×

Wires

  • BERLIN— The European Central Bank says it has determined that Latvia's crisis-struck ABLV Bank is failing or likely to fail, and the bank— along with a branch in Luxembourg— will be wound up under its home country's law. On Monday, Latvia's financial regulator ordered ABLV, Latvia's third-largest bank by assets, to cease all payments at the ECB's request amid U.S....

  • *Li Shufu has 9.69 pct stake in maker of Mercedes cars. BEIJING/ FRANKFURT, Feb 24- The chairman of Chinese carmaker Geely has built up an almost 10 percent stake in Mercedes-Benz owner Daimler, making a $9 billion bet that he can push through an alliance to access the German company's technology. The purchase by Li Shufu means Geely, China's largest privately-owned...

  • BEIJING, Feb 24- China will continue to adopt a proactive fiscal policy and a prudent monetary policy to fulfill its 2018 economic and social development goals, state media Xinhua reported on Saturday, citing a statement from the ruling Communist Party's politburo. The politburo is the party's top political institution. China's economy grew 6.9 percent in...

  • NAIROBI, Feb 24- Power producer Kenya Electricity Generating Company posted a 7 percent drop in pretax profit for the first half of its financial year to 6.08 billion shillings as depreciation expenses rose. It said operating expenses rose to 4.65 billion shillings from 4.39 billion shillings a year earlier due to maintenance costs at its power plants.

  • FRANKFURT, Feb 24- China's Zhejiang Geely Holding does not plan to buy more Daimler shares "for the time being," it said on Saturday, after its chairman Li Shufu disclosed he had a 9.69 percent stake in the German carmaker. It will be an honor to support this unique team under the leadership of Dieter Zetsche in the future, Li Shufu, chairman and owner of Zhejiang Geely...

  • BEIJING, Feb 24- China exported barely any fuel to North Korea in January, data showed on Saturday, deepening months-long cuts in trade with its isolated neighbour amid growing tensions over Pyongyang's nuclear and missile programme. The export breakdown by product comes after data on Friday showed trade with North Korea fell to the lowest level in dollar...

  • NEW DELHI, Feb 24- Saudi Arabia oil minister Khalid al-Falih said on Saturday that he hopes the production constraints under a deal between major OPEC and non- OPEC oil producers will ease in 2019.. The Organization of the Petroleum Exporting Countries is reducing output by about 1.2 million barrels per day as part of a deal with Russia and other non- OPEC...

  • NEW YORK— The National Rifle Association is facing a corporate backlash as companies take a closer look at their investments, co-branding deals and other ties to the gun industry following the latest school massacre. A handful of companies have ended discount programs with the NRA as the group aggressively resists calls for stricter gun control after a...

  • *Li Shufu has built 9.69 pct stake in maker of Mercedes cars. BEIJING/ FRANKFURT, Feb 24- The chairman of Chinese carmaker Geely has built up a 9.69 percent stake in Mercedes-Benz owner Daimler, filings showed on Friday, an aggressive move designed to open the door for an industrial alliance between the two carmakers. Two sources familiar with the thinking of Li...

  • NEW YORK— Recently filed federal charges against President Donald Trump's ex-campaign chairman Paul Manafort could also pose legal and regulatory risks for the banks that loaned him millions of dollars against his New York real estate in recent years. Dubbed "Lender B" in court papers, Citizens Bank not only lent Manafort $3.4 million based off of fraudulent...

  • WASHINGTON— Attorneys general of Maryland and the District of Columbia have expanded their lawsuit accusing President Donald Trump of accepting gifts from foreign and state governments, suing him not only as president but in his personal capacity as a businessman. The lawsuit, filed in federal court in Maryland, is one of several challenging Trump's ties to...

  • *China's Jan average new home prices rise 5 pct y/y. BEIJING, Feb 24- China's new home prices grew in January although major cities saw early signs of softening, as the government continued its efforts to rein in speculative demand to fend off bubble risk. Average new home prices in China's 70 major cities rose 5 percent in January from a year earlier and 0.3 percent...

  • WASHINGTON— A majority of Americans believe the country's overall direction has dipped in the past year. That's according to a new poll from The Associated Press-NORC Center for Public Affairs Research. The survey released Friday found Americans have a better feeling about the state of the U.S. economy, but remain largely sour on President Donald Trump.

  • PYEONGCHANG, South Korea— Visitors to the 2018 Winter Olympics may remember many things. The extreme cold during week one. The two stores saw a combined 46,000 visitors a day during last week's Lunar New Year long weekend, up from 25,000 visitors a day during the rest of the Olympics, according to the game organizers.

  • SAN FRANCISCO/ BEIJING Feb 24- When Apple Inc begins hosting Chinese users' iCloud accounts in a new Chinese data center at the end of this month to comply with new laws there, Chinese authorities will have far easier access to text messages, email and other data stored in the cloud. Until now, such keys have always been stored in the United States, meaning that any...

  • Trump has long sought a way to a more balanced trade relationship with China and threatened to impose a big "fine" against China to protect American intellectual property. A source close to the White House said he had expressed interest in imposing a tariff on steel imports of at least 24 percent, but a White House spokesman said no final decision had been made.

  • BEIJING, Feb 24- Following is a breakdown of average new home price changes in major Chinese cities in January, announced by the National Bureau of Statistics on Saturday. Home price figures published since January 2011 are not comparable with previous periods as the bureau introduced a new calculation method. For January's data, the government excluded sales...

  • *Beijing's prices +0.2 pct m/m, Shanghai and Guangzhou -0.4 pct. BEIJING, Feb 24- China's new home prices in January grew 5 percent from a year earlier, data from the statistics bureau showed on Saturday, even as the government continued its efforts to rein in speculative demand to fend off bubble risk. Last month, Beijing's new home prices rose 0.2 percent month on...

  • BEIJING, Feb 24- Property price growth in China was "stable while slightly lower" in January, the nation's statistics bureau said in a statement on Saturday, as data showed prices in eleven major cities fell year on year. Last month, Beijing's new home prices rose 0.2 percent month on month, while Shanghai and Guangzhou prices fell 0.4 percent and the market in...

  • CHINA'S PROPERTY PRICE GROWTH IN JAN WAS' STABLE WHILE SLIGHTLY LOWER'- STATS BUREAU.