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Michael Spence, 2001 Nobel Laureate in Economics, explains the complexity of the economic relationship between the United States and China.
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May 22- Toll Brothers Inc posted a 46 percent rise in quarterly profit as the largest U.S. luxury homebuilder sold more homes at higher prices, indicating that the housing recovery is spreading across the industry.
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BRUSSELS, May 22- European leaders will discuss how to combat aggressive tax avoidance by major companies such as Amazon, Google and Apple at a summit on Wednesday, and cut the estimated 1 trillion euros a year the EU loses to tax evasion or avoidance.
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SEOUL/ BEIJING- North Korea sent one of its top military officials as a "special envoy" from its leader Kim Jong- un to Beijing on Wednesday, accompanied by a high-powered delegation in what appeared to be a bid to mend frayed relations with its most important ally.
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*Coming Up: Fed Chairman Bernanke speaks at 1400 GMT. LONDON, May 22- Gold rose on Wednesday as the dollar fell after Federal Reserve officials allayed investor concerns that the U.S. central bank would soon reduce its bond-buying programme, while Chinese physical demand also lent some support to prices.
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WASHINGTON-- A report Wednesday on U.S. sales of previously occupied homes in April may show the housing recovery has crossed a critical threshold. Economists forecast that home sales rose in April from March to a seasonally adjusted annual rate of nearly 5 million, according to a survey by FactSet.
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*Freeport death toll rises, mine remains shut. LONDON, May 22- Copper rose to its highest level in two weeks on Wednesday, as the dollar weakened and a production outage at world's second-largest copper mine in Indonesia after a tunnel collapse looked set to continue indefinitely.
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*PBOC sets official midpoint at record high for 2nd day. SHANGHAI, May 22- China's yuan closed up against the dollar on Wednesday, slightly short of the record intra-day high struck on Tuesday, as the central bank lets the currency appreciate further. Before trade began, the People's Bank of China fixed the yuan's midpoint at another all-time high, 6.1904.
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Even as Apple faced a grilling from lawmakers over its tax avoidance schemes, two more companies revealed they would move jurisdictions to lighten their tax burden.
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*Potential sales of $35 bln a year over next 10 years- Citigroup. That bullish sales forecast by analysts at U.S. bank Citigroup highlights the growing excitement surrounding so-called immunotherapy after positive results from clinical trials conducted by companies such as Bristol-Myers Squibb and Roche Holding.
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*Sony board to assess proposal to spin off entertainment arm. Struggling electronics giant Sony Corp, though, with more foreign and fewer bank shareholders, may prove something of an exception.
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Chris Rupkey at MD and chief financial economist at Bank of Tokyo-Mitsubishi UFJ and and Tony Fratto, managing director at Hamilton Place Strategies, discuss the U.S. economy and whether the Fed should signal an end of money printing.
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Tony Fratto, managing director at Hamilton Place Strategies, comments on the IRS scandal and its impact on the Obama administration and how complex it would be to reform the tax system.
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The answer, in the luxury carmaker's German showrooms, is more than it takes to shift an Audi- just part of the cost gap Daimler wants to close with its premium rivals. Among the top three, Mercedes depends on its unprofitable company-owned dealerships for a bigger share of domestic sales than either Volkswagen's Audi or BMW, which rely more on franchises.
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LONDON, May 22- Brent crude oil dropped towards $103 per barrel on Wednesday after data showing a surprise jump in U.S. gasoline stockpiles sparked worries that summer demand in the world's top oil consumer could be weaker than expected.
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LONDON, May 22- The dollar shed some of its lofty gains against a basket of currencies on Wednesday, as investors trimmed favourable bets before testimony from the U.S. Ben Bernanke will deliver his testimony to Congress at 1400 GMT and is expected to strike a somewhat optimistic view of the economy.
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*Iran 7th biggest oil supplier to India in Jan-Apr vs 3rd yr ago. NEW DELHI, May 22- India's oil imports from Iran fell 34.2 percent in April from March, data from trade sources showed on Wednesday, bolstering the country's case for the renewal of a waiver from U.S. sanctions on Tehran due to expire next month.
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Alastair Newton, senior political analyst at Nomura, talks about the likelihood of a referendum on EU membership and says a "Brixit" could still happen in the coming five years.
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JAKARTA, May 22- Freeport McMoRan Copper and Gold Inc said it will not restart production at the world's second-largest copper mine in Indonesia after a tunnel collapse that killed 28 workers until it is convinced of the mine's safety.
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Secretary of State John Kerry hailed on Wednesday what U.S. officials said was an estimated $2.1 billion deal for Oman to buy a ground-based air defence system from U.S. defense contractor Raytheon Co..
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*Sony cuts 2014-15 camera sales fcast to 1.3 trln yen from 1.5 trln. Third Point's "proposal is one that affects a core part of Sony's business and the direction of our management, so the Sony board will give it thorough consideration before replying to Mr.