CHINA

Chinese machinery maker Shandong Heavy Industry Group on Tuesday sealed a deal to take a 75 percent stake in debt-laden Italian yachtmaker Ferretti Group, the latest in a series of Chinese acquisitions of European brands.

Stocks hit a five-month high on Tuesday after strong import data from major metals consumer China and a bullish forecast by Alcoa boosted the outlook for commodities companies and pointed to a stronger global economy.

The Chinese will take to the sea in style following an announcement Tuesday that Shandong Heavy Industry Group-Weichai Group will be buying a majority share of Italian yacht maker, Ferretti Group.

Chinese imports posted an unexpectedly sharp drop in December, flashing a warning sign that the world's second-largest economy is expanding at a slower rate. Meanwhile, full-year figures pointed to a narrowing trend in the Chinese trade gap, which suggest that the country is relying more on its domestic demand.

Silvercorp Metals Inc., whose shares plummeted after reports of accounting and resource statement fraud, has amended its lawsuit against those it sees as responsible for the allegedly defamatory reports.

Philips Electronics NV warned of soft fourth quarter profits due to weak European consumer markets that is leading to charges for inventory it cannot shift.

European shares rose on Tuesday, with miners gaining after aluminum producer Alcoa got the U.S. reporting season off to a positive start, with its top line indicating strong demand for commodities.

Along with some hype about their upcoming U.S. tour and the dates announcement, Van Halen released a track, Tattoo, from their new album on Tuesday.

Oil rose to around $113 a barrel on Tuesday as tension over Iran's nuclear program and unrest in Nigeria outweighed persistent concerns about the strength of Europe's economy.

A hedge fund set up by former Goldman Sachs trader Morgan Sze -- the biggest launched in Asia in 2011 -- lost 6.8 percent last year, two sources with direct knowledge of the matter told Reuters, as it was rattled by a sharp drop in Chinese shares.

U.S. authorities are investigating allegations that an Indian government spy unit hacked into emails of an official U.S. commission that monitors economic and security relations between the United States and China, including cyber-security issues.

Stock index futures pointed to a stronger open for equities on Wall Street on Tuesday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 up 0.9-1.0 percent.

Gold prices rode a global stock market and commodities rally Tuesday break a two-day losing streak.

In

U.S. authorities are investigating allegations that an Indian government spy unit hacked into emails of an official U.S. commission that monitors economic and security relations between the United States and China, including cyber-security issues.

Chinese exports and imports registered weaker growth in December than in November, signaling economic growth in the world's second largest economy is losing steam on account of sluggish demand and a thaw in the real estate market. Data

China's exports and imports grew at their slowest pace in more than two years in December as foreign and domestic demand ebbed, data showed on Tuesday, bolstering expectations of more policy action from Beijing to support the world's number two economy.

U.S. authorities are investigating allegations that an Indian spy unit hacked into e-mails of a U.S. commission that monitors economic and security relations between the United States and China, including cyber-security issues.

Honda Motor Co <7267.T> unveiled three Acura models at the Detroit auto show on Monday including an entry-level sedan and an NSX supercar as it aims to put the struggling premium brand back on the map in the crowded U.S. luxury market.

Alcoa Inc posted a fourth-quarter loss Monday due to a steep plunge in aluminum prices, but its revenue beat expectations and the company gave a positive outlook for global demand for the metal, especially in the aerospace and automotive markets.

Syria's President Bashar al-Assad, locked in a violent struggle against a wave of unrest, is to make a speech Tuesday on the internal issue and international and regional developments, state media said Monday night.