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  • Guinea-Bissau run-off vote pits ex-finance minister Vaz against Nabiam

    Reuters - 54 minutes ago

    By Bate Felix and Alberto Dabo BISSAU (Reuters) - Jose Mario Vaz, Guinea-Bissau's former finance minister, will face Nuno Gomes Nabiam, a candidate seen closest to the army, in a May 18 presidential run-off due to complete the country's return to civilian rule. The presidential and parliamentary vote is meant to offer the nation a fresh start after decades of instability since independence from Portugal. Its last vote in 2012 was abandoned after the military seized power between rounds of voting. ... More »Guinea-Bissau run-off vote pits ex-finance minister Vaz against Nabiam

  • U.S. calls for more investment-friendly Indian government

    Reuters - 4 hours ago

    By David Brunnstrom WASHINGTON (Reuters) - The United States on Wednesday urged the Indian government that emerges from ongoing elections to follow economic policies that encourage investment, saying Washington would like to see bilateral trade grow to $500 billion a year. Nisha Biswal, U.S. assistant secretary of state for South and Central Asia, said future economic growth in South Asia hinged on India as the region's growth engine. However, Biswal said that while Indian leaders had targeted $1 trillion in infrastructure investment over five years to close gaps preventing growth in manufacturing, policies still inhibited foreign investment. She said India ranked a poor 134 out of 189 countries as a place to invest and start a business. More »U.S. calls for more investment-friendly Indian government

  • Google misses revenue target, ad prices slide

    Reuters - 4 hours ago

    By Alexei Oreskovic SAN FRANCISCO (Reuters) - Google Inc's first-quarter revenue fell short of Wall Street targets and margins narrowed as the price of its ads continued to decline, underscoring the challenges Internet companies face as the world shifts toward mobile devices. Shares of Google were down 3 percent to $539.80 in afterhours trading on Wednesday, after initially sliding roughly 6 percent on the news. The number of "paid clicks" by consumers on Google's ads increased by 26 percent in the first quarter, disappointing some analysts who had hoped for stronger volume growth. And the average "cost per click" declined 9 percent, extending a downward trend as mobile advertising, typically cheaper than traditional online ads, make up a bigger slice of its business. More »Google misses revenue target, ad prices slide

  • Putin risks upstaging talks on defusing Ukraine crisis

    Reuters - 5 hours ago

    By Stephanie Nebehay and Christian Lowe GENEVA/MOSCOW (Reuters) - Foreign ministers from East and West will try to defuse the Ukraine crisis on Thursday in Geneva, once frequently the scene of Cold War negotiations, but will risk being upstaged by Russian President Vladimir Putin. With Russian troops massed on the border with Ukraine, prospects of significant progress at the four-way talks appear slim. By contrast, what Putin says during his annual "hotline" session with the Russian people may have far greater influence on events in Ukraine's rebellious east. Thursday's talks will bring the ministers of Russia, Ukraine and the United States together with the European Union's foreign policy chief to discuss a crisis in which Kiev is struggling to reassert its authority in eastern towns largely controlled by armed pro-Russian separatists. More »Putin risks upstaging talks on defusing Ukraine crisis

  • Bank of America's financial crisis costs become a recurring nightmare

    Reuters - 5 hours ago

    Bank of America Corp's financial crisis hangover is lasting longer than expected, leading some investors to wonder if the massive litigation expenses being incurred have become a recurring cost of doing business instead of being dismissed as one-time items. The bank on Wednesday posted $6 billion of litigation costs for its first quarter, far exceeding the $3.7 billion of settlement costs that investors had previously known about. Since the 2008-2009 financial crisis, Bank of America has announced some $50 billion of settlements, before taxes. Litigation expenses in four of the five quarters since the start of 2013 have exceeded $1 billion. More »Bank of America's financial crisis costs become a recurring nightmare

  • Two incompatible gun ballot measures lead in Washington state

    Reuters - 6 hours ago

    By Jonathan Kaminsky OLYMPIA, Washington (Reuters) - Two incompatible ballot measures on background checks for gun buyers in Washington state enjoy majority support in a poll released on Tuesday, but the one advancing stricter gun controls is more popular. They are the latest touchstones in a longstanding fight over background checks on gun buyers. The debate hinges on whether their expansion constitutes a common-sense approach to keeping guns away from criminals and the mentally unstable or a first step in broader restrictions on gun ownership. Initiative 594 would require all firearm sales, including those at gun shows and conducted online, to be predicated on a background check of the buyer. More »Two incompatible gun ballot measures lead in Washington state

