Business
Latest stories
Report: Germany Optimistic on Outlook Despite Weak Q2

The German government remains optimistic in its outlook for Europe's biggest economy, despite negative growth in the second quarter, the weekly Der Spiegel reported Sunday.

For the whole of 2014, the German economy could even notch up faster growth than the 1.8 percent it is currently predicting, the magazine said, quoting Finance Minister Wolfgang Schaeuble.

W140 Full Story
Asia Shares Mostly Up after Yellen Speech

Asian markets mostly rose Monday, while the dollar hit multi-month highs against the yen and euro after the head of the U.S. Federal Reserve seemed to indicate a shift towards a hike in interest rates sooner than expected.

While Janet Yellen's speech Friday said slackness in the jobs market would likely staunch inflation, investors noted her acknowledgement of calls for an early rate rise that analysts said may suggest she is thinking of such a move.

W140 Full Story
Mimicking the Airlines, Hotels Get Fee-Happy

Forget bad weather, traffic jams and kids asking, "Are we there yet?" The real headache for many travelers is a quickly-growing list of hotel surcharges, even for items they never use.

Guaranteeing two queen beds or one king bed will cost you, as will checking in early or checking out late. Don't need the in-room safe? You're likely still paying. And the overpriced can of soda may be the least of your issues with the hotel minibar.

W140 Full Story
France's Economy Minister Slams German Austerity Measures

French Economy Minister Arnaud Montebourg on Saturday criticized German austerity measures and warned France would no longer "be pushed around" by the EU's economic powerhouse.

"You have to raise your voice. Germany is trapped in an austerity policy that it imposed across Europe," the socialist minister said in an interview with Le Monde newspaper.

W140 Full Story
Amazon Readying an Attack on Google's Ad Business

U.S. online giant Amazon is preparing to take on Google in one of its core businesses, Internet advertising, the Wall Street Journal said Friday, citing sources familiar with the matter.

Amazon is developing its own program to target ads using the information it gathers about the preferences of its customers.

W140 Full Story
Golddman Sachs to Pay $3.15 bn to Settle Mortgage Case

Goldman Sachs will pay $3.15 billion to resolve claims it misled Fannie Mae and Freddie Mac on mortgage-linked securities it sold them before the U.S. housing bust, officials said Friday.

The Federal Housing Finance Agency, the conservator for Fannie and Freddie, which were rescued by the government during the 2008 crisis, said that Goldman will repurchase the securities it sold to the two effectively government-backed mortgage giants between 2005 and 2007.

W140 Full Story
Bank of America Agrees $17 bn Deal over Dodgy Mortgages

Bank of America agreed Thursday to a record nearly $17 billion deal with U.S. authorities to settle claims it sold risky mortgage securities as safe investments ahead of the 2008 financial crisis.

Under the settlement with the Department of Justice, the Securities and Exchange Commission, and other authorities including individual states, the bank will pay out $9.65 billion in cash and provide $7.0 billion in relief to consumers affected by losses tied to those securities.

W140 Full Story
Dollar Inches Down ahead of Yellen Speech

The dollar inched down in Asia Friday as investors awaited a speech by the U.S. Federal Reserve chief for any hint at when the bank will start raising interest rates.

The U.S. unit was changing hands at 103.71 yen in Tokyo afternoon, compared with 103.85 yen in New York Thursday afternoon.

W140 Full Story
Edinburgh and London Grapple over North Sea's Black Gold

North Sea oil has been at the center of fierce debate over Scotland's future ahead of an independence vote next month, with both sides wrangling over the outlook for the region's treasure trove of black gold.

Around 42 billion barrels of oil and gas have been extracted from the North Sea since the early 1970s, providing a welcome boost to the British government's coffers -- and Scotland's economy.

W140 Full Story
Russia Targets McDonald's in Expanding East-West Trade War

Russian authorities launched nationwide inspections of McDonald's restaurants Thursday after shutting three wildly-popular Moscow locations on apparent government orders aimed at striking back against biting Western sanctions.

It was the latest and arguably most resonant salvo in an escalating and economically-bruising trade war over a bloody conflict in Ukraine that has plunged East-West relations into what some have dubbed a "new Cold War".

W140 Full Story