Never mind the Ukraine crisis and Washington's sanctions against Moscow: U.S. automakers say the Russian market is their next big frontier.
Russia is simply too large and too important for carmakers to ignore, experts said this week.Full Story
Automaker Fiat-Chrysler said on Saturday that it would begin producing the iconic American brand Jeep in China from 2015 to meet demand in the world's largest car market.
Fiat-Chrysler -- created by Italy's Fiat acquiring Chrysler of the United States -- will produce three Jeep sport utility vehicle (SUV) models in China, including one specifically designed for the Chinese market, the company said in a statement.Full Story
Iran's crude oil exports have hit 1.2 million barrels per day, almost doubling from eight months ago when the country elected a new president, a top government official said Friday.
Mansour Moazami, who holds the planning brief among the Islamic republic's five deputy oil ministers, said the numbers were 20 percent above forecasts and they would rise further.Full Story
The International Monetary Fund released a bailout payment of 851 million euros ($1.18 billion) to Portugal on Thursday as the debt-riddled country gets close to exiting its three-year IMF-European Union rescue.
The IMF executive board approved the payment, which brings the total amount disbursed under the program to 25.7 billion euros.Full Story
The dollar rose in quiet Asian trade Friday, winning support from positive U.S. jobs data and a deal between Russia and the West aimed at easing tensions in Ukraine.
The greenback fetched 102.48 yen in Tokyo, up from 102.39 yen in New York Thursday while the euro drifted lower against the dollar to $1.3811 from $1.3813.Full Story
Italy's cash-strapped government has raised more than 370,000 euros by selling 52 luxury cars owned by the state through online auction site eBay, the prime minister's office has said.
On the first day of sales, Rome managed to sell executive vehicles worth 371,400 euros ($513,000) from the sale of "auto blu" cars, the name given to those owned by ministers and state officials.Full Story
Demand for cars in Europe moved up another gear in March and struggling French group Peugeot Citroen did well, trade data showed on Thursday, but the market is still suffering badly from a recent slump.
Sales of new cars in the European Union surged by 10.6 percent last month on a 12-month comparison to a total of 1.45 million.Full Story
Japan's top steelmaker said Thursday it has built a system to make and ship the longest pieces of railway track in the world, extending to 150 meters (492 feet).
Nippon Steel & Sumitomo Metal said its extra-long rails are more durable than shorter ones that need to be welded together and can offer passengers a quieter, more comfortable ride.Full Story
Foreign direct investment (FDI) into China increased 5.5 percent in the first three months of the year despite faltering in March, the government said Thursday, though outbound investment slumped.
FDI, which excludes investment in financial sectors, totaled $31.55 billion in the March quarter, the commerce ministry said in a statement. However, investment in March declined 1.47 percent to $12.24 billion, it said.Full Story
Failed Bitcoin exchange MtGox was placed in administration by a Japanese court on Wednesday, with an order for bankruptcy expected to be issued soon, its administrator and chief executive said.
"The Tokyo District Court decided today to dismiss the application for commencement of a civil rehabilitation and at the same time, an order for Provisional Administration was issued," a statement from CEO Mark Karpeles said.Full Story