Eight months after taking office, Iranian President Hassan Rouhani has suffered his first major political defeat, with the public overwhelmingly brushing aside appeals to forgo direct government aid.
The 455,000-rial ($14, 10-euro) monthly handout scheme, initiated in December 2010 by Rouhani's predecessor Mahmoud Ahmadinejad, is part of broader economic reforms aimed at overhauling the country's massive subsidy system.
Full StoryEuro rose against the dollar Wednesday after a positive report on eurozone business activity pointed to recovery momentum in the single-currency economy.
Markit Economics said its Eurozone Composite Purchasing Managers Index for April, a leading indicator of manufacturing and services activity, jumped to 54 points from 53.1 in March, the highest PMI reading since May 2011.
Full StoryMoody's cut Cuba's credit rating Wednesday by one notch, citing its vulnerability to a shock increase in fuel costs arising from turmoil in supplier Venezuela.
Moody's also cited the risk of a rocky political transition in the Caribbean island in the wake of the Castro regime as it cut the rating to Caa2 from Caa1, well into "speculative" territory for debt.
Full StoryNew Zealand's central bank lifted interest rates for the second time in as many months on Thursday, saying it was necessary to contain inflation as an economic recovery gains momentum.
The Reserve Bank of New Zealand raised the official cash rate (OCR) 0.25 points to 3.0 percent in a well-flagged move that was widely anticipated by market watchers, who predict rates will hit 4.5 percent by the end of next year.
Full StoryClassic American luxury brands Lincoln and Cadillac are taking on Germany's long-dominant Audi in China, but face a market leader fortified by enviable brand awareness built over years as officialdom's favorite car.
Black Audis -- with their four interlocking ring symbols, signifying the long-ago merger of four German auto companies -- are ubiquitous at state events, such as the annual meeting of China's legislature in central Beijing.
Full StoryChinese manufacturing activity improved slightly in April as domestic demand showed "mild improvement", HSBC said Wednesday, but it warned the world's second-largest economy was still showing signs of weakness.
The banking giant's preliminary purchasing managers' index (PMI), which tracks manufacturing activity in China's factories and workshops, rose to 48.3 in April from a final reading of 48.0 in March, the British banking giant said in a statement.
Full StoryEurozone business activity hit a near three-year high in April as a modest economic recovery gained momentum and began creating jobs, a closely watched survey showed on Wednesday.
Markit Economics said its Eurozone Composite Purchasing Managers Index (PMI) for April, a leading indicator of overall economic activity, jumped to 54 points from 53.1 in March, the highest reading since May 2011.
Full StoryAustralian inflation was weaker than expected in the first quarter of the year, data showed Wednesday, easing pressure on the central bank to hike interest rates as it tries to support the economy in its transition from a mining-driven boom.
The consumer price index (CPI) rose 0.6 percent in January-March from the previous three months, when it climbed 0.8 percent, the Australian Bureau of Statistics (ABS) said.
Full StoryThe dollar held steady against the yen in Asia on Wednesday, with traders looking for developments in U.S.-Japan free trade talks as President Barack Obama starts an Asian tour.
In Tokyo midday trade, the greenback changed hands at 102.57, a touch down from 102.60 yen in New York Tuesday afternoon, while the euro bought $1.3809 and 141.66 yen, against $1.3804 and 141.65 yen.
Full StoryNetflix shares leapt on Monday after the video streaming titan reported that revenue breached a billion dollars atop growing membership and that it plans a bump in new subscription rates.
The California based firm saw its shares rise more than six percent to $371.35 in after-market trades that followed release of earnings figures for the first three months of this year.
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