Chinese overseas investment surged past $100 billion for the first time last year, official figures showed Friday, but remained below investment into the country.
Overseas direct investment (ODI) rose 14.1 percent to $102.9 billion in 2014, vice commerce minister Zhong Shan said at a briefing, as Chinese firms continued to buy up assets, particularly energy and resources, to power the world's number two economy.Full Story
The euro sank almost two percent against the Swiss franc Friday and Asian markets tumbled as traders were left stunned by Switzerland's shock decision to remove its currency cap against the euro.
Oil edged up slightly, meanwhile, after plunging Thursday in reaction to OPEC's announcement that it produced more than its limit of the black gold in December, despite weak demand, low prices and a supply glut.Full Story
Oil prices rebounded in Asia Friday after plunging in the previous session in reaction to news that OPEC had overproduced in December, while it also cut its global demand outlook.
U.S. benchmark West Texas Intermediate for February, which dived $2.23 Thursday, was up 22 cents at $46.47.Full Story
A New Zealand foreign exchange broker announced it was closing Friday after suffering "a total loss of operating capital" in the wake of Switzerland's shock move to scrap its currency cap.
Global Brokers NZ said the Swiss move resulted in "rare volatility and illiquidity" in the markets.Full Story
Bank of America on Thursday reported a dip in quarterly profits following losses in its real estate and trading divisions despite lower expenses.
BofA's earnings for the fourth quarter came in at $3.1 billion, down 11.3 percent from the year-ago level.Full Story
The world economy, hobbled by aging populations, will slow dramatically over the next 50 years unless countries find ways to increase productivity.
That's according to a report from the McKinsey Global Institute. It says that without big gains in output per worker, global growth will slow to around 2 percent a year over the next half century from an average 3.6 percent the past 50 years.Full Story
Developing offshore wind technology in the Atlantic Ocean would produce twice the energy and job growth as drilling for oil would, an environmental group said Wednesday.
The analysis by Oceana was released ahead of the U.S. government's Bureau of Ocean Energy Management's five-year plan for oil and gas leasing, which could involve seismic testing for potential reserves in the Atlantic.Full Story
The world's newest jetliner, the Airbus A350, took to the skies Thursday carrying its first paying passengers from the Gulf Arab nation of Qatar.
The Qatar Airways flight departed the Qatari capital Doha bound for Frankfurt, Germany. It marks the debut of the relatively lightweight, twin-aisle, long-range plane, which promises to connect smaller cities with major aviation hubs nonstop at a cheaper cost for airlines.Full Story
Mexican billionaire Carlos Slim, who is of Lebanese origin, has boosted his stake in the New York Times, exercising an option to convert some $100 million from loans to equity, the media company said Wednesday.
A statement from New York Times Co. said Slim -- estimated to be the world's second richest individual -- has agreed to exercise an option to buy 15.9 million Class A shares at $6.35.Full Story
The price of copper tumbled Wednesday to the lowest level for more than five years after the World Bank slashed its global economic forecasts.
Copper for delivery in three months plunged in Asian trading hours to $5,353.25 per tonne, a level last seen in July 2009. That marked an 8.0-percent slide from Tuesday's close.Full Story