Business
Latest stories
Trial Opens in $2.6 bn Iran Banking Fraud Case

The trial in a $2.6 billion dollar banking fraud case that the Iranian media describe as the country's biggest ever opened on Saturday with some of the 32 accused facing possible death sentences.

The accused were charged with involvement in taking bribes and financial corruption, Iranian media reported.

W140 Full Story
Egypt 'Promises Fuel' for Gaza Power Plant

Egypt has promised to provide diesel fuel for the Gaza Strip's sole power plant, which went down this week after running out of fuel, a Gaza official said on Saturday.

"Following our contacts with Egyptian officials, there have been serious promises to furnish us fuel from tomorrow (Sunday)," said Ahmad Abu al-Amrin, from the Gaza energy authority.

W140 Full Story
Germany, Greece, Italy to Hold Talks on Debt Crisis

German Chancellor Angela Merkel, Italian Prime Minister Mario Monti and Greek Prime Minister Lucas Papademos will hold a conference call on Friday to discuss the sovereign debt crisis, Italy said.

"On the initiative of Prime Minister Monti, the three-way phone conversation will take place today in the late morning," the government said in a statement.

W140 Full Story
Germany Sees 'Solid Basis' for Greek Aid Decision Monday

Germany expects Eurozone finance ministers to take a decision on aid for debt-wracked Greece on Monday, a spokesman said, but stressed some details remained over the efforts Athens still needs to make.

"We are coming ever closer to a final basis for a decision on Monday but, as you know from the statement of Eurogroup chairman Jean-Claude Juncker, there are still details to be cleared up," said a finance ministry spokesman.

W140 Full Story
Oil Hits 8-Month Highs in London

Brent oil prices hit an eight-month high on Friday, driven by simmering geopolitical tensions over key crude producer Iran and optimism the Greek debt crisis can be resolved, traders said.

Brent North Sea crude for April delivery hit $120.70 per barrel, its highest point since June 14. It later pulled back to $119.84, down 27 cents from Thursday's closing level.

W140 Full Story
Spain Clothes Chain Mango Expands to Sri Lanka

Spanish high-street clothing chain Mango has opened its first store in Sri Lanka, expanding its worldwide presence to a total of 106 countries, it said on Friday.

"Mango is pursuing its international expansion and staying true to its aim of being present in each of the main cities in the world with the opening of its first store in Sri Lanka," in the capital Colombo, it said in a statement.

W140 Full Story
France's Societe Generale Takes Hit on Greece

French banking giant Societe Generale said Thursday its 2011 net profit slumped 39 percent after taking provisions of 890 million euros on its Greek exposure and a weaker investment bank performance.

Net profit for the year came in at 2.38 billion euros ($3.70 billion), well below analyst estimates for 2.72 billion euros.

W140 Full Story
Oil Prices Spike on Iran Export Warning to EU

World oil prices spiked on Wednesday after Iran warned that it may suspend crude exports to six European Union countries amid escalating tensions over Tehran's nuclear program.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in March, climbed $1.06 to close at $101.80 a barrel.

W140 Full Story
Kellogg to Buy P&G's Pringles Business

Kellogg Company will buy Procter & Gamble's Pringles potato chip business for $2.7 billion as the cereal maker seeks to extend its global snacks reach, the companies said Wednesday.

The all-cash deal came after a plan to sell Pringles to Diamond Foods was scotched amid a Securities and Exchange Commission probe into another side of Diamond's business.

W140 Full Story
Moody's Puts Europe's Top Banks on Rate Cut Watch

Moody's said Thursday it was reviewing some 114 European banks and financial groups, including many of the top firms, for a possible ratings downgrade because of the Eurozone debt crisis.

Germany's Deutsche Bank and Commerzbank were among two of the largest groups named, alongside Britain's HSBC and Royal Bank of Scotland, ING of the Netherlands, Spain's Santander and Italy's Unicredit.

W140 Full Story