The Japanese economy shrank at an annual pace of 6.8 percent in the second quarter after spending got slammed by a sales tax hike that kicked in from April, government figures showed Wednesday.

Japan's gross domestic product, or the total output of goods and services, also contracted 1.7 percent during the April-June period from the previous quarter.

Iran's inflation has been curbed and its recession is easing but economic growth will depend on the country increasing its non-oil exports, President Hassan Rouhani said Tuesday.

Presenting an economic plan to parliament, Rouhani emphasised that a broad-based economy with more manufacturing is required, along with a hoped-for lifting of international sanctions.

The social news group BuzzFeed unveiled a major new expansion plan, using a fresh infusion of $50 million in venture capital.

Andreessen Horowitz, the big Silicon Valley venture group, announced late Sunday it is investing $50 million in BuzzFeed and that one of its partners, Chris Dixon, will be joining the company’s board.

An "enormous" class action over credit card late fees charged by financial institutions, including Citibank and Westpac, on behalf on all their customers was filed in an Australian court Tuesday.

The action -- which could become Australia's biggest consumer lawsuit -- was filed by lawyers Maurice Blackburn against Westpac, Citibank, St. George, BankSA and ANZ in the New South Wales Supreme Court.

Oil prices fell in Asia Tuesday on easing concerns about supply disruptions arising out of conflicts in Ukraine and Iraq, analysts said. 

U.S. benchmark West Texas Intermediate for September delivery eased 27 cents to $97.81 while Brent crude for September was down 22 cents to $104.46 in mid-morning trade.

The shares of Russia's two biggest banks soared on Monday after avoiding being delisted from a top emerging markets index as part of the West's response to the Kremlin's stance in Ukraine.

Venezuela's nighttime border closure, a move meant to combat smuggling, will be costly, Colombia's transport industry said Sunday.

Asian markets opened up Monday following widespread falls last week as investors took heart from Wall Street shrugging off fears over instability in Iraq and Ukraine.

At a glitzy show stall for a new residential development in Hong Kong, property agents with loudspeakers are promoting the latest trend in the overcrowded city -- high-end "micro-flats" which still come with an eye-watering price tag.

India's top crime fighting body is investigating a $155 million loan by a state-run bank to debt-ridden Kingfisher Airlines, a police official said Sunday.