Finance topics

Australia’s central bank cut its benchmark interest rate by a quarter percentage point on Tuesday, the second such move in as many months as concern mounts over the fragile global economy.

The Reserve Bank of Australia said its decision to lower the rate to 4.25 percent comes amid uncertainty over the European debt crisis, and concern that global economic conditions could worsen.

“Financial markets have experienced considerable turbulence, and financing conditions have become much more difficult, especially in Europe,” Reserve Bank Governor Glenn Stevens said in a statement. “This, together with precautionary behavior by firms and households, means that the likelihood of a further material slowing in global growth has increased.”

Economists were split on what the bank would do, after it cut the cash rate by a quarter percentage point in November. Tuesday’s decision marked the first time the bank has cut rates in consecutive months since Dec. 2008, the height of the global financial crisis.

The move will provide a savings of an extra 50 Australian dollars ($51) a month on a AU$300,000 mortgage, Treasurer Wayne Swan said.

“Christmas is a time when family budgets are stretched, so I’m certain it will be welcome,” Swan told reporters.

The treasurer said the country’s economy remained strong, but said there are “serious risks” arising from Europe’s debt woes. European Union leaders will hold a summit later this week to discuss a plan to resolve the crisis.

“There is a lot riding on what is happening in Europe as we go through the rest of this week,” Swan said. “All of us hope and pray that the Europeans get their act together.”

Australia’s economy remained strong throughout the global financial crisis thanks to a mining boom largely fueled by China’s demand for iron ore, coal and natural gas.

Craig James, chief economist with the Commonwealth Bank of Australia, said the Reserve Bank will probably cut the rate by another quarter percentage point when it meets again in February. Should the European crisis worsen dramatically, he said, the bank may issue an even steeper cut of half a percentage point.

“In the global financial crisis, they were quite aggressive with cutting interest rates,” James said. “This time around, they’re not taking any chances.”

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India is opening its $400 billion retail industry to global chains such as Wal-Mart in a move that could improve decrepit infrastructure that causes massive food waste in a country plagued by malnutrition and high inflation.

Top retailers have lobbied for years for a chance to build stores in the nation of 1.2 billion people and political deadlock on long-promised reforms in retail and other areas has helped cool foreign investor interest in India. Foreign retailers have Indian partners in wholesale operations, but no retail stores.

“Multibrand” stores such as supermarkets could be built with up to 51 percent foreign ownership under the change the Cabinet approved Thursday. The Cabinet also allowed 100 percent foreign ownership of single-brand retail operations, up from 51 percent.

Advocates see the move as a way to strengthen India’s creaking food distribution system.

The country suffers chronically high malnutrition and soaring inflation, but it’s not for lack of food. It is the world’s second largest grower of fresh produce, yet loses an estimated 40 percent of its fruit and vegetables to rot because of a lack of refrigerated trucking and warehouses, poor roads, inclement weather and corruption. That translates into lower incomes for farmers and higher prices for consumers.

If companies such as Wal-Mart and Tesco can open shops of their own, they may invest billions in improving farming techniques and getting produce into stores more efficiently, bringing down food inflation _ which has averaged 10.5 percent over the last year _ and possibly improving rural incomes.

Wal-Mart, British-based Tesco PLC and French-based retailer Carrefour welcomed the decision.

“This legal evolution should contribute to modernize the Indian food supply chain and to fight against food inflation for the benefit of Indian customers,” Carrefour said in a statement. It said the decision would help India’s farmers and the nation’s general economic development.

Opposition parties and some allies of the government resisted the move. The country has struggled to find consensus because of concerns that competition from the foreign retail giants could hurt millions of small shopkeepers, as well as the poor best payday advance.

Speaking on the NDTV news channel, ruling Congress party spokesman Abhishek Manu Singhvi called the decision “centrist and reasonable.”

The main opposition, the right-wing Bharatiya Janata Party, decried the move.

“The government has clearly bowed to international pressure,” spokesman Chandan Mitra told the same TV channel.

India’s $400 billion retail sector is the nation’s second-largest employer, after agriculture, according to consulting firm Deloitte.

The Ministry of Commerce says it will cost 76.9 billion rupees ($1.7 billion US) to build the additional 35 million metric tons of food storage India needs. In a July paper, it suggested that loosening restrictions on foreign investment in India’s retail sector could be the best way to get more storage space built.

