Electrical appliance group Philips reported a 23 percent slump in net second quarter profit on Monday, to 243 million euros ($329 million).

The Dutch giant said in a statement sales were also down 5.4 percent to 5.3 billion euros.

Swatch has applied to set up stores in India, a report said Saturday, as the Swiss-based watchmaker moves to tap a growing and increasingly accessory-conscious consumer class.

The publisher of the U.S. business magazine Forbes said Friday a controlling stake in the group had been sold to a Hong Kong-based investment consortium.

The United States on Friday opened the way to offshore oil and gas exploration in the Atlantic Ocean, authorizing the controversial use of sonic cannons for seismic surveys.

Exploration off the U.S. East Coast has been banned since the early 1980s, largely because of environmental concerns. The use of sonic waves, whose noise levels are magnified under water, risks harm to marine life.

Visiting Chinese President Xi Jinping announced Friday huge investments in hydroelectric power, shipbuilding, railways and a deal to help Argentina build its fourth nuclear plant.

Business leaders in Australia Friday called on G20 leading economies to implement recommendations on structural reforms and free trade that could boost global growth by U.S.$3.4 trillion and create millions of jobs.

The business chiefs, who are in Sydney for a two-day B20 summit, said their list of 20 recommendations -- if adopted by G20 leaders -- would help them exceed the 2.0 percent additional GDP target over five years that finance ministers agreed to in February.

Oil prices rose in Asia on Friday after a Malaysia Airlines plane came down in war-ravaged Ukraine and Israel launched a ground offensive into Gaza, sparking fears about tensions in the crude-rich Middle East.

US benchmark West Texas Intermediate for delivery in August was up 53 cents at $103.72 in late-morning trade and Brent crude for September advanced 65 cents to $108.54.

The dollar edged up in Asian trade Friday after tumbling in New York on news that a Malaysia Airlines jet had crashed in Ukraine killing almost 300 people, with the U.S. saying it had been shot down.

The Malaysian ringgit slipped against the greenback in response to the tragedy, the second to hit the troubled carrier since the disappearance of flight MH370 in March.

Asian markets were mostly lower on Friday after a Malaysia Airlines jet came down in battle-wracked Ukraine, sparking geopolitical tensions and sending Wall Street tumbling as the U.S. claimed the aircraft had been shot down.

Airline stocks retreated, led by a slump in already under-pressure Malaysia Airlines as the company faced up to its second major disaster in four months following Thursday's tragedy that killed almost 300 people. 

Europe's stock markets fell on Thursday after the United States and European Union announced that they would apply further sanctions against Russia over the crisis in Ukraine.

The news sent markets sliding as many investors sought to minimise risky investments amid heightened Ukraine concerns, dealers said.