  • Ex-finance minister Vaz to face Nabiam in Guinea-Bissau presidential run-off

    Reuters - 7 hours ago

    Guinea-Bissau's former finance minister, Jose Mario Vaz, will face Nuno Gomes Nabiam, an independent candidate, in a May 18 presidential run-off after no candidate secured a majority in the first round, the election commission said. Vaz, candidate of the dominant party African Party for the Independence of Guinea and Cape Verde (PAIGC), secured 40.99 percent of the votes in the first round, according to election commission figures released on Wednesday. Nabiam, the former chair of Bissau's civil aviation agency, came second with 25.14 percent, the figures showed. More »Ex-finance minister Vaz to face Nabiam in Guinea-Bissau presidential run-off

  • Ukraine says investigating Russia's Sberbank for financing separatists

    Reuters - 9 hours ago

    Ukraine has launched a criminal investigation against Russia's biggest lender Sberbank for facilitating financing of pro-Russian separatists, acting Attorney General Oleh Makhnitsky said on Wednesday. Makhnitsky said the Attorney General's office was investigating 14 banks for helping to finance separatists who have taken over a number of buildings in eastern Ukraine, but he did not say whether all the investigations were criminal. "A criminal investigation has been launched against, for example, Sberbank Russia, and work is underway in that direction ... for financing terrorism," Makhnitsky said in an interview on Fifth Channel television. More »Ukraine says investigating Russia's Sberbank for financing separatists

  • The 4 Gutsy Trade Secrets to Increase App Downloads

    Entrepreneur - 10 hours ago

    In the crowded mobile-app market, getting noticed is becoming harder by the day. Here are four growth hacks to Increase to help increase downloads for your mobile app. More »The 4 Gutsy Trade Secrets to Increase App Downloads

  • HUD's Donovan says U.S. Senate housing bill is best chance of reform

    Reuters - 11 hours ago

    President Barack Obama's top housing official on Wednesday said a proposed Senate bill provides the best chance to overhaul the mortgage finance system this decade, but more debate over down payment requirements for government-backed loans is needed. "Despite its imperfections, this bill represents real progress and that's why we have got to pursue it," U.S. Housing and Urban Development Secretary Shaun Donovan said at a conference hosted by the National Council of La Raza and other civil rights and housing groups. "We must take action." Donovan gave the speech in hopes of reassuring housing advocacy and civil rights groups, which oppose the proposed Senate plan over worries that it would create a system that will prevent less affluent Americans from accessing credit even if a government role is retained. His push comes as Senate Banking Committee leaders are negotiating with other senators and aiming to reach a compromise on their bill to wind down government-run mortgage financiers Fannie Mae and Freddie Mac. More »HUD's Donovan says U.S. Senate housing bill is best chance of reform

  • Pakistan publishes list to embarrass tax cheats into paying up

    Reuters - 12 hours ago

    By Katharine Houreld ISLAMABAD (Reuters) - Desperate Pakistani tax authorities are publicly shaming defaulters by publishing taxpayers' details in a directory for the first time, officials said on Wednesday. Anger over poor public services fuels the Taliban insurgency and other militant groups destabilizing the nuclear-armed nation. "People will be living these luxurious life styles and others will be saying to them - where is your name on that list?" Cracking down on tax evasion is a key condition of a $6.7 billion loan from the International Monetary Fund intended to prop up Pakistan's dwindling foreign reserves. The cash is being doled out in increments and could stop if Pakistan fails to institute reforms. More »Pakistan publishes list to embarrass tax cheats into paying up

  • EU lays out impact of financial sanctions on Russia

    Reuters - 13 hours ago

    By Luke Baker BRUSSELS (Reuters) - The European Commission handed documents to EU member states on Wednesday explaining the potential impact on their economies of imposing stricter trade and financial sanctions on Russia over its actions in Ukraine, diplomats said. Worried about potential leaks of the sensitive data, the Commission informed each country only about the risks it would face, rather than sharing full details with all 28 member states. The documents examine several categories of sanctions, including on energy, finance and trade, setting out the impact imposing the restrictions would have on the bilateral economic relationship between Russia and each country. "We can't have a situation where a set of sanctions ends up having a retaliatory impact on one member state or two or three member states. More »EU lays out impact of financial sanctions on Russia

