IBT Staff Reporter

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China: path of FX diversification is unchanged

China remains committed to its long-standing goal of diversifying its foreign exchange reserves, a government official said on Thursday, helping to soothe markets unnerved by a report that the country was reviewing its euro-zone bond holdings.

Foxconn hit by 10th jumping death

An employee of iPhone-maker Foxconn jumped to his death late on Wednesday, Chinese state media reported, the tenth suspected suicide this year at the high-tech company's huge production base in southern China.

Euro nears 4-year low vs dollar

The euro approached a four-year low against the dollar on Thursday on a newspaper report that China was examining its investments in euro zone debt, while bargain-hunting gave some support to Asian stocks.

Geithner takes plea for European action to Germany

Treasury Secretary Timothy Geithner takes his appeal for swift European action to calm markets to Germany on Thursday, the key player that stunned markets last week with its ban on some speculative trades.

Two charged with Disney insider trading plot

A Walt Disney Co employee and her boyfriend have been charged with a brazen insider trading scheme in which they said the media conglomerate was in advanced talks to sell its ABC TV network.

Yahoo forecasts revenue growth up to 10 percent

Yahoo Inc said it could return to double-digit revenue growth in the next few years, as the Internet pioneer revamps its network of websites to attract users and advertisers in a shifting Internet industry.

California court cases against Toyota consolidated

A judge has ordered the pretrial merger of at least 40 California state court lawsuits filed against Toyota over cars that have raced out of control, including a case stemming from the fatal crash that sparked the automaker's recall crisis.

Lawmakers want more Google Street View info

Three U.S. lawmakers, concerned that Google Inc may have violated U.S. privacy laws, want to know how much personal data the company has gathered through its project to photograph streets across the country and how it plans to use that information.

Lehman sues JPMorgan for billions in damages

Lehman Brothers Holdings Inc on Wednesday sued JPMorgan Chase & Co , accusing the second-largest U.S. bank of illegally siphoning billions of dollars of desperately-needed assets in the days leading up to its record bankruptcy.

State fails to protect foster children

An Ombudsman's report, released yesterday, has rocked the Brumby government just six months out from the election. The report released indicated that the state has failed to protect some of the foster children in its care

FBI arrests two on Disney insider trading charges

A Walt Disney Co employee and her boyfriend have been charged with an insider trading scheme in which they said Disney was in advanced talks to sell its ABC network -- a claim that Disney said was false.

Apple overtakes Microsoft as biggest tech company

Apple Inc shot past Microsoft Corp as the world's biggest tech company based on market value on Wednesday, the latest milestone in the resurgence of the maker of the iPhone, which nearly went out of business in the 1990s.

U.S. probes Apple digital music dominance

The U.S. Justice Department is making preliminary inquiries into whether Apple Inc unfairly dominates the digital music market, according to three people whose companies have been contacted by regulators.

Facebook boosts privacy controls amid criticism

Facebook is beefing up privacy protections on the world's most popular online social network, addressing mounting pressure to better secure personal data exchanged among its nearly 500 million members.

China reviewing euro zone debt holdings

China is reviewing its euro zone bond holdings because of growing concerns about gaping deficits in countries including Greece and Portugal, the Financial Times reported on Wednesday.

Consumers skeptical of Congress on regulation

Small investors angry with Wall Street about their battered portfolios see little relief coming from the U.S. Congress as it attempts the most sweeping overhaul of financial regulation since the 1930s.

Wealthy clients looking for plans they can trust

Warren Buffett has a great saying, that when the tide goes out, we get to see who's been swimming naked, said Adam Butler, a director of wealth management and associate portfolio manager at Richardson GMP.

Daily forex forecast - 27/5/2010

The Australian Dollar opens lower today at 0.8210 after another turbulent session. A positive lead from local equities helped to support the currency above US82 cents on Wednesday.

China report harms efforts to bolster euro

Treasury Secretary Timothy Geithner and Italian Prime Minister Silvio Berlusconi sought to support the battered euro on Wednesday, but the currency extended its decline on a report that China was reviewing its euro holdings.

Distressed debt cycle not over for firms: PIMCO

The end is not near for the distressed debt cycle, as many middle-market U.S. companies will still have to be restructured because of debt taken on during the credit boom, fund manager PIMCO said on Wednesday.

Wall Street withers late on euro worry

Wall Street staged yet another late-day reversal on Wednesday to end lower as news suggesting China was reassessing its euro-zone debt holdings pushed investors into profit-taking mode.

Home sales at 2-year high

Sales of new U.S. homes scaled their highest level in nearly two years in April, while orders for long-lasting manufactured goods surged, giving the economy a firmer foundation to resist possible contagion from Europe's debt crisis.

Apple knocks off Microsoft as biggest tech

Apple Inc shot past Microsoft Corp as the world's biggest tech company as measured by market value on Wednesday, the latest milestone in the resurgence of the maker of the iPhone, which nearly went out of business in the 1990s.

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