Intel Corp's first-quarter net profit exceeded Wall Street's estimates as the chipmaker wrestles with slow demand for personal computers and its chief executive officer said an ambitious goal to stake out market share in tablets was on track. With personal computer shipments falling for eight straight quarters through March, some analysts believe the industry's decline is close to hitting bottom, potentially giving Intel breathing room as it struggles to develop better processors for mobile and wearable devices. Following its first-quarter report on Tuesday, Intel Chief Financial Officer Stacy Smith said the chipmaker continues to expects PC shipments to decline slightly in 2014. In its report, Intel said revenue from its PC client group in the first quarter was $7.9 billion, down 1 percent from the year before. More »

  • GM to launch product development group focused on safety Reuters - 23 hours ago

    General Motors Co. will create a new global product integrity organization that will focus on product safety and quality, said GM Chief Executive Mary Barra in a speech on Tuesday. "This new way of developing vehicles will provide the highest levels of safety, quality, and customer service, and ensure that a situation like the ignition-switch recall doesn’t happen again," Barra said in New York. Barra addressed the recall of 2.6 million cars for defective ignition switches, which she has admitted GM bungled. At least 13 people have been killed in older model GM small cars with the defective switches. More »

  • Sail Away on This 'Temple of Light' Houseboat For $1.095M Curbed - Wed 16 Apr, 2014 3:30 AM IST

    Click here to view the full photogallery. Docked in Sausalito, Calif. and newly on the market for $1.095M, this utterly sweet Temple of Light listing combines all the seafaring fun of living aboard a houseboat with the tranquility of... More »

  • Ukraine worries weigh on global shares, drive up bonds Reuters - Wed 16 Apr, 2014 3:12 AM IST

    Global equity markets traded flat and government debt rose on Tuesday over rising tensions in Ukraine after Russia declared the country on the brink of civil war, though Wall Street stocks managed to end higher in a volatile session as blue chips advanced. But weakness in many momentum names -- the technology and biotechnology shares that have been high-flyers -- limited the Nasdaq's advance. Concerns over escalating conflict in Ukraine drove U.S. bond purchases, while data showing disappointing growth in manufacturing in New York state pointed to sluggishness in the economy and added to the bid for safe-haven bonds. European stocks were held back by the worries over the escalating tensions in Ukraine and weak results by bellwethers including Nestle. More »

  • China's economic growth forecast at five-year low in Q1 Reuters - Wed 16 Apr, 2014 3:09 AM IST

    China is expected to report its slowest growth in five years on Wednesday, a Reuters poll shows, with signs of waning strength in the first quarter of 2014 already prompting government action to steady the world's second-largest economy. If realised, it would be China's slowest annual growth since the first quarter of 2009, when the economy grew 6.6 percent in the immediate aftermath of the global financial crisis. More »

  • After two bumper years, Toyota braces for shift to slower growth
    After two bumper years, Toyota braces for shift to slower growth Reuters - Wed 16 Apr, 2014 3:07 AM IST

    TOYOTA CITY Japan/TOKYO (Reuters) - Toyota Motor Corp is set to post record growth for the year just ended - with a likely $10 billion surge in operating profit - but the mood at its HQ in Japan's prosperous automotive heartland is cautious as executives warn of a leaner year ahead. Japan's most valuable listed company is shifting to a new phase of much slower but more stable growth, senior executives said, as the burst of gains from a weak yen and Prime Minister Shinzo Abe's stimulus policies fades. That trend, fed also by an increase in Japan's sales tax and slowdowns in key overseas markets such as Thailand, could see the world's largest carmaker eventually losing its crown to an ascendant Volkswagen AG. "Last year's pace was abnormal in the context of sustainable growth," said a senior executive, who spoke on condition of anonymity. More »

  • New CEO Nadella pushes data culture at Microsoft Reuters - Wed 16 Apr, 2014 2:58 AM IST

    Microsoft Corp needs a "data culture" to thrive in the new computing environment, according to Chief Executive Satya Nadella, in his third public appearance in three weeks putting his imprint on the software company. Nadella, who took the helm in February, is seeking to push Microsoft further toward mobile and 'cloud,' or Internet-connected, computing. That marks a shift from his predecessor, Steve Ballmer, whose world view was more tied to personal computers and the Windows operating system. "Every aspect of Microsoft's business is being fundamentally transformed because of data," said Nadella at a presentation in San Francisco on Tuesday. More »

  • Intel's first-quarter net profit falls but beats Street Reuters - Wed 16 Apr, 2014 2:41 AM IST

