China official says has 'substantial' evidence in Qualcomm antitrust case media
12 Dec 2013 | 9:02 pm
By Michael Martina BEIJING (Reuters) - China's top economic planning agency has "substantial evidence" against chipmaker Qualcomm Inc in an antitrust probe, state media on Thursday quoted a senior official at the price regulator as saying. The official English-language China Daily attributed the comment to Xu Kunlin, head of the National Development and Reform Commission's (NDRC) anti-price-fixing bureau, in the agency's first public comment on the case. Qualcomm, the world's biggest maker of cellphone chips, said it believed its business practices were "lawful and pro-competitive". The company will continue to cooperate fully with the NDRC and is looking forward to a first meeting with the agency, Christine Trimble, Qualcomm's vice president for public affairs said in an emailed statement.
US stocks fall for a third straight day
12 Dec 2013 | 5:43 pm
U.S. Treasury official urges Senate action on tax treaties
12 Dec 2013 | 4:25 pm
By Patrick Temple-West WASHINGTON (Reuters) - A U.S. Treasury official on Thursday called on the Senate to ratify five tax treaties the United States has signed with other nations but that have languished without a vote since 2011. Though tax treaties previously have routinely won Senate approval, they have recently fallen victim to partisan gridlock despite a corporate lobbying effort to get them ratified. Treaties with Chile, Hungary, Switzerland, Luxembourg and the Organisation for Economic Cooperation and Development are pending before the Senate, Mark Mazur, assistant secretary for tax policy at the U.S. Treasury Department, told a conference. The United States has tax treaties with more than 60 countries, ranging from China to Kyrgyzstan.
Wall St. drops on taper anxiety; Facebook rallies
12 Dec 2013 | 4:11 pm
By Rodrigo Campos NEW YORK (Reuters) - Stocks fell on Thursday as retail sales rose solidly in November, adding to signs the economy is strong enough for the Federal Reserve to begin reducing the pace of monetary stimulus. "Year-end activity is clouding reactions to some economic news," said Drew Wilson, an analyst at Fenimore Asset Management in Cobleskill, New York. He said the market is "taper-schizophrenic" as it tries to second-guess the Fed's reaction to recent economic data.
TSX nears eight-week low as Fed fears deepen
12 Dec 2013 | 4:10 pm
By John Tilak TORONTO (Reuters) - Canada's main stock index slipped to its lowest in nearly eight weeks on Thursday after strong economic data from the United States heightened concerns that the U.S. Federal Reserve might soon begin scaling back its bond buying program. The market also was dragged lower by a 3.7 percent fall in the shares of Fortis Inc after the company agreed on Wednesday to acquire Arizona-focused utility UNS Energy Corp for about $2.5 billion in cash. Investors have been trying to figure out the implications of the economic data for the U.S. central bank's next monetary policy move, and much of the market's focus will be on a Fed policy meeting next week. "The whole issue of Fed tapering has come back to haunt the market," said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver.
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