Business
Latest stories
Study: Mobiles Offer Financial Lifeline to Asian Migrants

Asia's mobile revolution is set to transform the region's financial services industry, offering a cheap way for millions of migrant workers to send money home to their families, a report said on Monday.

Nearly 60 million migrant workers from the Asia-Pacific region sent almost $260 billion home to their families in 2012, according to the study, co-authored by the World Bank and the International Fund for Agricultural Development.

W140 Full Story
Goldman Sachs to Invest in Japan Green Energy

U.S. investment banking giant Goldman Sachs said Monday it will start investing in Japanese renewable energy projects, with a reported $2.9 billion outlay over the next five years.

The injection comes after Japan's government stepped into the green power market to set minimum prices in a bid to encourage the sector as the country seeks to rebalance its post-Fukushima energy mix.

W140 Full Story
Greece Enters Sixth Year of Recession, but Prospects Improving

Data released last week showed Greece entered its sixth straight year of recession, but there is now cautious optimism about the economy's prospects although unemployment is still hitting record highs and consumers are squeezed by pay cuts and tax hikes.

On Tuesday, Greece's battered debt ratings received a rare upgrade from Fitch which noted "clear progress" on eliminating deficits.

W140 Full Story
Thousands Join anti-Austerity March in Rome

Tens of thousands of people joined a union-organized march in Rome Saturday, protesting against the new coalition government's austerity measures.

The metal workers union FIOM said the rally was to demand "the right to jobs, training and health care".

W140 Full Story
Slovenia Says Reforms on Track Despite Ratings Downgrade

Slovenia on Saturday said it was confident its newly-adopted action plan would stabilize public finances and lead to an economic recovery, a day after international ratings agency Fitch downgraded the crisis-hit country by one notch.

"The consolidation of public finances will follow the objectives that have been clearly set. We will efficiently carry out all the necessary measures drawn in its stability and reform programs," Slovenia's finance ministry said in a statement in response to the downgrade.

W140 Full Story
Tableau Software Soars in Trading Debut

Tableau Software shares soared in their trading debut Friday after the company and some of its investors raised about $254.2 million in its initial public offering.

Seattle-based Tableau Software Inc. provides software that helps businesses convert data into visual presentations.

W140 Full Story
S&P Warns India Could Face Junk Status

India faces at least "a one-in-three" chance of losing its prized sovereign grade rating, global ratings agency Standard and Poor's has warned, in another blow to the scandal-tainted Congress government.

The announcement late Friday comes after finance ministry officials have been arguing for a ratings upgrade, saying the government has been taking strong steps to curb India's financial deficit and promote investment.

W140 Full Story
Top Officials Call to Overhaul Euro Institutions

Engineering a financial bailout for Cyprus in March was such a chaotic process that top European officials say it is time to rethink how the region manages its crisis — and who should be involved.

Officials say the International Monetary Fund, which has contributed financial expertise and billions in emergency loans, may no longer be needed as a key decision-making partner. And they say that the eurozone would be able to make decisions and take action more quickly if it wasn't bound by the need for unanimous agreement among its 17 member countries.

W140 Full Story
Obama Says Had no Prior Knowledge of Tax Abuses

U.S. President Barack Obama said Thursday he had not known about abuses by tax officials who targeted conservative groups until a report into the affair was leaked to the press last week.

"I promise you this. The minute I found out about it, then my focus has been about making sure we get the thing fixed," Obama told reporters.

W140 Full Story
Qatar Buys into Milan Skyscraper Project

Qatar's sovereign wealth fund has bought a 40-percent stake in a new 290,000-square meter skyscraper project near the center of Milan with a commercial value of 2.0 billion euros ($2.6 billion), the companies said on Friday.

The project has already involved the construction of the skyscraper headquarters of Italy's biggest bank UniCredit by Argentine architect Cesar Pelli.

W140 Full Story