March 16, 2012
India uses budget speech to sound upbeat economic note
India's Finance Minister Pranab Mukherjee has unveiled the country's annual budget, saying that the economy is turning around. He added that India would look to reduce subsidies, accelerate reforms and state asset sales and boost infrastructure…
March 16, 2012
Fiat plants in Italy shut over fuel strike
Italian carmaker Fiat has shut down five of its plants in its home country as it struggles to cope with an ongoing transport strike. Lorry drivers have been protesting over taxes on petrol passed in the austerity budget of Prime Minister Mario…
March 16, 2012
Air Berlin losses widen in 2011
Germany's second largest airline, Air Berlin, has reported worse-than-expected losses for 2011 as it continues its efforts to downsize. The budget carrier reported a net loss of 271.8m euros ($322m; £205m) for the year to 31 December 2011. It…
March 16, 2012
Europe Looking to Boost Its Bailout Fund
The 17-nation euro currency bloc appears ready to boost the size of the continent's bailout fund to handle future financial emergencies of its debt-ridden countries. A new $656 billion rescue fund is set to take effect in July. But financial…
March 13, 2012
US, EU and Japan challenge China on rare earths at WTO
The US, Japan and the European Union have filed a case against China at the World Trade Organization, challenging its restrictions on rare earth exports. US President Barack Obama announced the filing at the White House, accusing China of breaking…
March 13, 2012
Yahoo sues Facebook over 10 disputed patents in the US
Yahoo has filed an intellectual property lawsuit against Facebook. Yahoo claims the social network has infringed 10 of its patents including systems and methods for advertising on the web. Facebook denies the allegation. The move comes ahead of…
March 13, 2012
Hungary aid frozen by EU over budget deficit
The European Union has decided to suspend 495m euros ($655m; £417m) of funds due next year to Hungary, because of the country's budget deficit. This is the first case of the EU taking action over the budget deficit of any of its members. But the…
March 13, 2012
UK trade gap less than expected in January
The UK's trade deficit was less than expected in January, thanks to strong exports of cars to the US, China and Russia, official figures have shown. The deficit on seasonally adjusted trade in goods and services was £1.8bn in the first month of…
March 12, 2012
China reports large trade deficit as imports surge
China posted its largest trade deficit in at least a decade in February, after imports of commodities jumped as companies built up supplies. The deficit was $31.5bn (£20bn) after imports rose 39.6% from a year earlier and exports rose 18.4%, the…
March 12, 2012
Greece and Spain top agenda at Eurogroup meeting
Finance ministers from eurozone nations are to meet on Monday to discuss giving Greece's second bailout final approval. The Eurogroup, which includes eurozone finance ministers, the president of the European Central Bank and European Commission…