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  • Europe edges up on earnings, risk aversion remains
    European equities edged higher in early trade on Wednesday, extending gains from Tuesday after a batch of positive earnings and U.S. economic data briefly calmed worries over stretched valuations and the ...
  • Apple revenue lags Street's view despite strong China growth
    Apple Inc posted a smaller-than-expected 6 percent rise in quarterly revenue on Tuesday, but revenue surged 28 percent in greater China despite stiff competition in its third-largest market. It sold 35.2 million iPhones in the June quarter, a rise of about 13 percent that was in line with analysts' projections, helped by a strong performance in an Asian market considered crucial to Apple's longer-term growth prospects. Chief Executive Tim Cook told analysts on a conference call that Apple's Chinese performance was "honestly surprising." Unit iPhone sales jumped about 48 percent and Mac computer sales rose 39 percent in the June quarter, Chief Financial Officer Luca Maestri said in an interview. This month, Samsung Electronics Co Ltd estimated April-June operating profit far below most analysts' forecasts, as its Galaxy S5 sold more slowly than expected in the face of severe competition.   
  • Five held in China food scandal probe, including head of Shanghai Husi Food
    Shanghai police said on Wednesday they detained five people in an investigation into a Chinese-based supplier of foreign fast-food brands, including KFC, McDonald's Corp and coffee chain Starbucks Corp, over allegations the firm supplied old and rotten meat. The five detained include the head of the company - Shanghai Husi Food Co Ltd, a unit of U.S.-based OSI Group LLC - and the firm's quality manager, the police said in an online statement. McDonald's and Yum Brands Inc, the parent company of KFC and Pizza Hut, and a number of other global brands have pulled products from their outlets after it emerged that Shanghai Husi supplied expired meat to clients in China, as well as Japan. Earlier, the official Xinhua news agency cited the Shanghai food and drug watchdog as saying that food safety violations at Shanghai Husi were company-led rather than the acts of individuals.

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