Category
World Economy
Quake's economic costs emerging
Asian governments and international agencies are reeling at the potential economic devastation left by the Asian tsunami and floods. World Bank presid…
Yukos unit fetches $9bn at auction
A little-known Russian company has bought the main production unit of oil giant Yukos at auction in Moscow. Baikal Finance Group outbid favourite Gazp…
Beijingers fume over parking fees
Choking traffic jams in Beijing are prompting officials to look at reorganising car parking charges. Car ownership has risen fast in recent years, and…
Iraq and Afghanistan in WTO talks
The World Trade Organisation (WTO) is to hold membership talks with both Iraq and Afghanistan. But Iran's bid to join the trade body has been refused …
China bans new tobacco factories
The world's biggest tobacco consumer, China, has said it will not allow any new tobacco factories to be built. China already has more than enough ciga…
Burren awarded Egyptian contracts
British energy firm Burren Energy has been awarded two potentially lucrative oil exploration contracts in Egypt. The company successfully bid for the …
Disaster claims 'less than $10bn'
Insurers have sought to calm fears that they face huge losses after an earthquake and giant waves killed at least 38,000 people in southern Asia. Muni…
Criminal probe on Citigroup deals
Traders at US banking giant Citigroup are facing a criminal investigation in Germany over a controversial bond deal. The deal saw the sale of 11bn eur…
Japan turns to beer alternatives
Japanese brewers are increasingly making money from beer-flavoured drinks rather than beer itself Beer and spirits are heavily taxed in Japan, driving…
Wipro beats forecasts once again
Wipro, India's third-biggest software firm, has reported a 60% rise in profit, topping market expectations. Net income in the last quarter was 4.3bn r…
Yukos seeks court action on sale
Yukos will return to a US court on Wednesday to seek sanctions against Baikal Finance Group, the little-known firm which has bought its main asset. Yu…
Business fears over sluggish EU economy
As European leaders gather in Rome on Friday to sign the new EU constitution, many companies will be focusing on matters much closer to home - namely …
Manufacturing recovery 'slowing'
UK manufacturing grew at its slowest pace in one-and-a-half years in January, according to a survey. The Chartered Institute of Purchasing and Supply …
Strong quarterly growth for Nike
Nike has reported its best second-quarter earnings, helped by strong demand for its athletic shoes and Converse sneakers. The global sports giant said…
Profits jump at China's top bank
Industrial and Commercial Bank (ICBC), China's biggest lender, has seen an 18% jump in profits during 2004. The increase in earnings has allowed the f…
Japan narrowly escapes recession
Japan's economy teetered on the brink of a technical recession in the three months to September, figures show. Revised figures indicated growth of jus…
Mitsubishi in Peugeot link talks
Trouble-hit Mitsubishi Motors is in talks with French carmaker PSA Peugeot Citroen about a possible alliance. On Tuesday Mitsubishi, the only major Ja…
Rover deal 'may cost 2,000 jobs'
Some 2,000 jobs at MG Rover's Midlands plant may be cut if investment in the firm by a Chinese car maker goes ahead, the Financial Times has reported.…
G7 backs Africa debt relief plan
G7 finance ministers have backed plans to write off up to 100% of the debts of some of the world's poorest countries. UK chancellor Gordon Brown said …
India's Deccan seals $1.8bn deal
Air Deccan has ordered 30 Airbus A320 planes in a $1.8bn (£931m) deal as India's first low-cost airline expands in the fast-growing domestic market. A…
Argentina, Venezuela in oil deal
Argentina and Venezuela have extended a food-for-oil deal, which helped the former to overcome a severe energy crisis last year. Argentine President N…
Chinese dam firm 'defies Beijing'
The China Three Gorges Project Corp is refusing to obey a government order to stop construction of one of its giant dams, the Chinese state press has …
Japanese banking battle at an end
Japan's Sumitomo Mitsui Financial has withdrawn its takeover offer for rival bank UFJ Holdings, enabling the latter to merge with Mitsubishi Tokyo. Su…
Peugeot deal boosts Mitsubishi
Struggling Japanese car maker Mitsubishi Motors has struck a deal to supply French car maker Peugeot with 30,000 sports utility vehicles (SUV). The tw…
MG Rover China tie-up 'delayed'
MG Rover's proposed tie-up with China's top carmaker has been delayed due to concerns by Chinese regulators, according to the Financial Times. The pap…
India seeks to boost construction
