Oil prices rose further in Asia Friday following recent sharp losses, lifted by a recovery in Chinese stocks as the government beefed up measures to support the market.
The rebound, which followed a 30 percent plunge in Chinese share prices, eased concerns of a wider fallout across the world's second biggest economy and top energy consumer, but analysts said it remained to be seen whether the rally will be sustained.Full Story
Kuwait's financial reserves defied a slump in oil prices to hit a record 179.2 billion dinars ($592 billion) at the end of the 2014-15 financial year, a report said Thursday.
They grew by $53 billion in the year to March 31, Al-Qabas newspaper reported, citing figures released by Finance Minister Anas al-Saleh to a closed session of parliament last week.Full Story
China's stock market rout has wiped more than $3 trillion from share valuations, generating terrifying headlines and fears over consumer confidence, but analysts say the impact on growth in the world's second-largest economy could be limited.
The decline in overall market capitalization represents a huge sum by any standard, and is equivalent to more than a third of the country's gross domestic product (GDP) last year.Full Story
International Monetary Fund Managing Director Christine Lagarde said Wednesday that a new program to prop up Greece's finances would require creditors to restructure debt.
In addition to the reforms Athens needs to undertake, she said, "the other leg is debt restructuring, which we believe is needed in the case of Greece for it to have debt sustainability."Full Story
Australian Trade Minister Andrew Robb Thursday said a massive Pacific trade pact could be concluded in the "next three to four weeks" when the 12 nations involved are due to meet.
Expectations that the Trans-Pacific Partnership (TPP), an accord that would encompass 40 percent of global trade, would be sealed this year increased after U.S. President Barack Obama was last month given fast-track authority by Congress to negotiate such deals.Full Story
Greek Prime Minister Alexis Tsipras vowed to present "credible" reform plans before a Thursday deadline set by exasperated European leaders, as Athens formally asked for a new bailout to avoid crashing out of the euro.
Despite mounting fears of a looming "Grexit" from the single currency, the French and Spanish premiers on Wednesday welcomed the latest "positive" developments, just days before a deal needs to be reached for Athens to avoid bankruptcy.Full Story
Russian President Vladimir Putin is to meet world leaders on Wednesday including China's Xi Jinping and India's Narendra Modi ahead of the start of a summit of the BRICS emerging economies.
Putin is to hold bilateral talks with leaders of the other BRICS countries -- China, Brazil, South Africa and India -- in the city of Ufa in the Ural mountains for a summit that Moscow hopes will show it is not cut off, despite its standoff with the West over Ukraine.Full Story
Australia's corporate watchdog Wednesday outlined details of its investigation into possible manipulations of interbank lending as it warned banks to be mindful of how they set interest rate benchmarks.
Similar investigations in the U.S. and UK have resulted in massive fines this May for six major global banks. The fines total nearly U.S.$6 billion for rigging the foreign exchange market and Libor, the London interbank offered rate.Full Story
Rocketing housing costs in Britain's capital have fueled a surge in Londoners seeking cheaper accommodation on boats, with increased numbers putting pressure on the city's historic network of rivers and canals.
The picturesque lifestyle of sleeping in a colorfully painted narrowboat or barge can seem tempting, especially when buying one can cost a fraction of the price of bricks and mortar.Full Story
Eurozone nations showed the "political will" to help Greece reach a bailout deal at emergency talks in Brussels Tuesday despite a referendum that rejected creditors' terms, new Greek finance minister Euclid Tsakalotos said.
Tsakalotos, who replaced maverick Yanis Varoufakis in the job on Monday, told reporters there had been "progress" in meetings with his 18 counterparts from the single currency and added there was "political will to give Greece a new chance."Full Story