Ashish Sanyal, managing director of retailing consultancy AMP Retail Services, said small businesses had nothing to fear from the big chains.

“At the end of the day this is like the high tide. All boats will rise. We will learn from the big retailers.”

Long delays in economic reforms in India have made investors increasingly wary of plowing money into the country.

India’s policymakers are now under acute pressure to find ways to attract foreign currency to help strengthen the rupee, which hit an all-time low against the dollar this week.

Traders say the central bank has been buying rupees in recent days but those measures are unlikely to reverse the currency’s plunge absent more farsighted policy reform.

The discussions on opening up India’s retail sector have been going on for 10 years.

“There is a limit to how much time we can spend on a decision,” said Singhvi, the Congress spokesman.

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Tens of thousands of Egyptians rallied Friday in Cairo’s Tahrir square with Islamists in the forefront to protest against what they say are attempts by the country’s military rulers to designate themselves as the guardians of a new Egypt. It was one of the largest rallies in Egypt in recent months.

Most rallies in Tahrir have been led by liberal- or left-leaning groups. But Friday’s rally was dominated by the country’s most organized political group, the Muslim Brotherhood, which has rarely come out in full force since the protests that forced President Hosni Mubarak to step down in February.

The Brotherhood had until recently avoided confrontation with the ruling Supreme Council of the Armed Forces, but now warns of escalating its protest campaign if plans to give permanent political powers to the military are not scrapped.

“The army has no role in ruling people. Its only job is to protect the country. We want civilian rule chosen through democracy,” said Hani Hegazi, a 28-year old Brotherhood member who traveled by bus to Tahrir from the Delta province of el-Beheira.

Banners read: “Down with military rule. Egypt our country is not a military camp.” Some demonstrators flew the Egyptian flag, while others including ultraconservative Salafis waved a banner declaring Islam’s holy book, the Quran, to be “our constitution.”

The rally was called to protest a document floated by the government which declares the military the guardian of “constitutional legitimacy,” suggesting the armed forces could have the final word on major policies even after a new president is elected. The document, which includes guiding principles for Egypt’s new constitution, also introduces clauses that would shield it from civilian oversight.

Most of Egypt’s pro-democracy groups object to the document, calling it an attempt to perpetuate military rule past the post-Mubarak transitional period which is supposed to end with the election of a new parliament and a new president.

In addition to the Brotherhood, Salafis, left- and liberal-leaning groups such as the April 6 movement and other youth revolutionary alliances joined the rally, demanding a timetable for the end of military rule, which began in February.

They have called for marches from mosques around Egypt to major squares, dubbing it the “Friday of the Single Demand” _ that demand being a clear date for the transfer of power to civilian rule. Many groups have planned to hold an open ended sit-in until a date has been set.

The Brotherhood says the document reinforces “dictatorship.”

“It contains articles that rob the people of their sovereignty and reinforces dictatorship. It constitutes a coup against the principles and goals of the January 25 revolution,” the group said in a statement issued Wednesday. Last-minute negotiations between the government and the Brotherhood failed to stave off their participation in the rally, or scrap the document payday loans lenders.

The show of force comes 10 days before the country’s first parliamentary elections since Mubarak stepped down, when a Brotherhood-affiliated political party is expected to fare well.

Anger against the Supreme Council has been building up over their management of the transition period. Many complain that the generals are recreating the Mubarak regime by cracking down on opponents, by refusing to order a thorough reform of the security services, and by monopolizing decision making. Islamists and liberals alike now express fear that the military council wants to hold on to power, a claim denied by the generals.

The military council had promised to transfer power to an elected civilian government within six months of Mubarak’s ouster. But according to a vague timetable in place, it may not be until early 2013 that a president is elected. Only the dates for the parliamentary elections, which are due to begin in ten days and which will drag into March, are yet known.

Walid Farouk, 32, who wore the heavy beard and traditional robe of the ultraconservative Salafi trend, said that Egypt had seen nothing good from military rule since the army first took power in 1952.

“All of us are scared that the army could try to hold on to power,” he said. “It is time for a civilian government.”

The writing of Egypt’s constitution has been a divisive issue, and details of who will write it and what it contains are at the heart of recent rallies.

