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Gala glitz masks Asia’s tensions as Trump winds up tour

MANILA (Reuters) – Leaders from across Asia joined U.S. President Donald Trump at an extravagant gala dinner in the Philippines’ capital on Sunday, a show of amity in a region fraught with tensions that have lurked behind his marathon tour of the continent. Philippines President Rodrigo Duterte set the tone of cordiality ahead of the two days of summit meetings he will host, suggesting that despite their differences over claims to the South China Sea, the leaders should not discuss the issue. “We have to be friends, the other hotheadsRead More

GM settles California county recall case for $13.9 million

WASHINGTON (Reuters) – General Motors Co agreed to a $13.9 million settlement with Orange County, California after prosecutors accused the Detroit automaker of intentionally concealing serious safety defects including those involving faulty ignition switches tied to nearly 400 deaths and injuries, the company said on Sunday. The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook An Orange County superior court judge late Friday approved the settlement for alleged violations of unfair competition andRead More

U.S. Treasury pushes back on bank-like rules for asset managers, insurers

WASHINGTON (Reuters) – The U.S. Treasury on Thursday rejected the idea of singling out specific asset management and insurance firms as systemically risky, indicating that they are unlikely to be designated as “too big to fail” and slapped with additional oversight under the administration of President Donald Trump. The report will be cheered by the likes of BlackRock BLK.N, Vanguard, Fidelity FGL. and Pimco, which have pushed back on attempts by regulators to impose bank-like “systemically risky” labels on asset managers simply because they hold trillions of dollars in assetsRead More

Cisco nears deal to acquire BroadSoft: source

SAN FRANCISCO (Reuters) – Cisco Systems Inc, the world’s largest networking gear manufacturer, is nearing a deal to buy U.S. telecommunications software firm BroadSoft Inc for close to $2 billion, a person familiar with the matter said on Sunday. A newly installed phone made by Cisco is shown in San Diego, California, U.S., April 17, 2017. REUTERS/Mike Blake The deal, which comes after Reuters first reported in August that BroadSoft was exploring a sale, would allow Cisco to further diversify away from its stagnating switches and routers business by givingRead More

Bill Gross of Janus blames Fed for ‘fake markets’

NEW YORK (Reuters) – Influential bond investor Bill Gross of Janus Henderson Investors said on Monday that financial markets are artificially compressed and capitalism distorted because of the U.S. Federal Reserve’s loose monetary policy. “I think we have fake markets,” Gross said at a Janus Henderson event. Investors should brace for higher Treasury bond yields as the Fed begins to unwind its quantitative easing program but yields will edge up “only gradually,” he said. Gross, who oversees the $2.1 billion Janus Henderson Global Unconstrained Bond Fund, said the Fed’s looseRead More

For desperate Puerto Ricans, fuel a precious commodity

SAN JUAN, PUERTO RICO/NEW YORK (Reuters) – Puerto Rico resident Marangelly Garcia waited eight hours for diesel to fuel her family’s generator on Monday, but the supply ran out before she got to the front of the line. The beauty products distributor tried again Tuesday, waking up at 4 a.m. But the line in her municipality of Guaynabo, near San Juan, was still formidable. Her latest strategy to get a place in line: “I’m going to be camping tonight.” With Puerto Rico’s electric grid in shambles after Hurricane Maria, gasolineRead More

Myanmar’s Suu Kyi condemns abuses in Rakhine but rights groups skeptical

NAYPYITAW (Reuters) – Myanmar leader Aung San Suu Kyi condemned on Tuesday any human rights violations in troubled Rakhine State and said anyone responsible would face the law, and that she felt deeply for the suffering of everyone caught up in the conflict there. The Nobel Peace laureate’s remarks came in her first address to the nation since attacks by Rohingya Muslim insurgents on Aug. 25 sparked a military response that has forced more than 410,000 Rohingya into neighboring Bangladesh. Western diplomats and aid officials attending the address welcomed SuuRead More

Market sentiment kept in check by Irma and North Korea

Global stock markets traded in narrow ranges Friday as sentiment was kept in check by worries over Hurricane Irma and developments surrounding North Korea. KEEPING SCORE: In Europe, the FTSE 100 index of leading British shares was down 0.4 percent at 7,364, while Germany’s DAX was steady at 12,296. The CAC 40 was 0.3 percent lower at 5,101. U.S. stocks were poised for a lower opening, with Dow futures and the S&P 500 futures both down 0.3 percent. NORTH KOREA: Worries over North Korea have been elevated over the pastRead More

For Chinese millennials, despondency has a brand name

BEIJING (Reuters) – Chinese millennials with a dim view of their career and marriage prospects can wallow in despair with a range of teas such as “achieved-absolutely-nothing black tea”, and “my-ex‘s-life-is-better-than-mine fruit tea”. While the drink names at the Sung chain of tea stalls are tongue-in-cheek, the sentiment they reflect is serious: a significant number of young Chinese with high expectations have become discouraged and embrace an attitude known on social media as “sang”, after a Chinese character associated with the word “funeral” that describes being dispirited. “Sang” culture, whichRead More