Business
Latest stories
China's Miniature Homemakers Cut Down to Size

They tower over their shrunken creations like gods. But in the face of an extended downturn after a decade-long property boom, China's miniature apartment builders are finally downsizing their ambitions.

China has experienced the most rapid urbanisation in human history -- it is said to have used more cement in 2011-2013 than the U.S. did in the entire 20th century, and built twice as many homes in the decade to 2010 as exist in Britain in total.

W140 Full Story
Turkish Agriculture Feels Economic Pain Ahead of Polls

Turkey's agriculture sector, a key pillar of the domestic economy, is increasingly feeling the pinch in a troubling development for the ruling party that is counting on farmers' support in this weekend's legislative elections.

On a cattle farm in the district of Cubuk outside Ankara, Ozkan Ilhan surveys his 500 cows with pride but declares that the future of the sector is in danger under the policies of the Justice and Development Party (AKP).

W140 Full Story
Kuwait: Gulf OPEC Members Back Keeping Ceiling Intact

Kuwait Oil Minister Ali al-Omair said on Tuesday he "strongly believes" that Gulf OPEC members support keeping the cartel's production ceiling unchanged at a crucial meeting this week.

In statements to the official KUNA news agency on arrival in Vienna, Omair said that OPEC's options were to "either to maintain or increase (the) production ceiling," ruling out cuts.

W140 Full Story
PM: Greece Submits New, 'Realistic' Reform Plan

Greece said Tuesday it has made "difficult concessions" in a "realistic" reform plan it has put to its creditors as a critical repayment on its massive debt looms.

"Last night a complete plan was submitted... a realistic plan to take the country out of the crisis," Prime Minister Alexis Tsipras told reporters in Athens.

W140 Full Story
IMF: Saudi to Post Massive Budget Deficit

OPEC kingpin Saudi Arabia is forecast to post a budget deficit of 20 percent of gross domestic product because of the sharp decline in oil revenues, the IMF said Tuesday.

"Government spending in 2015 is expected to remain strong, partly due to a number of one-off factors, while oil revenues have declined," an International Monetary Fund team said after visiting the Gulf kingdom.

W140 Full Story
Etihad Hits Back at U.S. Rivals' State Aid Claims

Etihad Airways hit back Tuesday against claims by its U.S. rivals that it receives unfair subsidies, urging Washington to "keep the skies open" in an official response to the allegations.

The national airline of Abu Dhabi said that it "receives no government subsidies or sovereign guarantees" and no discounted fuel or airport services.

W140 Full Story
Australia's Central Bank Keeps Interest Rates on Hold

Australia Tuesday kept interest rates at 2.0 percent after slashing them to a record low last month, and called for a weaker currency to help counter a sluggish economy struggling with soft business spending.

The Reserve Bank of Australia has been loosening monetary policy as the country exits an unprecedented China-driven mining investment boom and non-resources industries strain to fill the gap.

W140 Full Story
Japan's Pension System Hacked with 1.25 Million Personal Data Leaks

Japan's pension service said Monday it suffered a hack attack that led to 1.25 million cases of personal data being leaked.

An employee opened an e-mail with a virus, triggering the release of client names, pension account numbers, birth dates and addresses, it said, adding that the breach was discovered last week.

W140 Full Story
Malaysia Airlines 'Technically Bankrupt', New CEO Says

Malaysia Airlines is "technically bankrupt", its new German CEO said Monday as he outlined plans to stabilize the failing flag carrier including 6,000 job cuts.

"We are technically bankrupt and that decline of performance started long before the tragic events of 2014," Christoph Mueller told reporters, referring to two deadly disasters that rocked the airline last year.

W140 Full Story
Nigeria Anti-Graft Agency Arrests over 20 Bankers for Fraud

Nigeria's anti-corruption agency has arrested six senior officials from the country's central bank and 16 from commercial banks over alleged currency fraud, a spokesman told Agence France Presse on Monday.

"Six senior officials of the CBN (Central Bank of Nigeria) and 16 others from various commercial banks across the country were arrested over currency fraud," said Wilson Uwujaren.

W140 Full Story