Latest stories
China Rejects Fuji Heavy's Joint Venture Plan

China has rejected a plan by Japan's Fuji Heavy Industries to form a joint venture with local manufacturer Chery Automobile in the world's biggest auto market, a press report said Friday.

The Chinese government had already conveyed the decision to Fuji Heavy, which produces Subaru cars, the Yomiuri Shimbun newspaper reported in its evening edition.

W140 Full Story
Nokia to Cut 3,500 Jobs in Romania, Germany, U.S. before 2013

Mobile phone giant Nokia said Thursday it was slashing 3,500 jobs in Romania, Germany and the United States, just months after announcing 4,000 job cuts it said would be the last for the foreseeable future.

"Nokia plans to close its manufacturing facilities in Cluj, Romania, by the end of 2011 ... and plans to close its (locations and commerce development) operations in Bonn, Germany and Malvern, U.S.," by the end of next year, the Finnish company said in a statement.

W140 Full Story
Euro Fund Clears Key German Test, as Greece Awaits Audit

Europe's rescue fund cleared a major hurdle Thursday when German lawmakers voted overwhelmingly to beef it up, boosting markets as attention turned to a key international audit of debt-mired Greece.

Stock markets on both sides of the Atlantic greeted the news with relief as Chancellor Angela Merkel survived a vote that proved a hard-fought test of her political authority as the world looks to her to defuse the euro debt crisis.

W140 Full Story
EU Warns Italy: Clean Up Trash or Face Fine

With six million tons of trash piled up in temporary storage sites in the Naples area, the European Commission is giving Italy an ultimatum -- clean up your act or face a major fine.

The European Union's executive arm sent a final warning to Italian authorities demanding that they implement waste management measures ordered by Europe's top court back in December 2010.

W140 Full Story
Turkey Requests Discount on Russian Gas Imports

Turkey threatened Thursday to revoke a contract to purchase six billion cubic meters of natural gas, a third of its Russian imports, if the price is not reduced.

"We have asked them (Russia) for a reduction. If Russia does not sufficiently meet this demand, we will display the will to end the contract," Energy Minister Taner Yildiz told reporters in Ankara.

W140 Full Story
World Stocks Cautious Ahead of Crucial Greek Audit

European stocks fell and Wall Street rose in cautious trade on Wednesday amid doubts that Eurozone leaders were any closer to resolving the debt crisis before EU-IMF auditors were due to arrive in Athens.

After see-sawing during the session European stocks closed down with London's FTSE-100 index dropping 1.44 percent to 5,217.63 points.

W140 Full Story
Oil Prices Drop as U.S. Reveals Drop in Stockpiles

Oil prices slid on Wednesday after official data showed a bigger than expected increase in energy stockpiles in the United States, indicating weak demand in the world's biggest economy and oil consumer.

New York's main contract, West Texas Intermediate (WTI) for delivery in November, slid $1.90 to $82.55 a barrel.

W140 Full Story
EU Financial Transaction Tax: What's Covered, What's Not

A controversial European Union bid to impose a tax on financial transactions is intended to make the finance sector pay something back after massive public sector bailouts in recent years.

Draft European Commission legislation endeavors to prevent companies from relocating outside the single market, as critics claim, or consumers from picking up the tab further down the line, as campaigners fear.

W140 Full Story
Auditors Back to Athens as Debt Crisis Hits Crunch

Global creditors announced Wednesday the return of auditors to Greece in a bid to break an impasse over billions of euros in blocked bailout loans Athens needs to avoid default.

Nearly four weeks after abruptly leaving the city, EU and IMF negotiators will restart tough number crunching from Thursday amid mounting social tension and what the European Union describes as the biggest challenge of its history.

W140 Full Story
Miqati Says Lebanese Banks Respect International Will

Prime Minister Najib Miqati stressed on Tuesday that the cabinet is keen on protecting the Lebanese banking sector from any harm.

He said at a press conference in New York that “we’re following all the required measures… The Lebanese banks can’t carry out any action that might provoke the international community.”

W140 Full Story