European ministers embarked Saturday on overhauling a rescue package for Greece, ahead of crunch French-German talks to resolve a row over a crisis that threatens to cause global recession.
Amid dire warnings that the debt crisis is endangering all of Europe, ministers said that banks had to take a greater share of the pain in a rescue package agreed in July but already seen as insufficient to solve Greek woes.
Full StoryChina on Saturday pledged "full fledged support" for next month's G20 leaders summit in France, as the deepening Eurozone crisis threatens to tip the global economy back into recession.
Vice Premier Wang Qishan, China's top official on financial affairs, made the comments during a meeting with French Foreign Minister Alain Juppe, who stopped over in the Chinese capital following a visit to India.
Full StoryAsian markets were mixed in nervous trade Friday as European leaders put back a final plan to contain the Eurozone sovereign debt crisis.
A rift between France and Germany over how to boost the continent's rescue fund made it unlikely a summit on Sunday would end in a solid deal, leading the 17-nation bloc to announce a second meeting would be held Wednesday.
Full StoryAusterity measures in Greece which have sparked violent protests are nevertheless the "best" way for the country to recover from its desperate debt crisis, Europe's central bank chief said Friday.
"The measures that are taken are the best way to put progressively the people of Greece in a better situation, both in terms of growth and in terms of jobs," Jean-Claude Trichet, the outgoing European Central Bank (ECB) president, said in Warsaw on Friday.
Full StoryAs grime-covered men emerge from deep shafts on the Philippines' "golden mountain", Norie Palma eagerly prepares to haggle for her share of ore from the weary miners.
The former laundrywoman turned gold buyer directs the procession to her small milling shack amid grunts from the miners whose backs are stooped under the weight of their hauls from the dangerous honeycomb tunnels of Mount Diwata.
Full StoryThe death of Libyan dictator Moammar Gadhafi eases the specter of a fully fledged insurgency that could disrupt oil production for years to come, energy analysts said Thursday.
Experts said news of Gadhafi's death would have little immediate impact on the price of oil, but removed a threat that had been hanging over future prices.
Full StoryLinkedIn Corp. on Thursday launched its online professional networking service in Japanese, the first Asian language platform for the rapidly growing company as it pushes to expand in the region.
Mountain View, California-based LinkedIn also established a small Tokyo office, following the opening of its Asia-Pacific headquarters in Singapore in May.
Full StoryU.S. stock futures edged higher Thursday after the government said that the number of people who applied for unemployment benefits dipped slightly last week.
The Labor Department said that first-time applications for unemployment dropped 6,000 to a seasonally adjusted 403,000. The number was in line with Wall Street's estimates, but still above the 375,000 claims a week that economists say signals a healthy jobs market.
Full StorySouth Korea's Hyundai Motor on Thursday unveiled a revamped and fuel-efficient version of its i30 compact car to better compete with European models such as Volkswagen's Golf.
Hyundai said it aims to sell 215,000 units of the i30 hatchback next year, including 25,000 at home and 190,000 abroad, as part of its push to secure a bigger share of the premium sub-compact car market.
Full StoryJapan's Panasonic is to sharply scale down its money-losing television business and cut more than 1,000 jobs, Japanese media reported on Thursday.
The leading electronics manufacturer plans to cease production of plasma panels at its No. 3 plant in Amagasaki, Hyogo Prefecture, by March, according to Jiji Press, Kyodo News, the Yomiuri Shimbun and NHK.
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