Business
Latest stories
Crisis-Hit Ukraine Slaps 1,000-Euro Limit on Bank Withdrawals

Crisis-hit Ukraine's central bank on Friday announced it was imposing a limit of around a 1,000 euros on daily bank withdrawals as the national currency plunges to record lows.

The bank said it was slapping a limit of 15,000 on withdrawals (1,095 euros, 1,400 dollars). The hryvna has plunged nearly 20 percent to record lows since the start of the year as tensions soared between the new pro-West government in Kiev and old master Moscow following the ousting of the country's pro-Russia president.

W140 Full Story
Swiss Launch Criminal Probe against Yanukovych, Freeze Assets

Swiss authorities said Friday they have launched a criminal probe into alleged money laundering by ousted Ukrainian leader Viktor Yanukovych and his multi-millionaire son.

The government also announced it was freezing the assets of 20 Ukranian officials, including Yanukovych and his son Olexandr and a number of former ministers in his government.

W140 Full Story
Vietnam Restricts Use of Bitcoin

Vietnam has banned its banks from handling Bitcoins, saying the virtual currency is not legal tender in the communist nation.

Bitcoin, invented in the wake of the global financial crisis, is a form of cryptography-based e-money that offers a largely anonymous payment system, but its value is highly volatile.

W140 Full Story
Japan Economy Holds Steady as Tax Hike Looms

Japan's recovery is holding steady ahead of a looming sales tax hike, economic indicators showed Friday, though weakness in wages and spending suggest it remains vulnerable to a reversal.

The consumer price index rose 1.3 percent in January and factory production also climbed.

W140 Full Story
GDF Suez Takes 'Radical' Charge for Shale Shock in Europe

French gas giant GDF Suez reported a huge net loss for last year, the latest gas provider to reveal the depth of upheaval from the boom of shale energy in North America.

The group, which also distributes electricity, reported a net loss of 9.7 billion euros ($13.24 billion) for 2013 from sales which slipped by 0.8 percent to 81.3 billion euros.

W140 Full Story
Royal Bank of Scotland Says 2013 Net Loss Hits £9.0 bn

Britain's state-rescued Royal Bank of Scotland plunged into a near £9.0-billion loss last year on vast charges for litigation and the creation of a 'bad bank' division, it said Thursday.

The lender, which is 81-percent owned by the government after a huge bailout during the global financial crisis, added it would seek to slash its cost base by another £5.3 billion in the coming years and warned of more "inevitable" job cuts.

W140 Full Story
ECB: Loans to Eurozone Businesses Still Weak

Lending to businesses in the debt-mired eurozone contracted again in January, data published by the European Central Bank showed on Thursday.

Private sector loans dropped by 2.0 percent in January in a year-on-year comparison, the ECB said, after already contracting by 2.3 percent in December.

W140 Full Story
British 2013 Economic Growth Downgraded to 1.8%

Britain's economy grew by less than thought last year, but still showed the fastest annual growth since before the financial crisis, revised official data showed on Wednesday.

The nation's gross domestic product (GDP) expanded by 1.8 percent in 2013, down from the previous growth figure of 1.9 percent, the Office for National Statistics (ONS) said in a statement giving its latest estimates.

W140 Full Story
Swiss Bank Accused of Helping Clients evade U.S. taxes

Switzerland's second largest bank, Credit Suisse, used elaborate measures to find wealthy clients and help an estimated 19,000 U.S. customers evade American tax authorities, a scathing report from a Senate inquiry said Tuesday.

The report contains the results of a two-year Senate investigation and comes a day before the heavily-anticipated questioning of Credit Suisse chief Brady Dougan and other top bank officials before the panel.

W140 Full Story
Oil Prices Down ahead of U.S. Stockpiles Report

Oil prices eased in Asian trade Wednesday as dealers await the latest U.S. crude stockpiles data for clues about demand in the world's biggest economy at the tail-end of a harsh winter.

New York's main contract, West Texas Intermediate for April delivery, eased 13 cents to $101.70 in afternoon trade. Brent North Sea crude for April was down 16 cents at $109.35.

W140 Full Story