Some liberals have supported the idea of writing guiding principles for the constitution, fearing that a parliament controlled by Islamists would insert religious principles into the document.

Even now, some liberals remain opposed to the Friday rally, saying a document is necessary to detail how members of the assembly are to be chosen, and controversial clauses can be negotiated.

But many others have come to distrust the military’s Supreme Council at least as much they distrust the Islamists.

At Friday’s rally, protesters are also expected to celebrate the birthday of one of the most prominent revolutionary to be jailed by the military prosecutor. Alaa Abdel-Fattah, a famous blogger and activist, was detained late last months for refusing to answer to the military prosecution on his alleged role in sectarian violence that left 27, mostly Christians, dead. He turned 30 on Friday.

Many hold the military responsible for the violence, and see Abdel-Fattah’s detention as an attempt to find a scapegoat and discredit activists.

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Shares of Abercrombie & Fitch Co. tumbled on Wednesday after the retailer of preppy teen apparel reported third-quarter results that missed expectations due to higher costs and a slowdown in Europe.

After losing market share to cheaper competitors during the recession, Abercrombie & Fitch has focused on expanding internationally with flashy flagship stores in places like Milan and Paris and on closing underperforming stores in the U.S.

But it is facing challenges on two fronts, higher costs and the increasingly shaky economy in Europe. In a call with analysts, CEO Mike Jefferies said the company stood by its European expansion plans.

“Our European business, while slowing somewhat during the quarter, is very robust and healthy by any objective measure,” he said. “If anyone is inclined to believe that a softening of our business in Europe this quarter in the face of severe macroeconomic headwinds is a major issue for our model, frankly, I think they are missing the forest for the trees.”

Its shares dropped more than 14 percent in late morning trading.

Abercrombie reiterated that it plans to open 40 international mall-based Hollister stores during the year. About 25 have opened as of Oct. 29. It plans to open five international flagship Abercrombie & Fitch stores in 2011. It said it would open Abercrombie & Fitch flagship stores in Amsterdam and Munich in 2012, in addition to previously announced flagships opening in Hamburg and Hong Kong.

Meanwhile, high costs pressured results. The cost of goods sold was up 34 percent during the quarter. But the company did not raise prices, in order to drive sales in its U.S. stores.

“We chose to keep our average unit retail prices down in these stores, which, combined with double-digit average unit cost increases, puts significant pressure on our gross margins,” Jeffries said.

He said the company likely would likely raise prices in the future, and not doing so “left dollars on the table,” in the third quarter.

The New Albany, Ohio-based retailer’s net income rose to $50.9 million, or 57 cents per share, for the three months ended Oct. 30. That compares with $50 million, or 56 cents per share, a year ago. Analysts polled by FactSet expected earnings of 72 cents per share.

Revenue rose nearly 22 percent to $1.08 billion from $886 million. Analysts expected revenue of $1.07 billion.

U.S. revenue rose 14 percent to $920.2 million. International sales rose 56 percent to $255.7 million.

Revenue in stores open at least one year, a key gauge of a retailer’s performance, rose 7 percent, including a 4 percent gain at Abercrombie & Fitch, a 6 percent gain at Abercrombie kids stores and an 8 percent gain at surf-themed Hollister Co.

Shares fell $8.01, or 14.4 percent, to $47.69 in late morning trading after falling as low as $46.69 earlier in the session. The stock had been down 3 percent since the beginning of the year.

Stock fell in the broader market as oil topped $100 a barrel for the first time since July and concern about Europe’s debt crisis lingered. The Dow fell 121 points in morning trading.

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Tropical Storm Sean continues to weaken after passing Bermuda and heading northeast into the Atlantic.

The U.S. National Hurricane Center in Miami said Friday evening that Sean had maximum sustained winds of 50 mph (80 kph). It was about 300 miles (483 kilometers) northeast of Bermuda and moving northeast at 30 mph (48 kph).

Forecasters had discontinued the tropical storm warning for Bermuda.

Little change in strength is expected before Sean is absorbed by a frontal system Friday night or Saturday.

Swells generated by the storm also are affecting Bermuda with life-threatening surf and rip currents. The swells should subside in a day or two.

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Asian-Pacific leaders gathering in warm, sunny Honolulu this week will be searching for ways to kickstart faster growth through freer trade, moving on from the gloom over European debt that prevailed days earlier at the G20 summit in chilly Cannes.

