The Italian government lowered its growth forecast sharply on Thursday, while insisting that the austerity plan adopted last week is sufficient to balance the country's budget by 2013 as planned.
Italy now forecasts a 0.7 percent growth in 2011, 0.6 percent in 2012 and 0.9 percent in 2013, compared to previous forecasts in April of 1.1 percent, 1.3 percent and 1.5 percent, the finance ministry said.Full Story
Asian stock markets slumped on Thursday as the U.S. Federal Reserve's latest multi-billion-dollar move to shore up the American economy was met with worldwide disappointment.
The dollar strengthened against regional currencies as investors sought its safe-haven status after the U.S. central bank warned of serious downside risks for the global outlook.Full Story
South Korean builder Samsung C&T said on Thursday it has secured a $2.1 billion deal to build a thermal power plant in Saudi Arabia.
Samsung said it would build the 4,000 megawatt plant in Qurayyah by 2014. The deal was part of a Saudi project to build six power plants by 2018.Full Story
World oil prices diverged on Wednesday as the market was torn between growing expectations of more stimulus measures from the U.S. Federal Reserve and gloomy IMF growth revisions, analysts said.
Brent North Sea oil for delivery in November rose 11 cents to $110.65 a barrel in early afternoon London deals.Full Story
General Motors said Wednesday China would be the world's fastest growing auto market over the next decade, as it unveiled its latest bid to give it a greater slice of the clean energy vehicle segment.
GM executives made the forecast at the opening of a center in Shanghai, where the company's international operations are now based, to develop new technologies to make autos lighter and batteries for electric cars.Full Story
European equities and the euro fell on Wednesday on fresh concerns over banks' exposure to indebted Greece, but losses were capped by expectations of more stimulus measures from the U.S. Federal Reserve.
London's FTSE 100 index of leading shares slid 0.34 percent to 5,345.76 points in morning deals, Frankfurt's DAX 30 lost 0.99 percent to 5,515.32 points and in Paris the CAC 40 dropped 0.80 percent to 2,960.61.Full Story
Australian beer giant Foster's has accepted an improved takeover worth Aus$9.9 billion (£6.5 billion) from British-based brewer SABMiller, the pair announced on Wednesday.
Foster's Group, whose leading lager brands include Corona and Foster's, had in August rejected a hostile bid of Aus$9.51 billion from SABMiller, which produces rival beers Grolsch and Miller Lite.Full Story
The owners and operators of a cargo ship that struck San Francisco's Bay Bridge four years ago causing a huge oil spill are to pay $44.4 million in compensation, under a deal announced Monday.
The COSCO-Busan container ship leaked 53,000 gallons of oil after colliding with the bridge on November 7, 2007, killing thousands of birds, fish and spoiling miles of shoreline habitat.Full Story
The Japanese government is to unveil a series of measures aimed at cushioning the impact of the persistently high yen on the domestic economy, according to a report.
The package is likely to include subsidies for companies to establish facilities in Japan and help for Japanese corporations wishing to take stakes in foreign energy projects, Kyodo news said, citing unnamed officials.Full Story
Greece was locked down in tough EU-IMF talks on rescue funds, and Italy was hit by a credit downgrade, dragging the eurozone ever closer towards danger on Tuesday.
The talks on rescue funds needed to avert bankruptcy for Greece and chaos in the eurozone next month dragged unexpectedly into a second day, just as Greek authorities prepared to auction more debt.Full Story