Latest stories
Pope Denounces 'Scourge of Unemployment'

Pope Francis denounced "the scourge of unemployment" during a visit to one of Italy's poorest regions on Saturday, and said businesses had a responsibility to help get people back into work.

"It is necessary to put human dignity at the center of every point of view and every action. Other interests, even if legitimate, are secondary," he told a crowd of thousands during a mass in the Molise region.

W140 Full Story
What's Making U.S. Economy a World Beater? 5 Factors

How does the U.S. economy do it?

Europe is floundering. China faces slower growth. Japan is struggling to sustain tentative gains.

W140 Full Story
Banks Cry Foul at New Hungary Debt Relief Plan

Hungarian lawmakers approved Friday a set of radical measures to ease household mortgage debt despite criticism from banks, which expect to foot a bill of several billion euros.

The changes are the latest attempt by Prime Minister Viktor Orban's government to help around a million Hungarians whose repayment rates on foreign currency mortgages rocketed after the 2008-09 financial crisis.

W140 Full Story
Greece Orders Striking Power Employees Back to Work

Greece's government said Saturday it was ordering striking electricity workers back to their posts to ensure a vital public service, after an Athens court ruled their industrial action "illegal".

The demand sought to end a rolling stoppage launched Thursday by employees of the state-controlled Public Power Corporation (PPC) in anger at government plans to break up the country's main electricity provider.

W140 Full Story
Egypt's Sisi Slashes Fuel Subsidies in Risky Move

Egypt has drastically raised fuel prices overnight to tackle a bloated subsidy system, in a potentially unpopular move that might blow back on newly elected President Abdel Fattah al-Sisi.

With the economy battered by three years of unrest, successive governments have said the subsidies that allowed Egyptians to buy gasoline at some of the world's cheapest prices must be lifted.

W140 Full Story
'Steve Jobs Took Our Jobs', Says Finnish Prime Minister

Finnish Prime Minister Alexander Stubb on Friday accused Apple's late founder Steve Jobs of crushing his Nordic country's job market by selling innovations that caught Finland's companies off guard.

"We had two pillars we stood on: one was the IT industry, the other one was the paper industry," Stubb told Swedish financial newspaper Dagens Industri.

W140 Full Story
China Sets Yuan Clearing Bank in Seoul

China designated a clearing bank in Seoul for yuan transactions in South Korea on Friday, coinciding with a visit by President Xi Jinping, as Beijing promotes greater use of its currency overseas.

China's central bank has authorised the Bank of Communications, the country's fifth largest lender, to undertake yuan clearing business in the South Korean capital, the People's Bank of China (PBoC) said in a statement.

W140 Full Story
China to Try Foreign Investigators Linked to GSK

China will next month put on trial two foreign investigators linked to drugmaker GlaxoSmithKline (GSK), which is facing allegations of bribery, in a closed trial shut to relatives and diplomats, people familiar with the case said.

British national Peter Humphrey and his wife Yu Yingzeng, an American citizen, will on August 7 face charges of illegally obtaining personal information, a family friend who asked not to be identified told Agence France Presse.

W140 Full Story
GM Worker Warned Company of Switch Problem in 2005

General Motors recalled 3.4 million large cars last month after finding a 9-year-old email from an employee in its files warning of trouble, according to documents released by the government.

The 2005 email, unearthed in April during a company wide review of ignition-switch problems, is more evidence that GM knew about safety problems for years but failed to recall troubled cars until recently.

W140 Full Story
IMF Urges Israel to Lift Restrictions on Palestinian Economy

The International Monetary Fund on Thursday said the economy in the West Bank and Gaza is weakening and urged Israel to lift restrictions on the Palestinians.

After briefing the international donor community and the Palestinian Authority, IMF mission chief Christoph Duenwald said in a statement that the authority is "doing a commendable job" managing the economy in difficult circumstances.

W140 Full Story