In an era of debt crises and protests over inequality, the role of the annual Asian Pacific Economic Cooperation summit may turn out to be just as much about confidence building as it is about combating protectionism.

The leaders of the 21 regional economies “do see freer trade flows as critical to growth and jobs,” said Charles Morrison, president of the East-West Center, a think tank in Honolulu.

“The main contribution APEC can make in the short-run is to restore the feeling that the leaders, ministers and central bankers of the major economies are indeed working closely together,” he said.

APEC’s activities encompass a wide range of issues, including climate change, energy and food security, and politics. But the spotlight in Honolulu will be on its original mission: promoting growth through trade and closer economic ties among Pacific Rim nations from Chile to China.

For President Barack Obama, the Aloha APEC, as the event is being dubbed, is a chance to spotlight progress on re-energizing exports, while pushing for a major Pacific rim trade pact.

The U.S. recently clinched long-sought free trade pacts with South Korea, Colombia, and Panama _ agreements that if ratified will bring to 20 the number of countries that have free trade agreements with the U.S.

Such arrangements are potentially worth billions to American exporters, and thousands of new jobs. Despite a recent surge in exports, the U.S. share in Asian international trade has fallen 9 percent since 1990 as other nations have set trading agreements among themselves.

Europe’s debt troubles remain a concern, with talks Wednesday among deputy ministers focusing on how that may affect the global outlook and on the need for willingness to act to counter those headwinds, said a senior U.S. Treasury official.

Officials agreed on the need to push ahead with reducing trade gaps, especially through flexible management of exchange rates. China’s willingness to make that commitment both in Cannes and in Honolulu could encourage similar moves by other Asia-Pacific economies, he said.

Prospects for major progress in Hawaii on establishing a Pacific-wide free trade zone, encompassing more than half the world’s economic output, remain unclear.

The U.S., Australia, Malaysia, Vietnam and Peru are negotiating to join the bloc, called the Trans-Pacific Partnership, which already brings together the smaller economies of Chile, New Zealand, Brunei and Singapore.

Bringing onboard other big regional powers such as Japan and China, the world’s third and second-largest economies, would vastly expand the bloc’s scope and impact.

But Japan’s debate on joining the TPP, sidetracked by the March 11 earthquake and tsunami disaster, remains in limbo, with the ruling party split fast payday loan no faxing. Prime Minister Yoshihiko Noda is expected to hold a news conference in Tokyo before leaving for APEC, when he may announce a decision.

Supporters view membership as a way to revive Japan’s sagging economy, enabling it to better tap into Asia’s dynamism, but politically influential farmers say that cutting tariffs _ the duty on imported rice, for example, is 778 percent _ would destroy them.

Such moves are risky for other countries as well.

“It’s very difficult for countries to make concessions on significant sectors like agriculture or things like that in an environment where there’s not enough to go around in the first place,” Patrick Chovanec, an associate professor at Tsinghua University’s School of Economics and Management in Beijing.

“In this environment, when the world’s gone through the worst contraction since the 1930s, it’s actually pretty miraculous that everybody’s not at each other’s throats over trade. That is something of an accomplishment,” he said.

China, which has not been invited to join the Pacific trade pact, says Washington’s goals are overly ambitious and run the risk of requiring concessions that might not take into account regional disparities in development.

Despite qualms over the pace and scope of any push for a regional free trade bloc, the 20,000 business and political leaders meeting in Hawaii appear to share a general consensus over the region’s potential _ and need _ to compensate for malaise in the U.S. and Europe.

“Our goal for the meetings is to build a commitment for practical policies that will strengthen the global recovery,” Charles Collyns, the U.S. Treasury assistant secretary for international finance, told reporters at a briefing Monday to preview the meetings.

“The dynamic emerging markets must play a bigger role in bolstering global growth,” he said.

The share of exports in the U.S. GDP has risen to 14 percent from 11 percent over the past few years, the highest share in over 200 years, helped by the rebound from the global crisis, a weak U.S. dollar, strong growth in China and South America as well as by policy.

But so far, the export boom has not provided the oomph needed to make a significant dent in unemployment, partly because most growth has been concentrated in sales of corn and soybeans, coal and other resources, rather than in more labor intensive manufacturing, said Ed Gresser of the Progressive Policy Institute in Washington, D.C.

