Dow Chemical Co.’s claim to $1 billion in tax deductions was based on transactions with sham partnerships promoted by Goldman Sachs Group Inc. and law firm King & Spalding LLP, a federal judge ruled, throwing out the company’s bid to recover the money.
Brian Jackson, an emerging-markets strategist at Royal Bank of Canada in Hong Kong, commented on the Chinese central bank’s decision to raise the reserve ratio requirement for lenders for the second time this year.
Brian Jackson, a Hong Kong-based strategist at Royal Bank of Canada, comments on the People’s Bank of China’s decision to raise banks’ required deposit reserve ratio today. The central bank will raise the ratio by 50 basis points effective Dec. 20.
The Conference Board revised its leading economic index for China to show the smallest gain in five months in April, in a release that contributed to the biggest sell-off in Chinese stocks in more than a month.
Brian Jackson, a Hong Kong-based strategist with Royal Bank of Canada, comments on the People’s Bank of China’s announcement that it will cut the reserve requirement for the nation’s lenders by 0.5 percentage points from Dec. 5.
Asian currencies traded near a three-week high after China reported record exports for June and South Korea’s central bank raised its 2010 economic growth forecast, bolstering demand for regional assets.