Category Archives: business

China stocks tumble again despite support measures

By Samuel Shen and Pete Sweeney By Samuel Shen and Pete Sweeney SHANGHAI (NEWS.GNOM.ES) – Chinese stocks opened down on Tuesday, taking no comfort from a slew of support measures unleashed by Beijing in recent days, and unnerved by Chinese Premier Li Keqiang’s failure to mention the market chaos in a statement on the economy. Before the market opened, Li said in comments on a government website that China had the confidence and ability to deal with challenges faced by its economy, but had nothing to say on the three-week plunge that has knocked around 30 percent off Chinese shares since mid-June. After a brief pause to the slide on Monday, the CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 4.8 percent in early trading on Tuesday, while the Shanghai Composite Index shed 3.4 percent Continue reading

Germany, France press Greece to make fast, credible proposals

By Julien Ponthus and Lefteris Papadimas By Julien Ponthus and Lefteris Papadimas PARIS/ATHENS (NEWS.GNOM.ES) – France and Germany told Greece on Monday to come up with serious proposals in order to restart financial aid talks, a day after Greeks voted overwhelmingly to reject more austerity. German Chancellor Angela Merkel and French President Francois Hollande, the euro zone’s most powerful leaders, said Athens must move quickly if it wants to secure a cash-for-reform deal with creditors and avoid crashing out of the single currency. Continue reading

China economic uncertainty a potential risk for U.S. chipmakers

By Mari Saito SAN FRANCISCO (NEWS.GNOM.ES) – Tumbling markets and economic uncertainty in China pose a risk to major chipmakers such as Qualcomm Inc that derive a big portion of their sales from the world’s second-largest economy. Consumer electronics giant Apple Inc could also be vulnerable – 17 percent of the company’s overall revenue last fiscal year came from China, and in the most recent quarter it sold more iPhones in the country than in the United States for the first time. Continue reading

Reddit CEO apologizes after outrage over employee dismissal

SAN FRANCISCO (NEWS.GNOM.ES) – Reddit Chief Executive Ellen Pao on Monday issued an apology to users of the popular social news platform over the way the company handled the dismissal of a well-liked employee last week, a move that drew widespread outrage from users. The site’s former Director of Talent, Victoria Taylor, was dismissed from the company on Thursday, prompting moderators to shut down in protest roughly 300 discussion sections, also known as subreddits. Pao apologized for not communicating well enough with the site’s users on big changes like the dismissal, as well as for a history of broken promises made to the community. Continue reading

Samsung Elec second quarter profit below forecast after S6 supply shortage

SEOUL (NEWS.GNOM.ES) – Tech giant Samsung Electronics Co Ltd on Tuesday said April-June earnings will likely miss expectations, deflating hopes for a rapid return to strong growth after supply shortages plagued its latest smartphone launch. Continue reading

Oil prices stabilize after massive sell-off

By Henning Gloystein By Henning Gloystein SINGAPORE (NEWS.GNOM.ES) – Crude oil prices stabilized on Tuesday morning after posting one of their biggest selloffs this year the previous day over Greece’s rejection of debt bailout terms and China’s stock market woes. Continue reading

Asia shares win reprieve but Greece, China concerns limit gains

By Hideyuki Sano By Hideyuki Sano TOKYO (NEWS.GNOM.ES) – Asian stocks won a reprieve on Tuesday after sharp falls the previous day but investors remained on edge amid uncertainty over Greece’s position in the euro and volatility in mainland Chinese share markets. Japan’s Nikkei rose 1.2 percent while MSCI’s broadest index of Asia-Pacific shares outside Japan , which fell to six-month low on Monday, was up 0.2 percent. European and U.S Continue reading

Samsung sees disappointing profit on weak Galaxy S6 sales

By YOUKYUNG LEE, AP Technology Writer SEOUL, South Korea (AP) — Samsung Electronics Co. forecast lower-than-expected profit for the April-June quarter in a sign that its much-anticipated Galaxy S6 smartphones failed to lead a meaningful recovery. Continue reading

Samsung Elec says second quarter operating profit likely down 4 percent year on year

SEOUL (NEWS.GNOM.ES) – Tech giant Samsung Electronics Co Ltd said on Tuesday that operating profit for the April-June quarter will likely be 6.9 trillion won ($6.13 billion), down 4 percent from a year earlier. This was worse than the 7.2 trillion won average forecast from a Thomson NEWS.GNOM.ES I/B/E/S survey of 39 analysts Continue reading

Deported man charged with murder in San Francisco shooting

By Curtis Skinner By Curtis Skinner SAN FRANCISCO (Reuters) – A convicted felon who had been deported from the United States to Mexico five times was charged on Monday with murder in the shooting of a woman last week at a tourist area in San Francisco. Continue reading