    Intel Corp's first-quarter net profit fell, but beat Wall Street's estimates as the chipmaker wrestles with shrinking demand for personal computers. With personal computer shipments falling for eight straight quarters through March, some analysts believe the industry's decline is close to hitting bottom, potentially giving Intel breathing room as it struggles to develop better processors for mobile and wearable devices. In its report on Tuesday, Intel said revenue from its PC client group in the first quarter was $7.9 billion, down 1 percent from the year before. That is 1 percentage point higher than Intel's previous forecast. More »

  • Brent oil rises with Ukraine tension; capped by Libya output
    Brent oil rises with Ukraine tension; capped by Libya output Reuters - Wed 16 Apr, 2014 1:59 AM IST

    Benchmark Brent oil rose slightly on Tuesday after news that Ukrainian armed forces launched military operations in the east of the country, though gains were limited by the prospect of a resumption of oil exports from Libya. Russia declared Ukraine on the brink of civil war as Kiev began a "special operation" against pro-Russian separatists in the eastern town of Kramatorsk and retook a main airfield there. Brent rose to near a six-week high on Monday after Western powers agreed to expand sanctions against Russia over Ukraine. "The Libya news is bearish since the port opening is going to affect the near-term supply ... and that outweighs the events in Ukraine," said Joseph Posillico, senior vice president of energy derivatives at Jefferies Bache in New York. More »

  • Ukraine launches "gradual" operation, action limited Reuters - Wed 16 Apr, 2014 1:54 AM IST

    KRAMATORSK/SLAVIANSK Ukraine (Reuters) - Ukrainian forces launched a "special operation" on Tuesday against separatist militia in the Russian-speaking east, authorities said, although aside from a landing by airborne troops the action was limited. In Kiev, acting president Oleksander Turchinov declared a much-needed victory over pro-Russian rebels by saying the air base had been "liberated". A senior Ukrainian officer told the unarmed crowd that he had come to direct an "anti-terrorist operation" that Turchinov announced earlier in the day, after more than a week of missed deadlines set by Kiev for armed pro-Moscow activists to end occupations of public buildings in some 10 places in the east. Ukraine's state security service said an "anti-terrorist" operation was also in progress against separatists in the nearby town of Slaviansk but there was no immediate evidence of action. More »

  • Yellen says Fed mulling stricter rules for Wall Street Reuters - Wed 16 Apr, 2014 1:50 AM IST

    The U.S. Federal Reserve is considering further steps to force big banks to hold more capital, and sees a case for other stability-enhancing measures for more shadowy areas of Wall Street as well, Fed Chair Janet Yellen said on Tuesday. The Fed has been pushing banks to strengthen their balance sheets since the 2007-2009 financial crisis, and last week joined other regulators in requiring the eight largest U.S. banks to increase their capital levels by some $68 billion in total. "There might be room for stronger capital and liquidity standards for large banks than have been adopted so far," Yellen said in a pre-recorded video for a financial markets conference hosted by the Atlanta Federal Reserve Bank. She cited a 2010 study by the Basel Committee, an international standard-setting body, that suggested tighter standards would provide economic benefits. More »

  • Wall Street gets lift from Coca-Cola; Nasdaq lags Reuters - Wed 16 Apr, 2014 1:46 AM IST

    U.S. stocks ended higher after a volatile session on Tuesday, lifted by gains in Coca-Cola and Johnson & Johnson, though weakness in Apple, Tesla and Netflix limited the Nasdaq's advance. The Dow Jones ... More »

  • Euro-denominated bonds lure emerging borrowers, European funds Reuters - Wed 16 Apr, 2014 1:27 AM IST

    Governments and companies from the developing world are increasingly turning to euro debt markets, lured by the falling costs of borrowing there and European investors' clamour for relatively higher returns. Romania sold a 10-year euro-denominated bond on Tuesday yielding 3.625 percent, following on the heels of Turkey which last week raised 1 billion euros via a nine-year bond at a 4.2 percent. Other buyers were from Poland, Britain, Italy and Netherlands, according to the Thomson Reuters capital markets information service IFR. According to Thomson Reuters data, euros have accounted for more than a third of emerging market issuance in hard currency so far in April. More »

  • Eight 'anchor' investors to back Euronext listing -sources Reuters - Wed 16 Apr, 2014 12:40 AM IST

