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IMF's Lagarde warns of spillover risks from recent volatility
Recent volatility in global financial markets shows how rapidly risks can spill over from one economy to the next, the managing director of the International Monetary Fund (IMF) said in Jakarta on Wednesday. "What has been demonstrated in the last few weeks is how much Asia is at the core of the global economy, and how much disruption in one market in Asia can actually spill over to the rest of the world," Christine Lagarde told a conference in Indonesia's capital. Lagarde said the world economy was facing headwinds from China's rebalancing, Japan's slow growth, falling commodity prices and uncertainties surrounding higher U.S. interest rates.
Japan lawmakers urge bourse, regulators to be tough on Toshiba
Toshiba Corp's second postponement of its annual results due to newfound accounting errors should be met with a tough response from regulators, Japanese lawmakers urged on Wednesday. The Tokyo Stock Exchange would consider putting Toshiba's shares on a watchlist for possible delisting if there were further delays, Masahiko Shibayama, head of the Liberal Democratic Party's treasury and finance division, quoted a bourse official as saying in a meeting of lawmakers and regulators. Sources familiar with the matter have previously said that regulators are studying the case to weigh possible fines.
Oil prices extend losses on U.S. oil inventory, manufacturing data
Oil prices fell as much as over 2 percent in early Asian trade on Wednesday, as a stronger than expected build in U.S. crude oil stocks and weaker U.S. manufacturing data fueled a rout in prices that started in the previous session. Brent and U.S. crude finished around 8 percent lower on Tuesday to end a 25-percent three-session surge, the largest three-day gain since 1990. This rollercoaster volatility could continue especially if there are similar wild swings in the equity markets, said Ric Spooner, chief market analyst at Sydney's CMC Markets.
Asian shares drop after U.S., China PMIs hit Wall Street
Asian shares got off on the back foot on Wednesday after weak manufacturing activity reports from both the U.S. and China sent Wall Street reeling, while the dollar steadied after steep losses. Data showing U.S. factory activity hit a more than two-year low in August added to an already grim mood, coming on the heels of a survey showing China's manufacturing sector shrank at its fastest pace in three years last month. The downturn in markets is based less on rising fears that China's economy is slowing but is "more that the policy initiatives seem engineered on a daily basis and the plans seem to lack a cohesive, well thought-out process," Chris Weston, chief market strategist at IG, said in a note.
KMART pays $1.4 million over allegations it illegally lured Medicare beneficiaries: U.S. Justice Department
WASHINGTON (Reuters) - KMART Corp., a U.S. discount department chain owned by Sears Holdings Corp , has paid $1.4 million to resolve allegations it violated the False Claims Act, the U.S. Justice Department said on Tuesday.
U.S. says 19.2 million U.S. vehicles have defective Takata air bags
U.S. safety regulators said on Tuesday that 19.2 million vehicles in the United States still have defective Takata Corp air bag inflators. In total, an estimated 23.4 million defective air bag inflators from Takata remain in U.S. cars, SUVs and trucks, the NHTSA official said. Earlier, the NHTSA had said there were more than 30 million defective air bag inflators in U.S. vehicles.
Inflation a reason to keep rates fairly low: Fed's Rosengren
NEW YORK (Reuters) - Below-target inflation is a reason to keep interest rates "fairly low," Boston Fed President Eric Rosengren said on Tuesday, adding that U.S. prices could come under more pressure if the economies of China, Japan, and the euro zone slow down.
Google redesigns iconic logo for the fifth time
(Reuters) - Google Inc unveiled a redesign of its iconic logo on Tuesday, the fifth such modification since the search engine giant started in 1998, the company said in a blog post. The revamped logo, displayed as a Google Doodle on its homepage, spells 'Google' in a sans-serif typeface, similar to the one being used by Google's newly created holding company, Alphabet. The new brand identity "aims to make Google more accessible and useful to our users", the company said in a blog post explaining the logo.
OPEC magazine op-ed that fueled oil rally baffles insiders
An OPEC publication written by the exporter group's public relations team helped oil prices jump and prompted speculation over a possible shift in output policy - to the bafflement of some OPEC insiders. The commentary on Monday in the OPEC Bulletin, a magazine issued by OPEC's Vienna headquarters, said downward pressure on prices due to higher production "remains a cause for concern" and OPEC "stands ready to talk to all other producers". While the 799-word article helped add another 8 percent to oil's three-day surge, by Tuesday it seemed clear there was no sign of a significant shift in OPEC policy or any indication of a fresh push to shore up markets, analysts and OPEC insiders said.
Exclusive: Mexico withheld millions in tax refunds from P&G, Unilever, Colgate
By Alexandra Alper MEXICO CITY (Reuters) - Mexico's government withheld hundreds of millions of dollars in tax refunds owed to Procter & Gamble, Unilever, and Colgate combined as it sought to coax them and other multinationals to pay more income tax locally, according to people close to the talks. After luring foreign companies with corporate tax breaks for years, Mexico moved to boost its tax take as oil output has slumped, encouraged by an Organisation for Economic Co-Operation and Development crackdown on profit-shifting to low-tax countries. Mexico's tax authority SAT held back more than $384 million in value-added tax (VAT) from the three companies while it was probing them and nearly 270 others for possible tax avoidance after President Enrique Pena Nieto took office in late 2012, people familiar with tax negotiations say.
General Electric names Beth Comstock as vice chair
Comstock, 55, becomes the first woman in GE's history to become a vice chair, a title that three other company executives also hold. In a statement, Chief Executive Officer Jeff Immelt said Comstock had spearheaded investment in the "Industrial Internet," GE's efforts to evolve into a digital industrial company. As head of GE Business Innovations, Comstock has been overseeing the company's lighting business, which had $2.5 billion in revenue last year and is using digital technology to reinvent itself.
Hit by cheap oil, Canada's economy falls into recession
The Canadian economy shrank again in the second quarter, putting the country in recession for the first time since the financial crisis, with a plunge in oil prices taking a toll as business investment fell and inventory accumulation slowed. Gross domestic product contracted at an annualized 0.5 percent rate in the second quarter, Statistics Canada said on Tuesday. Two consecutive quarters of contraction are typically considered the textbook definition of a recession.
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