India has cleared a proposal allowing up to 100% foreign direct investment in its construction sector. Kamal Nath, Commerce and Industry Minister, ann…
French wine gets 70m euro top-up
The French government is to hand its struggling wine industry 70m euros ($91m) in aid to help it battle falling sales and damaging overproduction. The…
WMC profits up amid bid criticism
Australian mining firm WMC Resources has seen a fivefold rise in profits while continuing to be the target of a hostile takeover bid. WMC said it made…
DaimlerChrysler's 2004 sales rise
US-German carmaker DaimlerChrysler has sold 2.1% more cars in 2004 than in the previous year, as solid Chrysler sales offset a weak showing for Merced…
India and Iran in gas export deal
India has signed a $40bn (£21bn) deal to import millions of tonnes of liquefied natural gas from Iran. Firms led by the Oil & Natural Gas Corporation …
India opens skies to competition
India will allow domestic commercial airlines to fly long haul international routes, a move it hopes will stoke competition and drive down prices. How…
Steel firm 'to cut' 45,000 jobs
Mittal Steel, one of the world's largest steel producers, could cut up to 45,000 jobs over the next five years, its chief executive has said. The Neth…
Feta cheese battle reaches court
A row over whether only Greece should be allowed to label its cheese feta has reached the European Court of Justice. The Danish and German governments…
China now top trader with Japan
China overtook the US to become Japan's biggest trading partner in 2004, according to numbers released by Japan's Finance Ministry on Wednesday. China…
China had role in Yukos split-up
China lent Russia $6bn (£3.2bn) to help the Russian government renationalise the key Yuganskneftegas unit of oil group Yukos, it has been revealed. Th…
FAO warns on impact of subsidies
Billions of farmers' livelihoods are at risk from falling commodity prices and protectionism, the UN's Food & Agriculture Organisation has warned. Tra…
Bargain calls widen Softbank loss
Japanese communications firm Softbank has widened losses after heavy spending on a new cut-rate phone service. The service, launched in December and d…
BMW drives record sales in Asia
BMW has forecast sales growth of at least 10% in Asia this year after registering record sales there in 2004. The luxury carmaker saw strong sales of …
Millions 'to lose textile jobs'
Millions of the world's poorest textile trade workers will lose their jobs under new trade rules to be introduced in the new year, a charity has warne…
Aids and climate top Davos agenda
Climate change and the fight against Aids are leading the list of concerns for the first day of the World Economic Forum in the Swiss resort of Davos.…
India's Deccan gets more planes
Air Deccan has signed a deal to acquire 36 planes from Avions de Transport Regional (ATR). The value of the deal has not been revealed, because of a c…
Argentina closes $102.6bn debt swap
Argentina is set to close its $102.6bn (£53.51bn) debt restructuring offer for bondholders later on Friday, with the government hopeful that most cred…
India unveils anti-poverty budget
India is to boost spending on primary schools and health in a budget flagged as a boost for the ordinary citizen. India's defence budget has also been…
Stormy year for property insurers
A string of storms, typhoons and earthquakes has made 2004 the most expensive year on record for property insurers, according to Swiss Re. The world's…
Asia quake increases poverty risk
Nearly two million people across Asia could be thrown into poverty because of the Indian Ocean tsunami, the Asian Development Bank (ADB) has said. In …
Aviation firms eye booming India
India's defence minister has opened the country's Aero India 2005 air show with an invitation for global aerospace firms to outsource jobs to the nati…
Nissan names successor to Ghosn
Nissan has named a lifetime employee to run its operations after Carlos Ghosn, its highly successful boss, takes charge at Renault. As chief operating…
Vodafone appoints new Japan boss
Vodafone has drafted in its UK chief executive William Morrow to take charge of its troubled Japanese operation. Mr Morrow will succeed Shiro Tsuda as…
Newest EU members underpin growth
The European Union's newest members will bolster Europe's economic growth in 2005, according to a new report. The eight central European states which …
GM, Ford cut output as sales fall
US car firms General Motors (GM) and Ford have been forced to cut production in the face of falling car sales. US sales at GM sank 12.7% in February c…
China suspends 26 power projects
China has ordered a halt to construction work on 26 big power stations, including two at the Three Gorges Dam, on environmental grounds. The move is a…
