The Italian economy shrank by 0.2 percent in the second quarter, dragging the eurozone's third-biggest economy back into recession, the national statistics agency said on Wednesday.
The contraction, which follows on the heels of a decline in growth in the first quarter, will be a sharp blow for Prime Minister Matteo Renzi's government as the country struggles to pull out of the worst recession since World War II.
Full StoryStandard Chartered confirmed Wednesday that it faces fresh U.S. fines over alleged breaches in its anti-money laundering systems, two years after it paid massive penalties for violating American sanctions.
Media reports said the probe by New York's financial regulator followed allegations that the London-based, Hong Kong-listed lender failed to spot millions of risky transactions flowing through its U.S. operations.
Full StoryChina stepped up pressure on foreign carmakers in the world’s biggest auto market Wednesday, pledging to punish German luxury brand Audi and Chrysler of the United States for "monopoly behavior".
The National Development and Reform Commission (NDRC), which polices violations of China's "anti-monopoly" law, has been investigating the sector -- dominated by foreign companies and their joint ventures -- for more than two years but had not mentioned any particular firms.
Full StoryThe euro was hovering near an eight-month low against the dollar in Asia on Wednesday on speculation that the European Central Bank (ECB) would hint at further stimulus after a policy meeting.
The euro bought $1.3367 and 137.08 yen in Tokyo afternoon trade against $1.3369 and 137.20 yen in New York late Tuesday.
Full StoryFurther evidence has emerged that the economic recovery across Europe is gaining some traction, providing some headroom against the potential impact from a further escalation in the crisis in Ukraine.
Financial information company Markit says Tuesday that its purchasing managers index — a gauge of business activity — for the 18-country eurozone rose to a three-month high of 53.8 points in July, a full point higher than the previous month's figure.
Full StoryU.S. companies are planning $14 billion worth of investments in Africa, a White House official said Tuesday as Washington seeks to strengthen commercial ties during the historic U.S.-Africa Leaders Summit.
With the United States seeking to counter the Chinese and European trade dominance in Africa, a White House official said the investments will span a range of industries, including construction, clean energy, banking and information technology.
Full StoryJapan unveiled Tuesday details of financial sanctions against 40 individuals and two groups involved in the annexation of Crimea and destabilization of eastern Ukraine.
The decision freezes assets of those on the list, as Tokyo joins the West in pressing Moscow to exercise its influence over pro-Russian separatists in Ukraine to achieve a peaceful resolution in the crisis.
Full StoryLinkedIn has agreed to pay nearly $6 million in back wages and damages to 359 current and former employees after a U.S. investigation found it had failed to pay them properly for overtime work.
Under a settlement announced by the Labor Department on Monday, the career-focused social network will pay more than $3.3 million in overtime back wages and $2.5 million in damages to be paid directly to workers in California, Illinois, Nebraska and New York.
Full StoryRussia was striving to bring back nearly 16,000 tourists stranded abroad after the latest in a string of travel companies failed amid strains over the crisis in Ukraine, tourism officials said Monday.
With Western sanctions threatening to tip Russia's ailing economy into a recession and the value of the ruble taking a beating, the number of Russians traveling abroad has been cut by as much as half according to industry sources.
Full StoryBank giant HSBC said on Monday that profits fell in the first half because one-off gains were not repeated and after a weaker showing at its investment arm.
Net profit dropped to $9.746 billion (7.259 billion euros) in the six months to June 30 compared with earnings after tax totaling $10.284 billion in the first half of 2013, the British lender said in an earnings statement.
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