Economy

Too soon to taper stimulus, says Fed

The Federal Reserve's monetary stimulus is helping the US economy recover but the central bank needs to see further signs of traction before taking its foot off the gas, Fed Chairman Ben Bernanke said on Wednesday.

Bank of Japan holds steady despite bond turmoil, upgrades economic outlook

The Bank of Japan has kept policy steady despite concerns over recent volatility in bond market, saying growth is starting to pick up even as risks loomed from an uncertain global outlook.

How Apple uses Ireland to slash its tax bill

Landon Thomas Jr. and Eric Pfanner DUBLIN: The secrets of how Apple avoided billions of dollars taxes lie in a low-slung building of glass and brick in the hills of County Cork.

Trade

Japan trade deficit worsens in April

Japan's exports missed estimates in April and the trade deficit swelled, despite unprecedented stimulus efforts and a sudden drop in the Yen's value.

Courts

UBS whistleblower case proceeds

Swiss bank UBS must face a whistle-blower lawsuit in New York by a former securities strategist who claims he was sacked after telling supervisors he was being pressured to publish misleading reports.

Markets

HK market closed due to rain

Hong Kong issued a "black" rainstorm warning, the highest level, because of rainfall expected to exceed 70 millimeters an hour and delay the opening of the city's bourse, offices and schools.

Taxation

Apple defends 'Holy Grail' of tax avoidance

Apple chief Tim Cook faces a grilling over "sham" subsidiaries and "convoluted" strategies to shift profits offshore, but denies the company uses "gimmicks" to cut taxes.

Takeovers

Yahoo - media or tech company?

Timothy Lee Yahoo’s acquisition of Tumblr is a big gamble by Marissa Mayer, who needs to come to terms with a fundamental dysfunction.

Taxation

Apple CEO to testify on tax avoidance

Even as Apple became the nation's most profitable technology company, it avoided billions in taxes in the United States and around the world, a congressional investigation has found.

Asia

Former World Bank chief warns of Japan 'sugar high'

Former World Bank president Robert Zoellick said Japan's economic drive needed accompanying structural reforms, voicing fear that recent growth could be just a "sugar high."

Tech

'We won't screw Tumblr up,' says Yahoo

Yahoo will buy blogging service Tumblr for $1.1 billion cash, giving the Internet pioneer a much-needed social media platform to reach a younger generation of users and breathe new life into its ailing brand.

Energy

Reality check for shale oil boom

For the past three years, the boom in the US shale oil industry has outstripped all expectations. Things may be changing.

Middle East

Qatar's spending returns home

After paying for stakes in European companies, landmarks in London, uprisings in the Middle East and a soccer title in France, Qatar may be getting ready to go home.

Tech

Yahoo! to buy Tumblr for $US1.1b: report

The board of Yahoo! has agreed to a deal to purchase the popular blogging platform Tumblr for $1.1 billion, the Wall Street Journal reported Sunday.

Tax

Google boss defends British tax affairs

Google's executive chairman Eric Schmidt on Sunday defended the US Internet giant's tax arrangements after claims it has unethically dodged paying vast amounts of British tax.

Billionaires

Bill Gates back on top

Bill Gates has reclaimed the title of world's richest person as Microsoft shares hit a five-year high.

Resources

Glencore names ex-BP boss Hayward chairman

Glencore Xstrata appoints former BP CEO Tony Hayward as interim chairman after John Bond ousted by shareholders of the world's largest exporter of power-station coal.

Evidence mounts on slower US economic growth

The US economy showed fresh signs of slower growth in the second quarter, with factory activity slipping in the mid-Atlantic region while groundbreaking declined at home construction sites.

Japan

Abenomics posts early success

Japan's economy expanded at a rapid clip at the start of the year, the first hard evidence that Prime Minister Shinzo Abe's sweeping stimulus is beginning to rouse consumers and businesses into action.

Banks

HSBC flags 14,000 job cuts amid belt-tightening

HSBC will redouble its cost-cutting efforts, including axing up to 14,000 more jobs, but Europe's largest bank was forced to soften a key performance target.

Manufacturing

US factories sag as global growth weighs

US factory output dropped in April and manufacturing activity in New York state contracted this month, a sign that slowing global demand is weighing on the economy.

France in recession, Hollande faces 'zero growth'

France fell into recession in the first three months of this year, official figures showed Wednesday, in further bad news for President Francois Hollande exactly a year after he came to power.

Economics

Eurozone still trapped in austerity-led recession

The dogged recession across the eurozone has snared key economy France, with the latest EU figures released Wednesday showing a full year-and-a-half of contraction as tens of millions languish in unemployment.

Oil

BP, Shell raided in price fixing probe

Investigators have carried out raids at BP’s offices in Canary Wharf and Shell’s offices in both London and Rotterdam.

Eurozone

Germany ekes out growth, France in recession

Germany's economy crept back into growth in the first quarter of the year, after a sharp contraction at the end of 2012, while France slipped into recession.

Courts

Google auto-correct libellous, German court finds

The world's largest internet search engine has lost a case in Germany's top civil court over how its auto-complete function adds words to searches.

Telcos

SingTel profit down

Optus' profit has slumped but earnings increased by one per cent during the past year.