Tom Joakim Rudeké

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Yes, Samsung is acutely aware that we’ve reached “peak trophy smartphone”

South Korean electronics giant Samsung reported soaring profits on Friday, but despite the company’s attempts to manage expectations, the results undershot estimates and its stock dropped almost 1%. That’s on top of a 13% slump in June that wiped $26 billion off Samsung’s value—a bigger loss than …

Suddenly people are breathing a very cautious sigh of relief about Europe

A year ago today, European Central Bank president Mario Draghi made a market-moving promise: “Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough,” he said in a speech in London.<p>So far, the ECB has done just that. The statements …

CHART OF THE DAY: What The Heck Happened To Apple's iPad Business?

Apple's iPad business, which is supposed to be its second mega-business, has already hit the wall as far as growth is concerned.<p>Last quarter, Apple reported sales of 14.6 million units, a 14% drop on a year-over-year basis. On the company's earnings call, Apple's execs said that if you look at the …

iPad Mini

China seen overtaking US as global superpower

A majority of people across the globe believes China will eventually eclipse the United States as the world's leading economy, a new survey released on Thursday showed, although America is still widely seen as holding on to the top spot for now.<p>Since the 2008 financial crisis, perceptions of the …

Rising interest rates spur drop in mortgage financing activity

Ben Bernanke has long been seen as a market mover. The policy set by the Federal Reserve, which he chairs, has profound effects on both the markets …

A Close Look At China's Growing Appetite For Luxury Brands

They increasingly see luxury purchases as "lifestyle" rather than "celebratory," and have become more interested in smaller niche brands, as opposed to big established brands like Gucci and Louis Vuitton, Jing Daily recently wrote.<p>This year, Chanel overtook Louis Vuitton as the most sought-after …

Luxury Lifestyle

Microsoft claims US Customs refused to block Motorola smartphone imports after ITC order

Microsoft is accusing US Customs officers of refusing to block imports of certain Motorola smartphones in a new complaint filed today in a US district court. According to <i>Bloomberg News</i>, Microsoft claims in the complaint that Customs has continued to allow Motorola Android smartphones into the …

Brazil’s new richest man is building his empire on beer, burgers and ketchup

While Brazil’s once-richest man fumbles away tens of millions of dollars a day, his successor to the title is amassing a fortune.<p>Jorge Paulo Lemann is now Brazil’s richest man, having earned the distinction late last year amidst the precipitous fall of the country’s ruthless oil baron Eike Batista, …

Burger King

The US Federal Reserve is getting more squeamish about inflation

The US Federal Reserve says <i></i>it targets 2% inflation. But today, inflation is well below that; the Fed’s preferred measure of inflation—annual growth in the core personal consumer expenditures index (core PCE)—hit its lowest level ever in April: 1.05%. It rose just 1.06% in May compared with last …

Economics

UBS is taking a big step back from investment banking

UBS has become synonymous with wealth management, recently beating out Bank of America for the title of world’s largest private bank. Meanwhile, the company’s investment banking business has taken a hit. It has been scarred both by losses during the financial crisis and the scandal over …

Investing

World Bank’s Jim Yong Kim: A doctor’s bold prescription to cure poverty

Jim Yong Kim, the Harvard-trained physician who completed his first year as World Bank president earlier this month, must be the only person in history who has gone on television to apologize for saving lives.<p>In 2003, when Dr. Kim was the World Health Organization's point man on HIV-AIDS, he …

U.S. Tax System Ranks 94th Out Of 100 -- Right Below Zimbabwe

Well, is the U.S. tax system competitive? Many global companies say it isn’t. In his recent Senate testimony, Apple CEO Tim Cook distanced Apple from tax gimmicks, but the Senate Permanent Investigation Subcommittee report on Apple paints a grim picture. Many companies are even more aggressive and …

Apple, Google, Intel TV Plans Thwarted: Who Wins?

