The Russian economy ministry on Thursday significantly cut the country's growth forecast through 2030 due to falling investment and exports as well as an expected slowdown in retail trade.
Economy Minister Alexei Ulyukayev's announcement came just two weeks after Russia reported a disappointing 1.2-percent third-quarter growth figure that meant the economy would have a tough time expanding beyond two percent in 2013.Full Story
Taiwan signed a free trade deal with Singapore on Thursday, its first with a Southeast Asian country, as the diplomatically isolated island steps up efforts to join regional economic blocs.
The "economic partnership agreement" was signed in Singapore just months after Taiwan struck a similar deal with New Zealand, its first with a country that has diplomatic ties with China.Full Story
Twitter has set a price of $26 per share for its initial public offering, which means the company's stock can begin trading Thursday on the New York Stock Exchange in the most highly anticipated IPO since Facebook's 2012 debut.
The price values Twitter at more than $18 billion based on its outstanding stock, options and restricted stock that'll be available after the IPO. That's more than Macy's, which has a market capitalization of $17 billion, and Bed Bath & Beyond, which is around $16 billion.Full Story
Drive Dentsu Beirut has proven that creativity and simplicity can go a long way… all the way to the esteemed Cresta International Advertising Awards.
Further to being named finalists at the competition, the MoneyGram “Flags” campaign managed to nail a bronze in the toughest and most coveted categories: outdoor, leaving the agency as the sole winner from Lebanon.Full Story
U.S. fast-food chain Kentucky Fried Chicken has closed the doors of its last remaining branch in Syria due to economic and supply problems, shopkeepers in Damascus told Agence France Presse.
The branch in the upscale Abu Rummaneh neighborhood of Damascus is the last of seven KFCs in Syria to have shuttered.Full Story
German industrial orders, a key measure of demand for German-made goods both at home and abroad, rose sharply in September, data showed on Wednesday.
Industrial orders rose by 3.3 percent in September compared with the level in August, buoyed by a disproportionately large number of big-ticket orders, the economy ministry said in a statement.Full Story
With deals from London to Singapore, China is seeking a greater role for its yuan currency in global markets to challenge the hegemony of the almighty dollar.
The most attention-grabbing reform planned for Shanghai's new free trade zone is free convertibility of the yuan -- also known as the renminbi, or "people's money" -- an unprecedented change which would allow greater use of the currency.Full Story
A major Japanese credit company said Wednesday it had lent money to yakuza gangsters in a widening scandal that is sweeping through the country's banking system.
The admission by JACCS, a unit of Japan's largest lender Mitsubishi UFJ Financial Group, is the latest in a growing line and comes as a government agency says it will buy shady loans to help companies keep their balance sheets clean.Full Story
The parent company of Indonesia's Lion Air said Wednesday it hopes to strike a deal for at least 50 Bombardier passenger jets next year, a purchase with a list price of more than $3 billion.
It would be the latest huge bet on Indonesia's booming aviation sector by Lion Group, which has in recent years struck two of the world's largest plane orders, worth $46 billion.Full Story
America will need to scale back the size of its armed forces in the face of deep budget cuts and rely less on military power alone, Pentagon chief Chuck Hagel said Tuesday.
Fiscal pressures coupled with new strategic realities will require a reorganization of the force that enjoyed massive budgets in the years after the attacks September 11, 2001, the U.S. defense secretary said.Full Story