GUINEA THREAT OVER RIO DISPUTE
The government of Guinea has raised the stakes in a dispute with Rio Tinto by threatening to strip the mining group of more of its rights to one of the world’s biggest undeveloped iron ore deposits. Officials in Guinea have been angered by what they see as Rio’s failure to acknowledge an earlier administration’s decision to reclaim the rights to half the Simandou deposit.
JAPAN SETS TARGETS TO REIN IN DEBT
Japan on Tuesday moved to shore up confidence in its state finances by issuing a "fiscal management strategy" that aims to cap government bond issuance at current levels, curb future spending growth and target primary budget balance by 2020.
CHINA ONLINE PAYMENT GROUPS FACE NEW RULES
New regulations on online payment services could force leading Chinese internet companies to restructure their shareholdings. The People’s Bank of China issued regulations saying non-bank companies would be allowed to provide third-party online payment services.
GM TO FORM LATIN AMERICA ARM
General Motors yesterday said it would create a new division for South America, headquartered in São Paulo, to meet rising demand for cars in the region. Jaime Ardila, head of GM’s Mercosur operations, will head the unit, joining GM’s executive committee. The reorganisation will see the US carmaker’s Latin American operations split from its international division.
The Daily Telegraph
EUPHORIA COOLS OVER CHINESE MOVES TO WEAKEN YUAN
Oil prices and risky assets across the world have tumbled after China intervened to weaken the yuan, sending a clear signal to investors that the countrys shift to currency flexibility is a two-way street. The yuan depreciated to almost 6.82 against the US dollar under the new crawling peg.
RUSSIAN PUSHING FOR CONTROL OF FUEL SUPPLIES TO CRUCIAL US AIRBASE
Russia is pushing to impose a direct fuel supply deal on the US’s airbase in Kyrgyzstan that would allow it to force a rapid closure of the base once it is no longer necessary to support Nato operations in Afghanistan.
WALL STREET JOURNAL
APPLE IPAD SALES HIT THREE MILLION 80 DAYS AFTER LAUNCH
Apple sold its three millionth iPad on Monday, 80 days after the tablet computer’s introduction in the US and giving further insight on how the device will boost current-quarter results for the tech giant.
OUTLOOK FOR HOME PRICES GROWS DARKER
Housing analysts have grown gloomier about the outlook for US. home prices as sales slump, a new survey shows. The monthly report by MacroMarkets LLC, due for release today, found that 56 per cent of the 106 economists and other analysts surveyed expect home prices to decline this year.