Companies like Apple (AAPL), Google (GOOG) and Intel (INTC), which want to stream television programming, are getting stonewalled by the cable companies that don’t want to share the content, according to a variety of news reports last week. For Netflix (NFLX) shareholders, this is just a wonderful …

Chinese Exports Fall 3.1%, Missing Expectations

Meanwhile, imports fell 0.7% YoY, missing expectations for a 6% rise.<p>Trade balance also came in shy of expectations, widening to $27.1 billion.<p>This compares with a 1% rise in exports and 0.3% fall in imports in May.<p>Export growth was expected to stay muted because of a weak global economic …

Exports

China’s dismal monthly export data suggest that Q2 GDP is going to be really grim

The world is anxiously waiting for China’s Q2 GDP, which it announces July 15. That’s why export data that China’s customs authority just released are particularly important. Because net exports have become an increasingly heavy drag on China’s GDP growth, June’s data offer a preview of what to …

China reports weaker than expected trade data

<b>China has reported an unexpected fall in its exports and imports, adding to concerns of a slowdown in its economy.</b><p>Exports fell 3.1% in June from a year earlier, indicating weak global demand for Chinese goods. Most analysts had expected a 4% increase in shipments.<p>Imports fell 0.7% from a year ago, …

AIG and GE Capital face more oversight from US regulators

<b>AIG and GE Capital have been given a new status by US regulators which will bring the two companies under greater government oversight.</b><p>The "systemically important" label is given to firms considered so big, that their failure could destabilise the country's financial system and economy.<p>These …

General Electric

Why China’s June trade data are almost unremittingly bad

2013-07-10T07:48:06.000Z<p>By: Kate Mackenzie<p>The short answer: the June trade numbers missed expectations by a long way, and the details did nothing to …

Try It Now

China is so serious about cracking down on corruption that no one is willing to research it

When China’s new administration, led by president Xi Jinping and premier Li Keqiang, took office in March, it put cracking down on corruption front and center on its policy agenda. The crackdown, kicked off last year, has been so sweeping that sales of Chinese liquor and Swiss watches, popular …

China’s corruption crackdown isn’t likely to hurt the world’s largest jeweler

Revenues at Chow Tai Fook, the world’s largest jeweler by market capitalization, jumped 63% year-on-year while sales for its gold items grew 78% for the quarter that ended June 30.<p>Shares were up 13% in reaction to the news. The company attributed the jump to falling gold prices, which are down …

Hong Kong

Apple Conspired To Set E-Book Prices, Judge Rules

Apple Inc. "conspired to raise the retail price of e-books," a federal judge ruled Wednesday as a civil lawsuit brought by the Justice Department reached its conclusion.<p>(<b>Note at 2:15 p.m. ET:</b> Will this affect e-book prices? Maybe not. Click here to see why.)<p>As Bloomberg News reminds its readers, …

Why China’s slowdown could be really great for America

China is slowing down—that much is clear. (Especially after this morning’s dismal trade report.)<p>What isn’t, though, is what that means for everyone else. For those pondering America’s fortunes, China’s $1.26 trillion in holdings of Treasurys are a source of particular unease, for reasons …

U.S. News | Latest National News, Videos & Photos - ABC News - ABC News

Rescuers use liquid dish soap to free trapped rock climber<p>Michael Avenatti says Stormy Daniels' arrest was 'politically motivated'<p>Michael Avenatti on …

Michael Avenatti

China drawing up plans to end official game console sales ban, report claims

China's 13-year prohibition on game console sales may soon come to an end, according to a report from the <i>South China Morning Post</i>. The compromise would see the likes of Sony, Nintendo and Microsoft able to manufacture game consoles in Shanghai's new free trade zone -- part of a larger governmental …

The Dollar Is Getting Smooshed

Earlier we mentioned how Ben Bernanke gave some decidedly dovish comments during the Q&A of a speech held in Boston this evening.<p>He said two things that were definitely of note.<p>One was that there was some concern at the Fed that the rise in interest rates could slow the recovery. That's a hint that …

Interest Rates

Yum Brands profit hurt by food safety scare in China

<b>Yum Brands, owner of KFC and Pizza Hut restaurant chains, has reported a drop in profits as a food safety scare continued to hurt its sales in China.</b><p>It made a net profit of $281m (£185m) in the three months to 15 June, a 15% drop from a year earlier.<p>Sales in China fell 20% during the period amid …

Pizza Hut

Chinese To Spend Billions On American Real Estate

Wealthy Chinese with a few million yuan to burn will spend billions on U.S. real estate in the years ahead, according to a report released Wednesday by CB Richard Ellis, a large global real estate firm.<p>The United States is the country of choice for China buyers. Canada and Australia come in next at …