Business
Latest stories
IMF Board Expresses Confidence in Lagarde

The board of the International Monetary Fund reiterated its support for Managing Director Christine Lagarde Friday, after a French court placed her under formal investigation in a graft scandal.

"As we have said before, it would not be appropriate to comment on a case that has been and is currently before the French judiciary," it said in a statement.

W140 Full Story
S&P Sets New Record Despite Rising Ukraine Tensions

The S&P 500 closed August with another record Friday, continuing its slow climb even as tensions pick up in Ukraine and after Britain warned of a possible terror attack.

The broad-market gauge pushed back above 2,000, the milestone it closed above for the first time on Tuesday, to finish at 2,003.37, up 6.63 points (0.33 percent) for the day.

W140 Full Story
Brazil Falls into Recession as Election Looms

Brazil, Latin America's largest economy, has slid into recession, further weakening President Dilma Rousseff, who faces an increasingly tough re-election battle on October 5.

GDP shrank 0.6 percent in the second quarter, Brazil's national statistics institute said Friday, and revised its formerly positive growth estimate for the first quarter down to -0.2 percent.

W140 Full Story
Eurozone Inflation Falls to 0.3%, as Deflation Knocks

Eurozone inflation fell to 0.3 percent in August, raising the dangers of deflation and also pressure on the European Central Bank to open up the cash floodgates, data showed on Friday.

The latest fall takes the rate down from 0.4 percent in July and from 1.3 percent a year ago, and to far below the ECB's target of just under 2.0 percent.

W140 Full Story
Flights Cancelled as Germanwings Pilots Begin Strike

More than 100 flights were cancelled at some of Germany's main airports Friday as pilots of Lufthansa's low-cost airline Germanwings walked out in a dispute over early retirement provisions.

A Germanwings spokeswoman said that out of a total 164 flights scheduled, some 116 were cancelled, impacting 15,000 passengers.

W140 Full Story
Japan Defence Ministry Asks for Record Budget

Japan's defense ministry on Friday made its biggest ever budget request, as Tokyo bolsters its military amid worries over China's expanding naval reach.

The ministry wants 5.05 trillion yen ($48.7 billion) for the year, with the focus on boosting protection of a string of southern islands that stretches from Kyushu to waters near Taiwan.

W140 Full Story
Oil Prices Up on Ukraine Tensions, Rosy U.S. Data

Oil prices rose in Asia Friday supported by renewed Russia-Ukraine tensions and upbeat U.S. economic data, analysts said.

U.S. benchmark West Texas Intermediate for October delivery was up 27 cents at $94.82 while Brent crude for October advanced 33 cents to $102.79 in afternoon trade.

W140 Full Story
France's New Economy Minister Sparks Storm over '35-Hour' Law

France's new economy minister touched off a political storm Thursday, only one day into the job, with comments made before he was appointed about the controversial "35-hour" labor law.

Emmanuel Macron, a former Rothschild banker and ex-adviser to President Francois Hollande, told Le Point weekly he was open to allowing companies and sectors of the economy to "depart from" the law limiting French employees to a maximum 35 hours of work per week.

W140 Full Story
Dubai Port Operator H1 Profits up 26 Percent

Dubai-based port operator DP World said Thursday its profit rose 26 percent in the first half of the year as it was able to process more cargo thanks to new capacity and a pick-up in global trade.

The government-backed cargo handler said it earned $332 million in profit attributable to its owners during the first six months of 2014, up from $264 million during the same period a year earlier.

W140 Full Story
Qantas Slumps to Record Loss of U.S. $2.65 Billion

Australian flag carrier Qantas on Thursday posted a record annual net loss of Aus$2.84 billion (U.S.$2.65 billion), but chief executive Alan Joyce insisted clearer skies lie ahead after aggressively cutting costs.

The worse-than-expected result compared with a wafer-thin profit in the previous year, with one-off restructuring and redundancy payouts hammering the bottom line.

W140 Full Story