NEW YORK (AFP) ― Chinese manufacturer Lenovo has overtaken U.S.-based Hewlett-Packard as the largest global vendor of personal computers, according to a survey Wednesday highlighting a struggling PC market.The survey by the research firm Gartner showed Lenovo took over the top vendor spot for the first time with 15.7 percent of the market in the third quarter of 2012, edging HP with 15.5 percent.Gartner pointed out that Lenovo has used “aggressive” pricing, especially in the professional market

The Federal Reserve said Wednesday that the U.S. economy was expanding “modestly” last month, supported by improvements in housing and auto sales, even as the labor market showed little change. “Consumer spending was generally reported to be flat to up slightly since the last report,” the Fed said in its Beige Book business survey, which is based on accounts from the 12 district Fed banks. Conditions in manufacturing were “somewhat improved,” according to the report, which provides anecdotal evi

Lagarde says two senior Chinese finance officials skipping meeting will ‘lose out’TOKYO (AP) ― The head of the International Monetary Fund on Thursday called for urgent action to tackle Europe’s debt problems and an approaching fiscal crisis in the U.S., warning that ripple effects from the global slowdown are already being felt around the world.IMF chief Christine Lagarde, addressing reporters as the IMF and World Bank began their annual meetings in Tokyo, praised recent steps taken by the Eur

S&P slashes Spain’s rating 2 notches to lowest investment-grade levelSpain’s debt rating was cut to one level above junk by Standard & Poor’s, which cited mounting economic and political risks as the government considers a second bailout. The country was lowered two levels to “BBB-“ from “BBB+,” New York-based S&P said in a statement Wednesday. S&P assigned a negative outlook to the nation’s long-term rating and lowered the short-term sovereign level to “A-3” from “A-2.” “The negative outlook on

Iraq could more than double its current daily oil production by 2020, vastly boosting its economy and helping to bring stability to global energy markets, the International Energy Agency forecast on Tuesday. The country’s crude oil output could grow to 6.1 million barrels per day in eight years’ time from about 3.0 mbpd currently, the IEA said as it unveiled its Iraq Energy Outlook report in London.The Paris-based IEA added that Iraq stood to gain almost $5 trillion in revenue from exporting oil

Tests to be done on all U.S. banks with more than $50 billion in assetsThe U.S. Federal Reserve announced new rounds of stress tests for big American banks on Tuesday, part of efforts to end the excessive risk-taking that led Wall Street to near collapse in 2008.A first round will be conducted in the coming months under the control of the central bank, followed by a second round by the banks themselves using scenarios set by the Fed, it said in a statement.Tests will eventually be done on all ba

NEW DELHI (AFP) ― Swedish furniture and home furnishings giant IKEA moved a step closer to setting up stores in India, saying on Monday it had filed the final paperwork with the Indian government for its entry. IKEA in June asked India for permission to launch retail operations in the South Asian nation, promising to invest $1.9 billion over the coming years ― part of a broader push into emerging markets including China and Russia.“Once our application is approved we will develop a solid plan fo

HTC Corp., Asia’s second-largest smartphone maker, posted a record 79 percent drop in quarterly profit as competition from Samsung Electronics Co. and Apple Inc. drove down sales of the Taiwanese company’s devices. Third-quarter net income slumped to T$3.9 billion ($133 million), the Taoyuan-based company said in a statement Monday. That missed the T$4.43 billion average of eight analysts’ estimates compiled by Bloomberg in the last 28 days. HTC, maker of the One, Sensation and Desire handsets,

The International Monetary Fund cut its global growth forecasts as the euro area’s debt crisis intensifies and warned of even slower expansion unless officials in the U.S. and Europe address threats to their economies. The world economy will grow 3.3 percent this year, the slowest since the 2009 recession, and 3.6 percent next year, the IMF said Tuesday, compared with July predictions of 3.5 percent in 2012 and 3.9 percent in 2013. The Washington-based lender now sees “alarmingly high” risks of

Eurogroup approves 4.3 billion euro Portugal bailout trancheLUXEMBOURG (AFP) ― Greece must deliver on scores of broken promises by next week’s EU summit if it wants long-delayed loans, its creditors said as they eased the release of money for Portugal and launched a new “bazooka.”“Acting means acting,” International Monetary Fund Managing Director Christine Lagarde said after talks with eurozone finance ministers due to broaden out to include European Union partners on Tuesday.As German Chancell