European Central Bank chief Jean-Claude Trichet told Italy Saturday that meeting its deficit reduction targets was absolutely decisive for the country's credibility.
"It is essential that the target which was announced to diminish the deficit will be fully confirmed and implemented," Trichet said at an economic forum in northern Italy.Full Story
Beijing has asked Libya's new rulers to guarantee Chinese business interests in the north African country, despite not supporting the military action that helped bring them to power.
China is the only permanent member of the U.N. Security Council yet to formally recognize the Transitional National Council and repeatedly opposed NATO's use of force in support of the rebels during recent fighting.Full Story
World Bank chief Robert Zoellick warned Saturday that the global economy was heading into a new "danger zone", as he urged China to speed up structural reforms to help its development.
"The financial crisis in Europe has become a sovereign debt crisis, with serious implications for the monetary union, banks, and competitiveness of some countries," he said at a conference in Beijing on the future of China.Full Story
Ukraine said on Friday it will have to negotiate a new gas deal with Russia because of previously-undisclosed plans to break up the republic's existing energy company.
The unexpected announcement came in the heat of the two neighbors' second spat over gas prices in three years and appeared part of a Ukrainian effort to force Russia to ease its negotiating stance over prices.Full Story
U.S. oil-services giant Halliburton said Friday that it was filing a defamation lawsuit against BP over the devastating 2010 oil spill in the Gulf of Mexico.
"Halliburton... filed claims against BP in Texas state court for negligent misrepresentation, business disparagement and defamation related to the April 20, 2010, Macondo incident," the Houston-based company said.Full Story
European stock markets closed sharply lower on Friday, hit by fresh worries over the Eurozone debt crisis and a much weaker-than-expected U.S. jobs report.
London's FTSE 100 index of leading companies lost 2.34 percent to 5,292.03 points. In Paris, the CAC 40 shed 3.59 percent to 3,148.53 points and in Frankfurt the DAX dropped 3.36 percent to 5,538.33 points.Full Story
The stuttering U.S. economy added no jobs in August amid recession fears and political turmoil over the government's finances, bleak official data showed Friday.
Employment in the private sector, previously the main engine for job growth as revenue-strapped governments shed workers, "changed little" in most major industries, the Labor Department said.Full Story
In his first official activity following the presentation of his credentials to President Michel Suleiman, British Ambassador to Lebanon Tom Fletcher visited Beirut Container Terminal Consortium (BCTC) at Beirut port, accompanied by Head of Trade and Investment Paul Khawaja. Ziad Kanaan, board member and Karen Bellamy, General Manager of BCTC presented an overview of the work that the company has been doing over the past seven years.
Bellamy explained the role of the British company and its administration of the port of Beirut over the past years in which it became one of the top most important 100 ports in the world.Full Story
U.S. authorities have been investigating Oracle for at least a year to see if the business software titan violated anti-bribery laws in its overseas business, the Wall Street Journal reported Wednesday.
Citing unnamed sources, the Journal said the Federal Bureau of Investigation (FBI) and the Justice Department have been pressing a criminal investigation, as the Securities and Exchange Commission looks into possible civil violations.Full Story
British retailer Tesco said Wednesday it had decided to sell its network of 129 small supermarkets in Japan's greater Tokyo region to better focus on its operations in other parts of Asia.
"We have reviewed our portfolio in Asia and the performance of our business in Japan. Having made considerable efforts in Japan, we have concluded that we cannot build a sufficiently scalable business," Tesco chief executive Philip Clarke said in a statement.Full Story