The euro traded in a tight range in Asian trade Friday ahead of a closely watched meeting between German Chancellor Angela Merkel and Greek Prime Minister Antonis Samaras over financial aid for Athens.
The European common currency bought $1.2559 and 98.69 yen in Tokyo afternoon trade, hardly changed from $1.2562 and 98.59 yen in New York late Thursday.Full Story
Shares in ailing Australian media giant Fairfax slumped to an all-time low Friday after an attempt by its largest holder Gina Rinehart to offload at least a third of her stake.
In afternoon trade, the company's shares were down more than 11 percent at 45 cents, having earlier touched 44.5 cents.Full Story
Australia's top central bank official Friday ruled out intervening in currency markets to rein in the booming local dollar, which is squeezing some industries.
The Australian dollar is trading around 104.34 U.S. cents and has been consistently above parity with the greenback this year, around 70 percent higher than the lows it experienced during the global downturn.Full Story
Iran's supreme leader Ayatollah Ali Khamenei told the government Thursday to adopt an "economy of resistance" to confront crippling sanctions slapped by the West on Tehran over its nuclear drive.
"The arrogant powers are pulling their weight to force Iran to back down (on its stances) and the government should invalidate these illusions by using the nation's full potentials," Khamenei said.Full Story
Sony's cellphone division is cutting 1,000 jobs, or 15 percent of its global workforce, mostly in Sweden over the next two fiscal years through March 2014.
Sony Mobile Communications said Thursday the job cuts are an effort to reduce costs and boost profits.Full Story
China's manufacturing activity fell to a nine-month low in August, a survey showed Thursday, stepping up pressure on Beijing for more interest rate cuts and stimulus measures to revive growth in the world's second-largest economy.
HSBC Corp. said a preliminary version of its monthly purchasing managers' index fell to 47.8 from July's 49.3 on a 100-point scale where numbers below 50 indicate a contraction. It said one component, new export orders, fell at its fastest rate in three years.Full Story
Asian shares were slightly up Thursday after the U.S. Federal Reserve indicated it was leaning towards new economic stimulus efforts and manufacturing data suggested China may take similar measures.
Hopes for fresh stimulus boosts in the world's two biggest economies rallied markets after Greece called on Wednesday for more time to make spending cuts, sending European shares down, and Wall Street saw little movement overnight.Full Story
In a new step confirming its commitment to innovating proactive services and offers in the Lebanese mobile market, Alfa, the first Lebanese mobile network managed by Orascom Telecom, has launched the new Midline plan for postpaid subscribers offering them two bundles for $35 & $60 respectively.
Each bundle is associated with new and innovative features, noting that Alfa will be offering through the $60 Midline bundle and for the first time communication and texting services with a free monthly subscription.Full Story
Russia's agriculture minister on Thursday lowered the country's grain output forecast to 75 million tons after already reducing 2012 expectations because of drought conditions in farming regions.
The announcement by the world's third-largest wheat exporter comes amid spiraling global food prices and efforts by developed nations to stabilise the market so that poorer countries in regions such as Africa are not affected too severely.Full Story
Russia on Wednesday crowned a tortuous 18-year campaign by becoming the largest country outside the World Trade Organization (WTO) to formally join the world's premier free trade club.
The Geneva-based institution's 156th member had spent years harboring deep suspicions about what a flood of better Western products and services might do to the country's fitful recover from its late Soviet malaise.Full Story