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Portugal to End EU-IMF Bailout with Clean Break

Portugal decided to make a clean break from its EU-IMF bailout on Sunday, following in the footsteps of Ireland by forgoing a credit line as it prepares a full return to the credit markets.

The decision, made during an evening cabinet meeting, came after the country passed the final bailout audit by EU-IMF experts on Friday, thereby closing out the essential part of its 78-billion-euro three-year rescue.

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France's Carrefour to Quit India

Carrefour, the world's second largest retailer, is working on a plan to exit India, media reports said Saturday, amid political uncertainty about the future of multi-brand retail in the South Asian giant.

The reports in the Times of India and Business Standard and other dailies come as the opposition Bharatiya Janata Party (BJP), tipped to win India's marathon general election which winds up in mid-May, declared it opposes allowing foreign direct investment in multi-brand retail.

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DR Congo Opens one of Africa's Largest Gold Mines

DR Congo, one of the world's biggest gold producers, on Friday formally opened one of the continent's largest gold mines in the far northeast of the country.

Production at the Kibali mine started in the third quarter of 2013 but Mining Minister Martin Kabwelulu on Friday attended an official ceremony in the Province-Orientale region.

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Spain's 10-Year Borrowing Rate Dips to 2005 Level

Spain's interest rate for borrowing 10-year funds fell below 3.0 percent on Friday for the first time since 2005, in a further sign that the eurozone debt crisis is fading.

On the secondary market, where debt already issued is traded, the interest rate or yield indicated by the rising value of the bonds fell to 2.996 percent briefly during morning trading, but then rose to 3.0 percent.

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Eurostat: Eurozone Unemployment Rate Edges Down to 11.8% in March

Unemployment in the eurozone eased, with the rate edging down to 11.8 percent in March, according to official data on Friday, with small signs of improvement in Greece's high jobless rate. 

But the ravages of economic crisis on job prospects for young people were also highlighted, particularly in Greece and Spain.

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Egypt in Energy Crisis as Elections Approach

Rolling blackouts have already been hitting neighborhoods of Cairo daily throughout the winter, when electricity usage is lower. Now summer's heat is coming, and Egypt's crippling energy crisis is threatening to mount, creating an immediate political liability for the new president to be elected this month.

The government is scrambling to reduce the impact.

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Indonesian Trade, Inflation Data Show Economy on the Mend

Indonesia has posted a robust monthly trade surplus while inflation eased in April, data showed Friday, in a sign Southeast Asia's top economy is on the road to recovery.

The country was hit hard in 2013 as trade plunged to record deficit, the currency dived and inflation spiraled, but all three indicators have improved in recent months. 

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Chinese Underwhelmed by 'World's No. 1 Economy' Data

China may be poised to overtake the United States as the world's top economy sooner than expected, according to one measure, but some underwhelmed Chinese would rather have clean air and political freedoms.

The World Bank on Wednesday published a vast study on the rankings of national wealth creation on the basis of 2011 figures.

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Australia Warned of Debt Crisis Without Cuts

Australia risks a debt crisis similar to Europe unless efforts are made to bring the budget deficit under control, the head of the first national audit of government spending in 18 years said Thursday.

Tony Shepherd, chair of the National Commission of Audit, recommended gradual cuts worth up to Aus$60-70 billion (U.S.$55.8-65.1 billion) per year within the decade to improve efficiency and productivity across all areas of spending.

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IMF Approves $17 Billion Aid for Ukraine

The International Monetary Fund approved a $17 billion aid deal for Ukraine on Wednesday, even as Kiev fought to prevent pro-Moscow separatists from grabbing another chunk of the country.

Greenlighting a rescue program for an interim government which took power after an uprising two months ago, IMF chief Christine Lagarde said it was crucial to strengthen Kiev's economy.

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