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Rest of World

Zespri denies kiwifruit seized in China

Kiwifruit export marketer Zespri is denying reports that NZ kiwifruit has been seized in China.

Japan's economic recovery rests on power supply

Recovery of Japan's industries will come only as quickly as it can stabilise its power supply, New Zealand Asia Institute director professor Hugh Whittaker said.

Japan sharemarket closes down 10.5pc

A deepening nuclear power crisis looks certain to increase the toll on an economy already convulsing.

Trade links assessed after Japan disaster

Exporters to Japan are scrambling to assess the disruption from Friday's devastating earthquake and tsunami.

Japan counts the economic cost of quake

The Tokyo stock market nosedived on the first business day since an earthquake and tsunami devastated the country's northeast.

Japan's Nikkei 225 falls 6.3 per cent after earthquake, tsunami

The Tokyo stock market has plunged on its first business day after an earthquake and tsunami of epic proportions.

Japan earthquake, tsunami could add to oil price pressure

Fears the fledgling global economic recovery could be derailed are growing after the giant earthquake and tsunami in Japan, the world's third-biggest economy.

Asia's growth expected to slow

Asia's rapid economic growth will moderate in 2011, a Reuters quarterly poll shows.

JPMorgan earnings set bar high for banks

JP Morgan Chase & Co reported quarterly profit that beat forecasts and set a high bar for rivals, as investment banking earnings gained, loan losses slowed and Chief Executive Jamie Dimon said he saw the makings of a good economic recovery.

Primebroker liquidator sues ANZ

The liquidator of Primebroker Securities has launched a A$97.7 million (NZ$127 million) legal action against ANZ on behalf of creditors.

Toyota to temporarily halt Lexus sales

Toyota says it will temporarily stop selling the Lexus GX460 after Consumer Reports said the SUV carried an unusually high risk of a rollover accident.

Asia economies rebound

The Asian Development Bank has raised its regional growth forecast this year from 6.6 percent to 7.5 percent but warned that governments need to adjust policies to avoid shocks that could hamper their recovery.

Intel beats Wall St view

Intel reported a 44 percent surge in first-quarter revenue and delivered a current-quarter forecast ahead of Wall Street expectations, boosting the chipmaker's stock by 4 percent.

Wal-Mart squeezed by mixed US recovery

Wal-Mart Stores may find itself in an uncomfortable place in the "new normal" of the US economy, getting squeezed in the middle as some customers trade up while others seek out even lower prices.

Twitter to introduce ads

Popular microblogging site Twitter is all set to unveil its advertisement model, which would mark its first step towards allaying concerns about its revenue generating potential.

Greece clears first debt hurdle

Greece has passed its first borrowing test since euro zone leaders agreed on a potential aid package, but the high price it paid on Tuesday for short term cash failed to quash doubts that it can beat its crisis alone.

US trade gap widens

A jump in imports of consumer goods and other products widened the US trade gap in February to US$39.7 (NZ$53.98) billion, but the closely watched bilateral deficit with China was its lowest in nearly a year, a government report showed on Tuesday.

UK goods trade gap narrows sharply

Britain's goods trade gap with the rest of the world narrowed sharply in February to its smallest since June 2006, after exports rebounded strongly from weather-related weakness in January, official statistics showed on Tuesday.

Obama, Hu discuss yuan on summit sidelines

US President Barack Obama repeated his call for more yuan flexibility during a meeting with China's Hu Jintao, deploying careful diplomatic language while Beijing stressed dialogue.

Iceland bank meltdown under microscope

Iceland's former prime minister and central bank chief have been accused of acting with "gross negligence" in allowing the country's financial sector to overheat.

US Senate probe finds mortgage fraud

US Senate investigators say they found that the mortgage lending operations of Washington Mutual, the biggest US bank ever to fail, were threaded through with fraud.

White House stands firm on financial reforms

The Obama administration has vowed to push for even tougher financial regulation reform, as legislation heads for the Senate floor as soon as next week.

GM sees solid first quarter results

General Motors expects to report "solid" operating results for the first quarter, which will show progress toward its goal of returning to profitability in 2010, Chief Executive Ed Whitacre said.

US bailout cost likely to be lower

The US government's bailout of the financial system is expected to cost US$89 billion, much lower than earlier projections, according to the Wall Street Journal.

