Gold Posts Biggest Weekly Gain Since 2011
Gold eased on Friday but notched its biggest weekly advance in nearly two years as fears of an imminent winding down of the U.S. Federal Reserve’s monetary stimulus eased for now. Spot gold remained unchanged at $1,279.90 an ounce. U.S. Comex gold futures for August delivery settled down $2.30 to $1,277.60 an ounce. (Agency)
US Budget Surplus Highest in 5 years
The US government reported a budget surplus of $116.5bn in June, the most in five years. The improving US economy meant that tax receipts were higher than expected. Also, government spending plunged by 47% due to package of spending cuts and tax increases passed in January, know as the sequester. (www.bbc.com)
UBS Became the World’s Largest Private Bank
UBS won back the title of largest private bank in the world as inflows of fresh client funds surged last year, indicating restored confidence following the financial crisis, according to a study. The Swiss bank displaced Bank of America Corp from the top spot in an annual benchmark compiled by London-based wealth management consultant Scorpio Partnership. (Agency)
PC Sales See ‘Longest Decline’ in History
Global personal computer (PC) sales have fallen for the fifth quarter in a row, making it the “longest duration of decline” in history. Worldwide PC shipments totalled 76 million units in the second quarter, a 10.9% drop from a year earlier, according to research firm Gartner. (The Economic Times)
95 Chinese Firms in Fortune Global 500 List
The newly released Fortune Global 500 list includes 95 Chinese companies, 89 of them state-owned, showing that the world’s fastest growing economy still has plenty of room for improvement. The number of Chinese companies on the list is second only to the US, which has 132 entries. Six firms from Taiwan also made it to the list published by the Fortune magazine, ranking the companies according to their revenue. (Agency)
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