The president of the Italian Ferrari luxury sports car company, Luca Cordero di Montezemolo, is to leave his post on October 13, the Fiat auto group announced on Wednesday, just days after the executive said he wanted to stay.

Venezuela's inflation rate has soared to 63.4% -- the highest in Latin America -- the Central Bank announced Tuesday.

Argentina will build a soaring skyscraper set to be the tallest in Latin America, President Cristina Kirchner said Tuesday.

Can a long-delayed natural gas plant transform a nation's economy? Ghana's President John Dramani Mahama certainly hopes so, labelling a new facility even more important than the discovery of oil.

A high-level international panel called Tuesday for the decriminalization of drug use and the creation of legally regulated markets to wrest control of the narcotics trade from organized crime.

Tehran said Tuesday it would enhance energy cooperation with Russia but there would be no imminent oil-for-goods deal of the kind that has raised concerns in Washington.

"Iran and Russia have agreed to cooperate in the energy field," Ali Majedi, Iran's deputy oil minister, told the ISNA news agency.

Japanese e-commerce giant Rakuten said Tuesday it would buy U.S. online shopping operator Ebates for about $1.0 billion as it looks to tap overseas markets to counter a limited home market.

Rakuten said the all-cash deal would give it access to 2.5 million new customers in various markets including the United States, Canada, South Korea and China.

European businesses in China on Tuesday warned the Communist Party urgently to implement promised reforms or risk seeing growth in the world's second-largest economy plummet and incomes stagnate.

"The 'golden age' for business in China is drawing to a close," the European Union Chamber of Commerce in China said.

European businesses in China on Tuesday warned the Communist Party urgently to implement promised reforms or risk seeing growth in the world's second-largest economy plummet and incomes stagnate.

The world is facing a global jobs crisis that is hurting the chances of reigniting economic growth and there is no magic bullet to solve the problem, the World Bank warned on Tuesday.