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Islands on South China Sea can house missiles: U.S.

WASHINGTON - China, in an early test of U.S. President Donald Trump, has nearly finished building almost two dozen structures on artificial islands in the South China Sea that appear designed to house long-range surface-to-air missiles, two U.S. officials told Reuters.

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Global stocks top 2016 gains, dollar up before Fed minutes

LONDON Global stocks hit record highs on Wednesday, pushing gains for the year above those for all of 2016, while the dollar rose before Federal Reserve minutes that will be scoured for clues on the timing of the next U.S. interest rate rise.

Automakers urge new EPA chief to withdraw Obama car fuel-efficiency rules

WASHINGTON A trade association representing General Motors Co , Toyota Motor Corp , Volkswagen AG and nine other automakers on Tuesday asked new Environmental Protection Agency chief Scott Pruitt to withdraw an Obama administration decision to lock in vehicle emission rules through 2025.

Ex-Hong Kong leader jailed in fall from 'such a height'

HONG KONG Former Hong Kong leader Donald Tsang was jailed for 20 months on Wednesday for misconduct in public office, making him the most senior city official to serve time behind bars in a ruling some said reaffirmed the financial hub's vaunted rule of law.

Switzerland's ABB hit by $100 million South Korean fraud

ZURICH Swiss engineering group ABB revealed the discovery of what it called a "sophisticated criminal scheme" in its South Korean subsidiary on Wednesday, which it expects will result in a $100 million pre-tax charge.

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