Apple unveils new Macs, iPad
SAN FRANCISCO - Apple Inc. is refreshing its iPad lineup and slashing the price of its Mac computers ahead of the holiday shopping season as it faces an eroding tablet market share and growing competition from rival gadget makers.
The company unveiled a thinner, lighter tablet called the "iPad Air" along with a slew of new Macs on Tuesday.
The product reveal comes as iPad's market share has been eroding, compared with cheaper rivals running Google Inc.'s Android operating system. Research firm Gartner Inc. estimates that Android tablets will end 2013 with a 50 percent share of the worldwide market versus 49 percent for the iPad. Just two years ago, the iPad commanded a 65 percent market share compared with 30 percent for Android tablets.
Official: Wall Street profits might slow
ALBANY, N.Y. - Though Wall Street recorded $10.1 billion in profits for the first half of 2013, New York's comptroller said Tuesday that federal budget dithering, higher interest rates and litigation might slow earnings for the last half in a securities industry that's kept trimming jobs.
In a report, Comptroller Thomas DiNapoli projected that overall earnings will be limited to $15 billion this year, compared with $23.9 billion last year, but still part of the rebound from the 2008 crash of the financial markets and the national recession.
China, Russia agree to oil supply deal
BEIJING - Russia has signed an $85 billion deal to supply oil to China, visiting Prime Minister Dmitry Medvedev said Tuesday, expanding energy trade between the giant neighbors.
The two governments also agreed to jointly construct an oil refinery in Tianjin, east of Beijing, Medvedev said in comments posted on the website of the government's Xinhua News Agency. Xinhua said he made them during an online forum with Internet users.
EU top court rules in Volkswagen case
BRUSSELS - The European Union's top court has upheld a law giving a German governmental authority a blocking minority in Volkswagen AG, Europe's largest carmaker.
The Court of Justice on Tuesday dismissed a lawsuit against the rule brought by the European Commission, the 28-nation bloc's executive arm that also acts as the antitrust watchdog.
The German state of Lower Saxony's 20 percent stake in the Wolfsburg-based automaker gives it the right to block corporate decisions - a lower threshold than the 25 percent blocking minority for all other German public companies. But the court ruled the law still meets the relevant requirements.