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Motor racing-Fernley says costs threaten some F1 teams By Alan Baldwin MONACO, May 25 (Reuters) - Some Formula One teams face a fight for survival next season when engine costs more than double, Force India deputy principal Bob Fernley said on Saturday. "You shouldn't underestimate the resolve of Formula One teams, they are incredibly resilient and probably will come through," the Briton told Reuters i......




Durable goods orders point to factory resilience

Washers and dryers are seen on display at a store in New YorkBy Jason Lange WASHINGTON (Reuters) - Orders for long-lasting U.S. manufactured goods rose more than expected in April, a hopeful sign that a sharp slowdown in factory output could soon run its course. New orders for durable goods, which range from toasters to aircraft, increased 3.3 percent last month, the Commerce Department said on Friday. The d......




Associate of arms dealer Viktor Bout extradited to New York By Chris Francescani NEW YORK (Reuters) - A U.S-Syrian citizen accused of conspiring with jailed Russian arms dealer Viktor Bout has been extradited to New York from Australia to face charges he conspired to buy aircraft in violation of economic sanctions, federal prosecutors said on Friday. Richard Ammar Chichakli is scheduled to be arraigned in f......


Wall Street posts first weekly loss since mid-April on Fed angst

Traders work on the floor at the New York Stock ExchangeBy Angela Moon NEW YORK (Reuters) - The S&P 500 declined for a third day on Friday, with the three major stock indexes posting their first negative week since mid-April on lingering concern that the central bank may scale back its stimulus measures to support the economy. Still, the indexes closed well off their lows in light volume ahead of th......




Oil ends week down 2 pct on tepid demand outlook NEW YORK (AP) ? The price of oil fell 2 percent this week, as oil traders worried about global demand and shared the stock market's concerns about possible changes to the Federal Reserve economic stimulus program.


Switzerland sees free-trade pact with China in July

Swiss President Maurer and Chinese Premier Li listen to national anthems during the second day of an official visit to Switzerland in BernZURICH (Reuters) - The Swiss government said on Friday it hopes to sign a free-trade agreement (FTA) with China that would be the first such deal of its kind between Beijing and continental Europe when Switzerland's economy minister visits China in July. "I hope we can sign our FTA at the occasion of my confirmed visit to Beijing in mid-J......




China, Switzerland to seal free trade deal

Chinese Prime Minister Li Keqiang poses together with the Swiss yodel group ''Saengerrunde Zurich'' in Embrach, Switzerland, Friday, May 24, 2013. Li Keqiang is on an official visit to Switzerland until Saturday. (AP Photo/Keystone,Walter Bieri )GENEVA (AP) ? Chinese Premier Li Keqiang is in Switzerland to seal a free trade pact with the Alpine nation ? the first comprehensive agreement his country has reached with a major western economy.





Rosy China growth forecasts fade on further signs of slowdown

Employees work inside a factory which makes bearing cages in Liaocheng, Shandong provinceBy Koh Gui Qing BEIJING (Reuters) - As evidence mounts that China's economy is losing momentum, economists are fast abandoning their rosy recovery forecasts and bracing for what could be the country's slowest growth rate in 23 years. In the space of five months, analysts have swung from confidently predicting a modest pick-up in the world......




Iceland's new PM rejects EU, but embraces EU economic goals

Iceland's Progressive Party Chairman Gunnlaugsson arrives at the President's office in ReykjavikBy Jon Thor Viglundsson REYKJAVIK (Reuters) - Iceland must find stability by aiming for the same economic goals as those set for European Union states, even though it is skeptical about joining the EU and will keep its own currency, the new prime minister said. Iceland is still recovering from the collapse of its top three banks in late 2008 and al......




Malawi cuts 2013 growth forecasts, sees sharply lower inflation

A girl poses for a photographer at her vegetable stall in TsanganoJOHANNESBURG (Reuters) - Malawi's economic growth is seen rebounding to 5 percent in 2013, from 1.8 percent in 2012, mainly because of an improvement in agriculture and tobacco processing, Finance Minister Ken Lipenga said on Friday. Lipenga had forecast growth of 5.5 percent at a Reuters Summit in April. Inflation is expected to slow sharply ......




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