A New Zealand foreign exchange broker announced it was closing Friday after suffering "a total loss of operating capital" in the wake of Switzerland's shock move to scrap its currency cap.

Global Brokers NZ said the Swiss move resulted in "rare volatility and illiquidity" in the markets.

Bank of America on Thursday reported a dip in quarterly profits following losses in its real estate and trading divisions despite lower expenses.

BofA's earnings for the fourth quarter came in at $3.1 billion, down 11.3 percent from the year-ago level.

The world economy, hobbled by aging populations, will slow dramatically over the next 50 years unless countries find ways to increase productivity.

That's according to a report from the McKinsey Global Institute. It says that without big gains in output per worker, global growth will slow to around 2 percent a year over the next half century from an average 3.6 percent the past 50 years.

Developing offshore wind technology in the Atlantic Ocean would produce twice the energy and job growth as drilling for oil would, an environmental group said Wednesday.

The analysis by Oceana was released ahead of the U.S. government's Bureau of Ocean Energy Management's five-year plan for oil and gas leasing, which could involve seismic testing for potential reserves in the Atlantic.

The world's newest jetliner, the Airbus A350, took to the skies Thursday carrying its first paying passengers from the Gulf Arab nation of Qatar.

The Qatar Airways flight departed the Qatari capital Doha bound for Frankfurt, Germany. It marks the debut of the relatively lightweight, twin-aisle, long-range plane, which promises to connect smaller cities with major aviation hubs nonstop at a cheaper cost for airlines.

Mexican billionaire Carlos Slim, who is of Lebanese origin, has boosted his stake in the New York Times, exercising an option to convert some $100 million from loans to equity, the media company said Wednesday.

A statement from New York Times Co. said Slim -- estimated to be the world's second richest individual -- has agreed to exercise an option to buy 15.9 million Class A shares at $6.35.

The price of copper tumbled Wednesday to the lowest level for more than five years after the World Bank slashed its global economic forecasts.

Copper for delivery in three months plunged in Asian trading hours to $5,353.25 per tonne, a level last seen in July 2009. That marked an 8.0-percent slide from Tuesday's close.

Japan approved its largest-ever defense budget for the next fiscal year on Wednesday, as hawkish Prime Minister Shinzo Abe looks to strengthen surveillance of territorial waters in the face of a continuing spat with China.

For the year to March 2016, Tokyo will spend 4.98 trillion yen ($41.97 billion), the government said, indicating a budget rise for the third straight year.

Inflation in Russia could hit 17 percent this year, the deputy economy minister said Wednesday, as the ruble suffers on the back of slumping oil prices.

"Peak inflation will come in March-April when year-on-year inflation could reach 15 to 17 percent," Alexei Vedev was quoted as saying by the state-run TASS news agency.

Chinese e-commerce giant Alibaba will take a majority stake in AdChina, which calls itself China's leading digital marketing platform, to develop online and mobile marketing, the Internet powerhouse said Wednesday.

Alibaba had made a strategic investment in AdChina, it said in a statement, without giving the amount. An Alibaba spokeswoman said financial details were not disclosed.