“The export sector has done really well, but the general economy hasn’t,” he said. “In farm areas there are jobs, but in the cities and suburbs we still have 14 million out of work.”

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Greece’s political leaders struggled Sunday to find common ground on forming an interim government amid a political crisis that threatened the country’s ability to avoid a catastrophic bankruptcy and to retain its cherished eurozone membership.

The country’s president, Karolos Papoulias, was to convene a meeting between Prime Minister George Papandreou and the head of the main opposition conservatives, Antonis Samaras, Sunday night to try to hammer out a solution.

Faced with mounting pressure from both the opposition and his Papandreou, who survived a confidence vote in his government Saturday, has said he will step aside if agreement can be reached on the formation of an interim government that will secure a new European debt deal for Greece and the disbursement of a vital bailout loan installment without which the country will default within weeks.

“I’ve said many times, and I insist on this for the umpteenth time, that I am not interested in staying on in this new government as prime minister,” Papandreou told his ministers during an emergency Cabinet meeting Sunday. “I couldn’t have been clearer. I don’t play games and neither do I gamble the country’s fortunes.”

Samaras, who has been pressing for snap elections, has set Papandreou’s resignation as a condition for participating in any talks, saying earlier Sunday he considered the prime minister to be “dangerous” for the country.

The crisis was sparked after Papandreou’s shock announcement Monday night that he wanted to put a new European debt deal aimed at rescuing his country’s economy to a referendum. That plan caused an uproar in Europe, with the leaders of France and Germany saying any popular vote in Greece would decide whether the country would remain in the euro. European officials also said the country would not receive the vital euro8 billion euro installment of its existing euro110 billion bailout until the uncertainty in Athens was over.

Papandreou’s announcement also spooked international markets, leading stock markets to tumble and led to calls in Greece for Papandreou’s resignation _ even from among his own Socialist lawmakers and ministers _ with many saying he had endangered Greece’s bailout.

The prime minister withdrew the referendum plan on Thursday, after Samaras indicated his party would back the new debt deal, which was agreed upon after marathon negotiations in Europe on Oct. 27.

Greek officials were hoping to have a deal on a new interim government by Monday, when the country has to attend a meeting of eurozone finance ministers in Brussels instant credit reports.

“Forming a new government is not just to a question of having someone representing the country. There are very specific things to be done and we must show responsibility and send a strong message to our partners abroad that we, as a country, are ready not only to vote the agreement, but also to implement it,” Papandreou said during the Cabinet meeting, according to a transcript of his statements released by his office.

Greece has been surviving since May 2010 on its initial bailout. But its financial crisis was so severe that a second rescue was needed as the country remained locked out of international bond markets by sky-high interest rates and facing an unsustainable national debt increase.

The new European deal, agreed on by the 27-nation bloc on Oct. 27 after marathon negotiations, would give Greece an additional euro130 billion ($179 billion) in rescue loans and bank support. It would also see banks write off 50 percent of Greek debt, worth some euro100 billion ($138 billion). The goal is to reduce Greece’s debts to the point where the country is able to handle its finances without relying on constant bailouts.

Greece’s lawmakers must now approve the new rescue deal, putting intense pressure on the country’s leaders to swiftly end the political crisis so parliament can convene and put the debt agreement to a vote.

“We know that there can be no elections now,” Papandreou said during the Cabinet meeting, noting that snap polls would delay the approval of the new debt deal. “This cooperation, however, is necessary and will be beneficial for the climate in our country and internationally.”

He said the new government would focus on passing the new debt deal and ensuring the disbursement of the bailout tranche.

“In these critical moments, the two (main) parties are merely wasting time,” said lawmaker Giorgos Kontoyannis, a former New Democracy legislator who has joined splinter group Democratic Alliance. “I want to say to my former New Democracy colleagues that our responsibility to our country is individual and not bound by party allegiance.”

In return for bailout money, Greece was forced to embark on a punishing program of tax hikes and cuts in pensions and salaries that sent Papandreou’s popularity plummeting and his majority in parliament whittled down from a comfortable 10 seats to just three.

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OTTAWA

CUPERTINO, CALIF.—Apple Inc. says there is a problem with its latest mobile operating system that is shortening the battery life of iPhones, iPads and iPods that use the software.

