| China to Cut Swiss Watch Import Duties in Free Trade Pact Posted: 28 May 2013 02:47 AM PDT China agreed to cut import tariffs on Swiss watches by 60 percent in 10 years as the two nations seek to expand trade, a move that may boost sales by retailers such as Hong Kong-based Hengdeli Holdings Ltd. (3389) The reductions will take effect after the countries sign a free-trade agreement, which may take place in July, Assistant Commerce Minister Yu Jianhua said in a briefing in Beijing  |
| China to Cut Swiss Watch Import Duties in Free Trade Pact Posted: 28 May 2013 02:33 AM PDT China agreed to cut import tariffs on Swiss watches by 60 percent in 10 years as the two nations seek to expand trade, a move that may boost sales by retailers such as Hong Kong-based Hengdeli Holdings Ltd. (3389) The reductions will take effect after the countries sign a free-trade agreement, which may take place in July, Assistant Commerce Minister Yu Jianhua said in a briefing in Beijing  |
| Morgan Stanley Said to Move Asia Hedge-Fund Event to U.S. Posted: 28 May 2013 02:29 AM PDT Morgan Stanley (MS) will hold a gathering in New York to showcase Asian hedge funds to investors after pulling its capital introductions event in China because of the bird flu, said three people with knowledge of the matter. Morgan Stanley told managers and investors last month the annual forum scheduled for Shanghai between May 21 and May 23 would be postponed and relocated to New York in July  |
| Rato-Lazard Ties Show How Elite Profited Amid Cajas Loss Posted: 28 May 2013 02:28 AM PDT Five days before Christmas, ex-Deputy Prime Minister Rodrigo Rato was asked by a prosecutor probing the collapse of Bankia SA (BKIA) whether he'd done business with Jaime Castellanos, chairman of Lazard Ltd (LAZ).'s Spanish unit. "No, a business relationship I don't have," said Rato, the former Bankia chairman, according to an official recording of the closed session of the National Court in  |
| U.K. Banks Cut 189,000 With Employment at Nine-Year Low Posted: 28 May 2013 02:27 AM PDT Britain's four biggest banks will have eliminated about 189,000 jobs by the end of this year from their peak staffing levels, bringing employment to a nine-year low amid a dearth of revenue. More cuts may follow. Royal Bank of Scotland Group Plc, HSBC Holdings Plc (HSBA), Lloyds Banking Group Plc (LLOY) and Barclays Plc (BARC) will employ about 606,000 people worldwide by the end of 2013,  |
| Rajoy Sees Reprieve as Spanish Recession Evidence Mounts Posted: 28 May 2013 02:24 AM PDT Spain will probably secure two more years to tame the largest budget deficit in the European Union (EUBDEURO) as first-quarter data show the effects of the toughest austerity measures in its democratic history. The European Commission will decide tomorrow whether to grant Spain until 2016 to bring its deficit back within the EU limit of 3 percent of gross domestic product. Its verdict is due  |
| German Home Boom as Europe Stagnates Set to Hurt Merkel Posted: 28 May 2013 02:23 AM PDT Taxi driver Michael Ruedor lived for 20 years in a downtown Berlin apartment close to Checkpoint Charlie before rising rents forced him out. "Only millionaires are in my building now," Ruedor, 56, said in an interview last month. The native Berliner moved two years ago to the suburb of Britz, about 8 kilometers (5 miles) south of the central Mitte district that he used to call home.  |
| European Stocks Advance for a Second Day; Basilea Climbs Posted: 28 May 2013 02:22 AM PDT European stocks advanced, with the Stoxx Europe 600 Index climbing for a second day, as U.S. and U.K. markets reopen following a holiday. U.S. index futures and Asian shares also gained. Basilea Pharmaceutica (BSLN) AG increased 2.7 percent after the U.S. Food and Drug Administration granted seven-year market exclusivity for one of its treatments. Orascom  |
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