Cathay Pacific to Buy 36 Planes As Passenger Traffic Rises

Cathay Pacific Airways (CPCAY) will buy 36 planes after its quarterly earnings surged and passenger levels rose. Hong Kong%u2019s largest carrier will order 30 Airbus A350-900 planes and six Boeing 777-300ERs, Bloomberg News reported. The company%u2019s passenger traffic rose 8.5% in the quarter, while profit rose more than eightfold to HK$6.84 ($881 million).

China Overtakes Japan as World's Second-Largest Economy

China is now the world%u2019s second-largest economy, having overtaken Japan, a senior Chinese official said. Yi Gang, the country%u2019s chief currency regulator, mentioned the achievement in comments published on the website of the State Administration of Foreign Exchange, Reuters reported.

China's Economy Slows on Tighter Credit, Unwinding Stimulus

China%u2019s economy, the world%u2019s third-largest, is slowing as the government tightens credit and unwinds its stimulus package. Growth slowed to 10.3 % in the second quarter from 11.9% in the first quarter, The Associated Press reported. This slowdown could hit global economic demand.

Blackstone to Take Over Bank of America Asian Real Estate Fund

The real estate portfolio is worth around $2 billion, excluding debt. Blackstone will help unwind the portfolio and will not acquire any assets from it. The real estate portfolio is worth around $2 billion, excluding debt. , The Financial Times reported. Blackstone will help unwind the portfolio and will not acquire any assets from it.

June Retail Sales Forecast to Rise With the Mercury

The East Coast heat wave is warming up more than sidewalks: It's also helping retailers shake up sales. Merchants are expected to report healthy numbers when they post their June sales figures Thursday, and several could update their second-quarter guidance as a result.

Car Sales Rise, but Signs of Slowing Emerge

Automakers reporting June sales results Thursday painted a mixed picture for the economy, one that show signs of weakening even as they moved more cars off dealers' lots.

Google to Push Android Software in India and China

Google (GOOG) is planning to expand sales of Android mobile software in China and India as it seeks to step up competition with Apple and Nokia, Bloomberg BusinessWeek reported. Google is aiming to puts its Android operating system on cheaper phones made by Huawei Technologies and LG Electronics in parts of Asia and Europe, Bloomberg BusinessWeek reported. They also hope to make it easier sell products on mobile devices in the hope of attracting programmers to the Android system.

Why Singapore Is a Millionaire Magnet

Singapore has the greatest proportion of millionaire households in the world, but why? Credit a better quality of life, a growing economy, family friendly businesses and so much more.

European Stocks Recover

Citigroup analysts predict the market may correct by 20% due to the fear of a collapse of the euro and contagion from Greece's bailout. The call may be premature.

McDonald's to Close Hundreds of Outlets in Japan

McDonald's is closing 430 restaurants in Japan, the latest sign of the faltering economy in the Asian country. The world's largest restaurant chain plans to take a charge of $40 million to $50 million in the first half of the year. McDonald's Holdings Co. (Japan) has 3,700 stores.

China Topples U.S. as No. 1 Auto Market

It took a massive recession to make it happen, but China eclipsed the U.S. in auto sales last year. Buoyed by government stimulus, Chinese consumers snatched up 10.3 million cars, while total vehicle sales reached 13.6 million. By contrast, in the U.S., which was the world's largest auto market for decades, sales were just 10.4 million cars and trucks, and 2009 will go down as the slowest sales year since 1982.

Asian markets tumble

Asian markets tumbled Monday despite recent news that two of the region's biggest economies, Hong Kong and Japan, have emerged from recession. The...

Tourist spending plunges in the US

International visits to the United States fell 12 percent in May 2009 from the year before. Those still flying over spent a lot less – only...