Spokeswoman Natalie Harrison said Wednesday that a small number of customers have reported lower-than-expected battery life on devices running on the company’s iOS 5 operating system.

She said Apple has found bugs in the program and will release a software update to address them in a few weeks.

The latest iPhone, the 4S, comes with iOS 5.

Other devices can be upgraded to run the software: The iPhone 3GS or 4, iPads and an iPod Touch released in September 2009 or later.

Apple shares added $1.59 to $399 in aftermarket trading. Shares ended the regular session up 41 cents at $397.41.

In the meantime, if you’re suffering from battery problems on the iPhone 4S, here are a few things you can try (via Wired and Gizmodo):

1 payday loans. Drain the phone’s battery completely and then charge it up to 100 per cent. Doing so can recalibrate the battery and solve the issue.

2. One user in Apple’s forums found that disabling the calendar in their Exchange mail account and then enabling it again dramatically improved battery life.

3. If neither of those fixes seem to be helping, try adjusting your settings. Normal battery-saving techniques like lowering screen brightness or turning off Wi-Fi or switching to Airplane Mode when you don’t mind being off the grid will help

4. Location: turn off location-based services, or just on the apps you don’t need monitoring your whereabouts constantly. You can also switch off push notifications for email, switching to fetch at longer intervals instead.

Here are a few more useful tips in the video below:

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Chase is joining the list of banks that won’t be charging customers to use their debit cards, as the backlash over Bank of America’s planned $5 monthly fee continues.

The retail banking arm of JPMorgan Chase & Co. will stop charging $3-per-month fees for using debit cards when its current pilot in Wisconsin and Georgia is completed in November, a source with knowledge of the bank’s plans told The Associated Press.

The test program involves an “a-la-carte” checking account that allows customers to choose what banking products they want, said the individual, who asked not to be identified because the bank has not officially announced the program will not go forward.

Chase, which operates in 23 states, began its test in February. It’s not alone. Wells Fargo & Co. began a similar pilot in five states on Oct. 14, testing a flat $3 fee for using debit for purchases.

Other banks already have more widespread fee policies. SunTrust Banks charges $5 a month for debit cards used to make purchases, and Regions Financial Corp. charges $4.

But it was Bank of America Corp.’s plan to start charging $5 per month that lit the issue on fire. The Charlotte, N.C.-based bank, last month said it will begin assessing the fee in 2012.

Banks are justifying the fees by stating that they need to recoup revenue lost to new regulations that limit the fees they can collect from retailers for handling debit card transactions. But the new fees sparked a huge backlash.

Signs like, “I bailed out the banks and all I got was a $5 debit card fee” have been spotted the Occupy Wall Street protest in New York and its sibling protests around the country. The author of the regulations, Sen. Richard Durbin, D.-Ill, called the fee an “outrage” on the floor of the Senate.

`”It is hard to believe that a bank would impose such a fee on loyal customers who simply are trying to access their own money on deposit,” he said no teletrack payday loan. “Especially when Bank of America for years has been encouraging their customers to use debit cards as much as possible.”

Durbin encouraged customers of banks that charge fees to “vote with their feet,” but consumers were already ahead of him. Credit unions and community banks nationwide are reporting huge spikes in new accounts as consumers seek no-fee options.

“People are literally walking into branches and cutting up their Bank of America cards,” Kirk Kordeleski, CEO of Bethpage Federal Credit Union in Long Island, N.Y., said last week.

The backlash hasn’t gone unnoticed by other banks.

Citigroup Inc. almost immediately pointed to its policy of not charging for debit, although at the same time it changed requirements for its mid-tier checking accounts to make it harder to avoid a $20 per month service fee.

Huntington National Bank, Ally Bank, USAA and on Friday, TD Bank, are among those that are publicizing that they will not charge debit card fees. And institutions like CDC Federal Credit Union in Atlanta are sending emails out with “No Debit Card Fees” in the subject line to entice people to move their money.

The anger appears to be resonating.

On Friday, Bank of America bent. A source at the bank, who asked not to be identified because the policy is still evolving, said it likely it will offer ways for its customers to avoid debit card fees through using direct deposit, maintaining minimum balances or using Bank of America credit cards.

But a good deal of damage is already done. “Too little, too late,” one angry customer posted on Facebook. “I’ve already switched to USAA!”

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