The Dow Jones Industrial Average closed above 12,000 for the first time in two and a half years Tuesday as US stocks shrugged off Egypt’s turmoil and jumped on positive corporate earnings. All major US market indices were higher, buoyed by indications the US economy is moving steadily away from its recession trough: Strong January...

Source: Reuters The manufacturing sector grew at its fastest pace in nearly seven years in January and signs of inflation jumped more than expected as a recovery in the world’s biggest economy gained traction. The Institute for Supply Management’s manufacturing survey released on Tuesday also showed employers were thinking about ramping up hiring, one of...

Source: Bloomberg Bank of America Corp, the biggest US bank by assets, replaced HSBC Holdings Plc as the world’s most valuable banking brand, according to a survey by London- based Brand Finance Plc. HSBC, Europe’s largest bank, fell to third place this year behind Char- lotte, North Carolina-based Bank of America and San Francisco- based...

Source: Reuters LinkedIn Corp announced plans to go public this year in what could be a test of investor appetite for social networking websites ahead of a highly anticipated Facebook offering. LinkedIn announced its intention to go public on Thursday, setting the stage for the company co-founded in 2002 by ex-PayPal executive Reid Hoffman to...

Source: AFP Swiss pharmaceutical group Novartis recorded an 18-per cent growth in its annual net profit in 2010 as strong sales helped it stay in line with forecasts, the group said on Thursday. But Novartis hinted that its performance this year might be affected by moves by cash-strapped governments to cut costs and US health...

Source: AFP Top Federal Reserve policymakers unanimously agreed to keep crisis measures in place when they met, batting away fears their policies risked stoking US inflation. A revamped Federal Open Market Committee — the Fed’s interest- rate setting panel — ended a two-day meeting with a pledge to continue a US$600-billion stimulus plan designed to...

Source: AFP US President Barack Obama vowed to eliminate billions of dollars of oil subsidies in order to invest in a space race-like drive towards a clean energy future. “I’m asking Congress to eliminate the billions in taxpayer dollars we currently give to oil companies. I don’t know if you’ve noticed, but they’re doing just...

Source: Bloomberg The Federal Reserve will probably push forward with US$600 billion in securities purchases even as the biggest jump in business loans in more than two years adds to signs the US is gaining strength. Commercial and industrial loans increased at an annual rate of 7.6 per cent last month, the largest gain since...

Source: Reuters Toyota Motor Corp kept its spot at the top of the global sales ranking in 2010, outselling General Motors Co by less than 30,000 units as the US rival achieved faster growth in the world’s two biggest markets. Toyota’s global sales, including minivehicle unit Daihatsu Motor Co and truck unit Hino Motors Ltd,...

Source: Bloomberg US companies’ employment outlook improved to a 12-year high this quarter after sales strengthened and economic growth picked up, a survey showed. The percentage of businesses expecting to increase payrolls in the next six months exceeded the share projecting more firings by 35 points, the most since the question was first asked in...

Source: Bloomberg German yields are climbing as the potential cost of defending the euro rises, mirroring the bond-market effects of reunifying the nation in the 1990s. “It’s impossible to say at this point how much Germany will have to pay, but it could be large especially if our own cost of financing debt goes up,”...

Source: AFP Sales of previously owned US homes and the index of leading indica- tors exceeded forecasts, signs the expansion is gaining momentum at the start of 2011. Purchases of existing houses jumped 12 per cent in December to a 5.28 million annual rate, the National Association of Realtors said Friday in Washington. The New...