  • Yahoo's growth anemic as turnaround chugs along

    Reuters - 13 hours ago

    By Alexei Oreskovic SAN FRANCISCO (Reuters) - Yahoo Inc again posted anemic quarterly revenue growth as the Internet company's advertising business continues to lag its rivals, nearly two years into Chief Executive Officer Marissa Mayer's comeback effort. Yahoo reports the Chinese company's financial results one quarter later than its own. More »Yahoo's growth anemic as turnaround chugs along

  • Deutsche Bank denies report its CEOs' jobs are at risk

    Reuters - 15 hours ago

    Deutsche Bank denied a media report that said its co-Chief Executives Anshu Jain and Juergen Fitschen could be replaced, possibly with former UBS finance chief John Cryan. Germany's Manager Magazin on Wednesday cited "insiders" saying Deutsche Bank supervisory board chairman Paul Achleitner was preparing to bring in a new chief executive. In a summary of its report, the magazine said Achleitner has met in recent weeks with potential candidates including Cryan, the European head of Singaporean sovereign fund Temasek , who was at the top of the list. More »Deutsche Bank denies report its CEOs' jobs are at risk

  • Japanese Internet firms offer something new: high returns

    Reuters - 18 hours ago

    By Ayai Tomisawa TOKYO (Reuters) - Some Japanese Internet companies are getting a boost from foreign investors as Prime Minister Shinzo Abe pushes for an elusive strength his country's firms are not known for - high returns. After a slow start, the index is attracting attention after Japan's Government Pension Investment Fund, the world's largest pension fund, adopted the JPX-400 as a benchmark for some of its passive stock investments. More »Japanese Internet firms offer something new: high returns

  • Tencent launches Candy Crush game in China

    Reuters - 18 hours ago

    Chinese tech giant Tencent Holdings Ltd will launch a Chinese version of King Digital Entertainment Plc's explosively popular "Candy Crush Saga" game in China, as the UK-based mobile games maker looks to woo new users to support flagging sales in the United States and Europe. The web-based game, which involves lining up colorful candies, will roll out through Tencent's Mobile QQ and Weixin platforms. "Tencent has the largest mobile social network in China," King Digital Chief Executive Riccardo Zacconi said in a statement, adding that he hoped the tie-up would make Candy Crush "as popular in China as in the rest of the world". More »Tencent launches Candy Crush game in China

  • Former Egypt finance minister released hours after arrest in France: source

    Reuters - 19 hours ago

    Former Egyptian finance minister Youssef Boutros Ghali was released following his arrest in Paris on an international warrant over corruption charges from his time in Hosni Mubarak's government, a judicial source said on Wednesday. French police released Boutros Ghali hours after he was arrested at the request of Interpol on arriving in Paris from London on Monday, the source said. The source said Boutros Ghali had to be released because of his status as a political refugee in Britain, which includes a guarantee against imprisonment under the Geneva Convention. Boutros Ghali was sentenced in absentia to 30 years in prison in Egypt for corruption and abuse of power following the uprising that unseated Mubarak in 2011. More »Former Egypt finance minister released hours after arrest in France: source

  • HKMA steps up supervision of banks' credit risk management

    Reuters - Tue, Apr 15, 2014 10:44 PM EDT

    By Jacqueline Poh HONG KONG, April 16 (RLPC) - The Hong Kong Monetary Authority (HKMA) is stepping up its supervision of Hong-Kong-based banks' credit risk management by asking banks to show stable funding requirements and agree to regular onsite examinations of credit underwriting processes and stress-testing, the HKMA said in a statement. These measures come after a steep rise in offshore lending to Chinese mainland companies by Hong Kong-based banks. Chinese onshore companies borrowed HK$2.276 trillion of customer loans at the end of 2013, excluding HK$313 billion of trade finance loans, according to the HKMA. "The increase in Hong Kong banking sector's mainland-related lending is a natural consequence of the growth of the mainland economy and development of mainland corporates," said HKMA, which reinforces Hong Kong's role as a significant international financial center. More »HKMA steps up supervision of banks' credit risk management

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