Business
Latest stories
Turkey to Fill Kurdish Oil Shortage

Turkey said Saturday it will provide fuel to Iraq's Kurdistan region to make up for a shortage caused by a militant offensive that has shut down the country's biggest oil refinery.

Militants led by the Islamic State of Iraq and the Levant (ISIL) have seized a vast swathe of territory in northern Iraq since overrunning the city of Mosul on June 10.

W140 Full Story
Fresh Austerity Protests Hit Portugal

Several thousand protesters took to the streets of Lisbon on Saturday in the latest demonstration against the austerity policies of Portugal's center-right government.

"Change the policies" and "Out with the government" chanted members of the country's largest union, the CGTP, which had gathered thousands for a protest in the northwestern port of Porto a week earlier.

W140 Full Story
Oil Prices Diverge on Iraq Tensions

Oil prices diverged Friday, with the U.S. WTI contract hitting a nine-month high on concerns about spreading sectarian conflict in Iraq that could cause disruptions in crude supplies.

W140 Full Story
Canada Overhauls Foreign Worker Rules, Citing Abuses

Canada's jobs minister unveiled stricter rules for hiring temporary foreign workers Friday after allegations of widespread abuses by employers, such as sidelining Canadians for jobs.

The changes are meant to ensure the foreign worker program is used as intended "as a last and limited resort to fill acute labor shortages on a temporary basis when qualified Canadians are not available," Employment Minister Jason Kenney said in a statement.

W140 Full Story
Obama Hopes for Pacific Trade Deal by November

U.S. President Barack Obama said Friday he hopes to have an agreement on framing a vast pan-Pacific trading block by the time he makes his next visit to Asia in November.

The Trans-Pacific Partnership (TPP) would encompass 40 percent of the global economy and include 12 nations. Talks on setting up the pact have been delayed by intricate market access negotiations between Japan and the United States.

W140 Full Story
Russia to Challenge U.S. Sanctions at WTO

Russia will contest U.S. sanctions over the crisis in Ukraine at the World Trade Organization, Prime Minister Dmitry Medvedev said Friday.

"The United States has introduced sanctions against Russia which will have negative consequences for external trade. We have decided to challenge them at the WTO," Medvedev said in televised comments.

W140 Full Story
Australia Says Banking Deregulation Talk a 'Beat-Up'

Australia's trade minister Friday dismissed reports the country was in negotiations to deregulate its banking sector as a "massive beat-up", saying he would not enter any agreement undermining the industry.

WikiLeaks documents, reported in Fairfax Media, showed that Australia, the United States, the European Union, Japan and 19 other countries were in talks about opening up access to their banking industries to foreign players as part of a Trade in Services Agreement.

W140 Full Story
ECB: Eurozone Current Account Surplus Grows

The eurozone's current account surplus grew to 21.5 billion euros ($29.3 billion) in April, European Central Bank data showed Friday.

The monthly figure is higher than a surplus of 19.6 billion euros in March, according to revised data.

W140 Full Story
Oil Mixed in Asia amid Iraq Supply Fears

Oil prices were mixed in Asia Friday but retained support near a nine-month peak as dealers track the unfolding sectarian conflict in Iraq fearing it could cause a major supply disruption. 

Brent crude for August fell four cents to $115.02 in afternoon trade, after rallying to $115.06 in London, its highest since early September. 

W140 Full Story
Oil Hits New Nine-Month Peak on Iraq Violence

Oil prices soared Thursday to a new nine-month high point on escalating violence in Iraq, as militants attacked the major crude producer's biggest refinery and seized more territory.

Brent crude for August delivery rallied as high as $114.80 per barrel, reaching a level last seen in September 2013. It later stood at $114.50, up 24 cents from Wednesday's close.

W140 Full Story