Premier Li Keqiang’s government sees 7 percent growth as the bottom line for tolerance of an economic slowdown, Chinese news organizations reported, signaling the nation will act to support expansion if needed. Expansion below 7 percent won’t be tolerated because China needs to achieve a moderately prosperous society by 2020, according to a commentary published July 21 by the official Xinhua news agency and credited to reporter Wang Yuewei. Li said at a recent meeting with economists that 7 perc

WASHINGTON (AFP) ― Michigan’s governor said Sunday he would not seek a U.S. government bailout for Detroit, saying bankruptcy was a necessary path to rebuild the once great American auto city.“And I don’t expect one. I’ve said before that the state cannot bail out the city of Detroit,” Rick Snyder said on CBS’ “Face the Nation” talk show.“It’s not just about putting more money in a situation.”The city filed for bankrupcy on Thursday, saddled with $18 billion in debt and a tax base depleted by de

The smartphone has crossed the line from shiny new technology to ubiquitous commodity. App-laden, Web-surfing phones have surged in popularity over the past half-decade and generated $293.9 billion in sales last year alone. They are now used by more than 1 billion people around the world. With more than half of mobile users in the U.S. and developed countries owning a smartphone, and consumers in emerging markets including China and India gravitating toward cheaper models, demand is slowing for

Pacific Investment Management Co.’s Bill Gross said he expects the Federal Reserve won’t tighten monetary policy until 2016 at the earliest. Treasuries had their biggest two-week gain in almost a year as Federal Reserve chairman Ben S. Bernanke said the central bank wouldn’t slow its monthly bond-buying program unless economic conditions warrant. “So bonds come out of their coffin & it’s not even Halloween,” Gross, who manages Pimco’s $268 billion Total Return Fund, said in the posting on Twitte

ATHENS (AFP) ― U.S. Treasury Secretary Jack Lew praised the “hard work” of Greece’s Prime Minister Antonis Samaras on Sunday and urged his government to continue with economic reform.Lew publicly declared his confidence in the conservative administration of Samaras following a meeting in Athens.“Greece has gone through a difficult period of adjustment and reform,” said Lew.“We recognize the difficult decisions and shared sacrifices in recent years, as well as the challenges that remain.“I’m part

Company acquires online transit-navigation service HopStop, pushing deeper into maps

BAGHDAD (AFP) ― Interest by Citibank and Standard Chartered to expand into Iraq highlights the vast potential of the country’s banking sector, but the experience of global rival points to the many pitfalls they must navigate.With tens of millions of potential customers, few of whom have bank accounts, the country could provide a windfall for firms that manage to grab a foothold.Iraqis are on the hunt for a full range of services, from current accounts to insurance and mortgages, little of which