    A consortium of eight 'anchor' investors have committed to buying a 25-30 percent stake in stock exchange operator Euronext ahead of a potential 1.5 billion-euro ($3.5 billion) listing by current owner IntercontinentalExchange (ICE), which is expected in June, three sources familiar with the matter said on Tuesday. The group of investors comprises BNP Paribas (BNPP.PA), Societe Generale (SOGN.PA), Caisse des Depots, ING (ING.AS), ABN Amro [ABRGPG.UL], Banco Espirito Santo (BES.LS), the Belgian government investment vehicle SFPI and Belfius bank. Euroclear, one of the two main clearing houses for securities traded in Europe alongside Deutsche Boerse's (DB1Gn.DE) Clearstream, is also expected to join the consortium, one of the sources said. A spokesperson for Euroclear said it has a long-standing relationship with Euronext as the settlement agent for almost all the exchange's cash equity trades but could not confirm an intent to join the investor consortium. More »

  • Wall St falls as momentum shares sink again
    Wall St falls as momentum shares sink again Reuters - Tue 15 Apr, 2014 11:35 PM IST

    U.S. stocks fell on Tuesday as early gains evaporated when momentum shares once again lost ground, overshadowing a jump in Coca-Cola and Johnson & Johnson after their quarterly earnings. The Nasdaq slid ... More »

  • This Foggy Photo Series is Ruin Porn At Its Most Ruinous Curbed - Tue 15 Apr, 2014 11:30 PM IST

    Photo via Design Boom Blighted urban fabric got you down? Then keep away from Paris-based photographer Julien Mauve's latest photo series at all costs. What's Left of Utopia finds him documenting somber urban landscapes in gray, gloomy weather, often... More »

  • Tour a French Family's Absurdly Chic Warehouse Conversion Curbed - Tue 15 Apr, 2014 11:30 PM IST

    Photo via Rum Hemma What is it about French family homes that makes them so frustratingly, effortlessly stylish when compared to their stateside counterparts? The design world may never be able to identify that particular je ne sais quoi. Case... More »

  • U.S. consumer inflation rises on higher food, rental housing costs Reuters - Tue 15 Apr, 2014 11:02 PM IST

    U.S. consumer prices firmed a bit in March in a possible sign that a disinflationary trend has run its course. While the increase last month should allay concerns among some Federal Reserve officials that inflation was running too low, price pressures remain subdued enough for the U.S. central bank to keep interest rates near zero for a while. "Will inflation accelerate? There are some indications that it might do so, but only modestly," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. More »

  • Three former ICAP brokers in UK court on Libor fixing charges Reuters - Tue 15 Apr, 2014 10:47 PM IST

    Three former brokers at ICAP, the world's largest interdealer broker, appeared in a London court on Tuesday charged with running a four-year scheme to manipulate Libor benchmark interest rates. The men, who spoke only to confirm personal details such as addresses, bring to nine the number of people facing criminal charges in Britain over allegations they rigged the London Interbank Offered Rate (Libor), which is used to price about $450 trillion of products from complex derivatives to home loans. The hearing at Westminster Magistrates' Court is the latest in an investigation that stretches from North America to Asia, shaking public faith in the financial industry. The scandal has so far led to fines of $6 billion imposed on 10 banks and ICAP. More »

  • Architect Morris Bolter's Mid-Century Home Wants $1.595M Curbed - Tue 15 Apr, 2014 9:37 PM IST

    Click here to view the full photogallery. Designed by Calif.-based architect Morris Bolter as a personal family residence, this 1,914-square-foot abode in Los Angeles offers a whole lot of minimalist style, glassy walls, and what Architectural Digest calls "Bauhausian... More »

  • Wall Street dips as data, sinking momentum shares offset earnings
    Wall Street dips as data, sinking momentum shares offset earnings Reuters - Tue 15 Apr, 2014 8:48 PM IST

    U.S. stocks dipped on Tuesday, as gains in Coca Cola and Johnson & Johnson after their quarterly earnings were offset by mixed economic data and a resumed slide in momentum shares. Fellow Dow component Johnson & Johnson (JNJ.N) rose 1.3 percent to $98.37 after it posted quarterly earnings well above Wall Street expectations, as brisk sales of new prescription drugs balanced weak sales of consumer products, and slightly raised its full-year profit view. Tesla Motors (TSLA.O) fell 3.3 percent to $191.45 and Facebook (FB.O) lost 2.7 percent to $57.32 to rank among the worst performers on the Nasdsq 100 index. Economic data continued to point to a sluggish recovery. More »

  • Cash-rich Infosys gifts higher dividend to investors IANS - Tue 15 Apr, 2014 8:26 PM IST

    Bangalore, April 15 (IANS) With a whopping Rs.30,000 crore ($5 billion) in its reserves, cash-rich Infosys has decided to share a part of its wealth with its lucky investors by increasing its dividend ... More »

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