Business
Latest stories
China, Europe Pledge to Boost Ties, Heed EU Rules

China and 16 Central and Eastern European countries pledged Tuesday to boost two-way investment and trade, insisting that EU regulations will be met.

"China eyes cooperation in infrastructure, communications, high-speed railway projects, which will lead to massive investment and a rise in commercial exchanges," with countries in the region, Chinese Prime Minister Li Keqiang told 16 CEE counterparts and hundreds of businessmen attending a meeting in Bucharest.

W140 Full Story
Billion-Euro Fund to be Unveiled at Putin-Letta Talks

Italy will be eyeing Russian cash for its crisis-hit economy as President Vladimir Putin and Prime Minister Enrico Letta hold a meeting on Tuesday where they will unveil a 1-billion-euro ($1.4-billion) joint investment fund.

Italian officials said they will test Russian interest in troubled flag carrier Alitalia, which is looking for a foreign partner, and Ilva, a giant steel plant that has been partly shut down over environmental concerns.

W140 Full Story
Pacific Faces Big Economic Losses from Climate Change

The Pacific region faces serious economic losses due to climate change and it is critical that nations causing the problem step in to help, the Asian Development Bank said Tuesday.

A new report by the bank released in Sydney, "Economics of Climate Change in the Pacific", showed that losses would range between 2.9 percent and 15.2 percent of annual gross domestic product by 2100.

W140 Full Story
Turkey Could Increase Oil Imports from Iran

Turkey could increase its oil imports from neighboring Iran once the sanctions are lifted as part of a landmark deal on Tehran's nuclear program, the energy minister said on Monday.

The amount of crude oil Turkey buys from Iran, one of its leading suppliers along with Russia, could increase to 140,000 barrels per day (bpd) from 105,000, Taner Yildiz said.

W140 Full Story
Fuel Crisis in Damascus as Fighting Blocks Key Highway

Syria's capital Damascus is experiencing a fuel crisis, with residents lining up for hours at the pump after a highway used by fuel tankers was blocked by fighting.

The army shut the road last Wednesday when fierce clashes rocked the area, blocking the route from the refinery in the central province of Homs to Damascus.

W140 Full Story
RBS Accused of 'Distressing' Small Firms

Royal Bank of Scotland faced more damage to its reputation on Monday after the government handed regulators a report claiming that the state-rescued lender forced small firms to default.

Compiled over the past six months, it focuses on claims against the bank's Global Restructuring Group (GRG), which deals with risky loans.

W140 Full Story
China, U.S. Exports Help Double Italy Trade Surplus

Italy's trade surplus has doubled in 12 months thanks to a rise in exports, particularly to China and the United States, new data showed on Monday as the economy prepares to end its longest post-war recession.

Exports to countries outside the European Union went up 1.5 percent from October 2012 to October 2013, while imports fell by 8.0 percent over the same period, preliminary data from the official Istat agency showed.

W140 Full Story
Asian Shares Follow Wall St Higher, Oil Down on Iran deal

Asian markets rose Monday following another record close on Wall Street, while oil prices fell after Iran struck a deal on its nuclear program that will see eased sanctions on the oil producer.

The generally positive sentiment sent the yen sinking against the dollar, while it also hit a four-year low versus the euro.

W140 Full Story
Qatar Gives $350 Million to Yemen Compensation Fund

Qatar has donated $350 million to a fund to compensate civilians and security force members in south Yemen who were forced out of their jobs, the U.N. special envoy said Sunday.

"The south was marginalized under the former regime, its residents discriminated against and its resources plundered," Jamal Benomar said at a ceremony marking the donation.

W140 Full Story
Iraq Oil Sales Recover from Lows, but Still Below Peak

Iraq's oil exports in October recovered from a 19-month low, but remained far below their peak due to ongoing maintenance and sabotage of pipelines, figures released on Saturday showed.

Iraq exported 69.8 million barrels of oil in October, or 2.25 million barrels per day, resulting in overall revenues of $7.16 billion (5.28 billion euros), according to the oil ministry.

W140 Full Story