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US Business & Economy
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| China second quarter GDP growth seen at 7.5 percent: government think-tank |
BEIJING (Reuters) - China's annual economic growth could slow to 7.5 percent in the second quarter, largely due to curbs on the property sector and headwinds from external demand, the State Information Center, a government think-tank, said in a report published on Friday. If the GDP forecast is accurate, growth in the second three months of 2012 would be the slowest since the first quarter of 2009, when the global economy was in the grip of the worst financial crisis since the Great Depression. The forecast is in line with the government's official 2012 growth target of 7. ...
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| Japan government ups economic outlook on consumption, exports |
TOKYO (Reuters) - Japan's government took a brighter view of the economy in a report on Friday, thanks to improvements in private consumption and exports, but it warned that Europe's debt crisis and financial market swings could worsen the outlook. The upgrade, the first since August last year, comes one day after data showed Japan's economy grew faster than the United States, Germany and Britain in the first quarter as subsidies boosted sales of energy-efficient cars. ...
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| Asia shares fall steeply on worries over Spain banks, growth |
 TOKYO (Reuters) - Asian shares fell steeply on Friday after more signs emerged of growing instability among Spanish banks and political turmoil in Greece, with the latest sluggish economic data from the United States adding to the list of risks for investors. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6 percent, after snapping a four-day losing streak on Thursday. The index slid more than 3 percent - its biggest one-day drop in six months - and hit a four-month low on Wednesday. The index has shed about 9 percent in May. Japan's Nikkei stock average opened down 1. ...
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| Cameron urges G8 action to stop eurozone crisis from spreading |
 WASHINGTON (Reuters) - British Prime Minister David Cameron will tell leaders of some of the world's biggest economies on Friday that they must work together to stop the economic crisis afflicting the euro zone from spreading worldwide. Cameron's message to other Group of Eight leaders, who begin a summit on Friday at the U.S. presidential retreat of Camp David, Maryland, would be that "we need to work together to protect ourselves against global contagion from the economic crisis and to promote global trade," an aide to Cameron said. ...
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| Samsung gets 9 million preorders for new Galaxy phone: report |
 SEOUL (Reuters) - Samsung Electronics Co has received some 9 million pre-orders for its third-generation Galaxy S smartphone from more than 100 global carriers, the Korea Economic Daily reported on Friday. Samsung toppled Apple as the world's biggest smartphone maker in the first quarter, helped by its line-up of Galaxy named devices running on Google's free Android software. The latest version of its flagship phone, unveiled this month, will first go on sale on May 29 in Germany before being rolled out to other countries. ...
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| UK climate policy can curb energy price shocks - report |
 LONDON (Reuters) - Britain's climate policies can help shield the economy from oil and gas price shocks triggered by external factors such as the Arab Spring, an analysis commissioned by the government showed on Friday. Energy price spikes can often dent economic growth, business investment and employment, as witnessed during the global financial crisis in mid-2008 when oil rose to nearly $150 (95 pounds) per barrel, research group Oxford Economics said in a report. ...
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| Schilling game firm can't make Rhode Island payment |
 BOSTON (Reuters) - The troubled video game company run by former Red Sox pitcher Curt Schilling failed to make a promised payment to the state of Rhode Island on Thursday when it did not have sufficient funds to cover a check. The office of Governor Lincoln Chafee said that 38 Studios LLC, Schilling's company, hand-delivered a $1.1 million check to the Rhode Island Economic Development Corporation just before the close of business. "Upon learning from the Chief Financial Officer of 38 Studios that there were insufficient funds to cover the payment, the check was returned. ...
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| Nervous investors send S&P lower for fifth day |
 NEW YORK (Reuters) - Stocks hit a four-month low on Thursday as rising Spanish bond yields increased investor anxiety over that country's banks and another round of weak data undermined hopes for U.S. economic recovery. Growing worries over developments in the euro zone and lackluster economic data pushed the S&P's losing streak to five consecutive days. The index, which closed at a level not seen since mid-January, has now relinquished more than half of its gains from the first quarter. ...
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