Honda wins China copyright ruling
Japan's Honda has won a copyright case in Beijing, further evidence that China is taking a tougher line on protecting intellectual property rights. A …
India and Russia in energy talks
India and Russia are to work together in a series of energy deals, part of a pact which could see India invest up to $20bn in oil and gas projects. On…
India widens access to telecoms
India has raised the limit for foreign direct investment in telecoms companies from 49% to 74%. Communications Minister Dayanidhi Maran said that ther…
Slowdown hits US factory growth
US industrial production increased for the 21st month in a row in February, but at a slower pace than in January, official figures show. The Institute…
Indy buys into India paper
Irish publishing group Independent News & Media is buying up a 26% stake in Indian newspaper company Jagran in a deal worth 25m euros ($34.1m). Jagran…
Egypt and Israel seal trade deal
In a sign of a thaw in relations between Egypt and Israel, the two countries have signed a trade protocol with the US, allowing Egyptian goods made in…
US in EU tariff chaos trade row
The US has asked the World Trade Organisation to investigate European Union customs tariffs, which it says are inconsistent and hamper trade. The EU's…
Consumers drive French economy
France's economic growth accelerated in the last three months of 2004, driven by consumer spending, a report shows. Gross domestic product (GDP) rose …
Yangtze Electric's profits double
Yangtze Electric Power, the operator of China's Three Gorges Dam, has said its profits more than doubled in 2004. The firm has benefited from increase…
India's Reliance family feud heats up
The ongoing public spat between the two heirs of India's biggest conglomerate, Reliance Group, has spilled over to the board meeting of a leading comp…
Boeing secures giant Japan order
Boeing is to supply Japan Airlines with up to 50 of its forthcoming 7E7 planes in a deal that could be worth as much as $6bn (£3.1bn) for the US giant…
India calls for fair trade rules
India, which attends the G7 meeting of seven leading industrialised nations on Friday, is unlikely to be cowed by its newcomer status. In London on Th…
Israeli economy picking up pace
Israel's economy is forecast to grow by 4.2% in 2004 as it continues to emerge from a three-year recession. The main driver of the faster-than-expecte…
VW considers opening Indian plant
Volkswagen is considering building a car factory in India, but said it had yet to make a final decision. The German giant said it was studying the pos…
Electronics firms eye plasma deal
Consumer electronics giants Hitachi and Matshushita Electric are joining forces to share and develop technology for flat screen televisions. The tie-u…
Hyundai to build new India plant
South Korea's Hyundai Motor has announced that it plans to build a second plant in India to meet the country's growing demand for cars. The company di…
Indian oil firm eyes Yukos assets
India's biggest oil exploration firm, Oil & Natural Gas Corp (ONGC), says it is in talks to buy the former assets of troubled Russian crude producer Y…
World leaders gather to face uncertainty
More than 2,000 business and political leaders from around the globe are arriving in the Swiss mountain resort Davos for the annual World Economic For…
Indonesia 'declines debt freeze'
Indonesia no longer needs the debt freeze offered by the Paris Club group of creditors, Economics Minister Aburizal Bakrie has reportedly said. Indone…
Businesses fail to plan for HIV
Companies fail to draw up plans to cope with HIV/Aids until it affects 20% of people in a country, new research says. The finding comes in a report pu…
Record year for Chilean copper
Chile's copper industry has registered record earnings of $14.2bn in 2004, the governmental Chilean Copper Commission (Cochilco) has reported. Strong …
Tsunami slows Sri Lanka's growth
Sri Lanka's president has launched a reconstruction drive worth $3.5bn (£1.8bn) by appealing for peace and national unity. President Kumaratunga said …
Trade gap narrows as exports rise
The UK's trade gap narrowed in November, helped by a 7.5% rise in exports outside the European Union. According to the Office for National Statistics,…
BBC poll indicates economic gloom
Citizens in a majority of nations surveyed in a BBC World Service poll believe the world economy is worsening. Most respondents also said their nation…
Renault boss hails 'great year'
Strong sales outside western Europe helped Renault boost its profits by more than 40% in 2004 although the firm warned of lower margins this year. Fra…