September 16, 2013
Portugal’s economic progress under review
Representatives from the International Monetary Fund, the European Commission and the European Central Bank have begun their latest audit of Portugal's economic health. A raft of reforms was promised by Portugal's leaders in return for its May 2011…
September 16, 2013
Koreas restart operations at Kaesong industrial zone
The Kaesong industrial complex in North Korea is reopening, five months after it was closed due to political tensions with the South. More than 800 South Koreans are due to cross to the jointly-run centre. Seoul has also sent negotiators who will…
September 16, 2013
Japan halts last nuclear reactor at Ohi
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September 16, 2013
Spanish public debt reaches record level
Spain's public debt reached a record high in June, the country's central bank said. The figure has risen to 942.8bn euros (£792.5bn; $1.3 trillion), equal to 92.2% of the country's entire economic output, the bank said. This is nearly 15% higher…
September 4, 2013
Australia’s economic growth better than forecast
Australia has reported better-then-forecast growth numbers for the April to June quarter, boosted by gains in consumer spending. Its gross domestic product (GDP) expanded 2.6% during the quarter, from a year earlier. Compared with the previous…
September 4, 2013
Oil rises as Obama gets support in Syria effort
Oil rose above US$108 a barrel yesterday as President Barack Obama won the support of the top Republican in Congress for US military intervention in Syria. House Speaker John Boehner said acting against Syria was something “the United States as a…
September 4, 2013
S&P says US lawsuit is ‘retaliation’ to ratings downgrade
Ratings agency Standard and Poor's (S&P) has claimed the lawsuit filed against it by the US Justice Department was "retaliation" against its decision to downgrade the US credit rating. The agency was sued in February over its assessment of…
September 4, 2013
Olympus to be prosecuted by UK fraud agency
Japanese camera and medical equipment maker Olympus and its UK subsidiary Gyrus Group will be prosecuted by UK's Serious Fraud Office. They have been charged with providing "misleading, false or deceptive" material in accounts for Gyrus Group.…
September 4, 2013
Raghuram Rajan takes charge of Reserve Bank of India
A former International Monetary Fund chief economist is taking over as the head of India's central bank, as it works to revive the falling rupee. Raghuram Rajan, 50, assumes the top job at the Reserve Bank of India on Wednesday. He arrives at a time…
August 26, 2013
Greece may need a third bailout
Greece may need a third bailout but would not accept new austerity measures, the Greek finance minister has said. Yannis Stournaras said: "If there is need for further support to Greece, it will be in the order of about 10bn euros (£8.6bn; $13.4bn),…