Euro zone readies Greece rescue package

Euro zone finance ministers have approved a giant 30-billion-euro (NZ$56 billion) emergency aid mechanism for debt-plagued Greece but stressed Athens had not requested the plan be activated yet.

More jobs in some US sectors

Job openings rose in several sectors of the US economy in February, including retail, manufacturing, transportation, restaurants and hotels, the Labor Department said.

Kraft slammed for Cadbury takeover

A cross-party committee of British MPs has accused Kraft Foods of acting "irresponsibly and unwisely" during its multi-billion dollar takeover of Cadbury.

Annie Leibovitz sued over unpaid fees

A New York investment firm has sued Annie Leibovitz, saying the celebrity photographer owes it more than US$800,000 (NZ$1.1 million) in fees as part of its role in securing a new financing deal to sort out her debts.

Lehman UK rejects asset manager

The administrators of Lehman Brothers' UK unit are objecting to a plan by the collapsed US investment bank to create an asset manager that would continue to oversee its illiquid assets post-bankruptcy.

Cocktails and wiretaps

Thinking about bribing a foreign official to do business abroad? Watch out - the guy sipping a martini at the next table could be an undercover FBI agent.

US bar sets menu like stocks

What's the value of a pint of beer? Let the market decide, says a new restaurant in Manhattan where prices for food and beverages will fluctuate like stock prices in increments according to demand.

China's economy set to slow

China's annual economic growth will reach 12 percent this quarter, a government researcher said as economists ratchet up growth forecasts following strong industrial output growth last month.

Parts of Rio trial to be heard in secret

Stern Hu and his three Rio Tinto colleagues have been listed for a secretive trial in a Shanghai court on Monday.

Chinese travel for New Year celebrations

BY NICK CHURCHOUSE - © Fairfax NZ News

Business travellers will be frustrated, flummoxed and frazzled by millions of travelling Chinese for the next month, logistics company International SOS says.

Britons using less plastic bags

Reuters

Britons are using half as many carrier bags as they were three years ago following campaigns by leading retailers to reduce waste.

Toyota to build hybrid in UK

Reuters

Toyota will begin production of its first European-built full hybrid car in England in mid-2010.

Zimbabwe sees GDP growth at 3.7pc

Reuters

Zimbabwe raised its budgeted 2009 spending and increased wages for state workers, saying it planned to issue a government bond for grain purchases.

IMF downbeat on UK outlook

Reuters

The UK economy will shrink sharply in 2009 before edging into growth in 2010, and the government should make clear plans to reduce borrowing when recovery comes, the International Monetary Fund said.

Nokia cuts sales forecast

Reuters

The world's top cellphone maker Nokia Oyj cut its profitability and market share forecasts due to tough competition, sending its shares sharply lower.

Lloyds cutting 1200 more jobs

Reuters

Lloyds Banking Group said it is cutting 1200 jobs in its group operations and insurance business, taking its layoffs to over 8000.

UK retail hit by excess space

Reuters

Excess selling space and rising costs have combined with the economic downturn to hit returns in Britain's retail industry and more store groups could go out of business.

UK economy to grow sooner

Reuters

The UK economy will shrink more this year than previously thought but it will grow very modestly in the current quarter.

IMF sees Japan economy stabilising

Reuters

The IMF maintained its forecast for a record 6.0 percent contraction in Japan's economy this year and said there are some signs of stabilisation.

LG ramps up LCD production

Reuters

LG Display is to build a US$2.55 billion production line, boosting its capacity to meet growing demand for LCD televisions.

Britons won't spend freely until 2012

Reuters

Almost 60 percent of British consumers think it will take up to three years until the economic climate has improved.

Bean says QE signals encouraging

Reuters

Bank of England Deputy Governor Charles Bean said he was encouraged by the early impact of quantitative easing.

UK jobless rises to 7.6pc

Unemployment in the United Kingdom increased to 7.6 percent as the number of people out of work rose by a record 281,000 in the March-May quarter.

Inflation falls below BoE's target

Reuters

Inflation in Britain fell below the Bank of England's two percent target for the first time in almost two years in June.

UK's FSA mulls price intervention

Reuters

Some financial products may be too complex and the prices of others may need regulating to protect investors, Britain's market watchdog said.

UK recession seen ending

Reuters

The recession in Britain is coming to an end but public spending will need to be constrained over the next decade, business minister Peter Mandelson said.

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