Business
Latest stories
Alphabet/Google Overtakes Apple as World's Biggest Company

Alphabet, the parent firm for Google, became the world's most valuable company Tuesday as a jump in its share price helped it vault past tech rival Apple.

In opening trade following a robust earnings report, Alphabet shares rose 2.9 percent to lift its market capitalization to $543 billion while Apple's value declined to $530 billion with a modest dip in trading.

W140 Full Story
Nigeria Seeks Big Loans from World Bank, Other Lenders

Nigeria is seeking loans from the World Bank, the African Development Bank (AfDB) and other lenders to help cover this year's massive budget deficit, the government and bank officials said.

The deficit is projected at 2.2 trillion naira ($11 billion, 10 billion euros) out of a total budget of 6.08 trillion naira, they said late Monday, confirming projections first given in President Muhammadu Buhari's December budget announcement.

W140 Full Story
Saudi Fiscal Reserves Slide to 4-Year Low on Weak Oil

Saudi Arabia's fiscal reserves dropped to a four-year low last year as the government sought to finance a budget deficit caused by plunging oil revenues, a report said Tuesday.

The reserves of the world's largest crude exporter dropped to $611.9 billion at the end of 2015, the lowest level since 2011, down from $732 billion a year before, the Saudi Jadwa Investment said in an economic report.

W140 Full Story
German Unemployment Falls to New Post-Reunification Low

German unemployment fell to a new historic low in January as the recovery in Europe's biggest economy remains on track, data showed on Tuesday. 

Unemployment stands at the lowest level since west and east Germany reunited in 1990 after the fall of the Berlin Wall the previous year, the Federal Labor Office said in a statement.

W140 Full Story
India's Central Bank Holds Interest Rates at 6.75%

India's central bank kept interest rates on hold Tuesday, citing the importance of  controlling inflation and noting a slowing growth momentum in Asia's third-largest economy.

The Reserve Bank of India (RBI) said the benchmark repo rate, the level at which it lends to commercial banks, would remain at 6.75 percent as analysts had expected.

W140 Full Story
Ex-IMF Chief Rato to Stand Trial for Misusing Bank Funds

Rodrigo Rato, a former chief of the International Monetary Fund (IMF), is to stand trial for misusing funds when he was head of a bailed-out Spanish bank, a court in Madrid said Monday.

One time Spanish finance minister Rato is one of 66 accused in a scandal that allegedly saw executives and board members at Caja Madrid and Bankia -- the group whose near-collapse sparked an EU bailout of Spain's financial sector -- spend around 12 million euros ($13 million) on themselves between 2003 and 2012, with some media reports putting the total figure above 15 million euros.

W140 Full Story
Nokia Shares Fall after Samsung Patent Deal Disappoints

Shares in Finnish telecom giant Nokia plummeted on Monday after the group announced it had settled a patent dispute with South Korea's Samsung whose terms disappointed investors.

Nokia's shares fell by more than 11 percent on the Helsinki stock market following the announcement of the settlement.

W140 Full Story
Dubai Stays Busiest Airport for International Travel

Dubai International remained the world's busiest airport for international travel last year with a 10.7 percent rise in passenger numbers, its operator said on Monday. 

More than 78 million passengers passed through Dubai in 2015, led by an increase in travelers from India, Britain and Saudi Arabia, the state-owned airport said in a statement. 

W140 Full Story
Oil Prices Halt Rise in Asian Trade

Oil prices halted their rise in Asia Monday, hurt by the strengthening U.S. currency which makes the dollar-price commodity more expensive.

The greenback rose after Japan's central bank shocked markets Friday with a decision to adopt a below-zero interest rate policy in a bid to spur bank lending and drive up inflation.

W140 Full Story
Japan Megabank Profits down as BoJ Stimulus Threatens Bottom Line

Japan's biggest banks tumbled in Tokyo share trading Monday as a drop in their latest earnings was compounded by fears that the Bank of Japan's new stimulus measures would hit their bottom line.

Shares in the trio -- Mitsubishi UFJ, Sumitomo Mitsui Financial Group and Mizuho Financial Group -- suffered a sell-off after the central bank on Friday unveiled plans to effectively charge lenders on some deposits.

W140 Full Story